2026年1—7月全国房地产市场分析研究报告

<p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;" data-pm-slice="0 0 []"><br /></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:14.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 24px;">报告总纲</span></span></font></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">一、定调：三个关键变量</span></font></span></b></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">1.</span></span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">总量仍在收缩，但斜率在变：</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">1—7月开发投资同比-19.2%、新开工-24.0%、销售额-13.1%，绝对量</span></span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">仍在负增长通道；但</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">7月单月销售金额同比-8.9%，较上半年累计-13.6%明显收窄，呈现"以价换量→量价双稳"的过渡特征。</span></span></span></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">2.</span></span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">政策定位升级，安全属性前置：</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">7月30日政治局会议将"稳定房地产市场"纳入"切实筑牢安全屏障"框</span></span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">架，房地产从</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">"防风险清单"升格为"安全屏障"组成部分，政策底线含义显著强化。</span></span></span></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">3.&nbsp;</span></span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 15px;font-weight: normal;">K型分化加剧，核心资产定价独立：70城新房环比上涨或持平城市达23个(近15个月最多)，上海二</span></span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">手房环比已连续</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">5个月上涨；同期末端城市仍在下探。土地市场印证同一逻辑——TOP20城市宅地出让金占全国62%，上海一城即749亿元。</span></span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">二、逻辑：主导框架是</span></font><span leaf="">"安全化+核心化"</span></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">2026年以来的房地产运行逻辑不再是"总量反转"叙事，而是</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">安全底线下</span></font><span leaf="">(化债、保交付、稳金融)的结构重塑。</span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">资金、土地、成交三重资源同时向核心城市、核心地段、头部房企收敛；总量数据的同比跌幅仍大，但结构指标</span></font><span leaf="">(二手房占比、核心城市价格、溢价地块频次)已经先行转正。</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">看这个市场，总量是滞后指标，结构是领先指标。</span></font></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">三、样本：谁在支撑读数</span></font></span></b></p><p style="margin-right: 6pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">·</span></font></span></b><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">销售</span></font><span leaf="">:&nbsp;</span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月单月销售面积4881万</span></span><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">㎡</span></font></span><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">(推算,同比-13.4%)、金额4773亿元(-8.9%),单月均价9779元/㎡，明显高于累计均价9488元/㎡——说明7月成交结构向高能级城市/改善产品倾斜。</span></span></p><p style="margin-right: 6pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">·</span></font></span></b><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">投资：</span></font><span leaf=""><span textstyle="" style="font-weight: normal;">7月单月开发投资4935亿元(推算，-27.4%)，跌幅显著大于上半年累计-18.0%，主因6月基</span></span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">数垫高与新开工继续走弱</span></font><span leaf="">(7月单月新开工-29.5%)。</span></span></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">·资金：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">到位资金</span></font><span leaf="">1—7月-20.3%，其中国内贷款-32.1%、个人按揭-23.5%，开发端融资与需求端杠杆同步收缩；7月单月人民币贷款减少0.34万亿元，为近年罕见的单月负增，信贷空转与提前还贷压力并存。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">四、判断</span></font><span leaf="">(本报告核心结论，五条)</span></span></b></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">1.</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">总量底已近，但</span></font><span leaf="">"底"是台阶式而非V型：</span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">销售面积</span></font><span leaf="">/金额同比跌幅收窄到个位数上沿后进入平台期，8—10月为关键验证窗口。</span></span></p><p style="margin-right: 6pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">2.</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">价格分化是未来</span></font><span leaf="">12个月最大的结构性机会：</span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">核心城市二手房价已连续多月环比为正，新房限价与二手价格倒挂收窄，</span></font><span leaf="">"二手先行→新房跟随"链条已启动；建议投资重心从"城市能级"下沉到"板块确定性"。</span></span></p><p style="margin-right: 6pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">3.</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">土地市场</span></font><span leaf="">"量缩价稳、城市高度集中"将持续：<span textstyle="" style="font-weight: normal;">1—7月300城宅地出让金-27.9%，但TOP20城市占比</span></span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">62%且持平——土地财政转型期，核心城市土地仍具稀缺定价权。</span></span></p><p style="margin-right: 6pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">4.<span textstyle="" style="font-weight: bold;">二手房市场正式成为定价锚：</span>上半年二手房网签占比首次突破50%，新房市场的"价格发现"功能正让渡给二手房；跟踪市场温度应首选二手房价与挂牌量。</span></span></p><p style="margin-right: 3pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">5.<span textstyle="" style="font-weight: bold;">风险点集中在三条链：</span>房企到位资金-20.3%对应的流动性链、东北及弱三线城市量价双弱对应的去化链、7月信贷负增对应的需求杠杆链。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">篇章</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">①政策与宏观：大环境在筑什么样的底</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">1.1政治局会议：房地产定位再升级</span></span></span></p><p style="margin-right: 2pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月30日中央政治局会议提出"切实筑牢安全屏障，稳定房地产市场，实施好一揽子化债方案，扎实推进地方中小金融机构改革化险、减量提质"。对比今年4月会议"努力稳定房地产市场"的表述，本次变化在于：</span></span></p><p style="margin-right: 18pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">• 框架变化</span>：房地产从"防范化解重点领域风险"段落，移至"筑牢安全屏障"框架，主动防御色彩更强，安全底线思维被突出；</span></font></span></p><p style="margin-right: 0pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">·政策含义</span>：短期政策或进一步发力稳市场、强化落实，因城施策力度有望加大。中指研究院监测，1—7月全国房地产政策已超680条，超半数为公积金优化，政策工具仍以"低门槛工具高频使用"为主；</span></font></span></p><p style="margin-right: 6pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-weight: bold;">&nbsp;</span></span><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="" data-pm-slice="1 1 [&quot;para&quot;,{&quot;tagName&quot;:&quot;p&quot;,&quot;attributes&quot;:{&quot;class&quot;:&quot;MsoNormal&quot;,&quot;style&quot;:&quot;margin-right: 0pt; margin-left: 20pt; word-break: break-all; vertical-align: baseline;&quot;},&quot;namespaceURI&quot;:&quot;http://www.w3.org/1999/xhtml&quot;},&quot;node&quot;,{&quot;tagName&quot;:&quot;span&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;mso-spacerun:&#39;yes&#39;; font-family:宋体; color:rgb(0,0,0); letter-spacing:0.0000pt; mso-ansi-font-weight:normal; mso-ansi-font-style:normal; font-size:11.5000pt;&quot;},&quot;namespaceURI&quot;:&quot;http://www.w3.org/1999/xhtml&quot;},&quot;node&quot;,{&quot;tagName&quot;:&quot;font&quot;,&quot;attributes&quot;:{&quot;face&quot;:&quot;宋体&quot;},&quot;namespaceURI&quot;:&quot;http://www.w3.org/1999/xhtml&quot;}]"><span textstyle="" style="font-weight: bold;">·</span></span></font></span><span leaf=""><span textstyle="" style="font-weight: bold;">中期联动</span>：房地产与地方化债深度绑定，土地财政转型、城投风险化解同步推进，三四线能否真正止跌取决于一揽子化债落地进度。</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">判断：政策从</span></font><span leaf="">"救急"转向"筑安全网"，方向明确但节奏仍受财政与化债约束，不构成强刺激预期。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">1.2宏观指标台账 (2026年7月/1—7月)</span></span></span></p><table style="border-collapse:collapse;margin-left:10.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:550px;"><tbody><tr style="height:25.0000pt;"><td data-colwidth="82" width="156" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="63" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">7月读数</span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td><td data-colwidth="88" width="160" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">1—7月累计</span></span></p></td><td data-colwidth="72" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">累计同比</span></font></span></p></td><td data-colwidth="87" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">信号含义</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="82" width="156" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">CPI</span></span></p></td><td data-colwidth="63" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.5% (预期0.8%)</span></span></p></td><td data-colwidth="88" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="72" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.9%</span></span></p></td><td data-colwidth="87" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">需求偏弱，低于预期</span></font></span></p></td></tr><tr style="height:62.0000pt;"><td data-colwidth="82" width="156" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">PPI</span></span></p></td><td data-colwidth="63" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+3.5% (前值+4.1%)</span></span></p></td><td data-colwidth="88" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="72" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+1.8%</span></span></p></td><td data-colwidth="87" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">工业价格回落，上游降温</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="82" width="156" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">社会消费品零售</span></font></span></p></td><td data-colwidth="63" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">39022亿元</span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.6% (前值+1.0%)</span></span></p></td><td data-colwidth="88" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">287744亿元</span></span></p></td><td data-colwidth="72" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+1.2%</span></span></p></td><td data-colwidth="87" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">消费动能边际走弱</span></font></span></p></td></tr><tr style="height:79.0000pt;"><td data-colwidth="82" width="156" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">固定资产投资</span></font></span></p></td><td data-colwidth="63" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="88" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">260328亿元</span></span></p></td><td data-colwidth="72" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-6.7% (前值-5.7%)</span></span></p></td><td data-colwidth="87" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">固投跌幅扩</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">大，东</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">部</span></font><span leaf="">-8.6%、</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">东北</span></font><span leaf="">-24.6%</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="82" width="156" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">规上工业增加值</span></font></span></p></td><td data-colwidth="63" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+4.5% (前值+5.3%)</span></span></p></td><td data-colwidth="88" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="72" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+5.3%</span></span></p></td><td data-colwidth="87" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">生产端放缓</span></font></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:7.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:551px;"><tbody><tr style="height:62.0000pt;"><td data-colwidth="78" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">城镇调查失业率</span></span></font></span></p></td><td data-colwidth="69" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">5.2%</span></span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="85" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="74" width="158" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">--</span></span></span></p></td><td data-colwidth="87" width="160" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">较</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">6月</span></span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:7.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;text-indent:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">(5.0%) 回升</span></span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="78" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">社会融资规模增量</span></span></font></span></p></td><td data-colwidth="69" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">1.41万亿元</span></span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="85" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">22.25万亿元</span></span></span></p></td><td data-colwidth="74" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">同比少</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">1.74万亿</span></span></span></p></td><td data-colwidth="87" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">融资需求疲弱</span></span></font></span></p></td></tr><tr style="height:44.0000pt;"><td data-colwidth="78" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">人民币贷款</span></span></font></span></p></td><td data-colwidth="69" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">减少</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">0.34万亿</span></span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="85" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">增加</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">10.38万亿</span></span></span></p></td><td data-colwidth="74" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="87" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:1.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">单月负增，历史罕见</span></span></font></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="78" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">M2</span></span></span></p></td><td data-colwidth="69" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">355.51万亿</span></span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">+7.7% (前值+8.0%)</span></span></span></p></td><td data-colwidth="85" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="74" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="87" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">货币增速回落</span></span></font></span></p></td></tr><tr style="height:80.0000pt;"><td data-colwidth="78" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">M1</span></span></span></p></td><td data-colwidth="69" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">115.46万亿</span></span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">+4.0%</span></span></span></p></td><td data-colwidth="85" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="74" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">-</span></span></span></p></td><td data-colwidth="87" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">M2-M1剪刀</span></span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">差</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">3.7pct</span></span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:15.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">(收窄</span></span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">0.3pct)</span></span></span></p></td></tr><tr style="height:44.0000pt;"><td data-colwidth="78" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">进出口</span></span></font></span></p></td><td data-colwidth="69" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">46580亿元</span></span></span></p></td><td data-colwidth="158" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">+19.2%</span></span></span></p></td><td data-colwidth="85" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">301264亿元</span></span></span></p></td><td data-colwidth="74" width="158" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">+17.3%</span></span></span></p></td><td data-colwidth="87" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">外需是唯一强项</span></span></font></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">1.3货币信用环境对房地产的含义</span></span></span></p><p style="margin-right: 0pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">·信贷单月负增：7月人民币贷款减少0.34万亿元，叠加房地产个人按揭贷款1—7月-23.5%，显示居民部门不仅未加杠杆，反而在提前还贷/收缩负债。这对"以旧换新、改善换房"链条是直接约束，也是当前需求修复慢于价格修复的宏观根源。</span></font></span></p><p style="margin-right: 15pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">&nbsp; &nbsp;</span><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="" data-pm-slice="1 1 [&quot;para&quot;,{&quot;tagName&quot;:&quot;p&quot;,&quot;attributes&quot;:{&quot;class&quot;:&quot;MsoNormal&quot;,&quot;style&quot;:&quot;margin-right: 0pt; margin-left: 20pt; word-break: break-all; vertical-align: baseline;&quot;},&quot;namespaceURI&quot;:&quot;http://www.w3.org/1999/xhtml&quot;},&quot;node&quot;,{&quot;tagName&quot;:&quot;span&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;mso-spacerun:&#39;yes&#39;; font-family:宋体; color:rgb(0,0,0); letter-spacing:0.0000pt; mso-ansi-font-weight:normal; mso-ansi-font-style:normal; font-size:11.5000pt;&quot;},&quot;namespaceURI&quot;:&quot;http://www.w3.org/1999/xhtml&quot;},&quot;node&quot;,{&quot;tagName&quot;:&quot;font&quot;,&quot;attributes&quot;:{&quot;face&quot;:&quot;宋体&quot;},&quot;namespaceURI&quot;:&quot;http://www.w3.org/1999/xhtml&quot;}]">·</span></font></span><span leaf="">M2-M1剪刀差收窄至3.7pct：资金活化程度边际改善，但绝对值仍高，企业投资意愿尚未实质回升；对应房企自筹资金-18.5%，民间资本对地产仍保持观望。</span></font></span></p><p style="margin-right: 15pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">·外需强、内需弱：出口+19.2%与社零+0.6%形成鲜明对照，宏观政策重心大概率继续向扩内需倾斜，房地产作为内需最大单一行业，政策托底意愿只会增强不会减弱。</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">本章结论</span></span></font></span></p><p style="margin-right: 5pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">宏观环境对房地产是</span></font><span leaf="">"低增长、低通胀、弱信用"组合，不构成需求侧强拉动，但构成政策侧强托底。下月验证点：8月LPR是否下调、专项债/收储资金落地节奏、提前还贷压力是否缓解。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">篇章</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">②土地与供应：货从哪里来</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">2.1统计局口径：供应端全面收缩</span></span></span></p><table style="border-collapse:collapse;margin-left:7.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:518px;"><tbody><tr style="height:27.0000pt;"><td data-colwidth="86" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font><span leaf="">&nbsp;(1—7月)</span></span></p></td><td data-colwidth="81" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf="">绝对量</span></font></span></p></td><td data-colwidth="115" width="240" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf="">信号</span></font></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="86" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf="">房屋施工面积</span></font></span></p></td><td data-colwidth="81" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf="">557572万㎡</span></span></p></td><td data-colwidth="115" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><span leaf="">-12.7%</span></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="DFSongGB-W5"><span leaf="">在建规模持续收缩</span></font></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:9.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:516px;"><tbody><tr style="height:29.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中住宅</span></font></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">387051万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-13.0%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td></tr><tr style="height:31.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">房屋新开工面积</span></font></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">26700万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-24.0%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">新增供应腰斩后延续</span></font></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中住宅</span></font></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">19490万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-24.6%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td></tr><tr style="height:49.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">房屋竣工面积</span></font></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">19195万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-23.2%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">保交付压力下仍在下滑</span></font></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中住宅</span></font></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">13443万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-25.5%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td></tr><tr style="height:48.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">商品房待售面积</span></font></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">75911万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-0.8%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">首次转负，去库存见效</span></font></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中住宅待售</span></font></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">40556万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">0.0%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">住宅库存见顶企稳</span></font></span></p></td></tr><tr style="height:27.0000pt;"><td data-colwidth="84" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">待售</span></font><span leaf="">3年以下</span></span></p></td><td data-colwidth="82" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">55559万㎡</span></span></p></td><td data-colwidth="112" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-3.6%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">有效库存去化中</span></font></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><font face="宋体"><span leaf="">要点解读：</span></font></span></p><p style="margin-right: 3pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><span leaf="">1.新开工/销售比降至59.3%: 1—7月新开工26700万㎡ vs销售面积45021万㎡,新增供应已不足当期销售六成，未来12—18个月可售货量将系统性减少，"供应底"先于"需求底"到来。</span></span></p><p style="margin-right: 6pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><span leaf="">2.待售面积同比-0.8%：这是本轮调整以来商品房总待售面积首次转负，住宅待售同比0.0%也由正转平，库存周期出现方向性拐点——但需注意这是"供应收缩式去化"，不是"需求拉动式去化"，对价格的支撑力度有限。</span></span></p><p style="margin-right: 9pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><span leaf="">3.7月单月新开工3461万㎡(推算，-29.5%)：开发商新增土储意愿仍弱，投资链条的领先指标未见拐点。</span></span></p><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">2.2土地市场(中指数据，第三方口径)</span></span></span></p><table style="border-collapse:collapse;margin-left:9.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:528px;"><tbody><tr style="height:29.0000pt;"><td data-colwidth="103" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="77" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">7月</span></span></p></td><td data-colwidth="40" width="192" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td><td data-colwidth="122" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">1—7月</span></span></p></td><td data-colwidth="186" width="186" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="103" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">300城住宅用地成交面积</span></span></p></td><td data-colwidth="77" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">2498万㎡</span></span></p></td><td data-colwidth="40" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-25%</span></span></p></td><td data-colwidth="122" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">1.6亿㎡</span></span></p></td><td data-colwidth="186" width="186" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-22.7%</span></span></p></td></tr><tr style="height:49.0000pt;"><td data-colwidth="103" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">300城住宅用地土地出让金</span></span></p></td><td data-colwidth="77" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">1342亿元</span></span></p></td><td data-colwidth="40" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-13%</span></span></p></td><td data-colwidth="122" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">7340亿元</span></span></p></td><td data-colwidth="186" width="186" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-27.9%</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="103" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">TOP20城市宅地出让金占比</span></span></p></td><td data-colwidth="77" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span style="mso-spacerun:&#39;yes&#39;"><span leaf="">&nbsp;</span></span></span></p></td><td data-colwidth="40" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span style="mso-spacerun:&#39;yes&#39;"><span leaf="">&nbsp;</span></span></span></p></td><td data-colwidth="122" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">62%</span></span></p></td><td data-colwidth="186" width="186" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">持平</span></font></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 22pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><font face="宋体"><span leaf="">城市集中度：</span></font><span leaf="">1—7月上海宅地出让金749亿元居全国首位，杭州、北京分列二三位，广州、深圳均在300亿元以上；7月单月上海、杭州、北京出让金均超百亿，上海连续3个月超百亿。</span></span></p><p style="margin-right: 3pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><font face="宋体"><span leaf="">热点地块：</span></font><span leaf="">7月28日上海杨浦平凉社区八埭头地块经219轮竞价由保利+华润以161.2亿元竞得，楼面价102023元/㎡、溢价率35.83%，刷新上海年内宅地总价纪录；同日北京朝阳酒仙桥地块经248轮竞价由中海以46.8亿元竞得，楼面价81063元/㎡、溢价率25.8%。</span></span></p><p style="margin-right: 3pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><span leaf="">&nbsp;冷热分化：核心城市优质地块高溢价常态化，南京、武汉等城市土地市场仍平淡；房企拿地逻辑高度趋同——"只拿确定性，不拿规模"。</span></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">本章结论</span></span></font></span></p><p style="margin-right: 1pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">供应端收缩是</span></font><span leaf="">"主动出清+被动躺平"叠加的结果：核心城市靠主动聚焦(高溢价拿地)，普通城市靠被动躺平(零成交)。土地财政转型期，供应收缩的惯性比需求修复更确定。下月验证点：8月重点城市第二轮集中供地规模、上海/北京是否再现高溢价地块。</span></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">篇章</span></span></font><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">③市场成交：大盘跑成什么样</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">3.1销售总量：跌幅收窄，量价出现结构性背离</span></span></span></p><table style="border-collapse:collapse;margin-left:9.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:560px;"><tbody><tr style="height:42.0000pt;"><td data-colwidth="116" width="186" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="86" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">1—7月累计</span></span></p></td><td data-colwidth="82" width="194" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td><td data-colwidth="88" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">7月单月 (推算)</span></span></p></td><td data-colwidth="188" width="188" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">单月同比</span></font><span leaf="">&nbsp;(推算)</span></span></p></td></tr><tr style="height:44.0000pt;"><td data-colwidth="116" width="186" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">新建商品房销售面积</span></font></span></p></td><td data-colwidth="86" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">45021万㎡</span></span></p></td><td data-colwidth="82" width="194" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-11.8%</span></span></p></td><td data-colwidth="88" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">4881万㎡</span></span></p></td><td data-colwidth="188" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-13.4%</span></span></p></td></tr><tr style="height:44.0000pt;"><td data-colwidth="116" width="186" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">新建商品房销售额</span></font></span></p></td><td data-colwidth="86" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">42718亿元</span></span></p></td><td data-colwidth="82" width="194" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-13.1%</span></span></p></td><td data-colwidth="88" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">4773亿元</span></span></p></td><td data-colwidth="188" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-8.9%</span></span></p></td></tr><tr style="height:27.0000pt;"><td data-colwidth="116" width="186" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">住宅销售面积</span></font></span></p></td><td data-colwidth="86" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">37425万㎡</span></span></p></td><td data-colwidth="82" width="194" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-12.7%</span></span></p></td><td data-colwidth="88" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">一</span></font></span></p></td><td data-colwidth="188" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span style="mso-spacerun:&#39;yes&#39;"><span leaf="">&nbsp;</span></span></span></p></td></tr><tr style="height:26.0000pt;"><td data-colwidth="116" width="186" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">住宅销售额</span></font></span></p></td><td data-colwidth="86" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">37543亿元</span></span></p></td><td data-colwidth="82" width="194" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-13.2%</span></span></p></td><td data-colwidth="88" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span style="mso-spacerun:&#39;yes&#39;"><span leaf="">&nbsp;</span></span></span></p></td><td data-colwidth="188" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span style="mso-spacerun:&#39;yes&#39;"><span leaf="">&nbsp;</span></span></span></p></td></tr></tbody></table><p style="margin-right: 5pt;margin-left: 22pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">● 累计均价9488元/㎡ (同比约-1.5%):销售金额跌幅(-13.1%)大于面积跌幅(-11.8%),全国口径均价仍小幅下行，以价换量未完全结束。</span></font></span></p><p style="margin-right: 0pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">● 7月单月均价9779元/㎡：显著高于累计均价，显示7月成交中高能级城市、改善型产品占比上升——成交结构在升级，价格读数在被"结构"托住。</span></font></span></p><p style="margin-right: 8pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">● 金额跌幅收窄快于面积：7月单月销售额-8.9% vs面积-13.4%，是"结构改善"的直接证据，也是本报告认为"总量接近平台期"的最重要依据。</span></font></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">3.2价格: 70城房价指数(2026年7月)</span></span></span></p><table style="border-collapse:collapse;margin-left:9.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:516px;"><tbody><tr style="height:26.0000pt;"><td data-colwidth="90" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">能级</span></font></span></p></td><td data-colwidth="70" width="188" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">新房环比</span></font></span></p></td><td data-colwidth="84" width="194" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">新房同比</span></font></span></p></td><td data-colwidth="86" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">二手环比</span></font></span></p></td><td data-colwidth="186" width="186" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">解读</span></font></span></p></td></tr><tr style="height:127.0000pt;"><td data-colwidth="90" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">一线城市</span></font></span></p></td><td data-colwidth="70" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">持平</span></font></span></p></td><td data-colwidth="84" width="194" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-1.1%</span></span></p></td><td data-colwidth="86" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.2%</span></span></p></td><td data-colwidth="186" width="186" valign="top" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:4.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">上海新房</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:15.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.2%、广州+0.1%、深圳</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.2%、北</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:6.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">京</span></font><span leaf="">-0.3%; 二手连续5个月环比上涨</span></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:7.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:523px;"><tbody><tr style="height:62.0000pt;"><td data-colwidth="93" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">二线城市</span></font></span></p></td><td data-colwidth="67" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-0.1%</span></span></p></td><td data-colwidth="90" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-2.8%</span></span></p></td><td data-colwidth="79" width="190" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-0.3%</span></span></p></td><td data-colwidth="194" width="194" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">环比降幅收窄，同比降幅收窄</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="93" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">三线城市</span></font></span></p></td><td data-colwidth="67" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-0.3%</span></span></p></td><td data-colwidth="90" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-4.2%</span></span></p></td><td data-colwidth="79" width="190" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-0.4%</span></span></p></td><td data-colwidth="194" width="194" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">仍在探底，同比降幅收窄</span></font></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 19pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf="">新房环比上涨或持平城市</span></font><span leaf="">23个：为近15个月最多，上涨城市数量扩散，价格修复面在扩大。</span></span></p><p style="margin-right: 1pt;margin-left: 19pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><span leaf="">"二手先行"链条成立：一线二手+0.2%(连续5个月)，明显领先新房；二手房市场已成为价格发现的领先指标。</span></span></p><p style="margin-right: 7pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf="">&nbsp; &nbsp;同比降幅全线收窄：一二三线新房同比分别为-1.1%/-2.8%/-4.2%，均较上半年收窄——即使还在跌，跌速在放缓。</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">3.3区域结构：东中部企稳、东北失速</span></span></span></p><table style="border-collapse:collapse;margin-left:7.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:535px;"><tbody><tr style="height:45.0000pt;"><td data-colwidth="106" width="134" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">地区</span></font><span leaf="">&nbsp;(1—7月)</span></span></p></td><td data-colwidth="75" width="134" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">开发投资</span></font></span></p></td><td data-colwidth="64" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td><td data-colwidth="86" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">销售面积</span></font></span></p></td><td data-colwidth="62" width="138" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td><td data-colwidth="67" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">销售额</span></font></span></p></td><td data-colwidth="75" width="132" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="106" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">东部</span></font></span></p></td><td data-colwidth="75" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">25485亿</span></span></p></td><td data-colwidth="64" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-19.7%</span></span></p></td><td data-colwidth="86" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">20346万㎡</span></span></p></td><td data-colwidth="62" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-11.2%</span></span></p></td><td data-colwidth="67" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">25990亿</span></span></p></td><td data-colwidth="75" width="132" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-12.8%</span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="106" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">中部</span></font></span></p></td><td data-colwidth="75" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">8409亿</span></span></p></td><td data-colwidth="64" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-20.0%</span></span></p></td><td data-colwidth="86" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">11915万㎡</span></span></p></td><td data-colwidth="62" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-11.5%</span></span></p></td><td data-colwidth="67" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">7915亿</span></span></p></td><td data-colwidth="75" width="132" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-12.1%</span></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="106" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">西部</span></font></span></p></td><td data-colwidth="75" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">8355亿</span></span></p></td><td data-colwidth="64" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-15.9%</span></span></p></td><td data-colwidth="86" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">11318万㎡</span></span></p></td><td data-colwidth="62" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-12.0%</span></span></p></td><td data-colwidth="67" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">7829亿</span></span></p></td><td data-colwidth="75" width="132" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-13.6%</span></span></p></td></tr><tr style="height:26.0000pt;"><td data-colwidth="106" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">东北</span></font></span></p></td><td data-colwidth="75" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">760亿</span></span></p></td><td data-colwidth="64" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-29.7%</span></span></p></td><td data-colwidth="86" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">1441万㎡</span></span></p></td><td data-colwidth="62" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-21.5%</span></span></p></td><td data-colwidth="67" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">984亿</span></span></p></td><td data-colwidth="75" width="132" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-23.8%</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 19pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">东部销售额占全国</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">60.8%：核心城市集中效应持续强化；</span></span></span><span style="z-index:1;left:0px;margin-left:90.0000px;margin-top:8.0000px;width:20.0000px;height:20.0000px;"><span leaf=""><br /></span></span></p><p style="margin-right: 4pt;margin-left: 19pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">东北投资</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">-29.7%、销售-21.5%：四区域中唯一量价齐弱且跌幅扩大的地区，与人口流出、库存高企共振，是本轮调整最深的区域样本；</span></span></span></p><p style="margin-right: 0pt;margin-left: 19pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">西部投资跌幅</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;(-15.9%)显著小于销售跌幅 (-12.0%→销售金额-13.6%)：说明西部仍有基建/保障房等非市场化投资支撑，市场化销售则与全国同步走弱。</span></span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">3.4待售与景气度</span></span></span></p><p style="margin-right: 0pt;margin-left: 19pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf="">国房景气指数</span></font><span leaf="">101.88，较6月提高0.2点：连续回升但仍处低位，市场温度从"过冷"向"偏冷"修复；</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf="">&nbsp; &nbsp; 7月末待售面积75911万㎡,同比-0.8%: 本轮首次转负 (见2.1)。</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">本章结论</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.5000pt;"><font face="宋体"><span leaf="">成交端已进入</span></font><span leaf="">"总量筑底、结构先行"阶段：单月销售额跌幅收窄至个位数上沿、核心城市价格连续为正、库存首次转负，三项均为积极信号；但全国均价仍微跌、二手环比上涨城市面未过半，反转证据尚不充分。下月验证点：8月70城二手环比上涨城市数量是否扩散、销售面积单月同比能否转正。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><font face="黑体"><span leaf="">篇章</span></font><font face="黑体"><span leaf="">④ 热销样本：谁在成交，为什么</span></font></span></b></p><p style="margin-right: 5pt;margin-left: 15pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:10.0000pt;"><font face="黑体"><span leaf="">说明：全国层面无备案级热销项目榜单，本章以重点城市成交、热点地块与二手房市场作样本观察，数据边界已在各节标注。</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">4.1核心城市成交样本(中指口径)</span></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">• 7月以来，受低基数影响，重点城市新房、二手房成交规模同比均小幅增长；</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">• 上海二手房价格连续4个月(至6月)环比上涨，深圳6月价格环比转涨；</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">• 二手房在全国成交总量中占比首次突破50%，二手房主导市场定价。</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">4.2热点地块样本(中指数据，2026年7月)</span></span></b></p><table style="border-collapse:collapse;margin-left:11.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:552px;"><tbody><tr style="height:23.0000pt;"><td data-colwidth="94" width="154" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">地块</span></font></span></p></td><td data-colwidth="74" width="160" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">成交价</span></font></span></p></td><td data-colwidth="85" width="154" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">楼面价</span></font></span></p></td><td data-colwidth="61" width="160" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">溢价率</span></font></span></p></td><td data-colwidth="86" width="156" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">竞得方</span></font></span></p></td><td data-colwidth="152" width="152" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">信号</span></font></span></p></td></tr><tr style="height:56.0000pt;"><td data-colwidth="94" width="154" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">上海杨浦平</span></font></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">凉社区八埭</span></font></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">头</span></font></span></p></td><td data-colwidth="74" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">161.2亿</span></span></p></td><td data-colwidth="85" width="154" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">102023元/</span></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">㎡</span></font></span></p></td><td data-colwidth="61" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">35.83%</span></span></p></td><td data-colwidth="86" width="156" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">保利</span></font><span leaf="">+华润</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:23.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">(219轮)</span></span></p></td><td data-colwidth="152" width="152" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">刷新上海年</span></font></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">内总价纪录</span></font></span></p></td></tr><tr style="height:43.0000pt;"><td data-colwidth="94" width="154" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">北京朝阳酒</span></font></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">仙桥</span></font></span></p></td><td data-colwidth="74" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">46.8亿</span></span></p></td><td data-colwidth="85" width="154" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">81063元/㎡</span></span></p></td><td data-colwidth="61" width="160" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">25.8%</span></span></p></td><td data-colwidth="86" width="156" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">中海</span></font><span leaf="">&nbsp;(248</span></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">轮</span></font><span leaf="">)</span></span></p></td><td data-colwidth="152" width="152" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">6家房企争</span></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">抢</span></font></span></p></td></tr></tbody></table><p style="margin-right: 12pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">解读：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">头部房企对</span></font><span leaf="">"核心区位确定性地块"的参拍意愿强烈，愿意接受35%+溢价率锁定稀缺资源；这种"地王逻辑"不是全面牛市信号，而是</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">核心资产荒下的资金避险行为。</span></font></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">4.3K型分化画像</span></span></b></p><p style="margin-right: 6pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">•</span></font></span><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">上行端：一线核心区、强二线核心区</span></font><span leaf="">(上海、杭州、北京、深圳、广州)，新房+二手价格环比为正；</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">&nbsp; &nbsp;•磨底端：二线外围与弱二线(南京、武汉等土地市场平淡)，价格环比持平或微跌；</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">&nbsp; &nbsp;•</span></font></span><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">下行端：三四线及东北</span></font><span leaf="">(新房环比-0.3%以上、东北销售-21.5%)，仍在去库存深水区。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 18px;">本章结论</span></span></font></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">成交热度和资金全部向</span></font><span leaf="">"确定性"集中，</span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">K型分化不是形容词而是正在定价的市场结构。下月验证点：重点城市二手房网签量能否延续同比正增长、地王溢价率是否继续上行。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 20px;">篇章</span></span></font><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 20px;">⑤ 客户与展望：需求侧还有多少弹药</span></span></font></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">5.1有效需求公式：支付力 × 支付意愿 × 杠杆通道</span></span></b></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">&nbsp;•</span></font></span></b><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">支付力：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">居民收入增速放缓</span></font><span leaf="">(社零+0.6%、CPI+0.5%)，实际购买力承压；但一二线高收入群体储蓄率仍高，支付力分化显著。</span></span></p><p style="margin-right: 0pt;margin-left: 23pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">•支付意愿：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">二手房价格企稳</span></font><span leaf="">+新房"保交付"预期改善，观望情绪边际缓解；但房价"还会跌"的预期在低能级城市仍未扭转。</span></span></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">&nbsp;•</span></font></span></b><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">杠杆通道：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">个人按揭</span></font><span leaf="">1—7月-23.5%，7月信贷单月负增，居民加杠杆意愿和能力双重受限——</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">这是当前需求修复最硬的约束。</span></font></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><span leaf="">5.2客户结构 Beta分型(按城市层级)</span></span></b></p><table style="border-collapse:collapse;margin-left:17.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:533px;"><tbody><tr style="height:26.0000pt;"><td data-colwidth="130" width="232" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">客户池</span></font></span></p></td><td data-colwidth="78" width="232" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">状态</span></font></span></p></td><td data-colwidth="157" width="232" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">主导逻辑</span></font></span></p></td><td data-colwidth="168" width="228" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">修复条件</span></font></span></p></td></tr><tr style="height:48.0000pt;"><td data-colwidth="130" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">一线核心</span></font><span leaf="">&nbsp;(Alpha</span></span><span style="font-family:等线;font-size:10.5000pt;"><span leaf=""><br /></span></span><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">池</span></font><span leaf="">)</span></span></p></td><td data-colwidth="78" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">已在修复</span></font></span></p></td><td data-colwidth="157" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">稀缺资产配置</span></font><span leaf="">+改善置换</span></span></p></td><td data-colwidth="168" width="228" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">供应决定节奏</span></font></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="130" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">强二线核心</span></font></span></p></td><td data-colwidth="78" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">临界修复</span></font></span></p></td><td data-colwidth="157" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">改善需求</span></font><span leaf="">+返乡置业</span></span></p></td><td data-colwidth="168" width="228" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">价格预期转正</span></font></span></p></td></tr><tr style="height:48.0000pt;"><td data-colwidth="130" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">二线外围</span></font><span leaf="">/弱二线</span></span></p></td><td data-colwidth="78" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">磨底</span></font></span></p></td><td data-colwidth="157" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">刚需观望、改善缺杠杆</span></font></span></p></td><td data-colwidth="168" width="228" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">信贷放宽</span></font><span leaf="">+价格企稳</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="130" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">三四线及东北</span></font></span></p></td><td data-colwidth="78" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">深水区</span></font></span></p></td><td data-colwidth="157" width="232" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">人口流出</span></font><span leaf="">+库存高企</span></span></p></td><td data-colwidth="168" width="228" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">化债落地</span></font><span leaf="">+供给收缩</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><span leaf="">5.3二手房：定价锚与先行指标</span></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">·上半年二手房网签面积同比+10.2%，占比首破50%；</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">·一线二手价格连续5个月环比上涨，领跑新房；</span></font></span></p><p style="margin-right: 6pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">·启示：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">需求侧的真实温度看二手房，不看新房网签；跟踪挂牌量、成交周期、议价空间比看均价更有意义。</span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><font face="黑体"><span leaf="">本章结论</span></font></span></b></p><p style="margin-right: 6pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">需求侧处于</span></font><span leaf="">"结构修复、总量待启"状态：</span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">核心城市靠存量购买力</span></font><span leaf="">(储蓄+置换)支撑，低能级城市等待杠杆与收入双修复。下月验证点：居民中长期贷款能否回正、二手房挂牌量与成交周期变化。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><font face="黑体"><span leaf="">篇章</span></font><font face="黑体"><span leaf="">⑥投资再判断</span></font></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><span leaf="">6.1传导链路定位</span></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">当前市场处于</span></font><span leaf="">:土地</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">(-27.9%) →新开工(-24%) →投资(-19.2%) →竣工(-23.2%) →销售</span></span></b><b style="mso-bidi-font-weight:normal;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">(-11.8%)</span></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">的传导链中后段。领先指标</span></font><span leaf="">(土地、新开工)跌幅仍大于滞后指标(销售)，说明供给出清尚未完成，投资底晚于销售底。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><span leaf="">6.2三条主线判断</span></span></b></p><p style="margin-right: 17pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">1.</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">资产配置线：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">核心城市核心板块的确定性资产</span></font><span leaf="">(新房限价盘、核心区二手)是当前唯一"量价双稳"赛道；建议从"城市能级"下沉至"板块确定性"维度筛选。</span></span></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">2.</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">开发投资线：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">国央企</span></font><span leaf="">+头部民企(保利、中海、华润等)拿地集中度持续提升，土地市场马太效应利好财务稳健、深耕核心城市的房企；纯规模导向的中小型房企持续出清。</span></span></p><p style="margin-right: 0pt;margin-left: 17pt;word-break: break-all;vertical-align: baseline;"><span style="letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">3.</span></span><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">风险规避线：</span></font></span></b><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="黑体"><span leaf="">东北及弱三线去化周期仍长，房企到位资金</span></font><span leaf="">-20.3%、国内贷款-32.1%背景下，流动性风险未出清，规避高杠杆、高存货、低能级土储占比高的主体。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:13.5000pt;"><span leaf="">6.3关键跟踪指标(每月验证)</span></span></b></p><table style="border-collapse:collapse;margin-left:17.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:533px;"><tbody><tr style="height:22.0000pt;"><td data-colwidth="181" width="230" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">指标</span></font></span></p></td><td data-colwidth="116" width="234" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">当前读数</span></font></span></p></td><td data-colwidth="140" width="234" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">转正阈值</span></font></span></p></td><td data-colwidth="96" width="228" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">判断含义</span></font></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:8.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:552px;"><tbody><tr style="height:46.0000pt;"><td data-colwidth="189" width="236" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">70城二手环比上涨城市数</span></span></p></td><td data-colwidth="124" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">23城 (新房口径)</span></span></p></td><td data-colwidth="139" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">过半</span></font><span leaf="">&nbsp;(35城+)</span></span></p></td><td data-colwidth="100" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">价格修复全面扩散</span></font></span></p></td></tr><tr style="height:27.0000pt;"><td data-colwidth="189" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">销售面积单月同比</span></font></span></p></td><td data-colwidth="124" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-13.4%</span></span></p></td><td data-colwidth="139" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">&gt;0%</span></span></p></td><td data-colwidth="100" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">需求总量反转</span></font></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="189" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">新开工单月同比</span></font></span></p></td><td data-colwidth="124" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-29.5%</span></span></p></td><td data-colwidth="139" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">收窄至</span></font><span leaf="">-10%内</span></span></p></td><td data-colwidth="100" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">投资链条拐点</span></font></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="189" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">个人按揭贷款累计同比</span></font></span></p></td><td data-colwidth="124" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-23.5%</span></span></p></td><td data-colwidth="139" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">收窄至</span></font><span leaf="">-10%内</span></span></p></td><td data-colwidth="100" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">杠杆通道重启</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="189" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">300城宅地出让金累计同比</span></span></p></td><td data-colwidth="124" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-27.9%</span></span></p></td><td data-colwidth="139" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">收窄至</span></font><span leaf="">-15%内</span></span></p></td><td data-colwidth="100" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">土地财政企稳</span></font></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><span leaf="">6.4判断句收束</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><font face="宋体"><span leaf="">总量：底在眼前，不在脚下。</span></font><span leaf="">8—10月是销售同比能否转正的关键窗口，若单月销售面积同比连续两月收窄至-5%以内，可确认总量平台期。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><font face="宋体"><span leaf="">价格：核心先行，末端滞后。一线二手已连续</span></font><span leaf="">5个月环比上涨，传导至二线核心区预计需2—3个季度。</span></span></p><p style="margin-right: 1pt;margin-left: 6pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><font face="宋体"><span leaf="">风险：流动性</span></font><span leaf="">&gt;需求。当前最大不确定性不在销售端而在房企资金链 (到位资金-20.3%)与地方财政(化债进度)。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.0000pt;"><font face="宋体"><span leaf="">数据核验说明</span></font></span></p><table style="border-collapse:collapse;margin-left:7.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:526px;"><tbody><tr style="height:26.0000pt;"><td data-colwidth="25" width="240" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">#</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">数据主张</span></font></span></p></td><td data-colwidth="129" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">来源</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">核验结果</span></font></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="25" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">1</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">1—7月开发投资43009亿、-19.2%</span></span></p></td><td data-colwidth="129" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">统计局官网发布全文</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font><span leaf="">&nbsp;(官方原文)</span></span></p></td></tr><tr style="height:97.0000pt;"><td data-colwidth="25" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">2</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">1—7月销售面积</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">45021万</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:15.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">㎡、</span></font><span leaf="">-11.8%; 销售额42718</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">亿、</span></font><span leaf="">-13.1%</span></span></p></td><td data-colwidth="129" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">统计局官网</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font></span></p></td></tr><tr style="height:62.0000pt;"><td data-colwidth="25" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">3</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">7月末待售75911万㎡、-0.8% (本轮首次转负)</span></span></p></td><td data-colwidth="129" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">统计局官网；与</span></font><span leaf="">6月</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">末</span></font><span leaf="">76315万㎡</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:13.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">(-0.9%) 对比</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">✔一致</span></font></span></p></td></tr><tr style="height:80.0000pt;"><td data-colwidth="25" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">4</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">到位资金</span></font><span leaf="">45748亿、-20.3%; 国内贷款-32.1%、个人按揭-23.5%</span></span></p></td><td data-colwidth="129" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">统计局官网</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">✔一致</span></font></span></p></td></tr></tbody></table><table style="border-collapse:collapse;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:542px;"><tbody><tr style="height:79.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">5</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月单月销售面积4881万㎡、金额4773亿、均价9779元/㎡</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">由</span></font><span leaf="">1—7月减1—6月推算</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:15.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">推算值，官方不发布单月数据</span></font></span></p></td></tr><tr style="height:62.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">6</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月单月开发投资4935亿、同比约-27%</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">推算</span></font><span leaf="">&nbsp;(-27.4%), 与格隆汇/新浪财经媒体报道-27%一致</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:15.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">推算与媒体交叉验证一致</span></font></span></p></td></tr><tr style="height:96.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">70城一线新房环比持平、二手+0.2%连续5个月上涨；上涨或持平23城为近15个月最多</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局</span></font><span leaf="">70城房价解读</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">8</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">国房景气指数</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">101.88、较6月+0.2</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">☑一致</span></font></span></p></td></tr><tr style="height:80.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">9</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月CPI+0.5%、PPI+3.5%、社零+0.6%、固投1—7月-6.7%</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">国家统计局月度数据</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">☑一致</span></font></span></p></td></tr><tr style="height:62.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">10</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月人民币贷款减少0.34万亿 (单月负增)</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">央行金融统计</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:15.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font><span leaf="">&nbsp;(多源媒体报道)</span></span></p></td></tr><tr style="height:62.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">11</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">政治局会议</span></font><span leaf="">"稳定房地产市场"纳入"安全屏障"框架</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">新华社通稿、中指研究院解读</span></font></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font></span></p></td></tr><tr style="height:97.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">12</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">300城宅地1—7月出</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">让金</span></font><span leaf="">7340</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">亿、</span></font><span leaf="">-27.9%;</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:22.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">TOP20占比62%;上海749亿居首</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">中指研究院</span></font><span leaf="">7月月报</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:15.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font><span leaf="">&nbsp;(第三方口径，与统计局口径不同，正文已标注)</span></span></p></td></tr><tr style="height:97.0000pt;"><td data-colwidth="30" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">13</span></span></p></td><td data-colwidth="140" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">上海杨浦八埭头</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">161.2亿、溢价</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:13.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">35.83%; 北京酒仙桥46.8亿、溢价25.8%</span></span></p></td><td data-colwidth="138" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">中指研究院</span></font><span leaf="">7月月报</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:8.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:546px;"><tbody><tr style="height:64.0000pt;"><td data-colwidth="30" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">14</span></span></p></td><td data-colwidth="130" width="236" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">上半年二手房网签占比首次超</span></font><span leaf="">50%、同比+10.2%</span></span></p></td><td data-colwidth="148" width="240" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:7.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:20.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">政治局会议解读</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:16.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:20.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">(中指)</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:14.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">部分可验证</span></font><span leaf="">&nbsp;("上半年"跨期数据)</span></span></p></td></tr><tr style="height:63.0000pt;"><td data-colwidth="30" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">15</span></span></p></td><td data-colwidth="130" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">东北投资</span></font><span leaf="">-29.7%、销售面积-21.5%(四区域最弱)</span></span></p></td><td data-colwidth="148" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">统计局表</span></font><span leaf="">2/表3</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">一致</span></font></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">口径说明：</span></font></span></p><p style="margin-right: 0pt;margin-left: 12pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">统计局</span></font><span leaf="">"开发投资"含土地购置费，与第三方(中指/克而瑞)"房地产开发投资"口径存在差异；</span></span></p><p style="margin-right: 0pt;margin-left: 18pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">土地市场数据采用中指研究院</span></font><span leaf="">300城口径，与自然资源部/统计局口径不同，不可直接对比；</span></span></p><p style="margin-right: 0pt;margin-left: 8pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">单月数据均为累计差值推算，仅用于趋势判断，精确值以统计局后续披露为准；</span></font></span></p><p style="margin-right: 0pt;margin-left: 18pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">同比增速按统计局可比口径</span></font><span leaf="">(附注5)，与简单算术计算存在差异。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">附录</span></font><span leaf="">A：核心数据速查表</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">A1.全国房地产开发和销售情况(1—7月)</span></span></p><table style="border-collapse:collapse;margin-left:8.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:451px;"><tbody><tr style="height:27.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">绝对量</span></font></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font><span leaf="">&nbsp;(%)</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">房地产开发投资</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">43009</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-19.2</span></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：住宅</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">33172</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-19.1</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">办公楼</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">1580</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-21.9</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">商业营业用房</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">2809</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-24.8</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">房屋施工面积</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">557572</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-12.7</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：住宅</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">387051</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-13.0</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">房屋新开工面积</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">26700</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-24.0</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：住宅</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">19490</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-24.6</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">房屋竣工面积</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">19195</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-23.2</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：住宅</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">13443</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-25.5</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">新建商品房销售面积</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">45021</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-11.8</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：住宅</span></font></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">37425</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-12.7</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="183" width="312" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">新建商品房销售额</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="95" width="322" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">42718</span></span></p></td><td data-colwidth="173" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf="">-13.1</span></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:8.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:447px;"><tbody><tr style="height:29.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：住宅</span></font></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">37543</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-13.2</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">商品房待售面积</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">75911</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-0.8</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：住宅</span></font></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">40556</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">0.0</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">到位资金</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">45748</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-20.3</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">其中：国内贷款</span></font></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">6300</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-32.1</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">自筹资金</span></font></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">16544</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-18.5</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">定金及预收款</span></font></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">14376</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-14.4</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="180" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">个人按揭贷款</span></font></span></p></td><td data-colwidth="101" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">6040</span></span></p></td><td data-colwidth="166" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-23.5</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:13.0000pt;"><span leaf="">A2.分区域情况(1—7月)</span></span></p><table style="border-collapse:collapse;margin-left:7.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:489px;"><tbody><tr style="height:47.0000pt;"><td data-colwidth="45" width="134" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">地区</span></font></span></p></td><td data-colwidth="70" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:8.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">开发投资</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:16.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">(亿)</span></span></p></td><td data-colwidth="66" width="138" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:8.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p><p style="text-align:justify;margin-top:5.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:16.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">(%)</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:8.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">销售面积</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:16.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">(万㎡)</span></span></p></td><td data-colwidth="62" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:8.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p><p style="text-align:justify;margin-top:5.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:16.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">(%)</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:8.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">销售额</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:16.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:13.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">(亿)</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font><span leaf="">&nbsp;(%)</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="45" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">全国</span></font></span></p></td><td data-colwidth="70" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">43009</span></span></p></td><td data-colwidth="66" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-19.2</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">45021</span></span></p></td><td data-colwidth="62" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-11.8</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">42718</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-13.1</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="45" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">东部</span></font></span></p></td><td data-colwidth="70" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">25485</span></span></p></td><td data-colwidth="66" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-19.7</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">20346</span></span></p></td><td data-colwidth="62" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-11.2</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">25990</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-12.8</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="45" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">中部</span></font></span></p></td><td data-colwidth="70" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">8409</span></span></p></td><td data-colwidth="66" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-20.0</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">11915</span></span></p></td><td data-colwidth="62" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-11.5</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">7915</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-12.1</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="45" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">西部</span></font></span></p></td><td data-colwidth="70" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">8355</span></span></p></td><td data-colwidth="66" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-15.9</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">11318</span></span></p></td><td data-colwidth="62" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-12.0</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">7829</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-13.6</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="45" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">东北</span></font></span></p></td><td data-colwidth="70" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">760</span></span></p></td><td data-colwidth="66" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-29.7</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">1441</span></span></p></td><td data-colwidth="62" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-21.5</span></span></p></td><td data-colwidth="56" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">984</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-23.8</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:13.0000pt;"><span leaf="">A3.7月单月推算表</span></span></p><table style="border-collapse:collapse;margin-left:9.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:525px;"><tbody><tr style="height:28.0000pt;"><td data-colwidth="139" width="314" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="72" width="318" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">7月单月</span></span></p></td><td data-colwidth="314" width="314" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font><span leaf="">&nbsp;(推算)</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="139" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">开发投资</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="72" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">4935</span></span></p></td><td data-colwidth="314" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-27.4%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="139" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">住宅投资</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="72" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">3764</span></span></p></td><td data-colwidth="314" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="139" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">新开工面积</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="72" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">3461</span></span></p></td><td data-colwidth="314" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-29.5%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="139" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">销售面积</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="72" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">4881</span></span></p></td><td data-colwidth="314" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-13.4%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="139" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">销售额</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="72" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">4773</span></span></p></td><td data-colwidth="314" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-8.9%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="139" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">单月均价</span></font><span leaf="">&nbsp;(元/㎡)</span></span></p></td><td data-colwidth="72" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">9779</span></span></p></td><td data-colwidth="314" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:8.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:526px;"><tbody><tr style="height:30.0000pt;"><td data-colwidth="131" width="314" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">到位资金</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="77" width="320" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">5515</span></span></p></td><td data-colwidth="318" width="318" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-21.0%</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="131" width="314" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">待售环比变化</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="77" width="320" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-404</span></span></p></td><td data-colwidth="318" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;mso-line-height-rule:exactly;"><span style="font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span style="mso-spacerun:&#39;yes&#39;"><span leaf="">&nbsp;</span></span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">A4.宏观金融台账(7月)</span></span></p><table style="border-collapse:collapse;margin-left:7.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:547px;"><tbody><tr style="height:30.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">读数</span></font></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font><span leaf="">/变化</span></span></p></td></tr><tr style="height:49.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">CPI</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.5%</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:1.0000pt;text-indent:-1.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">低于预期</span></font><span leaf="">&nbsp;(0.8%),前值1.0%</span></span></p></td></tr><tr style="height:31.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">PPI</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+3.5%</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">前值</span></font><span leaf="">4.1%, 回落</span></span></p></td></tr><tr style="height:31.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">社零</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">39022</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.6% (前值+1.0%)</span></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">固投</span></font><span leaf="">1—7月 (亿元)</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">260328</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-6.7% (前值-5.7%)</span></span></p></td></tr><tr style="height:31.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">规上工业增加值</span></font></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+4.5%</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">前值</span></font><span leaf="">+5.3%</span></span></p></td></tr><tr style="height:31.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">城镇调查失业率</span></font></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">5.2%</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">前值</span></font><span leaf="">5.0%</span></span></p></td></tr><tr style="height:49.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">社融增量</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">14100</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">1—7月累计22.25万亿、同比少1.74万亿</span></span></p></td></tr><tr style="height:31.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">人民币贷款</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-3400</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">单月负增</span></font></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">M2 (万亿)</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">355.51</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+7.7% (前值+8.0%)</span></span></p></td></tr><tr style="height:31.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">M1 (万亿)</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">115.46</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+4.0%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="138" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">出口</span></font><span leaf="">&nbsp;(亿元)</span></span></p></td><td data-colwidth="99" width="318" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">46580</span></span></p></td><td data-colwidth="310" width="310" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+19.2%</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">(内容由AI生成，仅供参考)</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;" data-pm-slice="0 0 []"><b style="mso-bidi-font-weight:normal;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:bold;mso-ansi-font-style:normal;font-size:14.5000pt;"><span leaf=""><br /></span></span></b></p><p style="margin-right: 2pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><br /></span></span></p><p><span leaf=""><br /></span></p><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>