2026年7月厦门房地产市场月报

<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:15.0000pt; "><span leaf=""><span textstyle="" style="font-size: 24px;">总纲</span></span><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 24px;">·本月核心判断</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</span></font><span leaf="">(三个关键变量)</span></span></b></p><table style="border-collapse:collapse;margin-left:5.4000pt;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:559px;"><tbody><tr style="height:24.0000pt;"><td data-colwidth="71" width="306" 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:14.0000pt;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="">变量</span></font></span></p></td><td data-colwidth="184" width="308" 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:14.0000pt;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="">读数</span></font></span></p></td><td data-colwidth="304" width="304" 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:14.0000pt;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="">含义</span></font></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">价格筑底</span></font></span></p></td><td data-colwidth="184" width="308" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">新房同比</span></font><span leaf="">-2.55%、二手同比-11.42%</span></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">新房基本横盘，二手仍在寻底，一二手价差继续走阔</span></font></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">土拍景气</span></font></span></p></td><td data-colwidth="184" width="308" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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幅涉宅地零溢价、全央国企</span></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">土地市场</span></font><span leaf="">"量出价平"，供给端靠本土国企托底</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">政策烈度</span></font></span></p></td><td data-colwidth="184" width="308" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">公积金</span></font><span leaf="">6条+卖旧换新退个税延期</span></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">政策转向</span></font><span leaf="">"微调托底"，无新增强刺激</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:11.5000pt; "><font face="黑体"><span leaf="">二、逻辑</span></font><span leaf="">(本月主导范式)</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="">本月厦门市场的主导逻辑是</span></font><span leaf="">"</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="">岛内价值坚挺、岛外以价换量</span></font><span leaf="">"的结构性分化+二手流动性持续收缩。</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="">市场不再由单一大盘叙事驱动，而是分化为两条互不交叉的成交链：岛内核心区靠产品力与稀缺性支撑的</span></font><span leaf="">Alpha交易，与岛外靠价格让利换量的 Beta出清。这是典型的&nbsp;</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="">Alpha×Beta双轨</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="">状态，而非普涨或普跌。</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; "><font face="黑体"><span leaf="">三、样本</span></font><span leaf="">(佐证城市/项目/客户)</span></span></b></p><p style="margin-right: 6pt;margin-left: 23pt;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="">岛内</span></font><span leaf="">&nbsp;Alpha样本：保利安控御宸天悦均价78，294元/㎡，仍以27.49亿元成交额居前；建发港务宸启瑞湖&amp;公馆以31.73亿元居全市金额销冠。</span></span></p><p style="margin-right: 17pt;margin-left: 23pt;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="">岛外</span></font><span leaf="">&nbsp;Beta样本：海沧中心 TOD以8.27万</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; "><font face="黑体"><span leaf="">成交面积居岛外销冠，靠地铁</span></font><span leaf="">+学区+海景的"实景配套"换量。</span></span></p><p style="margin-right: 6pt;margin-left: 23pt;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="">二手房流动性样本：二手住宅均价同比跌</span></font><span leaf="">11.42%，7月全市商品住宅合计成交环比下滑9.05%，挂牌量上升、成交量萎缩。</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="">(定调句，5条)</span></span></b></p><p style="margin-right: 6pt;margin-left: 23pt;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><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="">厦门楼市已进入</span></font><span leaf="">"</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="">新房横盘、二手出清</span></font><span leaf="">"</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="">的阶段，新房价格跌幅收窄至</span></font><span leaf="">2.55%，但二手房11.42%的同比跌幅说明资产价格仍在价值回归。</span></span></p><p style="margin-right: 6pt;margin-left: 23pt;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><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="">土地市场</span></font><span leaf="">"</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="">央国企垄断</span></font><span leaf="">+零溢价"</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="">是最大信号，供给端风险偏好极低，未来新增货值高度集中于本土国资。</span></font></span></p><p style="margin-right: 0pt;margin-left: 23pt;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="">岛内岛外是两个市场，</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="">岛内</span></font><span leaf="">(思明/湖里)去化周期分化至47个月 vs10个月，结构性机会与结构性风险并存。</span></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; "><span leaf="">4.成交结构上"<span textstyle="" style="font-weight: bold;">刚改+再改+豪宅"</span>占比上升(上半年分别+8.72/+3.06/+3.36个百分点)，改善是当下唯一的确定性需求。</span></span></p><p style="margin-right: 1pt;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; "><span leaf="">5.短期无强刺激、无新变量，下月市场大概率延续"<span textstyle="" style="font-weight: bold;">量缩价稳、岛内外分化</span>"，二手挂牌-成交比上升是最大风险点。</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;">①政策与宏观·定调</span></span></font></span></p><p style="margin-right: 10pt;margin-left: 3pt;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="">本章结论：厦门政策面以</span></font><span leaf="">"微调托底"为主，无新增强刺激；宏观基本面稳中向优(上半年IGDP+5.0%),但投资端与房地产关联的固定资产投资已转负，政策与基本面对楼市的支撑边际减弱。</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; "><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">1.1 宏观基本面(统计局口径,1-6月</span><span textstyle="" style="font-weight: bold;">)</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:544px;"><tbody><tr style="height:29.0000pt;"><td data-colwidth="138" width="316" 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="92" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">数值</span></font></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:16.0000pt;"><span style="font-family: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:29.0000pt;"><td data-colwidth="138" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">地区生产总值</span></font><span leaf="">&nbsp;(GDP)</span></span></p></td><td data-colwidth="92" 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:12.0000pt;"><span leaf="">4469.26亿元</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:16.0000pt;"><span style="font-family: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="">+5.0%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="138" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">第一产业增加值</span></font></span></p></td><td data-colwidth="92" 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:12.0000pt;"><span leaf="">10.42亿元</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:16.0000pt;"><span style="font-family: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="">-1.5%</span></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="138" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">第二产业增加值</span></font></span></p></td><td data-colwidth="92" 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:12.0000pt;"><span leaf="">1590.18亿元</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:16.0000pt;"><span style="font-family: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="">+5.7%</span></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="138" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">第三产业增加值</span></font></span></p></td><td data-colwidth="92" 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:12.0000pt;"><span leaf="">2868.66亿元</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:16.0000pt;"><span style="font-family: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="">+4.6%</span></span></p></td></tr><tr style="height:30.0000pt;"><td data-colwidth="138" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">规上工业增加值</span></font></span></p></td><td data-colwidth="92" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></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:16.0000pt;"><span style="font-family: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:30.0000pt;"><td data-colwidth="138" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">高技术制造业增加值</span></font></span></p></td><td data-colwidth="92" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">占比</span></font><span leaf="">45.4%</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:16.0000pt;"><span style="font-family: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="">+20.9%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="138" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">固定资产投资</span></font><span leaf="">&nbsp;(1-5月)</span></span></p></td><td data-colwidth="92" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></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:16.0000pt;"><span style="font-family: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="">-0.2%</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 14pt;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: 16px;">数据来源：厦门市统计局《</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">2026年上半年厦门经济发展韧性彰显、转型升级步伐稳健》及1-5月统计快报。注意：统计局官方口径仅更新至1-6月(固定资产投资仅至1-5月)，7月数据尚未发布。</span></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: 16px;">宏观对楼市的两点含义：</span></span></font></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:11.5000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">1.经济韧性靠工业，不靠地产</span><span textstyle="" style="font-size: 16px;">：规上工业增加值+13.0%、高技术制造业+20.9%，是上半年GDP5.0%增速的核心引擎；而固定资产投资(1-5月)-0.2%，房地产开发投资未见回暖信号，说明本轮经济修复并未通过地产链条传导。</span></span></span></p><p style="margin-right: 1pt;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; "><span leaf=""><span textstyle="" style="font-size: 16px;">2.第三产业增速(+4.6%)低于整体(+5.0%)，服务业与地产相关的金融、租赁等子项拖累仍在，居民端资产负债表修复偏慢。</span></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; "><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">1.2政策台账(截至2026年7月)</span></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:534px;"><tbody><tr style="height:28.0000pt;"><td data-colwidth="62" width="316" 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="">时间</span></font></span></p></td><td data-colwidth="158" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">政策</span></font></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:16.0000pt;"><span style="font-family: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="">要点</span></font></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:5.4000pt;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:529px;"><tbody><tr style="height:96.0000pt;"><td data-colwidth="71" width="306" 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:14.0000pt;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:11.0000pt;"><span leaf="">2026.05.25起</span></span></p></td><td data-colwidth="154" width="306" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">厦门</span></font><span leaf="">6条公积金措施</span></span></p></td><td data-colwidth="304" width="304" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">多子女二套按首套利率；</span></font><span leaf="">"卖旧换新"12个月内二套按首套利率；代际互助提取；放宽购房提取时限至3年；装修提取1800元/㎡ (最高25万)；车位提取</span></span></p></td></tr><tr style="height:23.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">延续至</span></font><span leaf="">2027.12.31</span></span></p></td><td data-colwidth="154" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">卖旧买新退个税</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">置换链条的税费优惠延期</span></font></span></p></td></tr><tr style="height:56.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><span leaf="">2026.02.05起</span></span></p></td><td data-colwidth="154" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">公积金新政</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">多子女最高可贷</span></font><span leaf="">121万；同一套房可多次提取；月供占家庭月收入≤60%</span></span></p></td></tr><tr style="height:82.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">现行</span></font></span></p></td><td data-colwidth="154" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">房贷利率</span></font></span></p></td><td data-colwidth="304" width="304" 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:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;text-indent:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">首套</span></font><span leaf="">/二套商贷利率下限</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:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><span leaf="">LPR-65BP (5年期LPR</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:6.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><span leaf="">3.5%, 即约2.85%); 首套/二套首付均15%</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">现行</span></font></span></p></td><td data-colwidth="154" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">公积金利率</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">首套</span></font><span leaf="">5年以上2.6%、二套3.075%</span></span></p></td></tr><tr style="height:57.0000pt;"><td data-colwidth="71" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">现行</span></font></span></p></td><td data-colwidth="154" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">首套认定</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">按区计算首套，区内无房或仅一套且挂牌出售即认定首套</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; "><font face="宋体"><span leaf="">政策口径来源：厦门市住房公积金中心、海西晨报、第一财经、吉屋网</span></font><span leaf="">(2026年5-7月)。</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; "><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">1.3政策影响预判</span></span></span></p><p style="margin-right: 6pt;margin-left: 16pt;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=""><span textstyle="" style="font-size: 16px;">公积金</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">6条是"结构托底"而非"总量刺激"：核心指向多子女家庭、置换人群、装修/车位消费，本质是降低存量改善客户的换房摩擦成本，而非刺激新增需求。</span></span></span></p><p style="margin-right: 6pt;margin-left: 16pt;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: 16px;">"卖旧换新退个税"延期至2027年底，意在激活置换链条，但二手挂牌量上升、成交量萎缩的现状说明政策效果被二手流动性收缩部分对冲。</span></span></span></p><p style="margin-right: 0pt;margin-left: 16pt;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=""><span textstyle="" style="font-size: 16px;">房贷利率处历史低位</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(约2.85%)，但价格下行预期下，低利率难以单独撬动需求，利率弹性边际递减。</span></span></span></p><p style="margin-right: 0pt;margin-left: 16pt;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: 16px;">下月验证点：是否出台新的限购</span></span><span leaf=""><span textstyle="" style="font-size: 16px;">/限售松绑(尤其岛内限售)；二手挂牌量是否因"住房定位为大宗耐用商品"表述而进一步放量。</span></span></span></p><p style="margin-right: 0pt;margin-left: 0pt;border-top: 1pt solid windowtext;padding: 1pt 0pt 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; "><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;">②土地与供应·源头</span></span></font></span></p><p style="margin-right: 6pt;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="">本章结论：</span></font><span leaf="">7月厦门完成年内第二次土拍，6幅涉宅地全部底价成交、零溢价，拿地方清一色本土央国企；土地市场"量出价平"，反映房企风险偏好极低，未来新增货值高度集中于国贸、象屿、联发三家国资。</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:13.0000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">2.17月土拍成交结构 (2026年第二次集中土拍)</span></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:554px;"><tbody><tr style="height:25.0000pt;"><td data-colwidth="129" 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:11.0000pt;"><font face="宋体"><span leaf="">地块</span></font></span></p></td><td data-colwidth="93" 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;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:11.0000pt;"><font face="宋体"><span leaf="">区位</span></font></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: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:11.0000pt;"><font face="宋体"><span leaf="">竞得方</span></font></span></p></td><td data-colwidth="232" 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:11.0000pt;"><font face="宋体"><span leaf="">楼面价</span></font><span leaf="">&nbsp;(元/㎡)</span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="129" 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:11.0000pt;"><span leaf="">2026P08思明将军</span></span><span style="font-family:等线;font-size:10.5000pt;"><br /></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:11.0000pt;"><font face="宋体"><span leaf="">祠</span></font></span></p></td><td data-colwidth="93" 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;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:11.0000pt;"><font face="宋体"><span leaf="">岛内</span></font><font face="宋体"><span leaf="">·思明</span></font></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: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:11.0000pt;"><font face="宋体"><span leaf="">国贸联合体</span></font></span></p></td><td data-colwidth="232" 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:11.0000pt;"><span leaf="">48,000</span></span></p></td></tr><tr style="height:26.0000pt;"><td data-colwidth="129" 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:11.0000pt;"><span leaf="">2026P09湖里金山</span></span></p></td><td data-colwidth="93" 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;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:11.0000pt;"><font face="宋体"><span leaf="">岛内</span></font><font face="宋体"><span leaf="">·湖里</span></font></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: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:11.0000pt;"><font face="宋体"><span leaf="">象屿联合体</span></font></span></p></td><td data-colwidth="232" 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:11.0000pt;"><span leaf="">38,500</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="129" 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:11.0000pt;"><span leaf="">2026JP01集美杏林</span></span><span style="font-family:等线;font-size:10.5000pt;"><br /></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:11.0000pt;"><font face="宋体"><span leaf="">湾</span></font></span></p></td><td data-colwidth="93" 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;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:11.0000pt;"><font face="宋体"><span leaf="">岛外</span></font><font face="宋体"><span leaf="">·集美</span></font></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: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:11.0000pt;"><font face="宋体"><span leaf="">联发</span></font></span></p></td><td data-colwidth="232" 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:11.0000pt;"><span leaf="">16,000-17,000</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="129" 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:11.0000pt;"><span leaf="">2026JP02集美杏林</span></span><span style="font-family:等线;font-size:10.5000pt;"><br /></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:11.0000pt;"><font face="宋体"><span leaf="">湾</span></font></span></p></td><td data-colwidth="93" 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;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:11.0000pt;"><font face="宋体"><span leaf="">岛外</span></font><font face="宋体"><span leaf="">·集美</span></font></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: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:11.0000pt;"><font face="宋体"><span leaf="">象屿</span></font></span></p></td><td data-colwidth="232" 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:11.0000pt;"><span leaf="">16,000-17,000</span></span></p></td></tr><tr style="height:26.0000pt;"><td data-colwidth="129" 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:11.0000pt;"><span leaf="">J2026P01集美凤林</span></span></p></td><td data-colwidth="93" 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;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:11.0000pt;"><font face="宋体"><span leaf="">岛外</span></font><font face="宋体"><span leaf="">·集美</span></font></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: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:11.0000pt;"><font face="宋体"><span leaf="">联发</span></font></span></p></td><td data-colwidth="232" 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:11.0000pt;"><span leaf="">16,000-17,000</span></span></p></td></tr><tr style="height:25.0000pt;"><td data-colwidth="129" 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:11.0000pt;"><span leaf="">2026XP03翔安东山</span></span></p></td><td data-colwidth="93" 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;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:11.0000pt;"><font face="宋体"><span leaf="">岛外</span></font><font face="宋体"><span leaf="">·翔安</span></font></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: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:11.0000pt;"><font face="宋体"><span leaf="">国贸</span></font></span></p></td><td data-colwidth="232" 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:11.0000pt;"><span leaf="">15,000</span></span></p></td></tr></tbody></table><p style="margin-right: 11pt;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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">本次土拍总量：</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">6幅涉宅地块，总成交价70.39亿元，总面积18.79公顷，总计价建筑面积31.64万</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">㎡，起拍总价与成交总价持平</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;(零溢价)。</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">数据来源：搜狐网《</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">2026年1-7月房地产企业新增土地储备报告》(2026-07-24)、克而瑞。</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 18px;">三条结构性信号：</span></span></font></span></b></p><p style="margin-right: 11pt;margin-left: 22pt;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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">岛内楼面价</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">48，000元/</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:11.0000pt; "><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">㎡</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;(思明)仍是绝对高点，与岛外翔安15，000元/㎡</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">形成</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">3.2倍价差，印证"岛内稀缺、岛外放量"的土地价值分化。</span></span></span></p><p style="margin-right: 6pt;margin-left: 22pt;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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">拿地方全部为本土央国企</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(国贸、象屿、联发)及联合体，无民营房企、无全国性头部房企，反映</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">市场化主体对厦门土地的承接意愿极低，供给端高度依赖地方国资托底。</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 22pt;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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">全部底价成交、无溢价</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">,&nbsp;</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">与杭州</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;(33%)、北京 (21%)、深圳 (99%)、漳州 (24%)等城市同期土拍形成鲜明对比，厦门土地市场已进入"定价让利换成交"阶段。</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:13.0000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">2.2保租房地块 (补充)</span></span></span></b></p><p style="margin-right: 6pt;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=""><span textstyle="" style="font-size: 16px;">7月7日，厦门安居集团以底价2.87亿元竞得湖里区2026P07保障性租赁住房用地 (金山片区)，规划总建筑面积6.5万㎡，用途为二类城镇保障性租赁住房+零售商业+供电开关站。</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">数据来源</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">: 腾讯网/观点 (2026-07-13)。</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:13.0000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">2.3潜在入市项目推演</span></span></span></b></p><p style="margin-right: 6pt;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="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">·本次6幅地块总计价建面31.64万㎡，叠加同安</span></span></font></span><span style=" 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: 16px;">2026TP02&nbsp;</span></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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">(中海，楼面价对应地价4.33亿)等存量供地，未来12-18个月岛外集美/翔安将迎来新增供应，而岛内新增供应仍极度稀缺 (仅思明+湖里各1幅)。</span></span></span></p><p style="margin-right: 6pt;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; "><span leaf=""><span textstyle="" style="font-size: 16px;">岛内新增货值稀缺</span></span><span leaf=""><span textstyle="" style="font-size: 16px;">+岛外集中供应的格局，将强化"岛内抗跌、岛外竞争加剧"的分化预期。</span></span></span></p><p style="margin-right: 6pt;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; "><span leaf="">下月验证点：</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:11.0000pt; "><font face="黑体"><span leaf="">本次</span></font><span leaf="">6幅地块是否在年内启动开工/入市；是否有民营房企或全国性头部房企重新进入厦门土地市场。</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: 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</span></span></font></span></p><p style="margin-right: 10pt;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: 16px;">本章结论：厦门新房价格基本横盘</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(同比-2.55%)，二手房仍在寻底(同比-11.42%)；成交量环比较负、同比回升，呈"量缩价稳、结构分化"态势；去化周期分化到"核心区紧俏、远郊积压"的极端状态。</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:11.5000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">3.1价格走势(中指研究院口径，2026年7月)</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:561px;"><tbody><tr style="height:27.0000pt;"><td data-colwidth="160" width="316" 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="87" 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:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">新建住宅</span></font></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:16.0000pt;"><span style="font-family: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="">二手住宅</span></font></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="160" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">样本平均价格</span></font><span leaf="">&nbsp;(元/㎡)</span></span></p></td><td data-colwidth="87" 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:12.5000pt;"><span leaf="">28,269</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:16.0000pt;"><span style="font-family: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="">38,831</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="160" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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</span></font></span></p></td><td data-colwidth="87" 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:12.5000pt;"><span leaf="">-0.31%</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:16.0000pt;"><span style="font-family: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="">-0.90%</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="160" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="87" 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:12.5000pt;"><span leaf="">-2.55%</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:16.0000pt;"><span style="font-family: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="">-11.42%</span></span></p></td></tr><tr style="height:27.0000pt;"><td data-colwidth="160" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">样本中位数价格</span></font><span leaf="">&nbsp;(元/㎡)</span></span></p></td><td data-colwidth="87" 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:12.5000pt;"><span leaf="">26,000</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:16.0000pt;"><span style="font-family: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="">38,138</span></span></p></td></tr></tbody></table><p style="margin-right: 7pt;margin-left: 13pt;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="">数据来源：中指研究院价格指数</span></font><font face="宋体"><span leaf="">·厦门(2026-07)。新房中位数26，000元/㎡与均值28，269元/㎡的差距，反映高端盘拉高均值，实际主力成交价更接近2.6-3.3万元区间。</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: 18px;font-weight: bold;">价格三点判断：</span></span></font></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:11.5000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">1.新房同比跌幅(-2.55%)已连续多月收窄，自2026年初的-2.03%逐步走平，新房价格进入"钝化横盘"阶段，但尚未转正。</span></span></span></p><p style="margin-right: 4pt;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; "><span leaf=""><span textstyle="" style="font-size: 16px;">2.二手同比跌幅(-11.42%)远大于新房(-2.55%)，一二手价差继续走阔，二手房仍在以价换量的出清通道中，资产价格回归尚未结束。</span></span></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; "><span leaf=""><span textstyle="" style="font-size: 16px;">3.新房-二手房价格倒挂关系逆转：二手均价38，831元/㎡高于新房28，269元/㎡，主要因二手样本集中于岛内核心区、新房样本含岛外放量；这恰恰说明"岛内二手"与"岛外新房"是两个价格体系，不可混算。</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:11.5000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">3.2成交规模(多口径分列，不混算)</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:556px;"><tbody><tr style="height:27.0000pt;"><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:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">口径</span></font></span></p></td><td data-colwidth="134" 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="">指标</span></font></span></p></td><td data-colwidth="73" 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="">数值</span></font></span></p></td><td data-colwidth="60" 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="">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="">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: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="">全市商品房</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:14.0000pt;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;"><span leaf="">(一手+二手)</span></span></p></td><td data-colwidth="134" 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="">7月成交</span></span></p></td><td data-colwidth="73" 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="">6,221套</span></span></p></td><td data-colwidth="60" 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="">-9.0%</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:12.5000pt;"><span leaf="">+14.82%</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: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="">全市商品住宅</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:14.0000pt;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;"><span leaf="">(一手+二手)</span></span></p></td><td data-colwidth="134" 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="">7月成交</span></span></p></td><td data-colwidth="73" 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="">3,657套</span></span></p></td><td data-colwidth="60" 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="">-9.05%</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:12.5000pt;"><span leaf="">+27.51%</span></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: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="">克而瑞周报</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:14.0000pt;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;"><span leaf="">(7.6-7.12)</span></span></p></td><td data-colwidth="134" 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="">商品住宅周成交</span></font></span></p></td><td data-colwidth="73" 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="">2.20万㎡</span></span></p></td><td data-colwidth="60" 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="">-64.36%</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:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">一</span></font></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: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="">克而瑞周报</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:14.0000pt;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;"><span leaf="">(7.6-7.12)</span></span></p></td><td data-colwidth="134" 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="">二手住宅周成交</span></font></span></p></td><td data-colwidth="73" 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="">450套</span></span></p></td><td data-colwidth="60" 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="">-6.3%</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:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">一</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:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">上半年</span></font><span leaf="">&nbsp;(嘉策/贝壳口径)</span></span></p></td><td data-colwidth="134" 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="">一手住宅成交面积</span></font></span></p></td><td data-colwidth="73" 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="">81.8万㎡</span></span></p></td><td data-colwidth="60" 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="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:12.5000pt;"><span leaf="">+12%</span></span></p></td></tr></tbody></table><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:524px;"><tbody><tr style="height:42.0000pt;"><td data-colwidth="91" width="168" 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="">上半年</span></font><span leaf="">&nbsp;(嘉策/</span></span><span style="font-family:等线;font-size:10.5000pt;"><br /></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="">贝壳口径</span></font><span leaf="">)</span></span></p></td><td data-colwidth="132" width="170" 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="">一手住宅成交</span></font></span><span style="font-family:等线;font-size:10.5000pt;"><br /></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="">均价</span></font></span></p></td><td data-colwidth="67" width="172" 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: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="">36,304元/㎡</span></span></p></td><td data-colwidth="64" width="172" 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;"><span style="mso-spacerun:&#39;yes&#39;"><span leaf="">&nbsp;</span></span></span></p></td><td data-colwidth="170" width="170" 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;"><span leaf="">+3%</span></span></p></td></tr></tbody></table><p style="margin-right: 6pt;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="黑体"><span leaf="">数据来源：头条</span></font><span leaf="">"楼盘实地测评"《2026年7月厦门楼市成交数据》(2026-08-01)、克而瑞福建区域周报(2026-07-15)、嘉策地产福建研究院/贝壳研究院(2026-07-13)。</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: 16px;">成交三点判断：</span></span></font></span></b></p><p style="margin-right: 12pt;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: 16px;">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: 16px;">同比</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">+27.51%(住宅)是低基数效应：</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: 16px;">去年</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">7月基数偏低，叠加"卖旧换新"政策延期的置换释放，同比转正不改变"环比转负、流动性收缩"的本质。</span></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=""><span textstyle="" style="font-size: 16px;">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: 16px;">环比</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">-9.05%(住宅)说明7月动能在衰减，</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: 16px;">与克而瑞周报</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"骤降64%"的阶段性放量回落一致，前期豪宅集中备案后的高位回落是主因。</span></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=""><span textstyle="" style="font-size: 16px;">3.</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: 16px;">二手住宅周成交</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">450套(日均约67套)，</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: 16px;">挂牌量上升但成交萎缩，二手流动性持续收缩，</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"换流动性代价变大"。</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; "><span leaf=""><span textstyle="" style="font-size: 18px;">3.3库存与去化周期(截至6月末，贝壳口径)</span></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:537px;"><tbody><tr style="height:24.0000pt;"><td data-colwidth="128" width="286" 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="">区域</span></font></span></p></td><td data-colwidth="127" width="286" 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="">可售库存</span></font><span leaf="">&nbsp;(万㎡)</span></span></p></td><td data-colwidth="282" width="282" 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="">去化周期</span></font></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="128" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">全市商品住宅</span></font></span></p></td><td data-colwidth="127" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">239</span></span></p></td><td data-colwidth="282" width="282" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">19个月</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="128" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">思明区</span></font></span></p></td><td data-colwidth="127" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">—</span></font></span></p></td><td data-colwidth="282" width="282" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">47个月</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="128" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">湖里区</span></font></span></p></td><td data-colwidth="127" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">—</span></font></span></p></td><td data-colwidth="282" width="282" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">10个月</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="128" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">集美区</span></font></span></p></td><td data-colwidth="127" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">—</span></font></span></p></td><td data-colwidth="282" width="282" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">&lt;9个月</span></span></p></td></tr><tr style="height:23.0000pt;"><td data-colwidth="128" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">同安区</span></font></span></p></td><td data-colwidth="127" width="286" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">—</span></font></span></p></td><td data-colwidth="282" width="282" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">&gt;32个月</span></span></p></td></tr></tbody></table><p style="margin-right: 17pt;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="黑体"><span leaf="">数据来源：贝壳研究院</span></font><span leaf="">(2026-07-13)。中指研究院口径： 2026年6月厦门新建商品住宅去化周期19.22个月，环比-1.39个月，同比+3.97个月。</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: 16px;">去化周期的极端分化是本篇最重要的结构信号：</span></span></font></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 textstyle="" style="font-size: 16px;">·思明区47个月(存量老盘去化缓慢)与集美区&lt;9个月(热点小组团快速去化)相差5倍以上，说明"同城不同命"，投资判断必须落到板块级而非城市级。</span></span></font></span></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 textstyle="" style="font-size: 16px;">·同安区&gt;32个月，岛外远郊库存压力明显高于核心区，是价格下行的主要风险区。</span></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=""><span textstyle="" style="font-size: 18px;">3.4区域热力</span></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=""><span textstyle="" style="font-size: 16px;">·</span></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=""><span textstyle="" style="font-size: 16px;">岛内</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(思明/湖里)：</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: 16px;">价值坚挺，湖里去化仅</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">10个月，核心地块(思明48,000、湖里38,500楼面价)仍受追捧；思明因老盘库存积压去化慢，但新房稀缺。</span></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 textstyle="" style="font-size: 16px;">·岛外(集美/海沧/翔安/同安)：</span></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=""><span textstyle="" style="font-size: 16px;">集美、海沧靠地铁</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">+学区+海景的实景配套热销；翔安、同安远郊以价换量，去化压力大。</span></span></span></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=""><span textstyle="" style="font-size: 16px;">下月验证点：</span></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; "><span leaf=""><span textstyle="" style="font-size: 16px;">7月成交环比是否止跌；二手挂牌-成交比是否继续上升；同安/翔安是否出现新一轮价格让利。</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: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;">④ 热销项目·谁在成交、为什么</span></span></font></span></p><p style="margin-right: 13pt;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: 16px;">本章结论：厦门热销盘呈现</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"岛内豪宅靠产品力、岛外刚需靠实景配套"的双轨结构；本土国企(建发、象屿、国贸、联发)是绝对主力；改善(刚改+再改+豪宅)是唯一确定性需求。</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:11.5000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">4.1月度榜单(上半年累计口径)</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:571px;"><tbody><tr style="height:28.0000pt;"><td data-colwidth="116" width="316" 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="">维度</span></font></span></p></td><td data-colwidth="141" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">项目</span></font><span leaf="">/企业</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:16.0000pt;"><span style="font-family: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</span></font></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="116" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">房企销售金额</span></font><span leaf="">TOP1</span></span></p></td><td data-colwidth="141" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">建发</span></font></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:16.0000pt;"><span style="font-family: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="">85.54亿元/24.41万㎡ (金额面积双冠)</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="116" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">房企销售金额</span></font><span leaf="">&nbsp;TOP2-4</span></span></p></td><td data-colwidth="141" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">轨道、象屿、国贸</span></font></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:16.0000pt;"><span style="font-family: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="">紧随其后</span></font></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="116" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">商品房金额销冠</span></font></span></p></td><td data-colwidth="141" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">建发港务宸启瑞湖</span></font><span leaf="">&amp;公馆</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:16.0000pt;"><span style="font-family: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="">31.73亿元</span></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="116" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">单价标杆</span></font></span></p></td><td data-colwidth="141" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">保利安控御宸天悦</span></font></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:16.0000pt;"><span style="font-family: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="">均价</span></font><span leaf="">78,294元/㎡, 销售额27.49亿</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="116" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">岛外面积销冠</span></font></span></p></td><td data-colwidth="141" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">海沧中心</span></font><span leaf="">TOD</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:16.0000pt;"><span style="font-family: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="">8.27万㎡</span></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="116" width="316" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">产品创新样本</span></font></span></p></td><td data-colwidth="141" 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:12.0000pt;"><font face="DFSongGB-W5"><span leaf="">天樾云颂二期</span></font></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:16.0000pt;"><span style="font-family: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="">"钢结构"住宅，靠抗震+得房率</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 13pt;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="">数据来源：嘉策地产福建研究院</span></font><span leaf="">(2026-07-13)、中指研究院《2026年1-6月厦门房地产企业销售业绩TOP10》(2026-07-08)。</span></span></p><p style="margin-right: 10pt;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: 16px;">岛外热销组团</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(实景配套型)：海沧中心TOD、联发嘉悦里、中交文澜天玥、国贸学府锦樾、象屿凤鸣雅颂——均靠"地段优越+配套醇熟+学区稳定"实现快速去化。</span></span></span></p><p style="margin-right: 7pt;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: 16px;">岛内高性价比新房：五缘湾片区五缘公馆</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(精装交付、划片双十湖里分校、均价3万/㎡出头)，虹吸原本瞄准岛内老旧二手房的刚需客群。</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:11.5000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">4.2红盘共性(四维公约数)</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:545px;"><tbody><tr style="height:28.0000pt;"><td data-colwidth="69" width="474" 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="">维度</span></font></span></p></td><td data-colwidth="476" width="476" 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="">共性</span></font></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="69" width="474" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">空间</span></font></span></p></td><td data-colwidth="476" width="476" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: 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:16.0000pt;"><span style="font-family: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="">岛内靠稀缺地段</span></font><span leaf="">&nbsp;(思明/湖里核心)，岛外靠地铁+学区+海景实景配套</span></span></p></td></tr><tr style="height:47.0000pt;"><td data-colwidth="69" width="474" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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</span></font></span></p></td><td data-colwidth="476" width="476" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">岛内锚定高净值改善</span></font><span leaf="">&nbsp;(单价3-8万)，岛外锚定刚需刚改 (总价200万内占比升至24%)</span></span></p></td></tr><tr style="height:48.0000pt;"><td data-colwidth="69" width="474" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">产品</span></font></span></p></td><td data-colwidth="476" width="476" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">高端盘拼产品力</span></font><span leaf="">&nbsp;(钢结构、得房率、精装)，刚需盘拼"实景+确定性"</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="69" width="474" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">持续性</span></font></span></p></td><td data-colwidth="476" width="476" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">常青盘集中在湖里</span></font><span leaf="">/集美热点组团，远郊盘多为单月脉冲</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:11.5000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">4.3案例拆解(Alpha×Beta双归因)</span></span></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=""><span textstyle="" style="font-size: 16px;">案例</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">A：保利安控御宸天悦(岛内顶豪，78，294元/</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="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">㎡</span></span></font></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: 16px;">)</span></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=""><span textstyle="" style="font-size: 16px;">•</span></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; "><span leaf=""><span textstyle="" style="font-size: 16px;">Beta池：</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: 16px;">岛内高净值存量资产客群，池厚度由岛内二手房的真实成交总价中位数支撑</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(二手均价</span></span></span><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: 16px;">38,831</span></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="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">元</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">/㎡、中位数38,138元/</span></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 textstyle="" style="font-size: 16px;">㎡</span></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=""><span textstyle="" style="font-size: 16px;">),池厚但换手慢。</span></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=""><span textstyle="" style="font-size: 16px;">•Alpha三锚定：</span></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=""><span textstyle="" style="font-size: 16px;">形态锚定</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(岛内稀缺顶豪定位)、功能锚定(顶配产品力)、价格锚定(不赌涨价，锚定岛内二手房的资产再平衡需求)。</span></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=""><span textstyle="" style="font-size: 16px;">•</span></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=""><span textstyle="" style="font-size: 16px;">归因结论：</span></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=""><span textstyle="" style="font-size: 16px;">该盘</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;Beta池厚度足够、Alpha击穿高净值客群"资产再平衡"的犹豫成本，属"可复制性低、依赖岛内稀缺性"的个案，风险在二手高价盘的流动性。</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=""><span textstyle="" style="font-size: 16px;">案例</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">B：海沧中心TOD (岛外面积销冠，8.27万</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="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">㎡</span></span></font></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: 16px;">)</span></span></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=""><span textstyle="" style="font-size: 16px;">&nbsp; &nbsp;•</span></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; "><span leaf=""><span textstyle="" style="font-size: 16px;">Beta池：</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: 16px;">岛外通勤刚需</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">+改善客群，池厚度由地铁2号线两站进岛的通勤确定性支撑。</span></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=""><span textstyle="" style="font-size: 16px;">•</span></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; "><span leaf=""><span textstyle="" style="font-size: 16px;">Alpha三锚定：</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: 16px;">形态锚定</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(TOD综合体)、功能锚定(地铁+学区+海景"实景配套"三件事)、价格锚定(总价控制在刚改区间，让客户"当下算得过账")。</span></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=""><span textstyle="" style="font-size: 16px;">•</span></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=""><span textstyle="" style="font-size: 16px;">归因结论：</span></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=""><span textstyle="" style="font-size: 16px;">该盘是</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"地缘型 Beta池×实景 Alpha"的典型，可复制性较高，风险在岛外供应放量后的去化竞争。</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; "><span leaf=""><span textstyle="" style="font-size: 18px;">4.4反推与答案(成交结构反推客户选择)</span></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:544px;"><tbody><tr style="height:25.0000pt;"><td data-colwidth="133" width="306" 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="">总价段</span></font></span></p></td><td data-colwidth="107" 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: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="">客群</span></font></span></p></td><td data-colwidth="304" width="304" 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="">本月动向</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="133" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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</span></font><span leaf="">&nbsp;(≤200万)</span></span></p></td><td data-colwidth="107" 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: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="">首置、岛内老旧二手外溢</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">占比升至</span></font><span leaf="">24%，靠岛外实景配套盘承接</span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="133" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">刚改</span></font><span leaf="">&nbsp;(200-350万)</span></span></p></td><td data-colwidth="107" 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: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="">首次改善</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">上半年占比</span></font><span leaf="">+8.72pct, 海沧/集美主力</span></span></p></td></tr><tr style="height:25.0000pt;"><td data-colwidth="133" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">普改</span></font><span leaf="">&nbsp;(350-600万)</span></span></p></td><td data-colwidth="107" 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: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="">中端改善</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">断层明显，供需错配</span></font></span></p></td></tr><tr style="height:26.0000pt;"><td data-colwidth="133" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">高改</span></font><span leaf="">&nbsp;(600-1000万)</span></span></p></td><td data-colwidth="107" 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: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="">高端改善</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">上半年</span></font><span leaf="">+3.06pct</span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="133" width="306" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">顶豪</span></font><span leaf="">&nbsp;(&gt;1000万)</span></span></p></td><td data-colwidth="107" 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: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="">资产再平衡型</span></font></span></p></td><td data-colwidth="304" width="304" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-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="">上半年</span></font><span leaf="">+3.36pct, 靠建发/保利盘承接</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:11.5000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">三条定位启示：</span></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: 16px;">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: 16px;">改善是确定性需求，</span></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=""><span textstyle="" style="font-size: 16px;">刚改</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">/再改/豪宅三类成交占比均同比上升，而中端普改(350-600万)断层，是当下最大的供需错配机会点。</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: 16px;">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: 16px;">岛内高性价比新房</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(如五缘公馆3万/</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="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">㎡</span></span></font></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: 16px;">)正在虹吸岛内老旧二手房的刚需客群，</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: 16px;">这是</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"新房降维打击二手房"的典型信号。</span></span></span></p><p style="margin-right: 0pt;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; "><span leaf=""><span textstyle="" style="font-size: 16px;">3.</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: 16px;">岛外远郊</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(翔安/同安)只能以价换量，</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: 16px;">产品定位若不能绑定地铁</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">/学区实景，难以摆脱去化压力。</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; "><span leaf=""><span textstyle="" style="font-size: 20px;">4.5验证</span></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=""><span textstyle="" style="font-size: 16px;">•</span></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=""><span textstyle="" style="font-size: 16px;">备案口径</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(中指/嘉策)与克而瑞周报监测口径方向一致，均指向"高端热度回落、刚需回归"；但克而瑞周报"骤降64%"为阶段性放量回落，不能等同于月度趋势，需以月度备案数为准。</span></span></span></p><p style="margin-right: 6pt;margin-left: 16pt;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="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">二手挂牌量上升、成交萎缩，与新房改善成交占比上升并存，说明改善需求并未消失，而是向新房端转移</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(卖旧换新政策催化)。</span></span></span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp; 下月验证点：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">建发港务宸启瑞湖、海沧中心</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;TOD 等常青盘是否延续30套+/月；岛内五缘公馆等性价比新盘的虹吸效应是否放大。</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:13.0000pt; "><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+前瞻</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:11.0000pt; "><font face="黑体"><span leaf="">本章结论：</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:11.0000pt; "><font face="黑体"><span leaf="">客户结构向</span></font><span leaf="">"改善+置换"集中，购房决策核心从"赌涨价"转为"算得过账"；下月大概率延续量缩价稳、岛内外分化的走势，风险点集中在二手流动性收缩与岛外远郊库存。</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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">5.1客户画像(基于成交结构反推)</span></span></span></b></p><table style="border-collapse:collapse;margin-left:16.4000pt;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:22.0000pt;"><td data-colwidth="96" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">客群</span></font></span></p></td><td data-colwidth="98" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">占比趋势</span></font></span></p></td><td data-colwidth="121" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">核心诉求</span></font></span></p></td><td data-colwidth="232" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">决策锚点</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="96" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">首置刚需</span></font></span></p></td><td data-colwidth="98" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">占比升至</span></font><span leaf="">24%</span></span></p></td><td data-colwidth="121" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">岛内上车或岛外实景配套</span></font></span></p></td><td data-colwidth="232" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">总价</span></font><span leaf="">200万内、通勤确定性</span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="96" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">刚改</span></font><span leaf="">/再改</span></span></p></td><td data-colwidth="98" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">同比</span></font><span leaf="">+8.72/</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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:11.0000pt;"><span leaf="">+3.06pct</span></span></p></td><td data-colwidth="121" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">置换升级</span></font></span></p></td><td data-colwidth="232" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">卖旧换新利率优惠、学区、得房率</span></font></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="96" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">豪宅</span></font><span leaf="">/顶豪</span></span></p></td><td data-colwidth="98" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">同比</span></font><span leaf="">+3.36pct</span></span></p></td><td data-colwidth="121" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">资产再平衡</span></font></span></p></td><td data-colwidth="232" 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:14.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">稀缺地段、产品力、保值</span></font></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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">5.2下月候选观察(前瞻，不构成远期承诺)</span></span></span></b></p><p style="margin-right: 0pt;margin-left: 0pt;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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">政策面：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">是否跟进岛内限售松绑、或出台新的购房补贴，是决定</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">8月成交能否止跌的关键。</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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">二手流动性：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">挂牌量是否持续上升、挂牌</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">-成交比是否突破1.5，是判断二手价格是否进一步下行的先行指标。</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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 16px;">3.</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">岛外去化：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">本次土拍</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">6幅地块中4幅在岛外(集美3幅+翔安1幅)，需观察其入市节奏对集美/翔安去化周期的冲击</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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">5.3风险提示</span></span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">二手流动性收缩：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">挂牌量增、成交减，换流动性代价加大，二手价格仍有下行压力。</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">岛外远郊库存：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">同安区去化超</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">32个月，若叠加新增供应，价格让利可能加剧。</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">供给端国资垄断：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">土拍全央国企、零溢价，市场自发修复的内生动力不足。</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">下月验证点：</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">8</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">月成交环比能否止跌；二手挂牌</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">-成交比走势；政策是否加码。</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:13.0000pt; "><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;">⑥投资再判断·决策落地</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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">本章结论：</span></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:11.0000pt; "><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">厦门不适用</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"选城市"的粗粒度判断，必须落到"岛内核心区 vs岛外远郊"的板块级；投资机会在"岛内高性价比改善"与"岛外地铁学区实景组团"，风险在"思明老盘积压"与"同安/翔安远郊"。</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:11.0000pt; "><span leaf=""><span textstyle="" style="font-size: 18px;">6.1传导链路位置</span></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=""><span textstyle="" style="font-size: 16px;">岛内核心</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(湖里去化10个月)：</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: 16px;">处于传导链路</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"中段偏前"，客户单一(高净值改善)，供给可控，兑现窗口较清晰。</span></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=""><span textstyle="" style="font-size: 16px;">岛外热点组团</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(集美&lt;9个月)：</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: 16px;">处于</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"中段"，靠地缘型 Beta池(通勤+学区)支撑，兑现依赖配套确定性。</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=""><span textstyle="" style="font-size: 16px;">岛外远郊</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(同安&gt;32个月)：</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: 16px;">处于</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">"后段"，客户薄、供给放量，兑现窗口不明朗。</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; "><span leaf=""><span textstyle="" style="font-size: 18px;">6.2头部同向化风险</span></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=""><span textstyle="" style="font-size: 16px;">供给端同向化：</span></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=""><span textstyle="" style="font-size: 16px;">土拍拿地方清一色本土央国企</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(国贸、象屿、联发)，未来新增货值高度集中于少数国资，一旦集中入市，将同步放大岛外局部板块的竞争压力。</span></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=""><span textstyle="" style="font-size: 16px;">需求端同向化：</span></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=""><span textstyle="" style="font-size: 16px;">改善需求</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">(刚改+再改+豪宅)占比同步上升，共识过度集中，若政策或二手流动性突变，改善链条将同步承压。</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; "><span leaf=""><span textstyle="" style="font-size: 18px;">6.3低估板块识别</span></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="">地缘型</span></font><span leaf="">&nbsp;Beta远郊承接板块：</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="">集美杏林湾、海沧中心</span></font><span leaf="">&nbsp;TOD 辐射的相邻小组团，客户厚度由地铁通勤确定性支撑，具备改善降维打击空间。</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="">热点小组团外溢承接板块：</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="">湖里五缘湾、海沧中心的外溢板块，受益于核心区价格坚挺后的性价比外溢。</span></font></span></p><p style="margin-right: 12pt;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="">风险回避板块：</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="">思明老盘积压区</span></font><span leaf="">(去化47个月)、同安/翔安远郊(去化&gt;32个月)，短期不宜进入。</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:14.0000pt; "><font face="黑体"><span leaf="">附录</span></font><font face="黑体"><span leaf="">·口径与数据来源说明</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:14.0000pt; "><font face="黑体"><span leaf="">口径差异</span></font><span leaf="">(重要)</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="">统计局官方数据仅更新至</span></font><span leaf="">1-6月</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="">(GDP、工业、投资)，7月宏观数据尚未发布；文中宏观部分均为1-6月口径。</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="">价格</span></font><span leaf="">/成交/土地/房企为7月口径，</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="">来源为中指研究院、克而瑞、嘉策地产、贝壳研究院等第三方平台。</span></font></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="">多口径分列、不混算：</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="">备案口径</span></font><span leaf="">(中指/嘉策/贝壳)用于成交规模与榜单，开盘监测口径(克而瑞周报)只作方向判断，不混算转化率。</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="">数据来源清单</span></font></span></b></p><table style="border-collapse:collapse;margin-left:5.4000pt;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:26.0000pt;"><td data-colwidth="83" width="296" 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:14.0000pt;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="">数据</span></font></span></p></td><td data-colwidth="176" width="298" 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:14.0000pt;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="">来源</span></font></span></p></td><td data-colwidth="292" width="292" 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:14.0000pt;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="">观察期</span></font></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="83" width="296" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">价格指数</span></font></span></p></td><td data-colwidth="176" width="298" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">中指研究院价格指数</span></font><font face="宋体"><span leaf="">·厦门</span></font></span></p></td><td data-colwidth="292" width="292" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">2026.07</span></span></p></td></tr><tr style="height:42.0000pt;"><td data-colwidth="83" width="296" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">土拍</span></font></span></p></td><td data-colwidth="176" width="298" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">搜狐网《</span></font><span leaf="">1-7月房企新增土地储备报告》、克而瑞</span></span></p></td><td data-colwidth="292" width="292" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">2026.07</span></span></p></td></tr><tr style="height:42.0000pt;"><td data-colwidth="83" width="296" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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</span></font></span></p></td><td data-colwidth="176" width="298" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">头条</span></font><span leaf="">"楼盘实地测评"、克而瑞福建周报</span></span></p></td><td data-colwidth="292" width="292" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">2026.07</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="83" width="296" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">库存</span></font><span leaf="">/去化</span></span></p></td><td data-colwidth="176" width="298" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">贝壳研究院、中指研究院</span></font></span></p></td><td data-colwidth="292" width="292" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:14.0000pt;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="">2026.06</span></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:16.4000pt;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:540px;"><tbody><tr style="height:42.0000pt;"><td data-colwidth="63" 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:13.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">政策</span></font></span></p></td><td data-colwidth="165" 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:13.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">厦门公积金中心、海西晨</span></font></span><span style="font-family:等线;font-size:10.5000pt;"><br /></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:11.0000pt;"><font face="宋体"><span leaf="">报、第一财经、吉屋网</span></font></span></p></td><td data-colwidth="312" 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:13.0000pt;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:11.0000pt;"><span leaf="">2026.05-07</span></span></p></td></tr><tr style="height:29.0000pt;"><td data-colwidth="63" 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:13.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">宏观</span></font></span></p></td><td data-colwidth="165" 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:13.0000pt;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:11.0000pt;"><font face="宋体"><span leaf="">厦门市统计局</span></font></span></p></td><td data-colwidth="312" 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:13.0000pt;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:11.0000pt;"><span leaf="">2026.01-06</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:11.0000pt; "><font face="宋体"><span leaf="">免责声明</span></font></span></p><p style="margin-right: 6pt;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="">本报告基于公开可核验数据整理，所有数据均标注来源与观察期；前瞻性判断不构成远期承诺，跨月稳定性待下月验证。本报告不构成任何投资建议。</span></font></span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>