2026年7月天津房地产市场月报

<section><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span leaf=""><span textstyle="" style="font-size: 24px;font-weight: bold;">总纲层：四段递进定调</span></span></p><p style="margin-right: 1pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 17px;">一、市场性质：量缩价升、结构性撕裂加剧</span>。</span></font><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: normal;">7月天津新房进入传统淡季叠加高温天气，量能收缩至历</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf="">年同期最低水平，但价格端逆势坚挺</span></font><font face="黑体"><span leaf="">——成交均价环比上涨约4%、同比转正。这一"量跌价涨"并非全面普涨，而是市内六区高端改善项目结构性拉高均价所致，市场彻底撕成两半：核心区高端改善盘供不应求，外围刚需盘以价换量。</span></font></span></p><p style="margin-right: 5pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 17px;">二、核心矛盾：供应收缩快于成交下滑，库存被动下降但购买力分层固化。</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: normal;">7月新增供应面积同、环比</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf="">降幅双双突破</span></font><span leaf="">30%，而成交仅环比下滑22%、同比下滑8%左右，供求比降至0.77，进入温和去库存通道。但需求的"底盘"并不均匀——改善客群对品质挑剔、价格不敏感；刚需客群死盯"极致性价比"，中间地段平庸产品被两端挤压、边缘化。</span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 17px;">三、政策与资金面：政策托底边际加码，利率静默</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;">14个月。</span><span textstyle="" style="font-size: 16px;font-weight: normal;">7月1日天津落地公积金直付预售商品房</span></span></span></b><span style="word-break: break-all;vertical-align: baseline;font-family: 黑体;color: rgb(0, 0, 0);letter-spacing: 0pt;font-size: 11pt;"><font face="黑体"><span leaf="" style="font-family: 黑体;color: rgb(0, 0, 0);letter-spacing: 0pt;font-size: 11pt;"><span textstyle="" style="font-size: 16px;">首付新政</span></span></font><span leaf="" style="font-family: 黑体;color: rgb(0, 0, 0);letter-spacing: 0pt;font-size: 11pt;"><span textstyle="" style="font-size: 16px;">(纯首套可提双方父母公积金)，在二手房"提公积金付首付"成熟经验上扩围，直接降低刚需家庭首付筹资成本。LPR连续第14个月不变(1年期3.0%、5年期3.5%)，政策以精准工具而非全面宽松为主。</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 17px;">四、判断句定调：天津楼市已进入</span></span></font><span leaf=""><span textstyle="" style="font-size: 17px;">"存量博弈+高端结构性复苏"阶段，普涨时代终结。</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">全年维度看，新房成交套数自</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">2016年峰值后连续十年震荡下探，7月刷新同期历史新低；但核心区改善盘去化率高达96%(年内最高)，高端需求底盘稳固。投资的超额收益窗口收窄至"核心地段×稀缺资源×产品力天花板"三者兼具的点状 Alpha，而非区域或城市的 Beta。</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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;">篇章一：政策与宏观</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 16px;">1.1宏观经济底盘</span></span></span></b></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:544px;"><tbody><tr style="height:27.0000pt;"><td data-colwidth="134" width="234" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="101" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">数值</span></font></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">口径</span></font><span leaf="">/时间</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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:27.0000pt;"><td data-colwidth="134" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">GDP (上半年)</span></span></p></td><td data-colwidth="101" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">9137.79亿元</span></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局</span></font><span leaf="">, 2026H1</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+4.8%</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="134" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">常住人口</span></font></span></p></td><td data-colwidth="101" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">1363.0万人</span></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">2025年</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+0.1% (全国第8)</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="134" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">房地产开发投资</span></font></span></p></td><td data-colwidth="101" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">611.24亿元</span></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局，</span></font><span leaf="">1—6月</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-7.61%</span></span></p></td></tr><tr style="height:27.0000pt;"><td data-colwidth="134" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">房屋新开工面积</span></font></span></p></td><td data-colwidth="101" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">396.33万㎡</span></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局，</span></font><span leaf="">1—6月</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-19.99%</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="134" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">房屋施工面积</span></font></span></p></td><td data-colwidth="101" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">6633.94万㎡</span></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局，</span></font><span leaf="">1—6月</span></span></p></td><td data-colwidth="234" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-6.71%</span></span></p></td></tr></tbody></table><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:542px;"><tbody><tr style="height:26.0000pt;"><td data-colwidth="129" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">商品房销售面积</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:16.0000pt;"><span style="font-family: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="">544.7万㎡</span></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局，</span></font><span leaf="">1—6月</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-7.2%</span></span></p></td></tr><tr style="height:24.0000pt;"><td data-colwidth="129" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">商品房销售额</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:16.0000pt;"><span style="font-family: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="">813.6亿元</span></span></p></td><td data-colwidth="75" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">统计局，</span></font><span leaf="">1—6月</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">-2.7%</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 15px;">天津经济基本盘平稳</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">(上半年GDP +4.8%，第三产业+5.5%领跑)，但房地产投资与新开工持续深度负增长，开发端信心修复尚需时间。销售端"销售额降幅(-2.7%)小于面积降幅(-7.2%)\"",意味着成交均价在累计口径下同比抬升，与单月量缩价升信号一致。</span></span></span></p><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;font-style: normal;">1.2政策要点</span></span></span></p><p style="margin-right: 5pt;margin-left: 23pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">• 公积金直付预售商品房首付(7月1日落地)：缴存职工通过公积金/组合贷/商贷购买预售商品房，可提取本人及配偶公积金账户余额直接支付首付；纯首套家庭(名下无房无贷款记录)可同时提取双方父母公积金。这是继2025年7月二手房"提公积金付首付"(截至2026年5月已支持11059套、累计提取24亿元)后的扩围，直击刚需家庭首付筹资痛点。</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">• LPR连续14个月不变：7月1年期3.0%、5年期3.5%，政策以结构性精准工具替代全面降息。</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">• 政策基调：供应端"少推精推"、需求端精准降首付，与"好房子"导向下的低容积率供地形成呼应</span>。</span></font></span></p><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">篇章二：土地市场</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">2.1成交概况</span></span></span></p><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月天津涉宅用地市场延续低温、底价、国资主导格局，共成交2宗宅地，均以底价摘牌、0溢价：</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:523px;"><tbody><tr style="height:26.0000pt;"><td data-colwidth="70" width="132" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">地块</span></font></span></p></td><td data-colwidth="66" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">区域</span></font></span></p></td><td data-colwidth="63" width="136" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">成交总价</span></font></span></p></td><td data-colwidth="51" width="138" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">楼面价</span></font></span></p></td><td data-colwidth="48" width="134" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">溢价率</span></font></span></p></td><td data-colwidth="91" width="138" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">竞得人</span></font></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">备注</span></font></span></p></td></tr><tr style="height:105.0000pt;"><td data-colwidth="70" width="132" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">津西青</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:8.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">(挂)2026-01号</span></span></p></td><td data-colwidth="66" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">西青区南站科技商务区</span></font></span></p></td><td data-colwidth="63" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">4.09亿元</span></span></p></td><td data-colwidth="51" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">6304元/㎡</span></span></p></td><td data-colwidth="48" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">0%</span></span></p></td><td data-colwidth="91" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:10.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">天津万青聚弘</span></font><span leaf="">&nbsp;(河北民企万</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">青聚信</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:13.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">100%持股)</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">容积率</span></font></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: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="">1.6, 建面6.49万㎡</span></span></p></td></tr><tr style="height:89.0000pt;"><td data-colwidth="70" width="132" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">津南临</span></font></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: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="">(挂)2026-06号 (郁</span></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">美净地</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">块</span></font><span leaf="">)</span></span></p></td><td data-colwidth="66" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">南开区长虹公园板块</span></font></span></p></td><td data-colwidth="63" width="136" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:center;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">4.94亿元</span></span></p></td><td data-colwidth="51" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">5267元/㎡</span></span></p></td><td data-colwidth="48" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">0%</span></span></p></td><td data-colwidth="91" width="138" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">天津南开城兴</span></font><span leaf="">&nbsp;(城市更新)</span></span></p></td><td data-colwidth="134" width="134" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family: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="">不含城更成本，锁定绿城代建，容积率</span></font><font face="DFSongGB-W5"><span leaf="">≤2.16</span></font></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">2.2结构特征与信号</span></span></span></p><p style="margin-right: 0pt;margin-left: 23pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf="">•<span textstyle="" style="font-size: 16px;">&nbsp;国资/城投托底，民企点状入场：南开地块由南开城兴城市更新公司底价摘得，锁定绿城代建(拿地当日即公示24栋、819户四代住宅规划)；西青地块由河北民企万青聚弘竞得，是少数民企落子，且为该板块自2023年12月以来首次宅地供应。</span></span></font></span></p><p style="margin-right: 8pt;margin-left: 22pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">• 楼面价显著低于周边历史：南开郁美净地块5267元/㎡，远低于同板块山西建投2022年的28042元/㎡、大悦城21406元/㎡，反映城市更新地块的让利性质，也拉低了7月平均楼面价。</span></span></font></span></p><p style="margin-right: 2pt;margin-left: 18pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 16px;">全年楼面价梯队：</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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=""><span textstyle="" style="font-size: 16px;">&nbsp;</span></span><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">中指数据显示，</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">2026年天津成交住宅用地楼面价榜首为南开区长江道北侧21488元/㎡,全市地价均值5459元/㎡ (同比+20.8%), 高低分化显著。</span></span></span></p><p style="margin-right: 10pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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;">低容积率成主旋律：</span></span></font></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">红旗南路</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;(1.6)、华苑雅士道 (1.34)、水厂南侧等低密地块陆续登场，与"好房子“产品导向一致。</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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;">篇章三：市场成交</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 16px;">3.1新房：量缩价升，刷新历年同期新低</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="">7月单月成交 (克而瑞口径)：</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:518px;"><tbody><tr style="height:27.0000pt;"><td data-colwidth="82" width="234" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">指标</span></font></span></p></td><td data-colwidth="102" 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: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:13.0000pt;"><span leaf="">7月</span></span></p></td><td data-colwidth="104" width="240" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">环比</span></font></span></p></td><td data-colwidth="230" width="230" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td></tr><tr style="height:44.0000pt;"><td data-colwidth="82" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">新增供应</span></font></span></p></td><td data-colwidth="102" 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:1.0000pt;text-indent:-1.0000pt;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:13.0000pt;"><span leaf="">3331套/38.82万㎡</span></span></p></td><td data-colwidth="104" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">约</span></font><span leaf="">-30%</span></span></p></td><td data-colwidth="230" width="230" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">约</span></font><span leaf="">-40%</span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="82" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">成交</span></font></span></p></td><td data-colwidth="102" 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:1.0000pt;text-indent:-1.0000pt;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:13.0000pt;"><span leaf="">4357套/50.15万㎡</span></span></p></td><td data-colwidth="104" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><span leaf="">-22%~-24%</span></span></p></td><td data-colwidth="230" width="230" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;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:13.0000pt;"><span leaf="">-8%~-8.6%</span></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="82" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">成交均价</span></font></span></p></td><td data-colwidth="102" 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: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:13.0000pt;"><span leaf="">18323元/㎡</span></span></p></td><td data-colwidth="104" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><span leaf="">+3.98%</span></span></p></td><td data-colwidth="230" width="230" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;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:13.0000pt;"><span leaf="">+2.99%~+3%</span></span></p></td></tr><tr style="height:27.0000pt;"><td data-colwidth="82" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">套均总价</span></font></span></p></td><td data-colwidth="102" 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: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:13.0000pt;"><span leaf="">211万元/套</span></span></p></td><td data-colwidth="104" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><span leaf="">+5.87%</span></span></p></td><td data-colwidth="230" width="230" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td></tr><tr style="height:26.0000pt;"><td data-colwidth="82" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">供求比</span></font></span></p></td><td data-colwidth="102" 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: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:13.0000pt;"><span leaf="">0.77</span></span></p></td><td data-colwidth="104" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td><td data-colwidth="230" width="230" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</span></font></span></p></td></tr><tr style="height:27.0000pt;"><td data-colwidth="82" width="234" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">成交金额</span></font></span></p></td><td data-colwidth="102" 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: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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">刚过</span></font><span leaf="">90亿元</span></span></p></td><td data-colwidth="104" width="240" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height: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:13.0000pt;"><span leaf="">-19.5%</span></span></p></td><td data-colwidth="230" width="230" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;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:13.0000pt;"><font face="DFSongGB-W5"><span leaf="">—</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 15px;">多口径并列</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">&nbsp;(不混算)：</span></span></span></b></p><p style="margin-right: 138pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 15px;">克而瑞:</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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=""><span textstyle="" style="font-size: 15px;">&nbsp;</span></span><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">成</span></span></font><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">交</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">4357套/50.15万㎡,均价18323元/㎡ ( 环比+3.98）</span></span></span></p><p style="margin-right: 15pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 15px;">腾讯/道士君:&nbsp;</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">成交面积</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">50.15万方, 同比-8.64%、环比-22.58%; 套数4357套, 同比-8.33%、环比-23.96%; 金额刚过90亿关口, 环比-19.5%。</span></span></span></p><p style="margin-right: 15pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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=""><span textstyle="" style="font-size: 15px;font-weight: bold;">另一家机构：</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 15px;">7</span></span></span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">月新房成交</span></span></font><span leaf=""><span textstyle="" style="font-size: 15px;">48万㎡，环比-25%、同比-11%，16区近九成环比量缩。</span></span></span></p><p style="margin-right: 9pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 15px;">·中指百城样本均价:&nbsp;</span></span></font></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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=""><span textstyle="" style="font-size: 15px;">7月新建住宅均价15587元/㎡, 同比+1.31%、环比+0.21%; 1—7月累计上涨0.40%(涨幅较去年同期收窄0.80个百分点)。</span></span></span></p><p style="margin-right: 4pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 15px;">关键判断：</span></span></font></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">量跌价涨是</span></span></font></span><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 15px;">结构性背离</span></span></font></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">而非全面回暖</span></span></font><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 15px;">——市内六区高端改善项目拉高均价 (红桥环比+45%居市区首位、河北同比+440%)，而津南从9.9万㎡陡降至3.3万㎡ (-66%)。7月成交套数刷新历年同期历史新低，传统淡季被进一步放大。</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="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 17px;">3.2库存与去化</span></span></span></b></p><p style="margin-right: 9pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">·截至7月末，天津商品住宅取证存量</span></span></font></span><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 16px;">1029万</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">㎡，按近</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">12个月月均成交计算，去化周期约</span></span></span><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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: 16px;">19.4个月，</span></span></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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=""><span textstyle="" style="font-size: 16px;">&nbsp;</span></span><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">较前期高点收窄，处温和去库存通道。</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><b style="mso-bidi-font-weight:normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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;">·</span></span></font></span></b><span style="mso-spacerun:&#39;yes&#39;;font-family:黑体;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=""><span textstyle="" style="font-size: 16px;">&nbsp;&nbsp;</span></span><font face="黑体"><span leaf=""><span textstyle="" style="font-size: 16px;">普睿数智数据显示，天津新房狭义库存去化周期已跌破</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">20个月大关，与上海、成都、长沙等同列"新房告急"城市——其核心逻辑是"供应收缩幅度远大于成交下滑幅度"(天津上半年供应230万㎡同比-23%，成交微增0.2%)，库存被动下降而非需求爆发。</span></span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">3.3成交结构</span></span></span></p><p style="margin-right: 1pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">▾&nbsp;</span><span textstyle="" style="font-size: 16px;font-weight: bold;">面积段</span><span textstyle="" style="font-size: 16px;">：90—120㎡为绝对主力 (2066套、占比47.4%); 90㎡以下777套(供求比0.58供给偏紧); 144㎡以上455套 (供求比0.59供不应求,成交均价20163元/㎡、套均379万元)。</span></span></font></span></p><p style="margin-right: 1pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">开盘去化</span><span textstyle="" style="font-size: 16px;">：</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">7月两盘首开共推242套、认购233套，平均去化率96%(年内最高)；对比6月推出600套、去化率56%，反映开发商"少推精推"策略下，优质项目仍能实现高去化。</span></span></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">3.4二手房：挂牌价逆势微涨，结构分化</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:521px;"><tbody><tr style="height:25.0000pt;"><td data-colwidth="104" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">口径</span></font></span></p></td><td data-colwidth="102" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">7月均价</span></span></p></td><td data-colwidth="77" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">环比</span></font></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">同比</span></font></span></p></td></tr><tr style="height:28.0000pt;"><td data-colwidth="104" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">58同城</span></span></p></td><td data-colwidth="102" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">13356元/㎡</span></span></p></td><td data-colwidth="77" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">一</span></font></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+8.98%</span></span></p></td></tr><tr style="height:26.0000pt;"><td data-colwidth="104" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">安居客</span></font><span leaf="">&nbsp;(7/20)</span></span></p></td><td data-colwidth="102" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">13293元/㎡</span></span></p></td><td data-colwidth="77" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+1.12%</span></span></p></td><td data-colwidth="238" width="238" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">+9.41%</span></span></p></td></tr></tbody></table><p style="margin-right: 8pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">0全国大盘下行 (上半年销售面积-11.6%、销售额-13.6%)背景下，天津二手房挂牌价逆势微涨，核心区次新韧性十足，远郊老破小挂牌量大、成交周期拉长、议价空间扩大。</span></span></span></p><p style="margin-right: 0pt;margin-left: 20pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">●分区梯队 (58同城): 和平51933元/㎡&gt;河西28791&gt;南开26663&gt;河东19350&gt;开发区19028;低区为汉沽5755、宝坻6476、宁河8181, 价格断层悬殊。</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">篇章四：热销项目</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 0pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">7月新房项目成交排行 (克而瑞/中指并列)</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:558px;"><tbody><tr style="height:26.0000pt;"><td data-colwidth="68" width="188" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">排名</span></font></span></p></td><td data-colwidth="91" width="188" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">项目</span></font></span></p></td><td data-colwidth="94" width="192" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">成交</span></font></span></p></td><td data-colwidth="119" 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="">板块</span></font><span leaf="">/区域</span></span></p></td><td data-colwidth="186" width="186" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">特征</span></font></span></p></td></tr><tr style="height:97.0000pt;"><td data-colwidth="68" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">1</span></span></p></td><td data-colwidth="91" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:1.0000pt;text-indent:-1.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">金茂</span></font><font face="DFSongGB-W5"><span leaf="">·樾满津华</span></font></span></p></td><td data-colwidth="94" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">160套/2.03万㎡/5.82亿</span></span></p></td><td data-colwidth="119" 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="">红桥</span></font><span leaf="">&nbsp;(京津冀同城商务区)</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="">首开即全市</span></font><span leaf="">"三冠王"，唯一破百套项目，首开6栋基本售罄</span></span></p></td></tr><tr style="height:78.0000pt;"><td data-colwidth="68" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">2</span></span></p></td><td data-colwidth="91" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">上东金茂智慧科学城</span></font><span leaf="">&nbsp;(金茂观棠)</span></span></p></td><td data-colwidth="94" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:1.0000pt;text-indent:-1.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">96套/1.08万㎡</span></span></p></td><td data-colwidth="119" 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="">东丽</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:6.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">金茂双盘霸</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:2.0000pt;margin-bottom:0.0000pt;margin-left:5.0000pt;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="">榜</span></font><span leaf="">, 小高101㎡总价230—240万</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="68" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">3</span></span></p></td><td data-colwidth="91" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><font face="DFSongGB-W5"><span leaf="">西青城投格调松蕉花园</span></font></span></p></td><td data-colwidth="94" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:1.0000pt;text-indent:-1.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">228套/2.62万㎡</span></span></p></td><td data-colwidth="119" 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="">西青</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;"><font face="DFSongGB-W5"><span leaf="">含安置</span></font><span leaf="">/非市场化成分</span></span></p></td></tr><tr style="height:79.0000pt;"><td data-colwidth="68" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">4</span></span></p></td><td data-colwidth="91" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:5.0000pt;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="">城投水西之城</span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:13.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:17.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">(东方玖玺)</span></span></p></td><td data-colwidth="94" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:16.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.5000pt;"><span leaf="">0.83万㎡</span></span></p></td><td data-colwidth="119" 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="">西青水西</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;"><font face="DFSongGB-W5"><span leaf="">洋房</span></font><span leaf="">126㎡总价305—340万, 折合2.5万/㎡</span></span></p></td></tr></tbody></table><table style="border-collapse:collapse;margin-left:9.4000pt;mso-table-layout-alt:fixed;border:none;mso-border-left-alt:0.2500pt solid windowtext;mso-border-top-alt:0.2500pt solid windowtext;mso-border-right-alt:0.2500pt solid windowtext;mso-border-bottom-alt:0.2500pt solid windowtext;mso-border-insideh:0.2500pt solid windowtext;mso-border-insidev:0.2500pt solid windowtext;mso-padding-alt:0.0000pt 0.0000pt 0.0000pt 0.0000pt;width:564px;"><tbody><tr style="height:46.0000pt;"><td data-colwidth="71" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">5</span></span></span></p></td><td data-colwidth="82" width="188" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">金地</span></span></font><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">·上湾玖峯</span></span></font></span></p></td><td data-colwidth="90" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">0.69万㎡</span></span></span></p></td><td data-colwidth="129" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">河北</span></span></font></span></p></td><td data-colwidth="192" width="192" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">二期纯洋房，均价</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">2.8万/㎡</span></span></span></p></td></tr><tr style="height:61.0000pt;"><td data-colwidth="71" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">一</span></font></span></p></td><td data-colwidth="82" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:5.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">绿城尚玉蘭</span></span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:15.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">(武清)</span></span></span></p></td><td data-colwidth="90" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">热销</span></span></font></span></p></td><td data-colwidth="129" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">武清</span></span></font></span></p></td><td data-colwidth="192" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">二期洋房</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">109—175㎡, 均价1.8万/㎡</span></span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="71" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">-</span></span></p></td><td data-colwidth="82" width="188" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:5.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">雍鑫溪和林</span></span></font></span></p><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:13.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:18.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;">(武清杨村</span>)</span></span></p></td><td data-colwidth="90" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">热销</span></span></font></span></p></td><td data-colwidth="129" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">武清</span></span></font></span></p></td><td data-colwidth="192" width="192" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf=""><span textstyle="" style="font-size: 16px;">准现房，洋房</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">1.4万/㎡起</span></span></span></p></td></tr></tbody></table><p style="margin-right: 3pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="宋体"><span leaf="">核心洞察：金茂以</span></font><span leaf="">"樾满津华+上东金茂智慧科学城"双盘断层领跑，稳坐天津楼市"榜一大哥"；高端改善盘(金茂樾满津华)与极致性价比盘(雍鑫溪和林144㎡特惠209万)两端热销，中间平庸产品失血，印证"有钱的买有钱的、极致性价比的买极致性价比的"的撕裂格局。</span></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><font face="宋体"><span leaf="">篇章五：客户展望</span></font></span></p><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">5.1客群分层画像</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:541px;"><tbody><tr style="height:27.0000pt;"><td data-colwidth="57" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">客群</span></font></span></p></td><td data-colwidth="114" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">需求特征</span></font></span></p></td><td data-colwidth="134" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">目标产品</span></font></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">对应总价段</span></font></span></p></td></tr><tr style="height:62.0000pt;"><td data-colwidth="57" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">刚需</span></font></span></p></td><td data-colwidth="114" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">首付敏感、极致性价比、地铁</span></font><span leaf="">/学区稳定</span></span></p></td><td data-colwidth="134" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">90㎡以下、外围低总价</span></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">≤150万</span></font></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="57" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">刚改</span></font></span></p></td><td data-colwidth="114" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">首套换房、面积升级、总价可控</span></font></span></p></td><td data-colwidth="134" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">90—120㎡主力</span></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">150—250万</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="57" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">普改</span></font></span></p></td><td data-colwidth="114" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">品质进阶、地段与学区兼顾</span></font></span></p></td><td data-colwidth="134" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">120—144㎡</span></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">250—400万</span></span></p></td></tr><tr style="height:46.0000pt;"><td data-colwidth="57" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">高改</span></font></span></p></td><td data-colwidth="114" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">核心地段、稀缺资源、产品力天花板</span></font></span></p></td><td data-colwidth="134" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">144㎡以上、四代住宅</span></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">400—600万</span></span></p></td></tr><tr style="height:45.0000pt;"><td data-colwidth="57" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">顶豪</span></font></span></p></td><td data-colwidth="114" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">价格不敏感、对品质极度挑剔</span></font></span></p></td><td data-colwidth="134" 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:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><font face="DFSongGB-W5"><span leaf="">核心区洋房</span></font><span leaf="">/低密</span></span></p></td><td data-colwidth="236" width="236" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:12.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:9.0000pt;"><span leaf="">&gt;600万</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 2pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">5.2需求趋势判断</span></span></span></p><p style="margin-right: 15pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf=""><span textstyle="" style="font-weight: bold;">1.五档阈值本地校准：</span>以7月套均总价211万元/套为锚，按历史分位数取整至50万档，全篇固定——刚需≤150万/刚改150—250万/普改250—400万/高改400—600万/顶豪&gt;600万。</span></span></p><p style="margin-right: 5pt;margin-left: 21pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf=""><span textstyle="" style="font-weight: bold;">2.公积金新政激活首套家庭：</span>公积金直付首付+纯首套可提双方父母公积金，显著降低刚需家庭首付筹资门槛，预计对90㎡以下、总价≤150万段形成边际提振。</span></span></p><p style="margin-right: 0pt;margin-left: 23pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:12.0000pt;"><span leaf=""><span textstyle="" style="font-weight: bold;">3.高端改善底盘稳固：</span>南开、河西、和平核心区改善盘96%去化率验证改善需求韧性，绿城代建的南开四代住宅项目将补充供给。</span></span></p><p style="margin-right: 1pt;margin-left: 22pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">4.风险提示</span>：外围远郊(津南、宝坻等)成交深度收缩，老破小挂牌周期拉长，中间段产品面临"改善看不上、刚需买不起"的尴尬，需警惕结构性过剩。</span></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">篇章六：投资再判断</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">6.1 Alpha× Beta双变量归因</span></span></span></p><p style="margin-right: 0pt;margin-left: 22pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">• Beta (城市整体)：</span><span textstyle="" style="font-size: 16px;">天津楼市整体处于下行通道尾部，新房成交套数连续十年下探、7月创新低，城市 Beta为负或趋零，无系统性上涨动能。</span></span></font></span></p><p style="margin-right: 3pt;margin-left: 22pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;font-weight: bold;">• Alpha(点状机会)：</span><span textstyle="" style="font-size: 16px;">机会仅存于"核心地段×稀缺资源×产品力天花板"三者兼具的少数项目。金茂樾满津华首开160套、去化率居年内高位，是当前天津楼市最具确定性的点状 Alpha样本；南开长虹板块城市更新地块(绿城代建、低容积率四代住宅)为下一个潜在 Alpha标的。</span></span></font></span></p><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">6.2投资方向判断</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:546px;"><tbody><tr style="height:26.0000pt;"><td data-colwidth="74" 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:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">维度</span></font></span></p></td><td data-colwidth="472" width="472" valign="center" style="padding: 0pt;border-width: 1pt;border-style: solid;border-color: windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">判断</span></font></span></p></td></tr><tr style="height:78.0000pt;"><td data-colwidth="74" 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:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">土地端</span></font></span></p></td><td data-colwidth="472" width="472" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf="">7月两宗宅地均底价、0溢价，国资/城投托底，民企仅点状入场；核心区城市更新地块楼面价显著低于周边历史，为代建/轻资产模式留出空间</span></span></p></td></tr><tr style="height:44.0000pt;"><td data-colwidth="74" 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:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">产品端</span></font></span></p></td><td data-colwidth="472" width="472" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">低容积率</span></font><span leaf="">+四代住宅成主旋律，改善产品供给持续优化，但去化高度依赖单盘产品力</span></span></p></td></tr><tr style="height:62.0000pt;"><td data-colwidth="74" 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:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">需求端</span></font></span></p></td><td data-colwidth="472" width="472" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">公积金直付首付扩围激活刚需底盘，高端改善需求稳固，两端热、中间冷的哑铃结构延续</span></font></span></p></td></tr><tr style="height:59.0000pt;"><td data-colwidth="74" 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:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">风险点</span></font></span></p></td><td data-colwidth="472" width="472" valign="center" style="padding: 0pt;border-width: medium 1pt 1pt;border-style: none solid solid;border-color: currentcolor windowtext windowtext;"><p style="text-align:justify;margin-top:0.0000pt;margin-right:0.0000pt;margin-bottom:0.0000pt;margin-left:0.0000pt;word-break:break-all;text-justify:inter-ideograph;vertical-align:baseline;line-height:15.0000pt;"><span style="font-family:DFSongGB-W5;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="DFSongGB-W5"><span leaf="">供应收缩是库存下降主因而非需求爆发；外围与中间段产品过剩风险累积，需警惕</span></font><span leaf="">"假去库存"</span></span></p></td></tr></tbody></table><p style="margin-right: 0pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><span leaf=""><span textstyle="" style="font-size: 17px;font-weight: bold;">6.3结论</span></span></span></p><p style="margin-right: 3pt;margin-left: 1pt;word-break: break-all;vertical-align: baseline;"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;color:rgb(0,0,0);letter-spacing:0.0000pt;mso-ansi-font-weight:normal;mso-ansi-font-style:normal;font-size:11.5000pt;"><font face="宋体"><span leaf=""><span textstyle="" style="font-size: 16px;">天津楼市已告别</span></span></font><span leaf=""><span textstyle="" style="font-size: 16px;">&nbsp;Beta红利，进入"高端结构性复苏+存量博弈"的成熟期。投资与开发决策应聚焦点状Alpha——以核心地段、稀缺资源与产品力天花板为筛选标准，放弃对区域/城市普涨的期待；同时关注城市更新与低容积率供地带来的代建、轻资产机会。刚需端的政策红利(公积金直付首付)是短期成交的边际变量，但不足以扭转总量的季节性收缩与长期下行惯性。</span></span></span></p><p><span leaf=""><br /></span></p><p><span leaf=""><br /></span></p></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>