房地产行业2025年Q3土地市场总结：土地市场压力仍大一线城市溢价率上升

中泰证券

2025/10/22

2025Q3 全国土地供应及成交情况土地推出建面方面，2025 年Q3 全国供给土地规划建面7.60 亿方，同比增速为-9.42%。土地出让金方面，2025 年Q3 全国实现土地出让金0.68 万亿，同比增速为-9.74%。从溢价率数据来看，2025 年Q3 土地出让平均溢价率4.56%，相比2024 年Q3 上升0.81 个百分点。从城市能级来看，2025 年Q3 一线、二线、三四线城市土地出让...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2577333330"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2577333330\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2577333330?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-10-22 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2577333330","market":"hk","top_or_hot":-1,"title":"房地产行业2025年Q3土地市场总结：土地市场压力仍大 一线城市溢价率上升","media":"中泰证券","content":"<div>\n<p>2025Q3 全国土地供应及成交情况土地推出建面方面，2025 年Q3 全国供给土地规划建面7.60 亿方，同比增速为-9.42%。土地出让金方面，2025 年Q3 全国实现土地出让金0.68 万亿，同比增速为-9.74%。从溢价率数据来看，2025 年Q3 土地出让平均溢价率4.56%，相比2024 年Q3 上升0.81 个百分点。从城市能级来看，2025 年Q3 一线、二线、三四线城市土地出让...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251022103127973baaab&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>房地产行业2025年Q3土地市场总结：土地市场压力仍大 一线城市溢价率上升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n房地产行业2025年Q3土地市场总结：土地市场压力仍大 一线城市溢价率上升\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-22 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251022103127973baaab&s=b><strong>中泰证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025Q3 全国土地供应及成交情况土地推出建面方面，2025 年Q3 全国供给土地规划建面7.60 亿方，同比增速为-9.42%。土地出让金方面，2025 年Q3 全国实现土地出让金0.68 万亿，同比增速为-9.74%。从溢价率数据来看，2025 年Q3 土地出让平均溢价率4.56%，相比2024 年Q3 上升0.81 个百分点。从城市能级来看，2025 年Q3 一线、二线、三四线城市土地出让...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251022103127973baaab&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1240","symbol_name":"房地产开发","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251022103127973baaab&s=b","article_id":"2577333330","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251022103127973baaab&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2577333330","pubTimestamp":1761062400,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"从溢价率数据来看，2025 年Q3 土地出让平均溢价率4.56%，相比2024 年Q3 上升0.81 个百分点。从城市能级来看，2025 年Q3 一线、二线、三四线城市土地出让溢价率平均值分别为18.18%、2.60%、3.02%。从单月数据来看，2025 年9 月全国、一线、二线、三四线溢价率分别为3.13%、11.86%、1.50%、3.05%。2025 年Q3，7-9 月流拍率分别为13.17%、14.60%、4.67%。投资建议：2025 年Q3 土地市场压力仍大，其中推出建面、成交建面和土地出让金均同比下降。虽然一线城市Q3 土地出让金下降，但溢价率大幅上升。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1240":"房地产开发","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0173614495.USD":"富达中国焦点A","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2088747998.USD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"ADM\" (USD) INC","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0359201612.USD":"贝莱德中国基金A2","BK1555":"内房股","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0594300419.USD":"富达中国消费基金A","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","02869":"绿城服务","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","IE0008368742.USD":"首域中国增长基金I Acc","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","01109":"华润置地","LU2088748020.USD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"ADM\" (USD) INC A","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0048597586.USD":"富达亚洲焦点A","00688":"中国海外发展","LU2088747725.USD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"A\" (USD) ACC","SG9999009997.SGD":"United Asia Pacific Real Estate Income Acc SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","SG9999010052.SGD":"United Asia Pacific Real Estate Income Dis SGD","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","BK1570":"华润系","LU2088748293.HKD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"AHD\" (HKD) INC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","BK1521":"挪威政府全球养老基金持仓","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU2088748376.SGD":"Eastspring Investments - Asia Real Estate Multi Asset Income Cl ASDM SGD-H","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","SG9999010078.USD":"UNITED ASIA PACIFIC REAL ESTATE INCOME (USDHDG) INC","BK1589":"北水核心资产","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","03121":"华夏亚太房地产"},"translate_title":"Real estate industry 2025 Q3 land market summary: land market pressure is still high, and premium rates in first-tier cities are rising","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00688":0.9,"01109":0.9,"03121":1.5,"02869":0.9},"content_text":"2025Q3 全国土地供应及成交情况土地推出建面方面，2025 年Q3 全国供给土地规划建面7.60 亿方，同比增速为-9.42%。土地出让金方面，2025 年Q3 全国实现土地出让金0.68 万亿，同比增速为-9.74%。从溢价率数据来看，2025 年Q3 土地出让平均溢价率4.56%，相比2024 年Q3 上升0.81 个百分点。从城市能级来看，2025 年Q3 一线、二线、三四线城市土地出让溢价率平均值分别为18.18%、2.60%、3.02%。从单月数据来看，2025 年9 月全国、一线、二线、三四线溢价率分别为3.13%、11.86%、1.50%、3.05%。流拍率方面，2025 年Q3 平均流拍率为10.16%，2024 年Q3 流拍率为16.86%，同比下降6.69 个百分点。2025 年Q3，7-9 月流拍率分别为13.17%、14.60%、4.67%。高总价及高溢价率地块的城市分析从高溢价率城市数量来看，2025 年7 月，全口径土地溢价率超过20%的城市数目为13 城（8 月、9 月分别为19、12 城）；溢价率超过30%的城市数目为7 城（8 月、9月分别为10、7 城）。住宅口径土地溢价率方面，2025 年7 月，土地溢价率超过20%的城市数目为11 城（8月、9 月分别为17、15 城）；溢价率超过30%的城市数目为6 城（8 月、9 月分别为13、12 城）。从绝对数值来看，江苏、浙江和山东的累计土地出让金排名全国前三。投资建议：2025 年Q3 土地市场压力仍大，其中推出建面、成交建面和土地出让金均同比下降。虽然一线城市Q3 土地出让金下降，但溢价率大幅上升。流拍率同比继续下降。土地市场供需双方回归理性，供需同比均温和下降。投资方面，当前房地产销售市场与土地市场仍处于修复期，政策环境保持宽松，预计板块的估值会随着政策保持修复的态势，建议关注业绩稳健且安全度较高的龙头房企招商蛇口、滨江集团、华发股份等。相关受益标的建议关注越秀地产、绿城中国、中国海外发展、华润置地等；物业板块推荐华润万象生活、中海物业、保利物业、招商积余、绿城服务等。风险提示：销售不及预期，房地产政策放松力度不及预期，研究报告中使用的公开资料可能存在信息滞后或更新不及时的风险，第三方数据失真风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}

房地产行业2025年Q3土地市场总结：土地市场压力仍大 一线城市溢价率上升

热议股票

房地产行业2025年Q3土地市场总结：土地市场压力仍大一线城市溢价率上升