房地产行业专题报告:四季度地产展望:止跌回稳态势、增量政策空间与商业地产机会

方正证券
Oct 11, 2025

摘要随着2025 年1-8 月全国房地产数据的发布,市场对四季度行业走向的分歧进一步加大:国家统计局数据显示,现房待售面积环比首降、开发贷微增,人民银行三季度例会也提出,“巩固房地产市场稳定态势”。与此同时,8 月单月商品房成交面积同比下降11%、现房待售面积仍处同比高位,市场仍然关心行业止跌回稳的态势和四季度的机会。当前地产究竟是否具备“稳态”支撑?增量政策工具箱还有多少空间,政策博弈逻辑是否已...

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