金吾财讯 | 交银国际表示，根据克而瑞的初步数据，前百开发商2025年9月全口径销售总额由8月2,202亿元(人民币，下同)环比上升20.9%至2,661亿元。该机构跟踪的21家主要上市开发商9月销售额环比上升4.4%，销售均价环比上升13.7%。9月，中央政策延续以推动房地产市场“止跌回稳”为导向，一系列政策加大“房票安置”力度推进城中村改造，各地推进“好房子”建设标准，加快完善城市更新，预计政策将延续宽松基调，10月成交量将逐步修复。另外，国家统计局2025年8月数据同比跌幅持续有所收窄，70大中城市8月新建商品住宅价格指数同比/环比分别下跌3.0%/0.3%，二手商品住宅价格指数同比/环比分别下跌5.5%/0.6%。该机构仍预计二级市场的需求将持续改善并好于一级市场。新房市场将保持基本稳定，该机构认为买家将继续偏好国企项目。随着资本市场情绪好转，一些领先的民营企业可能会借机加速其债务重组进程。中长期该机构继续看好华润置地(01109/买入)和越秀地产(00123/买入)，这两家公司在过去几年的销售表现优异，且在销售方面执行能力更强。
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