金吾财讯 | 交银国际表示，根据克而瑞的初步数据， 2025年11月前百开发商全口径销售总额环比下跌11.7%至2,444 亿元。该机构跟踪的21家主要上市开发商11月销售额环比下跌11.1%，销售面积则环比微跌2.7%。在11月销售额排名前10 开发商中，9家均为国企，其中华润置地排名第一。根据国家统计局公布的70大中城市商品住宅价格指数，10月新建商品住宅价格指数同比/环比分别下跌2.6%/0.5% (2025年9月：-2.7%/-0.4%)，二手商品住宅价格指数同比/环比分别下跌5.4%/0.7%(2025年9月：-5.2%/-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，明年新房市场将保持基本稳定，而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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