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根据招商证券房地产组流动性前瞻指标判断，截至2025年11月，宏观层面流动性环比紧缩力度收窄，同

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根据招商证券房地产组流动性前瞻指标判断，截至2025年11月，宏观层面流动性环比紧缩力度收窄，同_第1页

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根据招商证券房地产组流动性前瞻指标判断，截至2025年11月，宏观层面流动性环比紧缩力度收窄，同_第2页

根据招商证券房地产组流动性前瞻指标判断，截至2025年11月，宏观层面流动性环比紧缩力度收窄，同_第3页

根据招商证券房地产组流动性前瞻指标判断，截至2025年11月，宏观层面流动性环比紧缩力度收窄，同_第4页

根据招商证券房地产组流动性前瞻指标判断，截至2025年11月，宏观层面流动性环比紧缩力度收窄，同_第5页

<|begin_of_box|>| 城市分级   | 2025年10月单月数据 - 单月成交建筑面积(万㎡) | 单月同比(%) | 单月成交楼面均价(元) | 单月同比(%) | 溢价率(%) | 流拍率(%) | 2025年累计数据 - 累计成交建筑面积(万㎡) | 累计同比(%) | 较上月增减(PCT) | 累计成交楼面均价(元) | 累计同比(%) | 较上月增减(PCT) | 2024年全年数据 - 成交建筑面积(万㎡) | 全年同比(%) | 成交楼面均价(元) | 全年同比(%) |
|------------|------------------------------------------|-------------|----------------------|-------------|-----------|-----------|----------------------------------------|-------------|------------------|----------------------|-------------|------------------|------------------------------------|-------------|------------------|-------------|
| 分能级     | 全国                                     | 8552        | -23                  | 2799        | -6        | 3         | 14                                      | 56596       | -11              | -2                   | 3212        | 13               | -4                                  | 112625      | -17              | 2854        | -7          |
|            | 一线城市                                 | 121         | -27                  | 28902       | 6         | 5         | 0                                       | 1037        | -17              | -2                   | 30225       | 28               | -4                                  | 1875        | -32              | 23817       | 10          |
|            | 二线城市                                 | 1330        | -26                  | 4943        | -4        | 4         | 8                                       | 12917       | -6               | -3                   | 5718        | 17               | -3                                  | 23467       | -21              | 4744        | -12         |
|            | 三线城市                                 | 7101        | -23                  | 1953        | -8        | 3         | 15                                      | 42642       | -12              | -2                   | 1796        | 3                | -3                                  | 87283       | -16              | 1895        | 0           |
| 重点22城   | 北京                                     | 33          | 11                   | 21140       | -41       | 0         | 3                                       | 332         | -31              | 3                    | 37607       | 42               | -10                                 | 573         | -21              | 29746       | 10          |
|            | 上海                                     | 42          | -39                  | 47677       | 76        | 8         | 0                                       | 339         | -17              | -4                   | 37540       | 53               | 3                                   | 632         | -34              | 24305       | 2           |
|            | 广州                                     | 47          | 27                   | 17453       | -31       | 4         | 9                                       | 234         | -16              | 7                    | 14125       | -18              | -1                                  | 549         | -41              | 15293       | 1           |
|            | 深圳                                     | 0           | 100                  | 0           | 100       | 0         | 8                                       | 131         | 70               | -114                 | 21402       | -4               | 1                                   | 120         | -20              | 31958       | 40          |
|            | 天津                                     | 17          | -55                  | 5149        | 24        | 0         | 5                                       | 389         | 25               | -11                  | 6875        | 28               | 2                                   | 518         | -31              | 5974        | -22         |
|            | 杭州                                     | 50          | -15                  | 8916        | -50       | 12        | 2                                       | 898         | 10               | -2                   | 16191       | 25               | -7                                  | 980         | -30              | 13797       | -2          |
|            | 宁波                                     | 48          | -58                  | 4667        | -50       | 0         | 5                                       | 262         | -44              | -5                   | 7418        | 9                | -25                                 | 752         | -13              | 5554        | -30         |
|            | 南京                                     | 24          | -32                  | 8290        | 35        | 0         | 2                                       | 617         | -1               | -2                   | 8926        | 34               | 持平                                | 936         | 1                | 7326        | -42         |
|            | 苏州                                     | 120         | -5                   | 7118        | -17       | 0         | 2                                       | 568         | 2                | -2                   | 8351        | 11               | -10                                 | 863         | -34              | 7824        | -25         |
|            | 武汉                                     | 57          | 95                   | 3761        | -13       | 0         | 3                                       | 420         | 25               | 7                    | 5285        | 0                | -3                                  | 1148        | -2               | 5627        | -20         |
|            | 青岛                                     | 6           | -45                  | 14037       | 100       | 16        | 6                                       | 192         | 52               | -9                   | 5241        | -27              | 9                                   | 298         | -29              | 4696        | -33         |
|            | 长春                                     | 46          | 50                   | 3537        | 24        | 0         | 19                                      | 274         | 23               | 4                    | 4313        | 80               | 3                                   | 471         | -27              | 2838        | 2           |
|            | 长沙                                     | 116         | -33                  | 3242        | 25        | 6         | 6                                       | 803         | 28               | -24                  | 2994        | -19              | 9                                   | 1654        | -32              | 2899        | 4           |
|            | 济南                                     | 53          | -45                  | 3107        | -21       | 0         | 8                                       | 464         | -39              | -1                   | 3518        | 8                | -5                                  | 1053        | 16               | 3614        | 10          |
|            | 福州                                     | 19          | -68                  | 8919        | 41        | 7         | 11                                      | 331         | -24              | -7                   | 6733        | 6                | 2                                   | 775         | 4                | 6444        | 2           |
|            | 合肥                                     | 63          | -40                  | 4188        | -49       | 0         | 17                                      | 465         | 0                | -12                  | 4653        | -38              | -3                                  | 732         | -13              | 8131        | 13          |
|            | 厦门                                     | 0           | /                    | 5295        | /         | 0         | 6                                       | 164         | 85               | 持平                  | 17682       | -32              | 持平                                | 150         | -64              | 20688       | 105         |
|            | 重庆                                     | 119         | 47                   | 2111        | 50        | 0         | 12                                      | 1146        | 26               | 2                    | 2422        | 20               | 2                                   | 1918        | -25              | 1954        | -18         |
|            | 成都                                     | 97          | 38                   | 5724        | 48        | 3         | 5                                       | 1095        | 30               | 1                    | 6105        | 8                | 2                                   | 1505        | -19              | 5194        | -26         |
|            | 无锡                                     | 48          | -51                  | 12743       | 47        | 0         | 1                                       | 320         | 21               | -42                  | 8158        | 7                | 2                                   | 738         | -27              | 7466        | -10         |
|            | 沈阳                                     | 34          | -19                  | 2669        | -17       | 0         | 14                                      | 211         | 61               | -25                  | 2969        | -4               | 持平                                | 221         | -38              | 3259        | 95          |
|            | 郑州                                     | 31          | -39                  | 1932        | -60       | 0         | 11                                      | 356         | -17              | -3                   | 2993        | 10               | -17                                 | 743         | -28              | 2586        | -19         |

资料来源：中指院数据库、招商证券<|end_of_box|>

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