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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客-行業數據

圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客
根據我們的測算，2023 年全國新房成交套數（1010 萬套）中，約有 17%來自于二手房置換客（172萬套）；2023 年全國商品住宅銷售面積（9.48 億平）中，約有 21%來自于二手房置換客（2.02 億平）。
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第1頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第2頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第3頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第4頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第5頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第6頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第7頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第8頁
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uqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIzkuK3lm73miL/lnLDkuqfkvLDku7fluIjkuI7miL/lnLDkuqfnu4/nuqrkurrlrabkvJrvvIw=
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第9頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第10頁
fCDmlLbotK3kuLvkvZMgfCDml6fmiL8gfCDkuJrkuLsgfCDmlrDmiL8gfCDlvIDlj5HllYYgfAp8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg5Zu96LWE5bmz5Y+w5oiW5byA5Y+R5ZWGIHwg5oi/5qy+IHwg5ZSu5oi/5qy+K+W3ruS7tyB8IOaIv+a6kOW6k+S4remAiei0rSB8IOS/nemanOaIvyB8CgrotYTmlpnmnaXmupDvvJrlkITlnLDmlL/lupzlrpjnvZHvvIzkuK3pk7bor4HliLg=
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第11頁
fCDml6fmiL8gfCDkv53pmpzmiL8gfCDkuJrkuLsgfCDmlLbotK3kuLvkvZMgfCDmlrDmiL8gfAp8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8IC0tLSB8Cnwg5pen5oi/55So6YCUIHwg5beu6aKd5oi/5qy+IHwg5Lia5Li7IHwg5Zu96LWE5bmz5Y+w5oiW5byA5Y+R5ZWGIHwg5LyB5Lia5peX5LiL5oyH5a6a55qE5paw5oi/6aG555uuIHwKCui1hOaWmeadpea6kO+8muWNl+S6rOWuieWxheW7uuiuvumbhuWbou+8jOS4remTtuivgeWIuA==
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第12頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第13頁
fCDpnaLnp6/mrrUgICAgIHwg5oiQ5Lqk5Y2g5q+UIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfAp8IDkw5bmz5Lul5LiLICAgfCAxNy4yJSAgICB8CnwgOTAtMTEw5bmzICAgfCAyNi41JSAgICB8CnwgMTEwLTE0MOW5syAgfCAzOC40JSAgICB8CnwgMTQwLTE4MOW5syAgfCAxMy40JSAgICB8CnwgMTgw5bmz5Lul5LiKICB8IDQuNSUgICAgIHwKCui1hOaWmeadpea6kO+8muWFi+iAjOeRnu+8jOS4remTtuivgeWIuA==
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第14頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第15頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第16頁
fCDljLrln58gICAgICAgICB8IOavlOS+iyB8CnwtLS0tLS0tLS0tLS0tLXwtLS0tLS18Cnwg6YeR5rC05Yy6ICAgICAgIHwgMjElICB8Cnwg566h5Z+O5Yy6ICAgICAgIHwgOSUgICB8Cnwg5Lit5Y6f5Yy6ICAgICAgIHwgMTIlICB8Cnwg5LqM5LiD5Yy6ICAgICAgIHwgMTQlICB8Cnwg6YOR5Lic5paw5Yy6ICAgICB8IDEyJSAgfAp8IOaDoOa1juWMuiAgICAgICB8IDclICAgfAp8IOmrmOaWsOaKgOacr+WMuiAgIHwgNyUgICB8Cnwg57uP5rWO5oqA5pyv5byA5Y+R5Yy6IHwgMTElICB8Cnwg5Lit54mf5Y6/ICAgICAgIHwgMyUgICB8Cnwg5YW25LuWICAgICAgICAgfCA0JSAgIHwKCui1hOaWmeadpea6kO+8muWFi+iAjOeRnu+8jOS4remTtuivgeWIuA==
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第17頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第18頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第19頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第20頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第21頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第22頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第23頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第24頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第25頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第26頁
fCDln47luIIgICB8IOaooeW8jyAgIHwg5Y+C5LiO5oOF5Ya1ICAgICAgICAgfCDmlrDmiL/mupDmtonlj4rmiL/kvIEgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCDlrpzmmIwgICB8IOW4ruWNluaooeW8jyB8IDE15a625oi/5LyB77yMMuWutue7j+e6quacuuaehCB8IOWfjuWPkeWcsOS6p+OAgeS6p+aKlembhuWbouOAgeWkqeWIm+WcsOS6p+OAgea5luWMl+iBlOaKlembhuWbouOAgeS/neWIqeWPkeWxleOAgeS4remTgeW7uuOAgeS4h+enkeOAgeW8mOa0i+mbhuWbouOAgemSseaxn+mbhuWbouOAgeWdh+eRtuWcsOS6p+OAgeilv+mDqOaKlei1hOmbhuWbouOAgeW5v+WNjue9ruS4muOAgemUpuaYjOe9ruS4muOAgem5j+mhuuWcsOS6p+OAgeWkp+Wutue9ruS4miB8Cnwg5Lic5Y+wICAgfCDmlLbotK3mqKHlvI8gfCAtICAgICAgICAgICAgICAgIHwg5oKm6L6+6ZuG5Zui44CB56Kn5qGC5ZutICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8Cnwg6YSC5beeICAgfCDluK7ljZbmqKHlvI8gfCDnrKzkuIDmibkxMOWutuaIv+S8gSAgICAgfCDmuZbljJfml6XmiqXkvKDlqpLpm4blm6LjgIHplb/msZ/mipXotYTpm4blm6LjgIHkuK3lm73moLjlt6Xpm4blm6LjgIHmlrDln47mjqfogqHjgIHlpKnmtKXpu5HpqazogqHmnYPmipXotYTjgIHphILlt57mtZnllYbpk7bmsrPnva7kuJrjgIHlh6/nkZ7lnLDkuqfjgIHlro/nu7Tnva7kuJrjgIHmuZbljJfov4XnkZ7nva7kuJrjgIHpk7bpvpnlnLDkuqcgICAgICAgICAgIHwKfCDpu4Tnn7MgICB8IOaUtui0reaooeW8jyB8IOWfjuWPkembhuWbou+8jDbkuKrpobnnm64gIHwg5Z+O5Y+R6ZuG5ZuiICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IOWQr+S4nCAgIHwg5pS26LSt5qih5byPIHwg5Z+O5oqV6ZuG5ZuiNeS4qumhueebriAgICB8IOWfjuaKlembhuWboiAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfCDmiazlt54gICB8IOW4ruWNluaooeW8jyB8IDblrrblvIDlj5HkvIHkuJogICAgICAgfCDmsZ/oi4/ljY7lu7rlnLDkuqfjgIHkuK3mtbflnLDkuqfjgIHkuK3kv6Hms7Dlr4zjgIHkuIfnp5HjgIHmsZ/oi4/mlrDog73mupDnva7kuJrjgIHmgZLpgJogICAgICAgICAgICAgICAgICAgICAgICB8Cnwg5rGf6Zi0ICAgfCDmlLbotK3mqKHlvI8gfCDlh7rllK7msZ/pmLTln47lj5HvvIzotK3kubDlm73otYTlp5Tlhazlj7jmjIflrprnmoTmlrDmiL/vvIjkuJzkuL3lupzvvIkgfCDmsZ/pmLTln47lj5EgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8Cnwg5a6j5Z+OICAgfCDmlLbotK3mqKHlvI8gfCDlrqPln47luILln47lu7rpm4blm6LlkozlrqPln47luILlm73mjqfpm4blm6LkuLvlr7znrKzkuozmibnigJzku6Xml6fmjaLmlrDigJ0gfCDlrqPln47luILln47lu7rpm4blm6LjgIHlrqPln47luILlm73mjqfpm4blm6IgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8Cnwg5p2t5bee5Li05bmzIHwg5biu5Y2W5qih5byPIHwgMjHlrrbmiL/kvIEgICAgICAgICAgfCDmna3lt57ln47mipXjgIHmna3lt57ln47lu7rjgIHmna3lt57lnLDpk4Hpm4blm6LjgIHkuK3lu7rjgIHnu7/ln47kuK3lm73jgIHmu6jmsZ/pm4blm6LjgIHlvrfkv6HmjqfogqHjgIHkuK3pqo/nva7kuJrjgIHmtZnmsZ/mrKPlrrjlnLDkuqfjgIHmmJ/moYLnva7kuJrjgIHmtZnmsZ/ljZrnrZbpm4blm6LjgIHmtZnmsZ/otZ7miJDmjqfogqHjgIHlub/lrofpm4blm6LjgIHlnKPlpaXpm4blm6LjgIHopb/muZblnLDkuqfjgIHkv53kur/pm4blm6LjgIHlu7rmna3mjqfogqHjgIHml63nm4jpm4blm6IgfAp8IOa1t+WuiSAgIHwg5pS26LSt5qih5byPIHwgLSAgICAgICAgICAgICAgICB8IOeRnua1t+mbhuWbouOAgeWNjuaWsOaOp+iCoeOAgea1t+WuieWfjuW7uumbhuWbouOAgeS4readsOmbhuWbouOAgemHkeemj+WfjumbhuWbouOAgeS4readsOe9ruS4muOAgeeip+ahguWbreetiSAgICAgICAgICAgIHwKfCDml6DplKHmooHmuqrljLogfCDmlLbotK3mqKHlvI8gfCAtICAgICAgICAgICAgICAgIHwg5qKB5rqq5Z+O5Y+R6ZuG5Zui44CB57u/5Zyw6aaZ5riv44CB5a6d5oqV572u5Lia44CB5pyX6K+X5Zyw5Lqn562JICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8Cnwg5Y2X5piM5biC5Y2X5piM5Y6/IHwg5biu5Y2W5qih5byPIHwgMjHlrrbpm4blm6LkvIHkuJogICAgICB8IOW7uuWPkeaIv+S6p+OAgeWGnOW3peWVhumbhuWbouOAgeWNl+aYjOS6p+aKleOAgeaxn+ilv+axn+mTg+WcsOS6p+OAgeS4reS6pOmbhuWbouOAgee+jueahOe9ruS4muOAgea1t+WKm+aOp+iCoeOAgeeFjOS4iueFjOmbhuWbouOAgeaxn+ilv+aZr+Wfn+mbhuWbouOAgeaxn+ilv+Wwmuebm+mbhuWbouOAgeS6muW7uui0uOaYk+mbhuWbouOAgeWNl+aYjOaZr+aXrembhuWbouOAgeaxn+ilv+azsOS9s+WunuS4muOAgeaxn+ilv+WFtOiwt+aKlei1hOOAgei3g+WIneeJqeS4muaKlei1hOOAgeS8n+ixoeWunuS4muaKlei1hOOAgeaxn+ilv+iAkOi2iuWcsOS6p+OAgeaxn+ilv+WNjuiJr+e9ruS4muOAgeWNl+aYjOS4muWfuuWuj+aZn+mbhuWbouOAgeW8gOWFg+WcsOS6p+OAgeaxn+ilv+WlpeiKseWbree9ruS4muOAgeWNl+aYjOWfjuaKleWcsOS6p+OAgeWKm+mrmOaXhea4uOaWh+WMluOAgeaxn+ilv+a2puawuOmAmue9ruS4muOAgeaYn+a0sumbhuWbouOAgeS4reS6rOmbhuWbouOAgeaxh+WQiOe9ruS4muOAgeWFtOWNjuiCoeS7veOAgeWEkuihjOmbhuWbouOAgee7v+WcsOmbhuWbouetiSB8Cnwg5rOw5a6JICAgfCDmlLbotK3mqKHlvI8gfCAtICAgICAgICAgICAgICAgIHwgLSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfCDpnZbmsZ8gICB8IOW4ruWNluaooeW8jyB8IC0gICAgICAgICAgICAgICAgfCDkuIfnp5HjgIHpvpnkv6Hpm4blm6LnrYkgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IOWkp+i/niAgIHwg5biu5Y2W5qih5byPIHwg5oi/5Lqk5Lya5Y+C5bGVODbkuKrkvIHkuJo4OOS4qumhueebriB8IOS/neWIqeWPkeWxleOAgeWkp+WNjumbhuWbouOAgeiejeWIm+S4reWbveetiSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IOaDoOW3niAgIHwg5biu5Y2W5qih5byPIHwgOeWutuaIv+S8geOAgTExMuWutuaIv+S6p+e7j+e6quacuuaehOWPguS4jua0u+WKqCB8IOS4rea1t+a3sea5vuOAgee/lOmhuue9ruS4muOAgeaDoOW3nuWlpeael+WMueWFi+iKseWbree9ruS4muaKlei1hOOAgeWuj+aWsOWunuS4muOAgea4r+aDoOS4ieacn+WunuS4muOAgemRq+aciOWunuS4muOAgeW8mOazvee9ruS4muOAgeaIkOmDveW+t+WVhua2puazveaOp+iCoeOAgeeip+ahguWbrSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IOaLieiQqCAgIHwg5biu5Y2W5qih5byPIHwg5ouf562b6YCJOOWutuS4reS7i+WPguS4jua0u+WKqCB8IOilv+iXj+S6pOmAmuWPkeWxleOAgeWMuuWGheaLieiQqOWfjuaKleOAgeilv+iXj+S4lumCpuaKlei1hOOAgeelnuWKm+mbhuWbouOAgeWbm+W3neWkqeefpeWunuS4muetiSAgICAgICAgICAgICAgICAgIHwKfCDmooXlt54gICB8IOW4ruWNluaooeW8jyB8IDTlrrbmiL/kvIHlj4LkuI7mtLvliqggICAgfCDnsqTmiJDlnLDkuqfjgIHlro/lqIHlnLDkuqfjgIHogZTljY7mipXotYTjgIHms7Dln7rlnLDkuqcgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IOS4reWxsSAgIHwg5biu5Y2W5qih5byPIHwgLSAgICAgICAgICAgICAgICB8IOWQiOWSjOWunuS4muOAgeS9s+WFhuS4miAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8Cnwg5ryz5beeICAgfCDluK7ljZbmqKHlvI8gfCAyNuWutuaIv+S8gTI35Liq6aG555uuICB8IOW7uuWPkembhuWbouOAgea8s+W3nuS6pOWPkeOAgeS5nem+meaxn+e9ruS4muOAgeiBlOWPkembhuWbouOAgeemj+W7uua8s+m+membhuWbouOAgeWOpumXqOi9qOmBk+W7uuWPkeOAgea8s+W3nuWfjuaKleOAgeS/neWIqeWPkeWxleOAgeaWsOWfjuaOp+iCoeOAgeemj+W7uuaAoeWfjuWcsOS6pw==
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第27頁
fCDmqKHlvI8gICAgICAgICB8IOWHuuWUruS6jOaJi+aIvyB8IOeci+aIv+WSjOaNouaWsOaIvyB8IOaAu+aXtumXtCAgfAp8LS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLXwKfCDkvKDnu5/nva7mjaLmqKHlvI8gfCAzLTTkuKrmnIggICAgfCAyLTPkuKrmnIggICAgICB8IDbkuKrmnIggICB8Cnwg4oCc5Lul5pen5o2i5paw4oCd5qih5byPIHwg5ZCM5pe26L+b6KGMICAgfCDlkIzml7bov5vooYwgICAgIHwgMS0z5Liq5pyIIHwKCui1hOaWmeadpea6kO+8muWQhOWcsOaUv+W6nOWumOe9ke+8jOaYk+WxheeglOeptumZou+8jOS4remTtuivgeWIuA==
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第28頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第29頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第30頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第31頁
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圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第32頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第33頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第34頁
fCDmoLfmnKzln47luILmlbTkvZMgfCDluK7liqnmqKHlvI8gfCDmlLbotK3mqKHlvI8gfCDnuq/ooaXotLTmqKHlvI8gfAp8LS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tLS0tLXwKfCAxNCUgICAgICAgICAgfCAyMSUgICAgICB8IDglICAgICAgIHwgLTglICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrkuK3mjIfpmaLvvIzkuK3pk7bor4HliLg=
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第35頁
fCDlubTku70gICAgICAgfCA5MCDlubPmlrnnsbPku6XkuIsgfCA5MC0xMjAg5bmz5pa557GzIHwgMTIwIOW5s+aWueexs+S7peS4iiB8CnwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18CnwgMjAyMyAgICAgICB8IDU0JSAgICAgICAgICAgIHwgMjclICAgICAgICAgICAgfCAxOSUgICAgICAgICAgICB8CnwgMjAyNOW5tDEtNeaciHwgNTMlICAgICAgICAgICAgfCAyNyUgICAgICAgICAgICB8IDIwJSAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muS4reaMh+mZou+8jOS4remTtuivgeWIuA==
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第36頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第37頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第38頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第39頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第40頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第41頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第42頁
fCDkuozmiYvmiL/nva7mjaLmlrDmiL/lpZfmlbAgfCDljZbml6fkubDmlrDmr5TkvosgfCDmjaLmiL/lpZfmlbAgfCDkuozmiYvmiL/miJDkuqTlpZflnYfpnaLnp68gfCDmiYDmnInnva7mjaLlrqLljZbmjonml6fmiL/nmoTpnaLnp68gfAp8LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCDkuIDnur8xNuS4h+WllyAgICAgICAgICAgfCDkuIDnur8zMyUgICAgICB8IOS4gOe6vzUw5LiH5aWXIHwg5LiA57q/ODflubMv5aWXICAgICAgICAgfCDkuIDnur80MzQy5LiH5bmzICAgICAgICAgICAgIHwKfCDkuoznur8zMeS4h+WllyAgICAgICAgICAgfCDkuoznur80NiUgICAgICB8IOS6jOe6vzY35LiH5aWXIHwg5LqM57q/MTAx5bmzL+WllyAgICAgICAgfCDkuoznur82NzU05LiH5bmzICAgICAgICAgICAgIHwKfCDkuInlm5vnur8xMjXkuIflpZcgICAgICAgIHwg5LiJ5Zub57q/NTglICAgIHwg5LiJ5Zub57q/MjE15LiH5aWXIHwg5LiJ5Zub57q/MTA35bmzL+WllyB8IOS4ieWbm+e6vzIuMzDkur/lubMgICAgICAgICAgIHwKfCDlhajlm73lkIjorqExNzLkuIflpZcgICAgICB8ICAgICAgICAgICAgICB8IOWFqOWbveWQiOiuoTMzMuS4h+WllyB8ICAgICAgICAgICAgICAgICAgIHwg5YWo5Zu95ZCI6K6hMy40MeS6v+W5syAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWbveWutue7n+iuoeWxgO+8jOS4reaMh+mZou+8jOi0neWjs+eglOeptumZou+8jOS4remTtuivgeWIuA==
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第43頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第44頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第45頁
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第46頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第47頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第48頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第49頁
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
圖表45.根據我們的測算，全國范圍內新房成交中17%來自于二手房置換客_第50頁
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
所屬報告： 房地產行業住房“以舊換新”政策研究：住房“以舊換新”一個被低估的方向-240808（52頁）.pdf
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