证 券 研 究 报 告 房地产行业周报（2025 年第 6 周） 新房与二手房成交季节性下滑，福建系统推 推荐（维持） 进"好房子"建设 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 行业研究 房地产 2026 年 02 月 09 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,707.17 | 1.01 | | 流通市值(亿元) | 12,171.36 | 1.20 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 2.3% | 7.4% | 12.8% | | 相对表现 | 5.4% | -5.4% | -8.1% | -11% 0% 11 ...

证 券 研 究 报 告 房地产行业周报（2025 年第 6 周） 新房与二手房成交季节性下滑，福建系统推 推荐（维持） 进"好房子"建设 行业研究 房地产 2026 年 02 月 09 日 行业基本数据 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,707.17 | 1.01 | | 流通市值(亿元) | 12,171.36 | 1.20 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 2.3% | 7.4% | 12.8% | | 相对表现 | 5.4% | -5.4% | -8.1% | -11% 0% 11 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 02 月 09 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 上海三区启动收储二手房，关注地产板块配置价值 投资评级： 看好（维持） ——房地产行业周报（26/1/31-26/2/6） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期。 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 1.3%、深证成指下跌 2.1%、创业板指下跌 3.3%、沪深 300 下 跌 1.3%、房地产（申万）上升 0.0%。个股方面，涨跌幅前五的分别为：京投发展(+23.7%)、 荣安地产(+13.7%)、皇庭国际(+13.4%)、珠免集团(+12.1%)、ST 中迪(+11.1%)，涨跌幅后五 的分别为：南山控股(-10.6%)、先导基电(-8.9%)、三湘印象(-8.8%)、*ST 中地 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告及發售通函（定義見下文）僅為提供信息之目的，並不構成收購、購買或認購本公告所述證券及證券擔保的 一項邀請或要約。 本公告及發售通函並不構成或組成在美國境內購買或認購證券及證券擔保的任何要約或招攬的一部分。證券及證 券擔保未曾及將不會根據經修訂一九三三年美國證券法（「證券法」）或美國任何州或其他司法權區的證券法登記。 證券及證券擔保乃根據證券法S規例在美國境外提呈發售及出售，且不得在未有根據證券法登記或獲證券法豁免 登記的情況下在美國境內提呈發售或出售。將不會在美國境內或進行有關發售即屬限制或禁止的任何其他司法權 區公開發售證券或證券擔保。 本公告及本公告所述發售通函不得直接或間接在或向美國派發。本公告所述證券或證券擔保不可且將不會在美國 提呈公開發售。本公告及發售通函乃按上市規則（定義見下文）規定僅供參考而刊發，並不構成提呈出售任何證券 或證券擔保的要約或招攬購買任何證券或證券擔保的要約。本公告及 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

智通财经APP讯，越秀地产(00123)发布公告，广州市城市建设开发有限公司2026年面向专业投资者公开 发行公司债券(第一期)发行规模为不超过7.00亿元(含7.00亿元)。本期债券分为2个品种，品种一为3+2年 期;品种二为5+2年期。根据簿记建档结果，经发行人和主承销商充分协商和审慎判断，最终确定本期债 券品种一全额回拨至品种二，本期债券品种二的票面利率为2.18%。 ...

越秀地产(00123)发布公告，广州市城市建设开发有限公司2026年面向专业投资者公开发行公司债券(第 一期)发行规模为不超过7.00亿元(含7.00亿元)。本期债券分为2个品种，品种一为3+2年期;品种二为5+2 年期。根据簿记建档结果，经发行人和主承销商充分协商和审慎判断，最终确定本期债券品种一全额回 拨至品种二，本期债券品种二的票面利率为2.18%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 公司秘書 香港，二〇二六年二月六日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 广州市城市建设开发有限公司 2026 年面向专业投资 者公开发行公司债券（第一期）票面利率公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 本公司及董事会全体成员保证公告内容真实、准确、完整，没 有虚假记载、误导性陈述或者重大遗漏。 广州市城市建设开发有限公司（以下简称"发行人"）向专业投资者发行面值 不超过人民币 96.00 亿元公司债券已获得中国证券监督管理委员会"证监许可 〔2025〕1504 号"文同意注册。 广州市城市建设开发有限公司 2 ...

来源：智通财经 智通财经2月6日讯（编辑 冯轶）智通财经为您带来今日港股重要公告 1）公司要闻 北京首都机场股份(00694.HK)：预计2025年净亏损6.0亿元至约人民币7.6亿元，同比减少约45.3%至约 56.8%。受益于航空市场需求持续恢复以及公司成本管控进一步强化，年度亏损继续收窄。 时代电气(03898.HK)：2025年营业总收入约287.61亿元，同比增长15.46%；净利润约41.05亿元，同比增 长10.88%。 港通控股(00032.HK)：发盈喜，预期2025年度股东应占预期溢利同比增加至约6.6亿港元 大唐环境(01272.HK)：发盈喜，预期2025年除税前利润增至约7亿-7.1亿元。 大唐新能源(01798.HK)：1月完成发电量327.2万兆瓦时，同比增加6.69%。 龙源电力(00916.HK)：1月完成发电量716.27万兆瓦时，同比增长12.05%。其中风电发电量同比增长 8.11%，太阳能发电量同比增长42.25%。 捷利交易宝(08017.HK)：1月新增机构客户7个，同比增加7个；注册用户89.05万户，同比增加6.2%;打新 记用户11.45万户，同比增加8.6 ...