"春节不打烊"成为假期楼市"关键词"。 "春节不打烊"！2026马年春节，虽然假期出游影响看房人数，但楼市还是呈现出一番"暖冬"气氛，房企 不约而同祭出优惠活动，多地也推出规模较大的"购房节"造势。 从实际成交看，中指研究院数据显示，重点21城春节假期（2月15日～2月23日）新建商品住宅共网签成 交10万平米，相比去年春节假期日均成交量基本持平。 "春节假期期间，开发商促销力度加大，并与春节消费、文旅等活动对接起来，提前开启节后'小阳 春'蓄客和销售，加上今年'反向过节'现象较多、假期较长，父母带孩子看房，因此部分城市交易较为活 跃。"有业内专家评论称。 楼市"春节不打烊" 2026年，被称为"史上最长"的春节假期进入尾声。在出游大军、反向过年、酒店涨价等关键词之外，各 地楼市动态及热度如何？ 第一财经采访及梳理发现，今年多地密集推出各类新春"购房节"活动，房企更是积极把握消费窗口 期，"春节不打烊"成为假期楼市的"关键词"。 在广州，据广州中原统计显示，广州全市共有超200个项目"春节不打烊"，除了传统的家电、物业费， 还出现了"清空山姆购物车"、"送长隆三年四园卡"、"送价值10万元置业大礼包"，营销力 ...

行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-02 2025-06 2025-10 房地产 沪深300 相关研究报告 《上海三区启动住房以旧换新，推动 新房去库存 — 行 业 点 评 报 告 》 -2026.2.4 行 业 研 究 2026 年 02 月 24 日 投资评级：看好（维持） 《2025Q4 公募基金延续低配，持股集 中度进一步提升—行业点评报告》 -2026.1.27 《销售延续调整态势，期待政策显效 与市场筑底 — 行 业 点 评 报 告 》 -2026.1.19 楼市延续筑底行情，政策宽松下布局时点已至 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | huyaowen@kysec.cn 证书编号：S0790524070001 春节市场成交量：一手房网签偏弱，二手房基本持平 一手房方面，2026 年除夕前一周 40 城市合计一手房成交 133.68 ...

丙午马年 20 / 26 2025年的零售商业物业市场，正经历一场深刻的结构性调整。在宏观经济逆风与消费习惯变迁的双重压力下，不同背景、不同战略的企业呈现出截然不同 的生存图景。 本篇将梳理年内重要企业研究报道，从港资巨头的守成与求变，到内地企业的稳健与突围，再到区域标杆的坚守与徘徊，试图勾勒出这一年行业的整体样 貌。 港资房企： 巨头的守成与求变 "收租王"新鸿基抗逆有方 在港资房企阵营中，新鸿基地产依然稳坐"收租王"之位。2025财年，新鸿基连同合营企业及联营公司录得净租金收入达183.92亿港元，展现出极强的抗风 险能力。 "收租王"新鸿基，塌不了 太古地产直面分化 太古地产2025上半年营收同比增长20%，内地零售销售额已较2019年同期高出70%，香港商场则维持满租。 然而，市场分化显著。上海兴业太古汇通过引入路易威登地标"路易号"实现13.5%的销售额暴涨，而广州太古汇则因下跌2.1%。面对挑战，太古正加速战 略调整：斥资21亿扩容广州太古汇至18万㎡，同时以15万㎡的聚龙湾太古里差异化布局"滨水潮流轻奢"，与重奢项目形成互补。 太古，闪回2019 面对市场变化，新鸿基通过灵活运营稳固根基。在香港 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4][60] Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][14] - The report highlights a significant recovery in the real estate market, with February sales in 34 cities showing an 88.5% year-on-year increase compared to January [9][10] - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including measures to address local government debt risks and promote housing supply [3][4] Summary by Sections Industry Data - New home sales in 34 key cities decreased by 1.1% week-on-week before the Spring Festival, with a total of 192.3 million square meters sold [4][5] - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9][10] - The report notes that the inventory of unsold residential properties in 15 cities was 88.7 million square meters, with a slight decrease of 0.1% week-on-week [60] Policy News - The report mentions that the publication "Qiushi" reiterated the need to stabilize the real estate market, with 12 commercial real estate REITs submitted for approval [3][4] - Various local governments have introduced new policies to stabilize the real estate market, including measures to optimize housing supply and activate existing stock [3][4] Company Dynamics - The report tracks sales data from major real estate companies, noting that China Jinmao and China Resources Land reported strong sales figures in January [3][4] - The report highlights the performance of the real estate sector, with the SW Real Estate Index declining by 0.69% compared to a 0.36% increase in the CSI 300 Index [3][4] Investment Analysis - The report recommends investing in high-quality real estate companies and commercial properties, citing an expected recovery in profitability for quality firms as the market stabilizes [3][4] - Specific recommendations include companies such as Jianfa International, Binhai Group, and China Jinmao for quality real estate, and New City Holdings and China Resources Land for commercial real estate [3][4]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery in quality real estate companies and commercial properties [3]. Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][13]. - The overall sentiment in the real estate market is improving, driven by recent government policies aimed at stabilizing the market and addressing local government debt risks [3]. - The report emphasizes that the fundamental bottom of the real estate sector is approaching, with expectations for quality companies to recover profits more quickly and flexibly [3]. Summary by Sections 1. Industry Data - New home sales in 34 key cities during the week before the Spring Festival totaled 192.3 million square meters, a decrease of 1.1% week-on-week, but an increase of 56.6% compared to the average weekly sales this year [4]. - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9]. - The inventory of new homes in 15 cities was reported at 8,870.4 million square meters, with a slight decrease of 0.1% week-on-week [54]. 2. Policy News - The report notes that the government has reiterated its commitment to stabilizing the real estate market, with various local policies being introduced to optimize housing supply and manage existing stock [3]. - Specific measures include the promotion of REITs in commercial real estate, with 12 applications submitted recently [3]. 3. Company Dynamics - Sales data for major real estate companies in January showed mixed results, with China Jinmao reporting a 13.6% increase in sales, while other companies like Poly Developments saw a 13.3% decrease [3]. - The report highlights the performance of the property management sector, which has shown resilience compared to the broader market [3]. 4. Market Performance - The SW Real Estate Index fell by 0.69%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 0.36% [3]. - The report suggests that the current valuation levels for quality real estate companies are at historical lows, making them attractive for investment [3].

Core Viewpoint - The transition of the real estate market from an incremental to a stock era has led to non-residential stock renovation projects becoming a significant source of affordable rental housing in Beijing [2][5]. Group 1: Non-Residential Stock Renovation Projects - Non-residential stock primarily refers to completed commercial, office, hotel, and apartment buildings. The implementation of commercial office purchase restrictions in Beijing since 2017 has prompted developers to find ways to monetize idle assets in suburban areas [2][5]. - The Dragon Lake Guanyu Capital Airport project, which is a typical example of non-residential stock renovation, includes 660 units, with 300 designated for recent graduates working in Beijing [5][6]. - From 2022 to 2024, 28 non-residential stock renovation projects were recognized by Beijing's housing authority, contributing to 18,000 units, making it the second-largest source of affordable rental housing [6][9]. Group 2: Impact on Urban Development - Renovating idle commercial projects into rental housing not only revitalizes the projects themselves but also enhances the surrounding urban infrastructure, including public utilities and community amenities [10]. - The Dragon Lake Guanyu project, despite having only 660 units, has created a small living circle that injects vitality into the surrounding community, thereby increasing the commercial viability of nearby businesses [10][11]. - The transformation of commercial properties into rental housing is becoming a common strategy in many cities, with the potential to significantly boost local economies by increasing foot traffic and consumer activity [11]. Group 3: Policy Evolution - The Chinese government has progressively encouraged the conversion of non-residential stock into rental housing since 2016, with various policies formalizing this approach [13][14]. - By 2023, the Beijing housing authority implemented measures to simplify the approval process for such renovations, significantly lowering the barriers to entry for developers [15]. - The proportion of non-residential stock renovation projects in Beijing is expected to rise from under 10% to nearly 30% by the end of 2025, marking a shift towards prioritizing stock renovation alongside new construction [15][16].

Core Insights - The launch of Longfor's two new projects, Longfor·Binhai Fengcui and Longfor·Jinjiang Fengcui, has generated significant interest in Chengdu's real estate market, indicating a strong demand for quality housing in the city [1][2][3] Group 1: Project Overview - Longfor's two new projects are strategically located in Chengdu's core urban areas, enhancing their appeal and potential for high-end market penetration [2][3] - Longfor·Jinjiang Fengcui targets the affluent demographic in the historic Jinjiang district, while Longfor·Binhai Fengcui appeals to the younger, trendier crowd in the Chenghua district [5][8] - The projects are positioned to leverage Chengdu's urban development strategies, benefiting from both current amenities and future growth potential [2][3][8] Group 2: Product Innovation - Longfor's new product strategy, termed "New Regulations 2.0," focuses on higher space efficiency and enhanced living experiences, aiming to redefine what constitutes a desirable home [9][20] - Longfor·Jinjiang Fengcui offers units with a built area of approximately 126-140 square meters, achieving a usage rate of around 110%, which is competitive in the local market [9][20] - Longfor·Binhai Fengcui emphasizes aesthetic and functional upgrades, featuring a unique design that enhances the living experience, including a glacier-themed garden and a luxury clubhouse [14][20] Group 3: Market Positioning - Longfor's strategic focus on Chengdu reflects its commitment to understanding local market dynamics and consumer preferences, positioning itself as a leader in the high-end real estate sector [16][22] - The company has a history of successful projects in Chengdu, with previous developments achieving significant sales figures, reinforcing its brand strength in the region [22][23] - The dual launch of the Fengcui projects is seen as a bold move to capture the high-end market, showcasing Longfor's deep insights into consumer needs and urban trends [19][22]

Core Viewpoint - In January 2026, the top 100 real estate companies in China achieved a total sales amount of 165.45 billion yuan, indicating a stable market despite the traditional off-season impact, with signs of recovery in the second-hand housing market in key cities [1][14]. Group 1: Sales Performance - Poly Developments ranked first with a total sales amount of 156.0 billion yuan and a sales area of 701,000 square meters [6][21]. - China Overseas Land & Investment followed closely with a sales amount of 144.8 billion yuan [2][23]. - Among the top 100 companies, 32 reported year-on-year growth, with 10 companies experiencing growth rates exceeding 100% [7][22]. Group 2: Market Trends - The new housing market showed weak performance due to seasonal factors, while the second-hand housing market began to show signs of recovery [1][14]. - Policy measures from the central government are aimed at urban renewal, financing optimization, and tax incentives, which are expected to support the revitalization of existing resources and alleviate financial pressures on real estate companies [13]. Group 3: Company Rankings - The top five companies by sales amount in January 2026 were: 1. Poly Developments: 156.0 billion yuan 2. China Overseas Land & Investment: 144.8 billion yuan 3. China Vanke: 116.5 billion yuan 4. China Resources Land: 86.9 billion yuan 5. China Merchants Shekou: 76.7 billion yuan [2][6][23]. Group 4: Sales Data Overview - The sales data reflects the total sales amount and sales area for the top companies, with Poly Developments leading in both metrics [6][21]. - The data is based on contract signing figures, excluding deposits or subscription data, and covers the period from January 1 to January 31, 2026 [6].

Core Viewpoint - Longfor Group demonstrates a steady operational performance with ongoing transformation effects, as evidenced by its January 2026 sales data and overall financial results [1][3]. Group 1: Operational Performance - In January 2026, Longfor Group achieved a contract sales amount of 2.45 billion yuan, with a sales area of 300,000 square meters [1]. - The revenue for January 2026 reached approximately 2.27 billion yuan, with a year-on-year growth of 5.1% [1]. - For the full year of 2025, Longfor Group reported operational revenue of approximately 26.77 billion yuan, with a tax-inclusive amount of about 28.54 billion yuan, reflecting a 5.0% year-on-year increase [2]. Group 2: Land Acquisition and Development - In January 2026, Longfor Group added two new land reserves in Qingdao and Wuxi, with a total construction area of 142,947 square meters and an equity land price of 865 million yuan [2]. - The land acquisition strategy has shifted towards quality over quantity, with a land acquisition amount of approximately 3.6 billion yuan in 2025, representing a land acquisition intensity of about 6% [3]. Group 3: Market Position and Future Outlook - Huatai Securities indicates that Longfor Group's value is underestimated, particularly in commercial real estate and service business growth potential [3]. - The company has maintained a disciplined financial approach, which positions it favorably within the industry, especially as the market begins to recover [4]. - Recent reports from various securities firms suggest that the most challenging period for the real estate industry may be over, with quality developers like Longfor Group expected to lead the recovery [5].

Core Insights - Longfor Group reported January 2026 unaudited operational data and new land reserves, indicating a strong performance in contract sales and revenue generation [1] Group Performance - In January 2026, the company achieved a contract sales amount of RMB 2.45 billion, with a contract sales area of 300,000 square meters [1] - The contract sales amount attributable to shareholders was RMB 1.66 billion, with a corresponding area of 231,000 square meters [1] - The company generated operational revenue of approximately RMB 2.27 billion (tax-inclusive amount of approximately RMB 2.43 billion) [1] - Operational revenue was approximately RMB 1.25 billion (tax-inclusive amount of approximately RMB 1.35 billion), while service revenue was approximately RMB 1.02 billion (tax-inclusive amount of approximately RMB 1.08 billion) [1] Land Reserves - In January 2026, the company added two new land reserves, with a total construction area and equity construction area of 142,900 square meters [1] - The equity land price for the new reserves was RMB 865 million [1]