2月6日上午9时30分，由山西晚报社主办的"一马当先看楼市"——太原楼市新春直播季第四场活动在山 西晚报社新闻会客厅圆满举行。作为系列直播活动的收官之作，本场活动特邀山西财经大学管理科学与 工程学院房地产开发与管理专业负责人、副教授王秀燕，以及2025年太原楼市单盘销售冠军华润置地太 原瑞府销售负责人王少雄、亚军中铁屿逸书院项目营销负责人马瑞共聚一堂，围绕"淡市之中卓越楼盘 何以穿越周期"主题，展开深度对话。 直播通过山河+APP、山河视频（抖音、快手）、山西晚报视频号、戎姐看房微信公众号等多平台同步 推送，为观众呈现了一场兼具理论高度与实践洞察的市场剖析。 1 硬实力、好产品 构筑傲人销售成绩 活动伊始，新闻会客厅内外的嘉宾、粉丝及网友们便将焦点投向2025年太原楼市的"明星项目"。在全国 楼市继续盘整、量价回落的2025年，华润置地太原瑞府、中铁屿逸书院凭借卓越市场表现脱颖而出，分 别以太原市单盘销售冠军、单盘销售亚军成为全城的明星楼盘。同时，太原瑞府还是全城单价超17000 元项目的销售冠军；屿逸书院则是全城单价不足17000元项目的销售冠军，并获得西中环板块及煤气化 板块的两大区域销售冠军。两大项目的 ...

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].

2、港股通最近5个交易日增持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 腾讯控股(00700) | +36.02亿元 | +644.87万股 | | 小米集团－Ｗ(01810) | +22.89亿元 | +6554.19万股 | | 泡泡玛特(09992) | +13.06亿元 | +538.90万股 | | 工商银行(01398) | +11.23亿元 | +17388.91万股 | | 招商银行(03968) | +11.16亿元 | +2293.45万股 | | 贝壳-W(02423) | +10.84亿元 | +2213.92万股 | | 建设银行(00939) | +10.41亿元 | +13146.03万股 | | 华润置地(01109) | +7.17亿元 | +2239.86万股 | | 友邦保险(01299) | +7.13亿元 | +806.50万股 | | 理想汽车-W(02015) | +6.07亿元 | +877.65万股 | 3、港股通最近5个交易日减持榜（前10名） 智通财经APP获悉，根据2026年2月5日披露数 ...

单周成交5套亿元别墅，2套亿元顶复秒光，当市场还在讨论淡季行情时，顶豪买家正用真金白银为确定性资产投票。 2026年初的上海土地市场，释放出清晰的审慎信号。 1月份出让的5宗涉宅用地，全部以底价成交，房企拿地热情似乎与气温一同进入了"冬季"。全市新建商品房成交面积回落至25.71万平方米，供应节奏同 步放缓，市场进入传统的销售淡季。 然而，在整体平静的水面下，一股炽热的暗流正在城市核心区涌动。 市场裂变：市场整体"冷"与顶豪局部"热" 根据中房网市场研究，近五年上海核心地段的顶级豪宅，始终保持高购买力、高去化率和高市场关注度。2026年开年的行情，无疑将这一特征放大到了极 致。 热销风暴的中心，正是华润置地。 在黄浦老城厢，士林润园单周集中成交5套亿元级别墅，1月份成交超10套，在稀缺的城市风貌别墅赛道一骑绝尘。 在浦东一线滨江，澐启滨江2套亿元级顶层复式"即开即罄"，1月份成交额高达15亿元，登上全市销冠。进入2月，其热度不减，前4天即狂销10余套。 在外滩核心区，外滩瑞府以日均3-4套的稳定去化，持续领跑内环高端市场。1月成交突破5亿元，2月前4天再录得2亿元销售额。 这些动辄数千万甚至过亿的资产决策，集 ...

报告指，虽然整体化妆品行业因线上获客成本持续上升、渠道转型红利减弱以及税负增加，盈利能力可 能面临挑战，但预期毛戈平能够持续跑赢大市，预计2025至2027年期间销售额与净利润复合年增长率分 别达到23%和22%。 高盛发布研报称，列出最新亚太区"确信买入"(精选版)(Directors' Cut)名单，新纳入毛戈平(01318)。移除 DISCO (6146.JP) 、华润置地(01109) 、Reliance Industries (RELIANCE.US)。 ...

上海日前落地二手房收购试点政策，建设银行上海分行表示将对上海试点收购二手住房用于保障性租赁 住房项目提供全周期金融支持。摩根士丹利视此为一种象征性举措，认为对内地房屋销售的帮助可能有 限，因此举并未减少整体住房供应，长远甚至可能令供应增加，亦未解决回购计划的资金来源与规模瓶 颈问题，同时业主必须购买新屋方符合资格，考虑到核心城区一手楼价值远高于旧房，意味着业主可能 需要增加杠杆，令政策推行更具挑战性。 该行认为，近期受投资情绪驱动的内房板块跑赢大市表现未必能持续下去，预测过去几星期二手市场销 售回升仅属短暂性，因此继续看好拥有可靠自救能力的优质开发商，包括华润置地及新城控股，同时亦 看好建发国际，料其优质土储可带动盈利恢复增长。 ...

报告指，虽然整体化妆品行业因线上获客成本持续上升、渠道转型红利减弱以及税负增加，盈利能力可 能面临挑战，但预期毛戈平能够持续跑赢大市，预计2025至2027年期间销售额与净利润复合年增长率分 别达到23%和22%。 高盛发布研报称，列出最新亚太区"确信买入"(精选版)(Directors'Cut)名单，新纳入毛戈平(01318)。移除 DISCO(6146.JP)、华润置地(01109)、Reliance Industries(RELIANCE.US)。 ...

报告指，虽然整体化妆品行业因线上获客成本持续上升、渠道转型红利减弱以及税负增加，盈利能力可 能面临挑战，但预期毛戈平能够持续跑赢大市，预计2025至2027年期间销售额与净利润复合年增长率分 别达到23%和22%。 智通财经APP获悉，高盛发布研报称，列出最新亚太区"确信买入"(精选版)(Directors' Cut)名单，新纳入 毛戈平(01318)。移除DISCO (6146.JP) 、华润置地(01109) 、Reliance Industries (RELIANCE.US)。 ...

摩根大通发表研报指，现时断言内地楼市已回稳仍言之过早，相信内房板块在4月下旬中央政治局会议 举行前可能会保持韧性，但同时波动性预期仍较高，目前首选华润置地、华润万象生活及中国金茂，相 信其企业基本面能继续支持股价跑赢大市，全部给予"增持"评级，目标价分别为35港元、46.5港元及 1.75港元。该行又指，在政策推动的潜在反弹中，预期龙湖将能提供最佳的风险回报比率，同予"增 持"评级，目标价13港元。 ...