Core Insights - The report indicates a sustained optimistic sentiment in the real estate sector, suggesting that the market performance is likely to continue positively throughout the year [1]. Group 1: Policy Environment - Central policies have seen few new measures, maintaining a loose stance towards the real estate sector. Recent actions include the extension of tax incentives for public rental housing and a reduction in the minimum down payment for commercial properties from 50% to 30% [5][16]. - Local policies focus on long-term strategies in major cities, with initiatives aimed at urban renewal and optimizing land use policies [5][16]. Group 2: Transaction Performance - New home transactions remain low, with a year-on-year decline of 31.3% in the first 22 days of January, while second-hand home transactions have shown a year-on-year increase of 14.1% [5][9]. - The number of second-hand home subscriptions has increased significantly, with a year-on-year growth of 59.8% in the same period [5][9]. Group 3: Market Conditions - The new housing supply is in a seasonal downturn, with a 12% decrease in new home launches week-on-week. However, the transaction volume slightly exceeds the supply, indicating a market adjustment [5][9]. - The land supply and transaction scale have contracted sharply, with a 67% year-on-year decrease in land transaction value [5][9]. Group 4: Sector Performance - The real estate sector has shown strong performance, with a 5.2% increase in the SW real estate index, outperforming the CSI 300 index by 5.8 percentage points [5][9]. - Major real estate companies have experienced notable stock price increases, with leading firms like Greentown and China Merchants Shekou seeing significant gains [5][9]. Group 5: C-REITs Overview - The C-REITs sector has seen a 2.29% increase in the comprehensive return index, with 68 out of 78 REITs reporting gains this week [5][9].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for quality real estate companies and commercial properties [3][29]. Core Insights - The report indicates that the real estate sector in China has undergone significant adjustments, with recent central government directives emphasizing the stabilization of the real estate market. The report notes a positive shift in industry sentiment and anticipates favorable policy developments in the future [3][29]. - The report identifies attractive valuation levels for quality companies, with some firms' price-to-book (PB) ratios at historical lows, making them appealing investment opportunities [3][29]. Industry Data Summary New Home Transactions - In the week of January 17-23, 2026, new home transactions in 34 key cities totaled 1.727 million square meters, reflecting a week-on-week increase of 0.6%. However, year-on-year comparisons show a decline of 38.2% for January [4][7]. - The report notes that first and second-tier cities experienced a 0.6% decrease in transactions, while third and fourth-tier cities saw a 17.7% increase [4][7]. Second-Hand Home Transactions - For the same week, second-hand home transactions in 13 cities totaled 1.32 million square meters, down 0.2% week-on-week. Year-to-date figures show a 9.6% decline compared to the previous January [13][29]. Inventory and Supply - In the week of January 17-23, 2026, 15 cities saw a total of 260,000 square meters of new supply, with a sales-to-supply ratio of 2.69 times. The total available residential area in these cities was 88.964 million square meters, down 0.5% from the previous week [23][29]. Policy and News Tracking - The report highlights ongoing government efforts to promote urban renewal, with various cities actively developing urban renewal plans. The Ministry of Housing and Urban-Rural Development emphasizes the importance of high-quality real estate development and the need for tailored policies [29][33]. - Recent data from the National Bureau of Statistics indicates a 17.2% year-on-year decline in real estate development investment for 2025, with new residential sales area down 8.7% [29][33]. Company Announcements - Several real estate companies have released their expected net profit for 2025, with notable losses projected for companies like Jianfa Holdings and Jindi Group, while Poly Development anticipates a profit of 1.03 billion yuan [37][29]. - Financing activities are active among various firms, with China Overseas Development issuing bonds totaling 25 billion yuan, and Vanke's bond extension proposal receiving approval [37][29].

Investment Rating - The report maintains an "Buy" rating for the real estate industry, consistent with the previous rating [2]. Core Insights - The real estate market is showing signs of recovery, with a notable increase in second-hand home subscriptions and a strengthening of transaction confidence [7][15]. - The average daily subscription for second-hand homes in 79 cities reached 3,404 units from January 1 to January 22, 2026, representing a year-on-year increase of 33.1% compared to the same period in 2025 [16][27]. - The report highlights that the market is experiencing a self-driven recovery without significant large-scale stimulus policies being implemented [16]. Summary by Sections 1. Second-Hand Homes: Significant Growth in Subscriptions and Record High Conversion Rates - Overall transactions show a recovery in lower-tier cities, although this has not yet fully translated into net signing [15]. - In key cities, second-hand home subscriptions in first-tier cities like Guangzhou are relatively stable, while many lower-tier cities are experiencing growth [31]. - The conversion rate of visits to transactions has reached a new high, with a 5.6% conversion rate in 70 cities, up from the previous quarter [35]. 2. New Homes: Low Net Signing Levels Across All Tiers - The average daily net signing for new homes in 45 cities was 250,000 square meters, a year-on-year decrease of 42.1% [29]. - All tiers of cities are experiencing varying degrees of decline in new home net signing, with first-tier cities seeing the most significant drops [29]. 3. Price Trends and Market Dynamics - As of January 22, 2026, the average price of second-hand homes in 33 cities has decreased by 17.9% year-on-year compared to 2025 [41]. - The report indicates that the price adjustments in lower-tier cities are more pronounced, aligning closer to residents' psychological expectations, which has led to increased subscriptions [42]. - The report notes a decline in the number of second-hand listings, particularly in key cities, due to factors such as the removal of ineffective listings by agents and homeowners withdrawing listings amid falling prices [41].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for quality real estate companies and commercial properties [3][4]. Core Insights - The report indicates that the real estate sector in China has undergone significant adjustments, with recent central government directives aimed at stabilizing the market. The emphasis on "high-quality development" suggests a shift in policy that could lead to positive changes in the industry [3][4]. - The report notes that the current valuation levels for quality companies are historically low, making them attractive investment opportunities [3][4]. Industry Data Summary New Home Transactions - In the week of January 17-23, 2026, new home transactions in 34 key cities totaled 1.727 million square meters, reflecting a week-on-week increase of 0.6%. However, year-on-year comparisons show a decline of 38.2% for January [4][7]. - The transaction volume for new homes in first and second-tier cities decreased by 0.6%, while third and fourth-tier cities saw an increase of 17.7% [4][7]. Second-Hand Home Transactions - For the same week, second-hand home transactions in 13 key cities totaled 1.32 million square meters, a slight decrease of 0.2% week-on-week. Year-on-year, January transactions are down by 9.6% [4][13]. Inventory and Supply - In the week of January 17-23, 2026, 15 cities saw a total of 260,000 square meters of new supply, with a sales-to-supply ratio of 2.69, indicating a healthy demand relative to new listings. The total available residential area in these cities was 88.964 million square meters, down 0.5% from the previous week [4][24]. Policy and News Tracking - The report highlights a series of government initiatives aimed at promoting urban renewal, with a focus on addressing key issues such as planning, funding, and operational challenges. The Ministry of Housing and Urban-Rural Development has indicated that there is significant potential for high-quality development in the real estate sector [3][31]. - Specific policies include Shanghai's "14th Five-Year Plan" which emphasizes urban renewal as a key strategy for enhancing urban quality and development [3][31]. Company Announcements - Several real estate companies have reported their expected net profits for 2025, with notable figures including China Vanke's bond extension proposal and various financing activities from companies like China Overseas Development and China Resources Land [3][41].

土地市场呈现"先扬后抑"态势，整体成交规模与2024年持平。上半年核心区域优质地块高溢价成交，17宗地块溢价率超20%，北外滩、徐汇衡复等板块诞生 高价地王；下半年市场回归理性，底价成交成为常态，国央企主导拿地，民企择机抄底。区域供应分化明显，杨浦区成交宗数最多，徐汇区凭借东安新村地 王项目成为出让金最高区域，浦东、青浦、宝山将成为2026年主力供货区域。 商品住宅市场供求两端持续收缩，创5年来新低，供求比降至0.94，库存去化成效显现。成交均价结构性上扬至8.06万元/㎡，核心源于中心城区豪宅入市。 成交结构上，90-110㎡刚需户型和300-700万元总价段为市场主力，高改产品成交量虽有增长，但客户消耗明显。区域表现中，黄浦、静安、徐汇等中心城 区保持热度，郊区市场相对低迷。二手房市场以价换量趋势显著，全年成交25.38万套，刚需小户型和低总价产品主导市场，年末成交回暖但部分次新标杆 项目价格下滑。 房企格局方面，中海、金茂等国央企占据主导，华润、保利、招商位列销售金额前三，房企合作联盟趋于稳定。整体来看，2025年上海楼市政策宽松托底、 产品品质升级、市场分化加剧，核心区域与优质产品保持竞争力，未来市场 ...

财通证券发布研报称，华润置地（01109）房开业务销售位居前列，投资积极，土储充裕；经常性业务 护城河深厚，其中商业规模质量领先，物管商管稳步发展，生态圈业务促进转型发展。该行预计公司 2025-2027年核心净利润分别为209.4、237.0、258.9亿元，对应PE为8.7x、7.7x、7.0x。维持"买入"评 级。 财通证券主要观点如下： 事件 2026年1月21日，公司官微发布：华润置地全新官方房产生活服务平台"小润+"正式焕新升级，目前已全 面上线。 公司的房产生活服务平台实现从"单一销售功能"向"全生命周期服务"的战略跨越 "小润+"微信小程序平台，整合了购房流程、业主服务、社群运营、全渠道经纪、会员权益5大业务，涵 盖13个核心模块、174项实操功能，打通地产开发、经纪生态、万象服务、万象商业、城市资源等全域 业务，为客户找房、选房、购房、交付、入住等环节提供全周期的服务。 风险提示：房地产市场持续承压风险；新的经营性不动产落地不及预期；线下消费复苏不及预期。 责任编辑：史丽君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟 ...

Group 1 - A poisoning accident occurred during the repair work of a water collection pit at the Wanxiang Tiandi project in Shantou, resulting in one death and one injury, with direct economic losses estimated at approximately 1.5 million yuan [2] - The accident was attributed to the violation of safety management regulations for confined space operations, where workers conducted dangerous work without proper safety measures, leading to toxic gas exposure [2][3] - The project, developed by Shantou Runxing Real Estate Development Co., Ltd., is a mixed-use urban complex that includes residential, commercial, and cultural components, covering around 100,000 square meters [5] Group 2 - The project was delivered for use in 2022, and the incident occurred in the basement of the third phase of the project [2] - The responsible personnel, including the project leader and a maintenance foreman, are facing potential legal consequences for their roles in the accident and for obstructing the investigation [3] - The investigation revealed that the workers' lack of safety awareness and improper rescue attempts contributed to the severity of the incident [2][3]

平台通过"生态共联、全周期服务、运营焕新、技术赋能"的四大核心优势，努力为客户提供"产品-服务- 运营"一体化体验，是公司转向生态构建者的重要跃迁。 2025全年销售承压，租金收入提升带动经常性业务收入上升 2026年1月21日，公司官微发布：华润置地全新官方房产生活服务平台"小润+"正式焕新升级，目前已全 面上线。 公司的房产生活服务平台实现从"单一销售功能"向"全生命周期服务"的战略跨越 "小润+"微信小程序平台，整合了购房流程、业主服务、社群运营、全渠道经纪、会员权益5大业务，涵 盖13个核心模块、174项实操功能，打通地产开发、经纪生态、万象服务、万象商业、城市资源等全域 业务，为客户找房、选房、购房、交付、入住等环节提供全周期的服务。 行业转型，产品、服务、技术为先，公司迈向生态构建者转型 智通财经APP获悉，财通证券发布研报称，华润置地(01109)房开业务销售位居前列，投资积极，土储充 裕；经常性业务护城河深厚，其中商业规模质量领先，物管商管稳步发展，生态圈业务促进转型发展。 该行预计公司2025-2027年核心净利润分别为209.4、237.0、258.9亿元，对应PE为8.7x、7.7x、7 ...

Investment Rating - The report indicates a positive investment outlook for the high-end real estate market, particularly in first-tier cities like Shanghai, which continues to lead in sales performance [3][7]. Core Insights - The report highlights that despite a general downturn in the real estate market, luxury properties are experiencing a unique surge, with several projects achieving sales exceeding 10 billion yuan, reflecting a growing consensus on the value of "certainty" in asset allocation during uncertain times [3][11]. - The luxury market is characterized by a significant demand for properties priced over 10 million yuan, with 21 out of the top 30 projects achieving this threshold, indicating a shift towards higher-value transactions [13][19]. Summary by Sections Market Dynamics - The top 30 projects in key cities are predominantly led by state-owned enterprises, with about 80% of these projects being developed by such entities, showcasing a trend towards collaborative development to mitigate risks [12]. - Shanghai dominates the luxury market, accounting for 13 out of the 30 top projects, with a notable resilience in high-end demand despite overall market adjustments [7][11]. Sales Performance - In 2025, the luxury segment showed a mere 2% decline in transaction volume for properties priced over 10 million yuan, while overall new residential sales in 25 key cities dropped by 22% [7][11]. - The report notes that the average price for luxury properties has crossed the 100,000 yuan per square meter mark, with several projects exceeding 150,000 yuan per square meter [13][19]. Consumer Preferences - High-net-worth individuals are increasingly prioritizing properties that offer unique locations, quality services, and features that meet their evolving needs, such as efficient space utilization and enhanced living experiences [14][16]. - The integration of cultural elements and advanced technology in property design is becoming essential to appeal to affluent buyers, reflecting a shift in consumer expectations towards lifestyle and identity [17][18]. Future Trends - The report anticipates a long-term trend of market differentiation, where high-end properties will continue to thrive due to their perceived value and certainty, while ordinary residential markets may face ongoing challenges [19].

Core Insights - The real estate market continues to face downward pressure, with all 70 cities experiencing a decline in second-hand housing prices for four consecutive months, indicating a "catch-up" phenomenon in first-tier cities [9][19] - The average year-on-year decline in new housing prices across 70 cities in 2025 was 3.8%, which is less than the 4.5% decline in 2024, marking three consecutive years of decline [4][12] - The average year-on-year decline in second-hand housing prices was 6.3% in 2025, also less than the 7.4% decline in 2024, indicating a persistent downward trend for four years [4][12] Real Estate Market Performance - In December 2025, new home prices in 70 major cities fell by 0.4% month-on-month, while second-hand home prices decreased by 0.7%, maintaining the same rate of decline as in November [4][12] - The total sales area in December was 93.99 million square meters, with a year-on-year decline of 15.6%, showing a slight improvement from the previous month's decline of 17.3% [12][13] - The total investment in real estate development in December was 419.7 billion yuan, with a year-on-year decline of 35.8%, marking the largest single-month decline since 2000 [16][19] Housing Price Trends - In first-tier cities, new home prices fell by 0.3% month-on-month in December, with Shanghai showing a slight increase of 0.2%, while Beijing, Shenzhen, and Guangzhou experienced varying declines [5][9] - The average year-on-year decline in new home prices in first-tier cities was 1.8% in 2025, a reduction of 1.4 percentage points compared to 2024 [5][9] - Second-hand home prices in first-tier cities fell by 0.9% month-on-month in December, with an average year-on-year decline of 4.2% [5][9] Investment Recommendations - The report suggests focusing on three main lines: stable companies with high sales and land reserve ratios in core cities, smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, and commercial real estate companies exploring new consumption scenarios [10][20] - Companies such as China Resources Land, Binjiang Group, and China Merchants Shekou are highlighted for their strong market positions [10][20] - The report anticipates potential policy adjustments by the end of Q1 2026, which could help stabilize the market [9][19]