"史上最长春节假期"收官，全国多个商场"成绩单"来了！ 今年春节档期，合生商业携手YSL、周大福、波司登、烤匠等战略品牌打造"新春品牌周"，助力经营"开门红"。2月15日至2月23日，全国5座城市、15个 购物中心联动共创，实现销售额突破6.2亿元，客流量超470万人次。全国范围内餐饮业态、潮玩零售业态、运动零售业态等大幅度提升，涌现出销冠商户 数近200个，消费活力蓬勃绽放。 图源：合生商业官方公众号 北京朝阳合生汇：2月15日-23日春节假期，总销售超2.3亿元，同比提升28%；总客流近100万人，同比提升17%，单日最高客流近13万人；全球旅客到访 同比增加34%，单日最高突破1000人。 单个商场9天狂卖2.3亿、日均客流至多超19万人次、商户业绩屡创新高……实体商业"火爆开局"。 01. 集团/区域公司客流、销售额 华润万象生活：135个购物中心零售额超75亿，客流超6500万人次 春节假期（2月15日-23日）期间，华润万象生活在管135个购物中心客流超6500万人次，车流超500万辆，零售额超75亿元；万象影城在营62家影院实现票 房收入超6880万元，观影人次超110万人。 合生商业：15个购 ...

内房板块年初至今已上升16%，展望未来两个月，摩通预计该板块或持续波动，大致上保持韧性，直至 4月底的政治局会议，即下一个政策窗口。摩通首选股是华润置地、华润万象生活及中国金茂，但认为 中国海外发展有望迎头赶上，因其表现一直落后。 摩根大通发表研报指，上海推出新一轮购房政策优惠政策，包括放宽非户籍人士购房限制，外环以外区 域所需社保/税单证明由3年缩短至1年、允许外环以外区域持有3年税证的居民购买多一个单位等。摩通 认为举措并不意外，且上海放宽力度较去年北京12月类似举措强，相信未来一至两个月上海的成交量及 价格将会回稳。然而，摩通不认为单凭该政策便预期内房市场可持续复苏；而下一个放宽的城市将是深 圳。 ...

2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售增速显著改善，LVMH、历峰等集团增速 在连续7个季度后首次转正。中国区市场的改善已成为全球奢侈品集团业绩修复的关键变量，各大品牌 普遍看好中国市场的长期潜力。国内高端商场零售额增速亦在下半年显著提升。2025年恒隆地产内地商 场租户零售额同比增长4%，日均客流量创历史新高;太古地产旗下多数商场在下半年显著提速，其中上 海兴业太古汇凭借标志性项目"路易号"拉动，零售额大增49.6%。 财富效应驱动高端消费需求回升，高频指标印证修复 富人资产增速、海南离岛免税数据、澳门博彩业数据、高档酒店数据等可做高端消费高频跟踪;二奢数 据反映大众人群需求，与高端消费同向变动;奢侈品公司季度业绩表现、高端商圈(恒隆、太古等)零售额 增速可做为高端消费情况后验指标。其中富人资产增速(t-1期)对奢侈品业绩具有领先预测价值，随着股 市及投资收益改善，高净值人群消费意愿已实质性回暖，可在瑞士钟表对华出口转正、澳门博彩毛收入 逐季加速复苏以及高端酒店RevPAR的增长中得到印证。 风险提示 宏观经济与消费信心波动风险、政策与监管环境变化风险、行业竞争与替代分流风险。 华福证 ...

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, 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].

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1] Core Insights - New home sales in January showed a narrowing year-on-year decline, while second-hand home sales turned positive year-on-year [1][21] - The central bank has released favorable policies, including lowering the re-lending rate and reducing the down payment ratio for commercial properties [1][4] New Home Sales - In January, the new home sales area in 40 cities decreased by 42.3% month-on-month and by 22.0% year-on-year, with the year-on-year decline narrowing by 10.1 percentage points compared to the previous month [5][14] - First-tier cities saw a year-on-year decline of 14.0%, while second-tier cities experienced an 18.1% decline, and third and fourth-tier cities had a 41.1% decline [15][20] Second-Hand Home Sales - The second-hand home sales area in 18 cities decreased by 2.0% month-on-month but increased by 9.0% year-on-year, with the year-on-year growth rate improving by 41.3 percentage points compared to the previous month [21][25] - All city tiers showed positive year-on-year growth in second-hand home sales, with first-tier cities growing by 15.0% year-on-year [21][30] Inventory and Absorption - As of the end of January, the new home inventory area in 12 cities was 112.91 million square meters, down 0.4% month-on-month and down 6.3% year-on-year, with an overall absorption cycle of 18.1 months [28][29] - The absorption cycle for first-tier cities increased by 4.3 months year-on-year, while third and fourth-tier cities saw a decrease of 8.2 months [28] Land Market - The land market in January saw a transaction area decrease of 76.5% month-on-month and a 20.2% year-on-year decline, with an average land premium rate of 2.87% [1][12] - The average land price per square meter decreased by 36.8% month-on-month and by 20.9% year-on-year [13] Real Estate Companies - The top 100 real estate companies saw a 49.5% year-on-year decline in land acquisition amounts, with a land acquisition intensity of 32% [1][12] - The financing scale for the real estate industry in January was 39.6 billion yuan, down 26% year-on-year but up 7% month-on-month [1][14] Policy Developments - The central bank's policy changes include lowering the re-lending rate to 1.25% and reducing the minimum down payment ratio for commercial properties from 50% to 30% [1][4] - The first batch of commercial real estate REITs has been submitted for approval, with a total expected fundraising of 31.47 billion yuan [1][4] Sector Performance - The real estate sector outperformed the CSI 300 index in January, with an absolute return of 4.3% and a relative return of 2.7% [1][12] - The report anticipates two potential turning points in 2026: a policy turning point around the end of Q1 and a fundamental turning point around Q4 [1][12]

Group 1 - The core point of the article highlights the short-selling ratios and amounts for various companies, indicating significant market activity and investor sentiment towards these stocks [1][2]. Group 2 - The top three companies by short-selling ratio are China Resources Beer (80291), Great Wall Motor (82333), and JD Health (86618), all at 100.00% [1][2]. - The top three companies by short-selling amount are Meituan (03690) with 1.878 billion, Zijin Mining (02899) with 1.770 billion, and Tencent Holdings (00700) with 1.606 billion [1][2]. - The companies with the highest deviation values in short-selling are Kuaishou (81024) at 36.81%, Zhaojin Mining (01818) at 33.02%, and China Shipbuilding Leasing (03877) at 30.32% [1][2].

Core Viewpoint - Dongwu Securities reports that China Resources Mixc Lifestyle (01209) has leading operational capabilities in the industry, with the parent company continuously delivering high-quality projects, indicating potential for sustained profit growth [1][7] Group 1: Business Operations and Financial Performance - The company operates with a dual focus on "commercial operations + property management," covering various sectors such as shopping centers, office buildings, residential, and urban spaces. This strategy allows the company to maintain operational resilience and profit elasticity amid increasing competition [1][7] - For the first half of 2025, the company reported a revenue increase of 7.1% year-on-year, with a gross margin of 37.1% (up 3.1 percentage points), and a core net profit growth of 15.0%, reflecting continuous efficiency improvements and steady profit enhancement [1][7] - The shopping center segment outperformed the industry, with retail sales in managed shopping centers increasing by 21.1% year-on-year in 2025H1, and rental income rising by 17.2% year-on-year, showcasing strong operational capabilities [1][7] Group 2: Property Management and Diversification - The property management segment provides a stable foundation for the company, with a revenue of 51.56 billion yuan in 2025H1, a year-on-year increase of 1.1%. Urban space revenue specifically grew by 15.1% [2][8] - The gross profit from the property management segment was 9.68 billion yuan, with a slight increase of 0.4% year-on-year, while the gross margin for property management services improved to 16.6% [2][8] - The office building business demonstrated resilience during industry adjustments, achieving a revenue increase of 4.5% year-on-year in 2025H1 [2][8] Group 3: Cash Flow and Dividend Policy - The company maintains strong cash flow and liquidity, with a net operating cash flow of 13.03 billion yuan in 2025H1 and cash and deposits totaling 179.21 billion yuan, providing a solid financial cushion for ongoing dividends and business expansion [3][9] - The company has consistently maintained a 100% distribution ratio of core net profit since 2023, enhancing shareholder returns [3][9] - The accounts receivable structure is robust, with trade receivables of 28.23 billion yuan in 2025H1, of which 82.1% is due within one year, indicating controlled credit risk [3][9]

Core Viewpoint - The company, China Resources Vientiane Life, is expected to maintain strong profitability and growth due to its leading operational capabilities and high-quality project delivery from its parent company [1] Group 1: Operational Performance - The company operates with a dual focus on "commercial operations + property management," covering various sectors such as shopping centers, office buildings, residential, and urban spaces [1] - In H1 2025, the company's revenue grew by 7.1% year-on-year, with a gross margin of 37.1% (up 3.1 percentage points), and core net profit increased by 15.0%, indicating continuous improvement in efficiency and profitability [1] Group 2: Shopping Center Business - The shopping center segment outperformed the industry, with retail sales in managed shopping centers increasing by 21.1% year-on-year in H1 2025, and rental income rising by 17.2% [2] - The gross margin for the shopping center business reached 78.7%, up 6.2 percentage points, contributing significantly to the company's profit growth [2] Group 3: Property Management - The property management segment provided a stable revenue base, with total revenue of 51.56 billion yuan in H1 2025, a year-on-year increase of 1.1% [3] - The urban space revenue grew by 15.1% year-on-year, while the gross margin for property management services improved to 16.6%, up 1.4 percentage points [3] Group 4: Financial Health - The company demonstrated strong cash flow capabilities, with a net operating cash flow of 13.03 billion yuan in H1 2025 and cash and deposits totaling 179.21 billion yuan [4] - The company maintained a 100% distribution ratio of core net profit for dividends in 2023, enhancing shareholder returns [4]