来源：第一财经 碧桂园涨超6%，建发国际集团涨超5%，龙湖集团、旭辉控股集团涨近5%，融创中国涨超4%，富力地 产、华润置地涨超3%。 (本文来自第一财经) ...

内房股午前涨幅居前，截至发稿，碧桂园（02007）上涨8.07%，报0.335港元；建发国际集团（01908） 上涨6.74%，报15.84港元；旭辉控股（00884）上涨7.23%，报0.089港元；龙湖集团（00960）上涨 4.80%，报10.26港元。 客户端 内房股午前涨幅居前，截至发稿，碧桂园（02007）上涨8.07%，报0.335港元；建发国际集团（01908） 上涨6.74%，报15.84港元；旭辉控股（00884）上涨7.23%，报0.089港元；龙湖集团（00960）上涨 4.80%，报10.26港元。 责任编辑：卢昱君 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 模拟交易 责任编辑：卢昱君 ...

格隆汇2月25日｜港股市场内房股集体上涨，其中，碧桂园涨8%，建发国际集团涨超6%，绿城中国涨 5%，龙湖集团、金辉控股、旭辉控股集团、融信中国、中国海外宏洋集团、越秀地产、中国金茂、华 润置地、融创中国涨超4%。 | 代码 | 名称 | | 涨跌幅 V | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 02007 | 碧桂园 | 0) | 8.06% | 0.335 | 139.99亿 | -19.28% | | 01908 | 建发国际集团 | | 6.54% | 15.810 | 354.17亿 | 1.02% | | 03900 | 绿城中国 | | 5.04% | 11.470 | 291.29 Z | 35.42% | | 00960 | 龙湖集团 | | 4.90% | 10.270 | 723.18亿 | 19.98% | | 09993 | 金辉控股 | | 4.85% | 1.730 | 69.98亿 | -5.98% | | 00884 | 旭辉控股集团 | | 4.82% | 0.087 | 14. ...

天风证券（601162）发布研报称，受春节假期因素影响，房地产供需两端均进入传统淡季，30大中城市 商品房成交面积季节性回落。节前1月的地方两会部署"稳楼市"政策，多地明确表示将着力稳定房地产 市场、推进城市更新，从稳市场和优存量两方面发力，节后重点关注2月下旬地产销售回暖节奏及3月上 旬全国两会的房地产政策定调。 中银国际认为，当前房地产行业仍然面临一定压力。当前防范地产及相关风险仍是首位，市场的惯性下 滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块出现收益的机会较 大，今年建议关注及配置。节奏上，可能会出现两个拐点，一个是一季度末左右的"政策拐点"，一个是 四季度左右的"基本面拐点"。 内房股涨幅居前，截至发稿，碧桂园(02007)涨6.45%，报0.33港元；建发国际集团(01908)涨5.59%，报 15.67港元；旭辉控股(00884)涨4.82%，报0.087港元；龙湖集团(00960)涨4.49%，报10.23港元。 ...

智通财经APP获悉，内房股涨幅居前，截至发稿，碧桂园(02007)涨6.45%，报0.33港元；建发国际集团 (01908)涨5.59%，报15.67港元；旭辉控股(00884)涨4.82%，报0.087港元；龙湖集团(00960)涨4.49%，报 10.23港元。 中银国际认为，当前房地产行业仍然面临一定压力。当前防范地产及相关风险仍是首位，市场的惯性下 滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块出现收益的机会较 大，今年建议关注及配置。节奏上，可能会出现两个拐点，一个是一季度末左右的"政策拐点"，一个是 四季度左右的"基本面拐点"。 天风证券发布研报称，受春节假期因素影响，房地产供需两端均进入传统淡季，30大中城市商品房成交 面积季节性回落。节前1月的地方两会部署"稳楼市"政策，多地明确表示将着力稳定房地产市场、推进 城市更新，从稳市场和优存量两方面发力，节后重点关注2月下旬地产销售回暖节奏及3月上旬全国两会 的房地产政策定调。 ...

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 ...

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]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]