[Table_Page] 投资策略周报|房地产 证券研究报告 [Table_Title] 房地产开发与服务 26 年第 11 周 [Table_PicQuote] 相对市场表现 城市建设规划收紧，板块关注度提升 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-15 [分析师： Table_Author]郭镇 SAC 执证号：S0260514080003 SFC CE No. BNN906 021-38003639 guoz@gf.com.cn 分析师： 邢莘 SAC 执证号：S0260520070009 021-38003638 xingshen@gf.com.cn 分析师： 谢淼 SAC 执证号：S0260522070007 SFC CE No. BVB342 021-38003637 xiemiao@gf.com.cn 分析师： 李怡慧 SAC 执证号：S0260524040001 SFC CE No. BVI219 021-38003636 liyihui@gf.com.cn 分析师： 辛恬 SAC 执证号：S026052 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 董事名單與其角色和職能 保利物業服務股份有限公司董事會（「董事會」）成員載列如下： POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 獨立非執行董事 王小軍先生 譚燕女士 張禮卿先生 董事會設立四個董事會委員會，下表提供各董事會成員在該委員會中所擔任的 職位： | 董事 | | | 委員會 | | | --- | --- | --- | --- | --- | | | 審核委員會 | 薪酬委員會 | 提名委員會 | 戰略與可持續 發展委員會 | | 吳蘭玉女士 | – | – | C | C | | 王英男先生 | – | – | – | M | | 劉平先生 | – | – | M | M | | 劉智慧先生 | M | – | – | – | | 王小軍先生 | M | C | M | – | | 譚燕女士 | C | M | M | M | | 張禮卿先生 | M | M | M | M | 附註： C 有關董事會委員會的主席 M 有關董事會委員會的成員 中國廣州，2026年3月13日 執行董 ...

（股份代號：06049） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 (1) 於2026年3月13日舉行的2026年第一次臨時股東大會投票結果 及 (2) 委任董事及董事會委員會委員 茲提述保利物業服務股份有限公司（「本公司」）日期為2026年2月9日有關2026年 第一次臨時股東大會（「臨時股東大會」）的通函（「通函」）及通告（統稱「臨時股東 大會文件」）。除非文義另有所指，本公告所用詞彙與臨時股東大會文件所界定者 具有相同涵義。 POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 （ 於中華人民共和國註冊成立的股份有限公司 ） 董事會欣然宣佈，臨時股東大會已於2026年3月13日（星期五）於中國廣東省廣州 市海珠區閱江中路832號保利發展廣場東塔二樓會議室舉行。 臨時股東大會的召開符合適用的中國法律法規、上市規則及《公司章程》的規定。 於舉行臨時股東大會當日，本公司已發行股份總數為553,333,400 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a rebound in sales data following the two sessions, indicating a potential recovery in the real estate market [1][7] - The government is focusing on policies to control supply, reduce inventory, and improve the quality of housing supply, which may positively impact the market [7][14] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index fell by 4.09%, while the CSI 300 Index decreased by 1.07%, indicating underperformance of the real estate sector compared to the broader market [4][12] 2. Industry Fundamentals - For the week of February 27 to March 5, 2026, the total number of new homes sold in 38 key cities was 18,605 units, a year-on-year decrease of 29.6% but a month-on-month increase of 161.4%. The total area sold was 2.357 million square meters, down 18.4% year-on-year but up 235.9% month-on-month [5][21] - The total number of second-hand homes sold in 16 key cities was 16,477 units, with a year-on-year decrease of 25.6% and a month-on-month increase of 145.7%. The total area sold was 1.605 million square meters, down 26.8% year-on-year but up 150% month-on-month [5][40] 3. Land Market Supply and Transactions - During the week, 1,277.8 million square meters of land were supplied, with an average price of 1,732 yuan per square meter. The total land transaction area was 2,147.9 million square meters, showing a year-on-year increase of 1,998.5% [6] 4. Financing Analysis - Real estate companies issued a total of 10.55 billion yuan in credit bonds during the week, reflecting a year-on-year decrease of 36.26% but a month-on-month increase of 1,821.68% [6]

Core Insights - The report emphasizes the government's focus on stabilizing the real estate market, with a shift from risk prevention to supporting people's livelihoods, particularly for newly married and newborn families [5][16][17] - The "small spring" recovery trend in the real estate market continues, with significant increases in new and second-hand housing transactions across various cities [5][9] - The report indicates a notable improvement in new housing supply, although the overall supply levels have not yet returned to normal [5][9] Policy Overview - The central government has reiterated its commitment to stabilizing the real estate market, with a target economic growth rate adjusted to 4.5%-5% for 2026 and a budget deficit maintained at 4% [16][18] - The government aims to enhance fiscal efficiency by allocating 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds [16][18] - There is a clear intention to support the housing needs of new citizens and young families, with policies expected to strengthen throughout the year [17][19] Market Performance - New housing transactions in 50 cities increased by 183% week-on-week, with a year-on-year growth of 20.7% [5][9] - Second-hand housing transactions also saw a significant rise, with an increase of 189% week-on-week in 11 cities and a year-on-year growth of 13% [5][9] - The report notes that the transaction volume for second-hand homes has maintained a positive trend, with a cumulative year-on-year increase of 36.1% since the beginning of the "small spring" [5][9] Supply and Demand Dynamics - New housing launches improved significantly, with a week-on-week increase of 557%, although the supply remains below normal levels [5][9] - The report highlights a slight increase in second-hand housing listings, with a 0.2% week-on-week rise in 140 cities, indicating a slow recovery in the market [5][9] - The land supply has increased, but transaction performance has been poor, with a total land sale revenue of 6.95 billion yuan, down 73.2% week-on-week [5][9] Capital Market Insights - The real estate sector underperformed in the capital market, with a decline of 4.1% compared to the Shanghai and Shenzhen 300 index [5][9] - Major real estate companies experienced varying degrees of decline, with some companies like China Overseas Land and Investment showing smaller declines compared to others [5][9] - The report notes that the C-REITs sector continues to develop, with 14 applications currently under review, indicating a proactive approach to commercial real estate investment trusts [5][9]

FF301 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 保利物業服務股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06049 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 347,000,090 | RMB | | | 1 RMB | | 347,000,090 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 347,000,090 | RMB | | | 1 RMB | | 347,000,090 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ( ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The Shanghai government has relaxed housing purchase restrictions, which is expected to positively impact sales [8] - The real estate sector has shown signs of recovery, with both new and second-hand home sales experiencing a rebound compared to previous weeks [8] - The report emphasizes the importance of financially stable and well-performing leading real estate companies as key investment targets [8] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index increased by 0.51%, while the CSI 300 Index rose by 1.08%, indicating underperformance of the real estate sector compared to the broader market [4][13] Industry Fundamentals - In the week of February 20-26, 2026, 7,098 new homes were sold across 38 key cities, reflecting a year-on-year decline of 72.9% but a month-on-month increase of 43.8% [23] - The total transaction area for new homes was 695,000 square meters, with a year-on-year decrease of 73.7% and a month-on-month increase of 39.9% [23] - For second-hand homes, 6,706 units were sold, showing a year-on-year decline of 68.3% but a month-on-month increase of 185.2% [37] Inventory Situation - The total inventory of commercial housing in 17 key cities was 186,786,000 square meters, with a slight month-on-month decrease of 0.1% and a depletion cycle of 174.1 weeks [50]

Core Insights - The report indicates a strong recovery in the real estate market, supported by recent policy changes and seasonal demand, particularly in Shanghai [5][16][17] - The report maintains a "Buy" rating for the real estate sector, reflecting confidence in the long-term growth potential despite short-term fluctuations [2][5] Policy Developments - Shanghai has implemented significant policy changes, including reducing the social security requirement for home purchases from three years to one year, which is expected to stimulate demand [5][17][18] - The new policies also increase the public housing loan limit from 1.6 million to 3.24 million RMB, providing substantial support for first-time homebuyers [5][17] Market Performance - New home transactions in 50 cities increased by 31.8% week-on-week, with a year-on-year growth of 14.6% post-Spring Festival [5][9] - The second-hand housing market showed a remarkable recovery, with transaction volumes in 11 cities rising by 82.4% week-on-week and 39% year-on-year [5][9] Supply and Demand Dynamics - New housing supply remains low, with a 21% decrease in new home launches week-on-week, indicating a potential supply peak in the coming weeks [5][9] - The inventory of second-hand homes in 140 cities remained stable, with a slight decrease of 0.1% in key cities, suggesting a balanced market [5][9] Land Market Activity - The land auction market saw a significant increase in transaction value, with 260 billion RMB in land sales across 300 cities, marking a substantial rise compared to previous weeks [5][9] - Notably, a land parcel in Guangzhou achieved the second-highest total price in the city's history, indicating renewed interest in prime locations [5][9] Company Performance - The report highlights strong performances from major real estate companies, with notable gains from China Overseas Land, China Overseas Grand Oceans, and China Resources Land [5][9] - The overall performance of the real estate sector was slightly below the broader market, with a 0.6% increase compared to a 0.5% underperformance against the CSI 300 index [5][9] C-REITs Overview - The C-REITs sector experienced a decline of 0.85% in the comprehensive return index, with 17 out of 78 REITs showing gains [5][9] - The report notes ongoing progress in the commercial real estate REITs, with two new applications submitted this week, bringing the total to 14 [5][9]

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 [2][26]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, supported by recent central government policies aimed at stabilizing the market [2][26]. - The "Shanghai Seven" policy has been introduced to optimize local real estate regulations, which includes reducing the purchase threshold for non-local residents and increasing housing fund loan limits [2][26]. - The report emphasizes that the supply-side adjustments in the real estate market have significantly improved the industry landscape, making it attractive for investment [2][26]. Industry Data Summary New Home Transactions - In the week of February 21-27, 2026, new home transactions in 34 key cities totaled 1.057 million square meters, a week-on-week increase of 334.6% [3][6]. - Year-on-year, February saw a 24.5% decline in new home transactions across 34 cities compared to the previous year [6][7]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 cities reached 512,000 square meters, reflecting a week-on-week increase of 823.7% [11][12]. - However, February's cumulative transactions showed a year-on-year decline of 25.5% compared to the previous year [11][12]. Inventory and Supply - In the week of February 21-27, 2026, 15 cities had a total of 120,000 square meters of new supply, with a sales-to-supply ratio of 3.1 times [20][21]. - The total available residential area in these cities was 88.436 million square meters, with a slight week-on-week decrease of 0.3% [20][21]. Policy and News Tracking - The People's Bank of China announced that the loan market quotation rate (LPR) for February remains unchanged, with a 1-year LPR at 3% and a 5-year LPR at 3.5% [26][27]. - The report notes significant policy changes in Shanghai, including adjustments to purchase eligibility for non-local residents and increased loan limits for first-time homebuyers [26][27]. - Guangzhou plans to invest 220 billion yuan in urban renewal by 2026, indicating a strong commitment to improving housing quality [30][31]. Company Announcements - New City Development successfully issued a $355 million senior unsecured bond with a 3-year term and an interest rate of 11.8% [33][34]. - The report highlights the performance of various real estate stocks, noting that the SW Real Estate Index rose by 0.6%, underperforming compared to the broader market [34][35]. Sector Performance Review - The property management sector saw an average decline of 0.12%, while the SW Real Estate Index outperformed with a 1.08% increase [41][42]. - The report lists the top-performing real estate stocks, with notable gains from companies like *ST Rong Control and Heimu Dan, while others like Shanghai Development and Hainan Airport faced declines [35][38].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][28]. Core Insights - The report indicates that after a deep adjustment in the real estate sector, the industry fundamentals are approaching a bottom, supported by recent central government policies aimed at stabilizing the market [2][28]. - The report highlights a significant increase in new home transactions, with a week-on-week increase of 334.6% in 34 key cities, indicating a recovery trend [3][11]. - The report emphasizes the importance of quality real estate companies and commercial properties, suggesting that they will recover profitability sooner and with more elasticity due to improved industry dynamics [2][28]. Industry Data Summary New Home Transaction Volume - In the week of February 21-27, 2026, new home transactions in 34 key cities totaled 1.057 million square meters, a week-on-week increase of 334.6% [3][11]. - The transaction volume for first-tier cities was 950,000 square meters, up 315.9% week-on-week, while third and fourth-tier cities saw a staggering increase of 626.2% [3][11]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 key cities reached 512,000 square meters, reflecting a week-on-week increase of 823.7% [11]. - However, the cumulative transaction volume for February showed a year-on-year decline of 25.5% compared to the previous year [11]. Inventory and Supply - In the week of February 21-27, 2026, 15 key cities launched 120,000 square meters of new supply, with total sales of 380,000 square meters, resulting in a sales-to-launch ratio of 3.1 times [21]. - The total available residential area in these cities was 88.436 million square meters, showing a slight decrease of 0.3% week-on-week [21]. Policy and News Tracking - The People's Bank of China announced that the loan market quotation rate (LPR) for February remained unchanged, with a 1-year LPR at 3% and a 5-year LPR at 3.5% [28][29]. - The "Shanghai Seven Measures" policy was introduced to optimize the local real estate market, including reducing the purchase threshold for non-local residents and increasing the maximum public housing fund loan amount for first-time buyers [28][29]. Company Announcements - New City Development successfully issued $355 million in senior unsecured bonds with a maturity of 3 years and a coupon rate of 11.8% [36]. - The report notes that the real estate sector underperformed compared to the broader market, with the SW Real Estate Index rising by only 0.6% compared to a 1.08% increase in the CSI 300 Index [37][38].