首批商业不动产REITs正蓄势待发。据《金融时报》记者统计，1月底以来，已有12单产品完成申报， 其中10单获交易所受理，募资规模预计达377亿元。 从参与主体看，项目发起方涵盖央企（如保利发展（600048））、地方国企（如锦江国际集团、上海地 产、陆家嘴集团）、民企（如唯品会、银泰百货、华住集团、砂之船）以及外资企业（如凯德）。10单 项目均位于一二线城市核心区域，底层资产业态呈现"零售主导、多元补充"格局，其中零售4单、商办 综合体3单、酒店2单、办公1单。 "2025年底，证监会宣布启动试点后，我们便第一时间着手准备申报，到产品获受理，中间只用了两个 月。"某公募基金REITs业务相关负责人在接受《金融时报》记者采访时表示。据该负责人透露，预计最 快3月，首批商业不动产REITs产品有望正式亮相。 自2021年首批公募REITs上市以来，中国公募REITs市场已经过5年发展，在业内人士看来，商业不动产 REITs试点的启动，亦标志着公募REITs从常态化发行阶段蹚过扩品增类的改革深水区，其挂钩实体资 产营运、穿越周期、收益成长性已经市场检验认可。 从翘首期待到备受瞩目，商业不动产REITs正式亮相后， ...

Core Viewpoint - The real estate market in China is experiencing a seasonal slowdown in January 2026, but there are signs of recovery in the second-hand housing market in key cities, which may stabilize market expectations and lead to a potential "small spring" after the Spring Festival, especially with supportive policies in place [1][12]. Group 1: Sales Performance - The top 100 real estate companies achieved a total sales amount of 165.45 billion yuan in January 2026 [2][8]. - 32 companies among the top 100 reported year-on-year sales growth, with 10 companies experiencing growth rates exceeding 100% [8][10]. - Notably, companies like Junyi Holdings and Bangtai Group saw significant increases in sales, with Junyi Holdings reporting a staggering growth of 757.4% [10]. Group 2: Market Dynamics - The new housing market showed weak performance with a transaction area of approximately 8.1 million square meters, while the second-hand housing market saw a 16% month-on-month increase and a 33% year-on-year increase in transaction area [12]. - The central government has introduced various supportive policies focusing on urban renewal, financing optimization, and tax incentives to stimulate the real estate market [12][13]. Group 3: New Entrants and Rankings - In January 2026, seven new companies entered the top 100 list, with CITIC City Opening making a notable entry into the top 30 [5][6]. - The sales performance of new entrants indicates that some small and medium-sized private enterprises are managing to maintain stable operations and achieve growth despite market challenges [5][8].

Core Viewpoint - In January 2026, the top 100 real estate companies in China achieved a total sales amount of 165.45 billion yuan, indicating a stable market despite the traditional off-season impact, with signs of recovery in the second-hand housing market in key cities [1][14]. Group 1: Sales Performance - Poly Developments ranked first with a total sales amount of 156.0 billion yuan and a sales area of 701,000 square meters [6][21]. - China Overseas Land & Investment followed closely with a sales amount of 144.8 billion yuan [2][23]. - Among the top 100 companies, 32 reported year-on-year growth, with 10 companies experiencing growth rates exceeding 100% [7][22]. Group 2: Market Trends - The new housing market showed weak performance due to seasonal factors, while the second-hand housing market began to show signs of recovery [1][14]. - Policy measures from the central government are aimed at urban renewal, financing optimization, and tax incentives, which are expected to support the revitalization of existing resources and alleviate financial pressures on real estate companies [13]. Group 3: Company Rankings - The top five companies by sales amount in January 2026 were: 1. Poly Developments: 156.0 billion yuan 2. China Overseas Land & Investment: 144.8 billion yuan 3. China Vanke: 116.5 billion yuan 4. China Resources Land: 86.9 billion yuan 5. China Merchants Shekou: 76.7 billion yuan [2][6][23]. Group 4: Sales Data Overview - The sales data reflects the total sales amount and sales area for the top companies, with Poly Developments leading in both metrics [6][21]. - The data is based on contract signing figures, excluding deposits or subscription data, and covers the period from January 1 to January 31, 2026 [6].

| 49 | 路劲集团 | 6.3 | 48 | 信达地产 | 2.9 | | --- | --- | --- | --- | --- | --- | | 50 | 华宇集团 | 6.2 | 250 | 海信地产 | 2 8 11 | | 51 | 京基集团 | 5.8 | 50 | 海宁鸿翔 | 2.8 | | 51 | 信达地产 | 5.8 | 50 | 力高集团 | 2.8 | | 51 | 新城控股 | 5.8 | 53 | 信友集团 | 2.7 | | 54 | 华侨城 | 5.7 | CAA | 中交房地产 | 2.6 (0) | | 55 | 南山控股 | 5.6 | 54 | 新希望地产 | 2.6 | | 56 | 武汉城建 | 5.5 | 56 | 大悦城控股 | 2.5 | | 56 | 星河湾 | 5.5 | 56 | 海成集团 | 2.5 | | 56 | 海信地产 | 5.5 | -5613 | 万达集团 | 2.5 mi | | 59 | 中天美好集团 | 5.4 | 56 | 首开股份 | 2.5 | | ୧୦ | 海岸集团 | 5.2 | 56 | 和达置业 | 2.5 | ...

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Investment Rating - The report maintains a "Buy" rating for the real estate sector, indicating a positive outlook for investment opportunities in this area [4]. Core Insights - The "old-for-new" policy is being reintroduced in Shanghai, which is expected to effectively stabilize housing prices and stimulate market activity [10][26]. - The policy focuses on acquiring second-hand homes to address inventory issues and enhance market liquidity, with specific criteria for eligible properties [10][26]. - The anticipated financial impact includes a potential market transaction increase of approximately 1,080 billion yuan, representing a 9% boost to total market transactions and a 24% increase in new home sales [3][10]. Summary by Sections 1. Background of the "Old-for-New" Policy - The central government has emphasized the need for policies that control inventory and improve supply, with the "old-for-new" initiative aligning closely with these goals [10][11]. 2. Historical Experience of "Old-for-New" - The "old-for-new" model is categorized into acquisition and assistance types, with the acquisition model being more effective in driving sales [16][21]. - The acquisition model has been implemented in over 20 cities, with a total of 14,520 units identified for trial [16][21]. 3. Shanghai's "Old-for-New" Policy - The policy aims to stabilize housing prices by focusing on second-hand homes, with specific requirements for properties built before 2000 and under 400 million yuan [3][10]. - The estimated funding requirement for the acquisition of 27,000 units is approximately 54 billion yuan, leveraging a 1:2 replacement ratio to maximize market impact [3][10]. 4. Feasibility of the Latest "Old-for-New" Policy - Shanghai is positioned as a key city for the implementation of this policy due to its strong government credibility and market stability [3][10]. - The second-hand housing market in Shanghai has shown signs of stabilization, with a reduction in the average transaction cycle to 22.2 months and a 2% month-on-month price rebound [3][10]. 5. Investment Recommendations - The report suggests that the current environment, characterized by improving transaction volumes and prices in the second-hand market, presents significant investment opportunities [3][10].

Core Viewpoint - The recent restructuring actions taken by major state-owned real estate companies in China, including China Overseas Land & Investment, reflect a broader trend of streamlining operations to enhance efficiency and focus on core business areas amid industry challenges [1][2][3][17]. Group 1: Organizational Restructuring - China Overseas Land & Investment has eliminated four regional companies, shifting from a three-tier structure ("headquarters-regional-city") to a two-tier structure ("headquarters-city") [1][4]. - Other companies such as China State Construction Engineering Corporation, Poly Developments, and China Resources Land have also made similar moves to reduce regional layers and consolidate functions, indicating a trend towards "streamlining and focusing" [2][8]. - The elimination of regional companies is seen as a response to the inefficiencies created by additional management layers, which do not align with the current need for cost reduction and efficiency improvement [7][10]. Group 2: Performance Pressures - China Overseas Land & Investment reported a significant decline in sales performance, with a total contracted property sales amount of 251.23 billion yuan in 2025, a year-on-year decrease of 19.1% [9]. - The company also experienced a drop in revenue and net profit, with 2024 revenues at 185.15 billion yuan, down 8.6%, and a net profit of 15.64 billion yuan, down 38.9% [9]. - Similarly, Huafa Group announced its first loss since going public, projecting a net profit loss of between 9 billion to 7 billion yuan for 2025, reflecting a year-on-year decline of over 1000% [11]. Group 3: Strategic Focus and Integration - Companies are not only cutting regional structures but are also integrating business functions to strengthen core competencies. For instance, Poly Developments is restructuring its headquarters into ten functional departments to support its strategic transformation into a "real estate ecological platform" [12][13]. - China State Construction Engineering Corporation's subsidiary, China State Construction Eight Bureau, is reorganizing its operations into three major business segments to concentrate on real estate and enhance competitiveness [15][16]. - The overarching goal of these adjustments is to reduce costs, improve efficiency, and better position companies to navigate the ongoing industry adjustments [17][18].

Group 1 - Jinwei Co., Ltd. plans to acquire 100% equity of Fusheng Mining for 210 million yuan, which will become a wholly-owned subsidiary and included in the consolidated financial statements [2] - Mengguli intends to invest 929 million yuan to build a project with an annual production capacity of 30,000 tons of lithium-ion battery cathode materials, expected to produce 5,000 tons of high-voltage cobalt acid lithium, 10,000 tons of NCA materials, and 15,000 tons of ultra-high nickel ternary materials [2] - Xiamen Tungsten plans to acquire 39% equity of Jiujiang Dadi Mining, which will help increase mineral resource reserves and improve raw material self-sufficiency [3] Group 2 - Andavil's subsidiary received EASA certification for its aviation kitchen plug-in products, marking compliance with European aviation safety standards [2] - CIMC Vehicles disclosed that the US ITC made a preliminary ruling on anti-subsidy and anti-dumping investigations regarding Van-Type Trailers, indicating potential damage to the US domestic industry [4] - Source Technology plans to invest approximately 1.251 billion yuan to build a second phase project for the R&D and production of optoelectronic communication semiconductor chips and devices [9] Group 3 - Zhongmin Energy intends to acquire 51% equity of Mintou Pumped Storage for 864 million yuan, with the transaction price based on asset evaluation [10] - Ningbo Yunsheng plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [11] - Wenkai Co., Ltd. won a bid for a landscape project worth 50.8162 million yuan [12] Group 4 - China Merchants Shekou achieved a signed sales amount of 7.674 billion yuan in January 2026 [16] - AVIC Optoelectronics reported a net profit of 2.124 billion yuan for 2025, a year-on-year decrease of 36.69% [17] - Tiankang Bio reported a sales revenue of 392 million yuan from pig sales in January 2026, with a month-on-month increase of 6.23% [18] Group 5 - Poly Developments reported a signed amount of 15.617 billion yuan in January 2026, a year-on-year decrease of 13.31% [19] - Chengtou Holdings reported a net profit of 290 million yuan for 2025, a year-on-year increase of 19.67% [20] - Qianjin Pharmaceutical reported a net profit of 288 million yuan for 2025, a year-on-year increase of 24.74% [21]

Core Viewpoint - Poly Developments (600048.SH) reported a decrease in both contracted area and contracted amount for January 2026 compared to the previous year [1] Group 1: Contracted Area - The contracted area for January 2026 was 730,000 square meters, representing a year-on-year decrease of 5.45% [1] Group 2: Contracted Amount - The contracted amount for January 2026 was 15.617 billion yuan, which is a year-on-year decrease of 13.31% [1]

Group 1 - The core point of the article is that Poly Development (600048.SH) reported a decrease in both signed area and signed amount for January 2026 compared to the previous year [1] Group 2 - The signed area for January 2026 was 730,000 square meters, representing a year-on-year decrease of 5.45% [1] - The signed amount for January 2026 was 15.617 billion yuan, which is a year-on-year decrease of 13.31% [1]