1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In January 2026, the REITs market started the year strongly, with the CSI REITs Total Return Index rising 4.2%, outperforming the CSI 300. Various asset REITs indices generally increased, with IDC, consumption, industrial parks, utilities, and warehousing leading the gains. The liquidity of the market improved, and most asset valuations significantly increased, while the REITs dividend yield narrowed compared to long - term bonds [4]. - The first batch of 8 commercial real - estate REITs were declared, showing six characteristics: diverse asset types, wide geographical distribution, state - owned dominance with participation from private and foreign enterprises, large issuance scale, different valuation safety margins for different asset types, and differentiated operating performance [4]. - In January, there were no new REITs issuances in the primary market, but two REITs' additional issuance shares were listed. China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day. Five infrastructure REITs projects were terminated, and Hua'an Waigaoqiao REIT announced a planned additional issuance [4]. 3. Summary by Relevant Catalogs 3.1 First Batch of Commercial Real - Estate REITs Accepted, Six Characteristics Reviewed - **Asset Types and Geographical Distribution**: The first batch of 8 commercial real - estate REITs involve various asset types such as office buildings, commercial retail, and hotels, with the first - time appearance of mixed - asset offerings in public REITs. The projects are located in first - tier, new first - tier, provincial capitals, and regional core cities, and Hua'an Jinjiang Commercial REIT's underlying assets are mainly in second - and third - tier cities [10]. - **Fund - raising Scale and Valuation**: The average planned fund - raising amount of the 8 REITs is 3.934 billion yuan, much higher than that of infrastructure REITs in the pipeline. The valuation safety margin of commercial retail is relatively high, while that of office buildings is low [13]. - **Operation Performance**: Commercial retail has a stable high occupancy rate, office buildings show regional differentiation, and the hotel business has large operating fluctuations [13]. - **Individual Project Analysis**: Analyze the characteristics, performance, and risks of 8 REITs projects such as CICC Vipshop Commercial REIT, Huaxia CapitaLand Commercial REIT, etc. [15][19][22] - **Listed Companies' Plans**: As of January 30, 2026, 3 A - share listed companies (Poly Developments, Maoye Commercial, and Everbright Jiabao) announced plans to apply for commercial real - estate REITs, and Poly Developments' project has been accepted by the Shanghai Stock Exchange [50]. 3.2 January Market Flourished, with Differentiated Gains under Performance Growth - **Overall Market Performance**: In January 2026, the equity market was mediocre, the CSI 300 Total Return Index rose 1.8%, and the CSI Dividend Total Return Index rose 3.8%. The CSI REITs Total Return Index rose 4.2%, outperforming the CSI 300 and the CSI Dividend Total Return Index. Long - term bond yields declined [58]. - **REITs Asset Performance**: All types of REITs assets rose in January. IDC, consumption, industrial parks, utilities, and warehousing had the top five gains. The gains of utilities and consumption REITs indices widened significantly compared to December 2025 [64]. - **Individual Bond Performance**: 96% of REITs bonds rose, and only 3 fell. Hua'an Bailian Consumption REIT led the gains and triggered a trading halt [69]. - **Liquidity**: The average daily turnover rate of Shanghai and Shenzhen REITs was 0.55%, up 0.15 pcts month - on - month. The liquidity of IDC and consumption REITs improved significantly, while that of rent - protected housing and energy improved limitedly, and the trading of transportation REITs was still dull [74]. - **Dividend Yield and Valuation**: As of January 30, 2026, the dividend yield of equity - type REITs was 4.46%, and that of concession - type REITs was 8.58%. The spread between equity - type REITs and 10 - year treasury bonds narrowed, while the spread with CSI Dividend stocks widened. The P/NAV of equity - type REITs was at the 87% quantile, and the P/FFO of concession - type REITs was at the 52% quantile [75][85][86]. - **Internal Rate of Return (IRR)**: The IRR of equity - type REITs was 3.8%, and that of concession - type REITs was 5.0%, both lower than the previous period [96]. 3.3 No New Issuance This Month, China Nuclear Clean Energy to Be Listed on February 2nd - **Primary Market and Additional Issuance**: In January 2026, there were no new REITs issuances in the primary market, and the additional issuance shares of Huaxia Fund China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were listed [100]. - **New Listing**: China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day [104]. - **Queuing Projects**: Two projects (China International Capital Corporation Xiamen Torch Industrial Park REIT and AVIC Beijing Changping Rent - protected Housing REIT) are under the first - round inquiry, and 5 projects are terminated [107]. - **Bidding Projects**: Hubei Cultural Tourism Group Co., Ltd. plans to issue public REITs for its cultural and tourism assets, and Huatai - PineBridge Fund won the bid for the public REIT project of Shanghai Real Estate (Group) Co., Ltd. [111] 3.4 JD Warehousing to Be Unlocked on February 8th, Hua'an Waigaoqiao Plans Additional Issuance - **Unlocking and Additional Issuance**: The strategic placement shares of Harvest JD Warehousing REIT will be unlocked on February 8th. Hua'an Waigaoqiao REIT plans to conduct an additional issuance and purchase two real - estate projects in Pudong New Area, Shanghai [116]. - **Market - making Services**: In the first half of January, Industrial Securities provided market - making services for some public REITs. Huaxia Nanjing Transportation Expressway REIT's original equity holder changed the use of the recovered funds [120].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report emphasizes the importance of monitoring the year-on-year performance of new and second-hand housing transactions aligned with the Spring Festival holiday, suggesting that the data may show significant changes in the coming weeks [11] - The real estate sector is viewed as an early economic indicator, making it a crucial area for investment as it reflects broader economic trends [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to benefit more in the future [4] - The report suggests focusing on first-tier and select second- and third-tier cities for investment opportunities, as this combination has historically performed better during market rebounds [4] Summary by Sections New Housing Transactions - In the latest week, new housing transaction area in 30 cities was 136.9 million square meters, a month-on-month increase of 16.3% but a year-on-year decrease of 32.3% [23] - First-tier cities accounted for 40.3 million square meters, with a month-on-month increase of 6.7% and a year-on-year decrease of 20.0% [23] - Second-tier cities saw 64.9 million square meters, with a month-on-month increase of 24.4% and a year-on-year decrease of 29.8% [23] - Third-tier cities recorded 31.7 million square meters, with a month-on-month increase of 14.1% and a year-on-year decrease of 46.6% [23] Second-Hand Housing Transactions - The total area of second-hand housing transactions in 15 sample cities was 211.9 million square meters, a month-on-month decrease of 0.9% but a year-on-year increase of 15.0% [33] - First-tier cities contributed 93.8 million square meters, with a month-on-month decrease of 0.6% [33] - Second-tier cities had 82.6 million square meters, with a month-on-month decrease of 1.8% [33] - Third-tier cities recorded 35.5 million square meters, with a month-on-month increase of 0.2% [33] Credit Bonds - In the week from January 26 to February 1, eight credit bonds from real estate companies were issued, totaling 4.96 billion yuan, a decrease of 4.73 billion yuan from the previous week [3] - The total repayment amount was 8.93 billion yuan, a decrease of 7.49 billion yuan, resulting in a net financing amount of -3.97 billion yuan, which is an increase of 2.76 billion yuan from the previous week [3]

昔日地产板块的配套行业，正在成为房企核心人才的新赛场。 1月27日，保利物业的四条公告打破了物管行业的平静，这距离该公司上一次关键人事变动已过去三年。2023年1月，吴兰玉接任董事长，姚玉成空降出任 总经理。 而此次，因工作调整辞任总经理的姚玉成，其职位由47岁的王英男接棒，后者履历几乎贯穿地产开发全链条。 头部物企的人事变动并非行业孤例，随着地产行业的深度调整，拥有稳定现金流的物业板块反而成了"香饽饽"，越来越多地产高管也开始转投物企。据 《每日经济新闻》记者（以下简称每经记者）统计，仅2026年以来，保利物业、建业新生活、弘阳服务已陆续迎来了地产背景高管。 地产大佬去物业 2026年开年，多位地产老将集体奔赴物管赛道。 1月27日，保利物业连发四条公告，官宣管理层换血，深耕地产领域15年的王英男接棒姚玉成出任总经理。 事实上，约半个月前，保利发展将运营管理中心与产品管理中心合并为不动产运营中心，集团架构调整的信号刚释放，王英男调任的消息便已传开。 中国企业资本联盟副理事长柏文喜向每经记者指出，保利发展这一架构调整，标志着集团层面已打破开发与运营的职能壁垒，物业板块引入地产高管，是 组织架构变革的自然延伸。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1052 points this week, up 0.47% week - on - week, but the market trading activity declined marginally. The total market capitalization of 78 listed REITs reached 228.7 billion yuan, with a circulating market capitalization of 124.7 billion yuan. The Huaxia Zhonghe Clean Energy REIT will be listed on February 2, 2026 [1][11]. - The first batch of 8 commercial real - estate REITs were accepted by the Shanghai Stock Exchange. With excellent occupancy rates and good locations, they are worthy of attention for their application progress and new - share subscription opportunities [2][20][21]. - In the secondary market, new - type facilities declined by 1.19%, while energy facilities led the gain by 1.54%. It is advisable to focus on hydropower assets with high stability or projects with high guarantee of distributable amounts [5][6][26]. 3. Summary by Relevant Catalogs 3.1 Primary Market: The First Batch of 8 Commercial Real - Estate REITs Accepted - In late 2025, the CSRC officially launched commercial real - estate REITs, focusing on commercial complexes, commercial retail, office, hotels and other commercial assets with clear ownership, mature operation models, and stable cash flows [2][17]. - From January 29 - 30, 2026, the first batch of 8 commercial real - estate REITs were accepted by the SSE. The total proposed fundraising scale is about 31.475 billion yuan, with the largest being CICC Vipshop Commercial Real - Estate REIT (7.47 billion yuan) and the smallest being Huaan Jinjiang Commercial Real - Estate REIT (1.703 billion yuan). The original equity holders include private enterprises, foreign - funded enterprises, Shanghai state - owned enterprises, and central enterprises [2][20]. - The occupancy rates of the first batch of 8 commercial real - estate REITs are excellent, and some are fully occupied. The average occupancy rate of 21 "Jinjiang Metropolo" hotels is about 61.58%. They are mainly located in core cities [3][21]. 3.2 Secondary Market: New - Type Facilities Corrected, Energy Facilities Led the Gain - Except for a 1.19% decline in new - type facilities, other asset types rose slightly, with energy facilities leading the gain at 1.54%, followed by municipal environmental protection (+0.52%) and transportation facilities (+0.41%) [5][26]. - The data center (IDC) sector had a significant pull - back this week. Runze Technology and万国 Data Center declined by 0.40% and 2.67% respectively. The two IDC REITs' dynamic distribution rates are close to the reference value, and opportunities from subsequent asset fluctuations can be monitored [5][29]. - Energy facilities had the largest increase this week. ICBC Inner Mongolia Energy Clean Energy REIT performed well, but it is recommended to give priority to hydropower assets with high stability or projects with high guarantee of distributable amounts due to the large performance fluctuations of energy - related projects in Q4 2025 [6][32][34]. - The industrial park sector rose 0.34% this week. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The consumption infrastructure sector rose 0.22% this week. With the late Spring Festival this year, the consumption boom continues to support the Q1 performance of each project. Some projects with relatively high distribution rates are worth attention [39][40]. - The trading activity of REITs weakened marginally this week. In terms of sectors, except for municipal environmental protection, the turnover rates of each asset sector declined. Attention can be paid to the trading situation of the consumption sector [42][45][46].

上海易居房地产研究院副院长严跃进对《证券日报》记者表示，随着"好房子"理念不断深入人心，购房 需求正更聚焦于居住品质与长期价值，这将促使房企在产品设计、施工质量和交付保障等方面持续加大 投入，产品力将成为影响企业销售表现的关键要素。 在此背景下，滨江集团、建发房产、越秀地产等区域深耕型房企，凭借对本地市场的深入了解和资源整 合能力，在一线及强二线城市保持了相对稳定的去化节奏，成为当前市场的重要支撑力量。 土地市场方面，2026年1月份，TOP100房企（以拿地金额排序）拿地总额为579.9亿元，同比下降。分 析人士认为，房企拿地策略更为理性，更注重项目安全边际和投资质量。 本报记者 陈潇 2026年房企销售迎来平稳开局。1月31日，中指研究院发布数据显示，2026年1月份，百强房企（以全口 径销售额排名）实现销售总额1905.2亿元，同比下降18.9%。在去年同期基数较高的背景下，1月份销售 表现整体符合市场预期，延续了去年四季度以来态势。 从企业表现来看，头部房企表现较为平稳。1月份，保利发展、中海地产、华润置地位居销售额前三 位，分别实现销售额156亿元、144.7亿元和116.5亿元。在市场调整期，具备 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 02 月 01 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 国务院支持旅居项目建设，关注地产板块配置价值 投资评级： 看好（维持） ——房地产行业周报（26/1/24-26/1/30） | | | 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.4%、深证成指下跌 1.6%、创业板指下跌 0.1%、沪深 300 上 升 0.1%、房地产（申万）下跌 2.2%。个股方面，涨跌幅前五的分别为：大悦城(+17.1%)、 京能置业(+12.5%)、新城控股(+11.4%)、京投发展(+7.7%)、招商蛇口(+7.1%)，涨跌幅后五 的分别为：华联控股(-14.9%)、西藏城投(-13.6%)、城建发展(-12.9%)、华夏幸福(-11.9%)、 万通发展(-11.5%)。 联系人 板块表现： ...

导 读 1、土地成交规模处于季节性低位 2、百强门槛均较同期下滑 3、投资TOP100拿地金额同比降幅近五成 4、供地"窗口期"开启后土拍热度有望回升 | | 金地集团 | | | --- | --- | --- | | 12 | 保利发展 | 22.7 | | 14 | 龙湖集团 | 20. 4 | | 15 | 青铁置业 | 20. 3 20 | | 16 | 和润达开发建设 | 18.9 | | 17 | 四川城更 | 18.5 | | 18 22 11 | 浙江博策 | 17.520 | | 19 | 如东新天顺 | 16.9 | | 19 | 扬州城建 | 16.9 | | 219 | 滨海城更 | 16 3 | | 22 | 汇龙地产 | 15.4 | | 23 | 宜兴经开投资 | 15.3 | | -74 | 湖南大雷投资 | 15 7 | | 25 | 阜宁城建 | 14.7 | | 26 | 元垄地产 | 14.6 | | -27 | 锦诚汇龙房地产 | 14.1 | | 28 | 金洲房地产 | 13.2 | | 29 | 如东荣能实业 | 12.8 | | CF30 | 信阳国信发展 ...

房地产 2026 年 02 月 01 日 相关研究 《房地产行业 2026 年投资策略：潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 首批商业不动产 REITs 上报，三条红线政策逐步退场 看好 —— 地产及物管行业周报（2026/1/24-2026/1/30） 本期投资提示： 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 行 业 及 产 业 行 业 研 究 / 行 业 点 ⚫ 地产行业数据：新房成交环比回升、二手房环比下降，新房成交推盘比回落。上周 (1.24-1.30)34 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook for the sector despite current performance pressures [3][4]. Core Insights - Mainstream real estate companies are forecasting a decline or losses in 2025, but the report suggests that the most challenging period may be coming to an end. The report highlights significant declines in new construction and second-hand housing prices, indicating that the industry is nearing a bottom [3][4]. - The central government has emphasized stabilizing the real estate market, with recent policy statements reflecting a more proactive approach to addressing risks and supporting the sector [3][4]. - While overall performance for mainstream real estate companies is expected to remain under pressure in 2025, the report anticipates a recovery in profitability for quality firms, driven by improved sales and operational performance [3][4]. Summary by Sections Performance Forecasts - Major companies are expected to report significant losses in 2025, with Vanke A forecasting a loss of 82 billion RMB and China Overseas Development projecting a decline of 20% to 0% in net profit [4][6]. - The report categorizes companies based on expected profit growth rates, with some firms like Binjiang Group and New Town Holdings expected to see slight growth, while others like China Jinmao and Vanke A are projected to incur substantial losses [6][7]. Asset and Credit Impairment - The report details the cumulative asset and credit impairment losses for major firms, indicating that some companies have experienced significant write-downs, with New Town Holdings at 27% and Goldfield Group at 25% of their inventory [5][6]. Valuation Metrics - The report provides valuation metrics for major real estate companies, showing that many are trading at historical lows in terms of price-to-book ratios, suggesting potential investment opportunities [7][8]. - The average price-to-earnings ratio for the sector is noted, with some companies like Poly Development and Binjiang Group showing varying earnings per share forecasts for 2025 and 2026 [7][8].

Core Insights - In January 2026, the total sales of the top 100 real estate companies amounted to 190.52 billion yuan, a year-on-year decrease of 18.9% [3] - The equity sales for the same group reached 132.14 billion yuan [3] - The top ten companies by sales include Poly Development, China Overseas, China Resources, Greentown China, China Travel Investment, China Merchants Shekou, China Jinmao, Jianfa Real Estate, Vanke, and Binjiang Group, with only Poly, China Overseas, and China Resources exceeding 10 billion yuan in sales for the month [3] Sales Performance - The average sales for the top 10 companies was 9.33 billion yuan, down 11.6% year-on-year, while the average for companies ranked 11-30 was 2.6 billion yuan, also showing a decline [4] - The ranking of companies has shifted significantly compared to the previous year, with Vanke dropping from 5th to 9th place, while China Travel Investment emerged as a "dark horse" in 5th place [3][4] Market Trends - The decline in sales is attributed to the high base from January of the previous year when the market was more active following the September 2024 policy changes [6] - The industry is undergoing an adjustment phase, with a decrease in the number of companies achieving over 10 billion yuan in sales, while those achieving over 5 billion yuan have increased, indicating a shift from "scale competition" to "quality competition" [6] - In January 2026, 32 companies among the top 100 saw year-on-year sales growth, with 10 companies experiencing growth exceeding 100% [6] Real Estate Market Dynamics - The new housing market showed weak performance in January, with approximately 8.1 million square meters of new residential sales in 50 key cities, while the second-hand housing market saw a notable increase, with transaction volumes rising by 33% year-on-year [7][8] - The second-hand market's recovery is contributing to stabilizing market expectations, with some cities experiencing a reduction in listing volumes [8] Policy and Future Outlook - The central government has been signaling a focus on stabilizing market expectations, with recent policy measures including interest rate cuts and adjustments to down payment ratios for commercial properties [9] - The upcoming Spring Festival may lead to increased marketing efforts from real estate companies, and the introduction of quality projects could maintain a certain level of market activity in core cities [9] - As of the end of 2025, 21 distressed real estate companies have made progress in debt restructuring, but the challenge remains in converting financial relief into sustainable operational capacity [9]