Core Viewpoint - The A-share market experienced a significant style switch in the first week of February, with the technology sector undergoing a deep adjustment while defensive sectors like liquor and real estate showed resilience [1][4]. Group 1: Technology Sector Performance - The technology sector faced a comprehensive pullback, with the electronic industry market capitalization dropping by approximately 890 billion yuan, and leading stocks like Zhongji Xuchuang and Xinyi Sheng seeing weekly declines exceeding 13% [1][2]. - The electronic industry recorded a trading volume of 313.9 billion yuan, marking a new high for the year, while the industry index fell by 5.22% and the communication sector by 6.94% [2][3]. - The ChiNext 50 index, representing the technology sector, experienced its largest weekly decline since November 2025, with a drop of 5.76% [2]. Group 2: Market Dynamics and Investor Behavior - The market's risk appetite for technology stocks has notably decreased, with many stocks retreating 20% to 30% from their recent highs, indicating a significant sell-off [3][4]. - The upcoming Spring Festival led to increased risk aversion among investors, prompting them to shift from high-volatility sectors to those with stronger earnings certainty [1][4]. - High valuations in the technology sector, with the electronic industry's price-to-earnings ratio at 69.76, have created substantial internal adjustment pressure [4][5]. Group 3: Factors Influencing the Adjustment - Multiple factors contributed to the technology sector's deep pullback, including seasonal trading patterns, high valuations prompting profit-taking, and increased market volatility due to external macroeconomic conditions [4][5]. - The anticipation of rising interest rates in the U.S. has negatively impacted technology stock valuations, as indicated by market reactions to Federal Reserve signals [5][6]. - The shift of funds from technology stocks to defensive sectors like liquor and real estate suggests a phase of market style transition, with investors seeking stability amid uncertainty [6].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Insights - The report highlights that the recent launch of second-hand housing acquisition in Shanghai is beneficial for stabilizing housing price expectations [6] - In major cities, there has been a decline in both new and second-hand housing transactions, with significant year-on-year decreases noted [7] - The report suggests that the second-hand housing market in key cities like Beijing and Shanghai shows signs of price stabilization, indicating potential investment opportunities [8] Summary by Sections Recent Industry Performance - Over the past month, the relative return of the real estate sector compared to the CSI 300 index is -2%, while the absolute return is 2% [3][4] - The report notes a 14% absolute return over the past 12 months [4] Transaction Trends - In Beijing, the average daily transaction of second-hand homes was 501 units, while new homes averaged 75 units, reflecting a year-on-year decline of 4% and 23% respectively [5] - In Shanghai, the average daily transaction for second-hand homes was 599 units, and new homes were 299 units, with a year-on-year decline of 6% and 4% respectively [5] - Shenzhen reported a significant drop in new home transactions, with a year-on-year decline of 69% [5] Policy Developments - The report discusses a new policy from the Construction Bank to support the acquisition of second-hand homes for rental housing projects in Shanghai, targeting older properties with specific price and size criteria [6] - This policy aims to stabilize price expectations in the second-hand market, particularly for lower-priced properties, which constitute a significant portion of transactions [6] Investment Recommendations - The report recommends focusing on leading real estate companies with land reserves in core cities and those that are positioned to benefit from the increasing share of second-hand transactions [9] - Companies like Poly Developments and real estate agencies such as I Love My Home are highlighted as potential beneficiaries of market recovery [9]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

Group 1 - Iwojia (000560) is a leading real estate agency in China, established in 2000, focusing on property leasing, second-hand housing transactions, new house agency, and home services, benefiting from the rental and sales rights policy [1][33] - The company has over 3,000 offline stores and has served more than 10 million families, with its "Xiangyu" brand managing over 400,000 rental units [1][33] - Future prospects include market share expansion due to the deepening of rental and sales rights policies and enhanced service experience through digital tools [1][33] Group 2 - Huafa Group (600325) is a well-established real estate company under the Zhuhai State-owned Assets Supervision and Administration Commission, focusing on real estate development and property services, primarily in the Guangdong-Hong Kong-Macao Greater Bay Area [2][34] - The company actively participates in the rental and sales rights sector with its "Huafa Youjia" rental brand and is involved in urban renewal and industrial support projects [2][34] - Future outlook includes value reassessment of land reserves and profit growth from the expansion of rental business [2][34] Group 3 - Caixin Development (000838) is a listed platform under Chongqing Caixin Group, focusing on real estate development and urban renewal, primarily in the Chengdu-Chongqing economic circle [3][35] - The company integrates into the regional housing rental system through self-owned apartment projects and affordable housing cooperation [3][35] - Future prospects include long-term value release from land reserves and urban renewal projects, with rental business expansion opening new growth opportunities [3][35] Group 4 - China Merchants Shekou (001979) is a flagship real estate platform under China Merchants Group, focusing on real estate development and commercial operations, primarily in key urban clusters [4][36] - The company has over 20,000 rental units under its "Yijian" brand and is deeply involved in the construction of affordable rental housing [4][36] - Future outlook includes profit growth from the expansion of rental business and asset revitalization through REITs pilot projects [4][36] Group 5 - Chengdu Investment Holdings (600649) is a city construction and operation platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on real estate development and water operations [5][37] - The company actively responds to policy directions through affordable housing projects and long-term rental operations [5][37] - Future prospects include expansion of rental business scale and long-term value release from urban renewal projects [5][37] Group 6 - Binjiang Group (002244) is a leading real estate company in Hangzhou, focusing on high-quality residential development and commercial operations [6][39] - The company actively participates in the housing rental market through self-owned commercial properties and long-term rental projects [6][39] - Future outlook includes value reassessment of land reserves and profit growth from rental business expansion [6][39] Group 7 - Sealand (002285) is a leading comprehensive real estate service provider in China, focusing on property agency, rental services, and asset operation [7][40] - The company has served over one million families and manages over 100,000 rental units under its "Hongpu Apartment" brand [7][40] - Future prospects include market share expansion and service experience enhancement through digital tools [7][40] Group 8 - Poly Developments (600048) is a flagship real estate platform under Poly Group, focusing on real estate development and property services [8][41] - The company has over 50,000 rental units under its "Poly Apartment" brand and is involved in affordable rental housing construction [8][41] - Future outlook includes profit growth from rental business expansion and financing advantages under state-owned enterprise background [8][41] Group 9 - Huangting International (000056) is a commercial real estate operator based in Shenzhen, focusing on commercial property operations and financial services [9][42] - The company actively participates in the housing rental market through self-owned commercial property transformation and long-term rental operations [9][42] - Future prospects include further opening of rental space through commercial property transformation and value release from urban renewal projects [9][42] Group 10 - Jinhe Commercial Management (603682) is a leading cultural and creative park operator, focusing on urban renewal and cultural park operations [10][43] - The company integrates into the regional housing rental system through park-affiliated apartment operations and affordable housing cooperation [10][43] - Future outlook includes growth in park-affiliated rental business and consolidation of industry position through ongoing urban renewal projects [10][43] Group 11 - Vanke A (000002) is a leading real estate company in China, focusing on real estate development and rental operations [11][44] - The company has over 200,000 rental units under its "Boyu" brand, making it one of the largest long-term rental apartment operators in China [11][44] - Future prospects include profit growth from rental business expansion and asset revitalization through REITs pilot projects [11][44] Group 12 - Tianjian Group (000090) is a city construction and operation platform under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on real estate development and urban construction [12][45] - The company actively responds to policy directions through affordable housing projects and long-term rental operations [12][45] - Future outlook includes expansion of rental business scale and long-term value release from urban renewal projects [12][45] Group 13 - ST Sunshine (000608) is an established glass manufacturing company transitioning into the new energy and real estate sectors [13][46] - The company attempts to enter the housing rental market through self-owned property transformation and affordable housing cooperation [13][46] - Future prospects include growth in rental business and recovery of overall performance through the expansion of photovoltaic glass business [13][46] Group 14 - 365 Network (300295) is a leading real estate internet service platform, focusing on property information and transaction services [14][47] - The company integrates rental housing information through its online platform, benefiting from the rental and sales rights policy [14][47] - Future outlook includes growth in online rental platform traffic and improved profitability through financial technology business expansion [14][47] Group 15 - Debi Group (300947) is a leading cultural and creative park operator, focusing on urban renewal and cultural park operations [15][48] - The company integrates into the regional housing rental system through park-affiliated apartment operations and affordable housing cooperation [15][48] - Future prospects include growth in park-affiliated rental business and consolidation of industry position through ongoing urban renewal projects [15][48] Group 16 - Changjiang Investment (600119) is a logistics and real estate platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on logistics operations and real estate development [16][49] - The company attempts to enter the housing rental market through self-owned property transformation and affordable housing cooperation [16][49] - Future outlook includes growth in rental business and performance improvement through logistics real estate appreciation [16][49] Group 17 - New Huangpu (600638) is a real estate platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on real estate development and financial services [17][50] - The company actively participates in the housing rental market through affordable housing projects and long-term rental operations [17][50] - Future prospects include expansion of rental business scale and long-term value release from urban renewal projects [17][50] Group 18 - Yueshin Health (002162) is a health real estate and elderly care service provider, focusing on health real estate development and elderly care services [18][51] - The company integrates into the regional housing rental system through health community-affiliated apartment operations and affordable housing cooperation [18][51] - Future outlook includes growth in health rental business and improved profitability through the expansion of elderly care services [18][51]

数据显示，易方达基金旗下1只基金位居保利发展十大流通股东。易方达沪深300ETF（510310）三季度 减持283.44万股，持有股数8839万股，占流通股的比例为0.74%。根据测算，今日浮盈赚取约3005.26万 元。 2月4日，保利发展涨5%，截至发稿，报7.14元/股，成交15.26亿元，换手率1.83%，总市值854.69亿元。 易方达沪深300ETF（510310）成立日期2013年3月6日，最新规模3002.2亿。今年以来收益0.76%，同类 排名4392/5562；近一年收益25.3%，同类排名2801/4285；成立以来收益140.14%。 资料显示，保利发展控股集团股份有限公司位于广东省广州市海珠区阅江中路832号保利发展广场53-59 层，成立日期1992年9月14日，上市日期2006年7月31日，公司主营业务涉及房地产开发和经营。主营业 务收入构成为：房地产销售收入89.98%，其他9.77%，其他(补充)0.25%。 从保利发展十大流通股东角度 责任编辑：小浪快报 易方达沪深300ETF（510310）基金经理为余海燕、庞亚平。 截至发稿，余海燕累计任职时间15年61天，现任基金资产 ...

2026 年 02 月 04 日 《目前板块业绩仍然承压，但最困难时期 或将逐渐过去 -- 房地产行业 2025 年业 绩预告分析及前瞻》 2026/02/01 《首批商业不动产 REITs 上报，优质商业 地产迎来价值重估――首批商业不动产 REITs 上报点评》 2026/01/31 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 A0230521110002 chenpeng@swsresearch.com 房地产融资政策进入友好期, REITs 和定增将 开辟股权融资渠道 -房地产行业融资事件点评 申万宏源研究微信服务 2）１月２7 日，保利发展公告拟以广州保利中心项目和佛山保利水城项目为底层资产，开 O 展商业不动产 REITs 申报发行工作；1 月 29 日至 30 日，上海证券交易所连续受理 8 单商 业不动产 REITs 申报; 2 月 3 日,深交所首单商业不动产 REITs 正式申报。 3）2 月 3 日，华发股份发布 2026 年度向特定对象 ...

行 业 及 产 业 2026 年 02 月 04 日 房地产融资政策进入友好期，REITs 和定增将 行 业 研 究 / 行 业 点 评 看好 ——房地产行业融资事件点评 《目前板块业绩仍然承压，但最困难时期 或将逐渐过去——房地产行业 2025 年业 绩预告分析及前瞻》 2026/02/01 《首批商业不动产 REITs 上报，优质商业 地产迎来价值重估——首批商业不动产 REITs 上报点评》 2026/01/31 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 相关研究 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 房地产 陈鹏 A0230521110002 chenpeng@swsresearch.com 事件： 点评： 开辟股权融资渠道 ⚫ 1）26 年 1 月 28 日，中房报报道，多家房地产企业已不再被监管部门要求每月上报"三 道红线"相关数据。 ⚫ 2）1 月 27 日，保利发展公告拟 ...

证券日报网讯2月3日，保利发展（600048）在互动平台回答投资者提问时表示，2025年在行业持续调整 下，公司积极调整面对外部变化，全年销售规模保持在行业头部位置。公司将持续坚定推进销售去化、 保障财务稳健，并审慎积极评估新增投资，确保公司长期健康发展。未来公司管理层将持续尽职履责， 全力带领公司应对外部波动和挑战。 ...

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - In 2026, real estate policies remain "stable". Policies for the resident sector focus on "burden - reduction", while those for real - estate enterprises prioritize risk prevention. The phasing - out of the "Three Red Lines" policy and other measures may have contributed to a certain repair of the trading sentiment of real - estate entities [5][10][12]. - Although real - estate bonds have increased in trading volume and average trading duration, the high - valuation ratio remains above 60%. It is recommended to trade real - estate entities cautiously and choose short - duration state - owned enterprises within 1Y [20]. - The credit bond market is active this week. Considering the possible stable and loose funds and the allocation demand of amortized debt funds, the spreads of each term are likely to remain low and may narrow further. Investment strategies include basic allocation of short - term credit products and enhancing returns by considering 5 - 10Y secondary perpetual bonds or 5Y urban investment and industrial bonds [27]. - Different regions' urban investment platforms have different investment logics. For example, "economic powerhouses" can appropriately extend the duration to 5 years, regions with debt - resolution policies can consider a duration of less than 3 years, and prefecture - level cities with strong industrial bases can choose a 3 - 5Y duration [41][42][43]. Summary by Relevant Catalogs 1. This Week's Real - Estate Hot Events 1.1 The Gradual Exit of the "Three Red Lines" Policy - On January 28, 2026, regulatory authorities no longer required real - estate enterprises to report "Three Red Lines" indicators monthly. The "Three Red Lines" policy was introduced in August 2020, which set standards for real - estate financing and implemented differentiated debt - scale management based on enterprises' "line - crossing" situations [5][8]. 1.2 A Review of Real - Estate - Related Policies Since 2026 - For the resident sector, policies since January 1, 2026, include VAT adjustments for housing sales, tax - refund policies for home - replacement, and interest - rate cuts for existing housing loans. For real - estate enterprises, policies focus on risk prevention, such as loan extensions for projects on the "white list" and the implementation of project - company systems and host - bank systems [10][12]. 2. How Far Has the Sentiment of Real - Estate Bonds Recovered? 2.1 Recent Trading Conditions in the Real - Estate Bond Market - In January 2026, the trading volume of industrial urban investment real - estate bonds gradually increased, while that of urban investment real - estate bonds fluctuated. The high - valuation trading ratio of both industrial and urban investment real - estate entities remained between 60 - 70%. The daily peak trading volume of industrial real - estate bonds was 9.332 billion yuan on January 26, and that of urban investment real - estate bonds was 5.344 billion yuan on January 13. The trading activity of industrial real - estate entities increased significantly within the month [14]. 2.2 How Far Has the Trading Sentiment of Popular Industrial Real - Estate Entities Recovered? - Except for Vanke, the average YTM of popular industrial real - estate entities increased in January 2026. Some entities showed a phenomenon of trading pulling up the duration, which may explain the increase in average trading YTM. However, entities like Cinda Investment and Huafa Co., Ltd. had significant increases in trading yields without a significant increase in average duration at the end of the month, and their trading deviated significantly from the valuation, indicating that there may still be a large number of sell - offs [19][20]. 3. Investment Strategies - The credit bond market is active this week, with the trading volume increasing to about 1.74 trillion yuan. The average trading duration of urban investment bonds and industrial bonds in the secondary market has increased. In the primary market, the issuance of urban investment financial bonds has decreased. Considering the possible stable and loose funds and the allocation demand of amortized debt funds, the spreads of each term are likely to remain low and may narrow further [27]. - Allocation plans include basic allocation of short - term credit products with relatively controllable credit risks and enhancing returns by considering 5 - 10Y secondary perpetual bonds or 5Y urban investment and industrial bonds. Some 5 - 10Y secondary perpetual bonds still show certain relative value, and attention can also be paid to 5Y securities company subordinated bonds and 10Y secondary capital bonds [27][31]. - For urban investment platforms in different regions, different investment logics are proposed. For "economic powerhouses" such as Guangdong, Jiangsu, etc., the duration can be appropriately extended to 5 years; for regions with significant debt - resolution policies, a duration of less than 3 years can be considered; for prefecture - level cities with strong industrial bases, a 3 - 5Y duration is recommended [41][42][43]. 4. Primary Market Tracking - Relevant figures are provided, including this week's credit bond issuance, financial bond issuance, credit bond exchange review and registration, and credit bond association registration completion, but specific data analysis is not elaborated in the summary part [56][59][63][66]. 5. Secondary Market Observation 5.1 The "Volume" of Secondary Market Transactions - Figures show this week's credit bond trading scale and quantity, urban investment bond trading scale by province, industrial bond trading scale by industry, and the weighted trading duration of urban investment and industrial bonds by province [68][72][79][80]. 5.2 The "Price" of Secondary Market Transactions - Figures show this week's urban investment bond yields by term and implied rating, industrial bond yields by enterprise type (state - owned and private enterprises), and financial bond yields by province and variety [81][82][83][84][85].