请务必阅读正文之后的免责条款部分 沪"新七条"发布，小阳春可期 [Table_Industry] 房地产 ——上海楼市新政点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 曾佳敏(分析师) | 021-23185689 | zengjiamin@gtht.com | S0880525040125 | 本报告导读： 2 月 25 日，上海发布 "新七条"，涉及限购调减、公积金优化、房产税完善等七项 内容。预计本次组合拳将有效释放积压合理需求，带动新房、二手房市场同步回暖。 投资要点： [Table_Report] 相关报告 房地产《第 8 周成交回落、春节黄金周回升，整 体回稳不变》2026.02.23 房地产《第 7 周成交回落，行业定位积极有利于 市场复苏》2026 ...

Policy Situation - The stock price of Chengjian Development (600266.SH) reached a daily limit increase of 10.09%, closing at 6.0 yuan on February 3, 2026, driven by the advancement of Shanghai's affordable rental housing pilot policy [1] - The initiation of second-hand housing acquisition plans in Pudong, Xuhui, and Jing'an districts injects positive sentiment into the real estate sector, with potential for nationwide policy expansion impacting the industry [1] Financial Situation - On the same day, the main funds showed a net inflow of 126 million yuan, but institutional seats exhibited net selling, indicating a divergence between retail and institutional investors [2] - This capital competition may increase stock price volatility, necessitating attention to future capital flow changes [2] Performance and Operations - For the first three quarters of 2025, the company reported revenue of 19.311 billion yuan, a year-on-year increase of 64.2%, and a net profit of 765 million yuan, up 40.24% year-on-year [3] - However, the full-year performance forecast indicates a potential loss of between 284 million to 423 million yuan, compared to a loss of 951 million yuan in the same period last year, primarily due to inventory impairment [3] Strategic Progress - The company focuses on its core real estate development business and is optimizing its assets, such as the planned transfer of a 9.24% stake in Beike Construction Group for a listing price of 103 million yuan in January 2026 [4] - Such actions may affect the company's resource allocation and financial status [4] Technical Situation - The stock price has recently found support above the 60-day moving average (5.3 yuan), but there is strong resistance in the 7.5 yuan range [5] - The ability to maintain key price levels may indicate the short-term trend direction [5]

Core Viewpoint - The company has received a cash dividend from Guosen Securities Co., Ltd., amounting to 24.97 million shares, which represents 2.44% of Guosen's total share capital of 10.242 billion shares [1] Group 1 - The company holds 24,970.83 thousand shares of Guosen Securities, which is 2.44% of its total share capital [1] - The cash dividend received for the first three quarters of 2025 amounts to 24.97 million yuan, which will be recorded as investment income for the company in the 2025 fiscal year [1]

填补区域市场新房供应空白 2月11日，首融（海南）商业发展有限公司和北京密云城市建设投资集团有限公司联合体以底价3.8亿元 摘得北京市密云区水源路南侧MY00-0104-6022、6025地块（以下简称"水源路地块"）。北京商报记者 梳理发现，密云区上一次有土地供应记录可追溯至2023年10月。此次供地意味着该区域土地市场时隔近 两年半再度迎来新动作。 值得一提的是，首融（海南）商业发展有限公司系首次参与北京土地市场公开竞拍。股权穿透显示，该 公司实际控股股东为北京城建集团。作为北京市属国企，北京城建近两年来在京拿地力度持续加大，拿 地金额由2023年的46.5亿元增至2024年的86.55亿元，2025年进一步提升至87.03亿元。 出让文件显示，水源路地块土地面积约2.45万平方米，规划建筑面积约4.9万平方米，起始价3.8亿元。 北京商报记者梳理发现，密云区可谓是鲜有供地，上一次该区域供地还要追溯至2023年10月。彼时，北 京住总以底价4.9亿元摘得密云区水源路南侧C-2地块土地一级开发项目MY00-0105-6038、6040地块， 后续打造成住总国祥誉项目。 时隔不足3个月再落子 北京商报记者注意 ...

新京报贝壳财经讯 （记者袁秀丽）2月11日，北京市密云区水源路南侧MY00-0104-6022、6025地块二类 居住用地成交，这是今年密云区首宗土地拍卖地块，由首融（海南）商业发展有限公司和北京密云城市 建设投资集团有限公司联合体以3.8亿元底价竞得，成交楼面价7756元/平方米。 图/北京市规自委网站 该地块位于密云区鼓楼街道，土地开发程度为七通一平，用地规模约2.45公顷，地上建筑面积约4.9万平 方米，容积率2.0楼面价约7756元/平方米，该项目居住用途为全部建设商品住房，未配建保障性住房。 公开资料显示，此次拿地的首融（海南）商业发展有限公司隶属北京城建集团，由北京城建六建设集团 有限公司旗下子公司首融（海南）投资有限公司全资控股。 值得关注的是，早在2023年10月，住总以4.9亿拿下水源路南侧国祥誉项目地块，成交楼面价为8800元/ 平方米。与之相比，此次成交的地块低了超1000元/平方米。 从区位来看，该地块地处密云核心区，也是密云近些年新房项目最集中的区域；周边生活氛围浓厚，教 育、商业、医疗配套完善，包括北京翠微小学密云分校、北方交通大学附属中学（密云分校）、密云区 妇幼保健院、密云万象 ...

2月11日，首融（海南）商业发展有限公司和北京密云城市建设投资集团有限公司联合体以底价3.8亿元 摘得北京市密云区水源路地块。北京商报记者梳理发现，密云区上一次有土地供应记录可追溯至2023年 10月。此次供地意味着该区域土地市场，时隔近两年半再度迎来的新动作。 值得一提的是，首融（海南）商业发展有限公司系首次参与北京土地市场公开竞拍。经股权穿透查询显 示，该公司实际控股股东为北京城建集团。作为北京市属国企，北京城建近两年来在京拿地力度持续加 大，拿地金额由2023年的46.5亿元增至86.55亿元，2025年进一步提升至87.03亿元。 填补区域市场新房供应空白 出让文件显示，北京市密云区水源路南侧MY00-0104-6022、6025地块（以下简称"水源路地块"）土地 面积约2.45万平方米，规划建筑面积约4.9万平方米，起始价3.8亿元。 北京商报记者梳理发现，密云区可谓是鲜有供地，上一次该区域供地还要追溯至2023年10月。彼时，北 京住总以底价4.9亿元摘得密云区水源路南侧C-2地块土地一级开发项目MY00-0105-6038、6040地块， 后续打造成住总国祥誉项目。 值得一提的是，密云区作为许久 ...

拿地方向聚焦成熟板块，且多采用联合体模式拿地，既能有效控制单个项目风险，也能保障一线城市项 目的去化稳定性。 春节前最后一次土拍，北京出让了一宗罕见低价地块。 2月11日，北京市密云区水源路南侧MY00-0104-6022、6025地块出让，北京城建+密云城投联合体3.8亿 元底价拍下，楼面价约7756.25元/㎡。 业内人士表示，这是密云时隔两年多再度供应宅地，成交楼面价更是创下北京近6年宅地成交新低。在 北京远郊板块，多个品质出众的住宅项目均取得了不错的市场表现，若项目产品扎实、定价合理，有望 有效撬动本地地缘客群置业。 被拆分的两宗河景地块 密云水源路南侧MY00-0104-6022、6025地块同时出让，两地块虽相邻，但却被一条路分成了两块。 从地图来看，地块位于六环外的密云区鼓楼街道，地处密云核心区域，东至规划南河路、南至现状水景 街、西至规划基础教育用地、北至水源路。 纵观2020年后密云成交的7宗地块，对应项目实现清盘的寥寥无几。 2023年10月，北京住总以4.9亿元底价摘得密云区水源路南侧MY00-0105-6038、6040地块，即后续开发 的住总国祥誉项目，成交住宅楼面价为8800元/平 ...

关于收到国信证券股份有限公司现金分红的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 北京城建投资发展股份有限公司（以下简称"公司"）现持有国 信证券股份有限公司24,970.83万股，占其总股本（102.42亿股）的 2.44%。根据国信证券股份有限公司2025年前三季度利润分配方案， 公司收到2025年前三季度分红款2,497.08万元，该笔款项将计入公司 2025年度投资收益。 特此公告。 北京城建投资发展股份有限公司董事会 证券代码：600266 证券简称：城建发展 公告编号：2026－07 北京城建投资发展股份有限公司 2026 年 2 月 12 日 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

Group 1 - Hailanxin (300065) benefits from the collaborative development of the capital urban area port cluster and the intelligent upgrade of shipping, leading to strong growth momentum for the company [1][34] - The company specializes in marine electronic information systems and marine engineering equipment, with a leading position in domestic navigation technology [1][34] - The demand for technology support is expected to increase due to the acceleration of intelligent transformation at key ports like Tianjin and Tangshan [1][34] Group 2 - Jingtou Development (600683) focuses on the development of rail transit properties, leveraging the construction of a cross-regional rail transit network to unlock land value along the routes [2][36] - The company has developed a mature "rail + property" model and holds multiple patents in core technologies related to rail property [2][36] - The ongoing construction in key areas like Beijing's sub-center and Xiong'an New Area aligns with the demand for residential and industrial support due to population relocation [2][36] Group 3 - Chengjian Development (600266) is positioned to benefit from the accelerated urban renewal and non-capital function relief, which creates sustained demand for urban development and infrastructure projects [3][37] - The company has extensive experience in old city renovation and affordable housing construction, participating deeply in the quality upgrade projects of core cities [3][37] - The company’s land reserves and project resources in key areas can directly meet the housing and industrial space needs arising from population relocation [3][37] Group 4 - Langfang Development (600149) is strategically positioned in the land development business in the Beijing area, benefiting from the integration of Tongzhou and the North Three Counties [4][38] - The company can leverage local resource advantages to undertake land consolidation and infrastructure construction projects [4][38] - The demand for land development is expected to be rigidly released due to the implementation of cross-regional demonstration policies [4][38] Group 5 - Julisi (002342) sees a surge in demand for engineering equipment and rigging due to large-scale infrastructure projects in the urban area [5][39] - The company specializes in engineering rigging and lifting equipment, widely used in construction scenarios such as bridges and ports [5][39] - The integration of transportation in the Beijing-Tianjin-Hebei region is expected to drive significant growth in the company's product demand [5][39] Group 6 - Huasheng Tiancai (600410) focuses on cloud computing and digital services, capitalizing on the digital infrastructure upgrade and industrial digital transformation in the urban area [6][40] - The company has a comprehensive digital technology system and rich industry service experience [6][40] - The demand for digital services is expected to grow as the region develops smart transportation and digital governance applications [6][40] Group 7 - Jinyu Group (601992) is a leading supplier of building materials in the Beijing-Tianjin-Hebei region, benefiting from the ongoing construction boom and urban renewal [7][41] - The company’s product offerings include cement, concrete, and aggregates, with a strong supply chain advantage [7][41] - The demand for building materials is expected to rise significantly due to large-scale infrastructure and housing projects [7][41] Group 8 - Jidong Equipment (000856) is positioned to benefit from the upgrade of traditional industries and the demand for equipment renewal in the building materials sector [8][42] - The company specializes in cement equipment manufacturing and engineering services, with a strong technical capability [8][42] - The demand for high-end cement equipment and environmental renovation technology is expected to grow as the region pushes for green upgrades [8][42] Group 9 - Fushi Holdings (300071) focuses on brand marketing and public relations, benefiting from the growing demand for brand promotion in the urban area [9][43] - The company has a full-chain marketing service capability and serves clients across multiple industries [9][43] - The demand for customized marketing solutions is expected to rise as many enterprises establish and upgrade their brands [9][43] Group 10 - Huaxia Happiness (600340) specializes in the development and operation of industrial new towns, benefiting from the influx of industries due to non-capital function relief [10][44] - The company has a mature operational model that integrates industrial introduction and urban support [10][44] - The value of industrial new towns is expected to increase as the region enhances transportation and public services [10][44] Group 11 - Hongqiang Co., Ltd. (002809) sees a rigid growth in demand for concrete additives due to large-scale infrastructure projects [11][45] - The company specializes in concrete additives and new building materials, with stable product performance [11][45] - The demand for concrete is expected to rise significantly, driving the growth of the additives market [11][45] Group 12 - Siwei Tuxin (002405) is positioned to benefit from the rapid development of smart transportation and the growth of the connected vehicle and autonomous driving industries [12][46] - The company specializes in navigation maps and connected vehicle services, with leading technology in high-precision mapping [12][46] - The demand for smart transportation solutions is expected to grow as the region promotes intelligent upgrades in transportation systems [12][46] Group 13 - Leike Defense (002413) focuses on radar systems and electronic countermeasures, benefiting from the dual growth in defense and civilian security demands [13][48] - The company has core technologies and intellectual property rights in the defense and civilian security sectors [13][48] - The demand for security solutions is expected to increase as the region enhances its security capabilities [13][48] Group 14 - Aerospace Technology (000901) is involved in the aerospace equipment manufacturing sector, benefiting from the integration of innovation resources and the upgrade of high-end manufacturing [14][49] - The company leverages its aerospace technology advantages to participate in regional aerospace projects [14][49] - The demand for aerospace technology applications is expected to grow as the region develops its aerospace industry [14][49] Group 15 - Keri International (300662) focuses on human resources services, benefiting from the accelerated flow of talent and the growing demand for high-end talent in the urban area [15][50] - The company provides comprehensive human resources services, covering various industries [15][50] - The demand for customized human resources solutions is expected to rise as enterprises upgrade and expand [15][50] Group 16 - Tanshijia (300005) is positioned to benefit from the growth in outdoor leisure demand and the development of ecological tourism resources [16][51] - The company specializes in outdoor apparel and equipment, with a strong brand presence in the outdoor products industry [16][51] - The demand for outdoor products is expected to grow as consumer awareness of outdoor activities increases [16][51] Group 17 - Gangyan Gaona (300034) focuses on high-temperature alloy materials, benefiting from the rapid development of aerospace and new energy sectors [17][52] - The company specializes in the research and production of high-end alloy materials, with leading technology in the field [17][52] - The demand for high-temperature alloys is expected to grow as the region promotes high-end manufacturing upgrades [17][52] Group 18 - Electronic City (600658) focuses on the development and operation of technology parks, benefiting from the demand for innovation resources and the establishment of tech enterprises [18][53] - The company has extensive experience in park operation and enterprise incubation [18][53] - The demand for technology parks is expected to grow as the region promotes innovation and collaboration [18][53] Group 19 - Shangda Co., Ltd. (301522) specializes in the processing of special steel materials, benefiting from the growing demand for high-end materials in traditional industries [19][54] - The company focuses on the deep processing of special steel, with significant advantages in material processing technology [19][54] - The demand for special steel products is expected to rise as the region promotes the upgrade of manufacturing industries [19][54] Group 20 - Jikai Co., Ltd. (002691) focuses on mining equipment and intelligent upgrades, benefiting from the demand for efficient resource development [20][55] - The company specializes in mining machinery and technical services, with a strong service network [20][55] - The demand for intelligent mining equipment is expected to grow as the region promotes equipment renewal [20][55] Group 21 - Xinhua News (603888) focuses on news dissemination and digital content services, benefiting from the growing demand for media and cultural industries [21][56] - The company has authoritative information channels and strong content creation capabilities [21][56] - The demand for customized media solutions is expected to rise as the region promotes cultural integration and digital transformation [21][56]