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]

2月3日，华发股份（600325）发布《2026年度向特定对象发行A股股票预案》，拟向控股股东珠海华发 集团有限公司(以下简称"华发集团")定向增发A股股票，募集资金总额不超过30亿元，全部用于旗下9个 房地产开发项目。 华发股份在预案中阐述了本次发行的背景和目的。一方面，当前房地产行业政策持续发力，为公司发展 营造了良好环境；另一方面，公司需顺应行业从"高杠杆、高周转"向高质量发展模式的转型，通过股权 融资改善财务结构。 根据预案，本次发行方案已于2026年2月3日经公司第十一届董事会第二次会议审议通过。发行价格为公 告前20个交易日公司A股股票交易均价4.21元/股，发行数量不超过发行前公司总股本的30%。华发集团 将以现金方式全额认购本次发行的全部股票，认购金额不超过30亿元，所认购股份限售期为18个月或36 个月，根据持股比例触发要约收购条件而定。 根据预案，2022年至2025年9月末，公司资产负债率已从72.95%降至69.72%，本次发行将进一步增强资 本实力，优化财务结构。财务数据显示，2025年前三季度，公司经营活动产生的现金流量净额达174.16 亿元，同比增长372.76%。 公告显示， ...

证券之星消息，2月4日房地产开发板块较上一交易日上涨3.07%，荣安地产领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。房地产开发板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000517 | 荣安地产 | 2.04 | 10.27% | 98.28万 | 1.95亿 | | 600683 | 京投发展 | 6.00 | 10.09% | 88.34万 | 5.14亿 | | 600325 | 华发股份 | 4.42 | 9.95% | 134.32万 | 5.75亿 | | 000838 | 财信发展 | 2.66 | 9.92% | 58.90万 | 1.51亿 | | 000042 | 中洲控股 | 9.00 | 7.91% | 16.64万 | 1.45亿 | | 601155 | 新城控股 | 18.08 | 7.62% | 40.92万 | 7.20亿 | | 600791 | 京能置业 | 6.51 | ...

Core Viewpoint - The company Huafa Group plans to issue A-shares to specific investors, raising up to 300 million RMB for various real estate projects, including multiple developments in Chengdu and Zhuhai [1][2]. Group 1: Fundraising Details - The total amount to be raised from the issuance of A-shares is expected to be no more than 300 million RMB, net of issuance costs [1]. - The shares will be issued at a price of 4.21 RMB per share, with a total number of shares not exceeding 712,589,073, which is up to 30% of the company's total share capital before the issuance [2]. - The funds raised will be allocated to several projects, including the Zhuhai Huafa City International Coast Garden Phase II and various projects in Chengdu and Shaoxing [1]. Group 2: Shareholder Information - The issuance will be made to Huafa Group, the controlling shareholder of the company, which currently holds 29.64% of the shares [3]. - The issuance will not change the control of the company, as Huafa Group will remain the controlling shareholder after the issuance [3]. Group 3: Previous Fundraising Activities - The company previously raised a total of 9,924,450,000 RMB through two rounds of fundraising, including a stock issuance in 2023 and a convertible bond issuance in 2025 [3].

Core Viewpoint - The A-share real estate sector has seen significant gains, particularly driven by the launch of a program in Shanghai to acquire second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [1] Group 1: Market Performance - Real estate stocks in the A-share market experienced substantial afternoon gains, with notable performers including I Love My Home and Huafa Co., which hit the daily limit [1] - Other companies such as Rong'an Real Estate, Jingtou Development, and Caixin Development also reached their daily limit previously, while China Merchants Shekou and City Investment Holdings rose over 7% [1] - The following companies showed significant increases: Jindi Group and Tefa Service over 6%, and Zhongzhou Holdings, Jingneng Real Estate, Binjiang Group, and Shilianhang over 5% [1] Group 2: Company Data - Rong'an Real Estate: 10.27% increase, market cap of 6.495 billion [2] - Jingtou Development: 10.09% increase, market cap of 4.445 billion [2] - I Love My Home: 10.06% increase, market cap of 8.503 billion [2] - Huafa Co.: 9.95% increase, market cap of 12.2 billion [2] - Caixin Development: 9.92% increase, market cap of 2.927 billion [2] - China Merchants Shekou: 7.50% increase, market cap of 98.2 billion [2] - City Investment Holdings: 7.13% increase, market cap of 1.39 billion [2] - Jindi Group: 6.69% increase, market cap of 15.1 billion [2] - Tefa Service: 6.52% increase, market cap of 7.183 billion [2] - New Town Holdings: 6.19% increase, market cap of 40.2 billion [2] - Zhongzhou Holdings: 5.88% increase, market cap of 5.87 billion [2] - Jingneng Real Estate: 5.79% increase, market cap of 2.898 billion [2] - Binjiang Group: 5.74% increase, market cap of 37.8 billion [2] - Shilianhang: 5.54% increase, market cap of 5.699 billion [2]

根据喜娜AI异动分析，华发股份涨停原因可能如下，控股股东认购+资金用途明确+资产结构改善： 1、 2月4日华发股份发布非公开增发预案，控股股东珠海华发集团有限公司拟以现金认购不超过30亿元，显 示出对公司发展的信心与支持。募集资金将用于9个地产项目开发，明确的用途有利于公司项目推进和 业务发展。 2、募集资金会增加公司净资产，有望使资产负债率从69.72%进一步下降，改善资产负债结 构。华发股份作为珠海市属国企，在行业下行期展现出较强抗风险能力和资源调配能力，通过定向增发 优化资本结构，聚焦核心城市优质项目。 3、近期房地产行业可能有一些政策利好或市场预期改善，形 成板块联动效应。东方财富数据显示，当日房地产板块部分个股也有不错表现。技术面上，若该股 MACD指标形成黄金交叉等积极信号，可能吸引更多资金关注。同花顺资金监控显示，当日超大单资金 呈现净流入状态，表明主力资金对其青睐。 2026年2月4日，华发股份（sh600325）触及涨停，涨停价4.42元，涨幅9.95%，总市值121.65亿元，流通 市值121.65亿元，截止发稿，总成交额5.41亿元。 责任编辑：小浪快报 声明：市场有风险，投资需谨慎。本 ...

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 ...

格隆汇2月4日｜A股房地产板块震荡走高，财信发展涨停，荣安地产涨超8%，空港股份、京投发展、 华发股份、新城控股、招商蛇口等个股跟涨。据悉，1月北京房地产中介门店咨询量大涨，上海二手房 成交量大增24%。 ...

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]