Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The real estate adjustment is likely nearing its end, with current price adjustments being relatively sufficient compared to global averages; 2) There are structural opportunities for "good houses" as the market enters a phase of differentiation, with a focus on high-quality residential developments; 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [4][6][48]. Market Performance - The Shanghai Composite Index fell by 1.3%, while the real estate sector (Shenwan) remained unchanged at 0.0%. Notable stock performances included Jingtou Development (+23.7%) and Rong'an Real Estate (+13.7%) [6][9]. Data Tracking New Housing Transactions - In the week of January 31 to February 6, 2026, new housing transactions in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% from the previous week but a year-on-year increase of 118.5% [15][21]. - For February up to the week of February 6, new housing transactions reached 1.27 million square meters, reflecting a 39.9% increase month-on-month and a 171.3% increase year-on-year [21]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.12 million square meters, down 3.0% from the previous week but up 212.5% year-on-year [33][37]. - For February up to the week of February 6, second-hand housing transactions reached 1.92 million square meters, marking a 71.2% increase month-on-month and a 327.8% increase year-on-year [37]. Industry News - The report notes that the central government has prohibited the sale of rural collective operating construction land for residential purposes, and 29 provinces will implement a second round of land extension trials [48]. - The first batch of commercial real estate REITs is set to raise 31.475 billion yuan, covering asset types such as shopping centers and office buildings [48]. - Shanghai has initiated the acquisition of second-hand housing for affordable rental housing projects, with specific districts as pilot areas [48][50]. Company Announcements - In January 2026, major companies reported sales figures: Yuexiu Real Estate at 4.2 billion yuan (down 36.4% year-on-year), Greentown China at 9.7 billion yuan (down 14.2%), and China Overseas Development at 14.48 billion yuan (up 20.4%) [51][52].

2月6日，首开股份（维权）盘中上涨2.01%，截至10:34，报5.57元/股，成交1.38亿元，换手率0.98%， 总市值143.68亿元。 资金流向方面，主力资金净流入370.68万元，特大单买入1658.89万元，占比12.00%，卖出818.93万元， 占比5.92%；大单买入2387.05万元，占比17.27%，卖出2856.33万元，占比20.66%。 首开股份今年以来股价跌15.73%，近5个交易日跌0.54%，近20日跌11.31%，近60日跌9.14%。 资料显示，北京首都开发股份有限公司位于北京市朝阳区望京阜荣街10号首开广场四层，成立日期1993 年12月29日，上市日期2001年3月12日，公司主营业务涉及房地产开发、物业经营与物业服务、旧城区 更新改造业务、房地产金融业务等。主营业务收入构成为：房产销售97.44%，酒店物业经营等2.19%， 其他(补充)0.36%。 首开股份所属申万行业为：房地产-房地产开发-住宅开发。所属概念板块包括：汇金持股、证金汇金、 MSCI概念、MSCI中国、北京国资等。 截至9月30日，首开股份股东户数19.43万，较上期增加382.93%；人均流通股 ...

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]

Group 1 - The core viewpoint of the news is that the Beijing-Tianjin-Hebei concept stocks experienced a collective surge in early trading on February 3, with several companies reaching their daily limit up [1] - Companies such as Jingtou Development, Urban Construction Development, Langfang Development, and Jidong Equipment all hit the daily limit up [1] - Other companies like Huaxia Happiness, Jianxin Co., Rongsheng Development, and Shoukai Co. also showed significant gains in their stock prices [1]

证券代码：600376 证券简称：首开股份 公告编号：临2026-006 北京首都开发股份有限公司 关于向控股股东申请借款额度的关联交易公告 本公司董事会及全体董事保证本公告不存在任何虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性、完整性承担法律责任。 重要内容提示： 公司（含控股子公司）拟向控股股东北京首都开发控股（集团）有限公司（以下 简称"首开集团"）（含其控股子公司）申请60亿元循环借款额度（包括新借、续借、 展期，不含永续类借款）。该额度在有效期内可循环使用，首开集团（含其控股子公司） 在该额度下可滚动多次放款，借款期间首开股份（含控股子公司）还款后再续借时，已归 还的本金部分不计入借款额度。额度有效期至2027年12月31日，单笔借款期限不超过5 年，利率不超过4.8%，利息按照实际使用期限结算。 本次交易构成公司的关联交易。本次交易不构成重大资产重组。 本次公司向控股股东申请借款额度已经公司第十届董事会第五十七次会议审议通 过，关联董事回避表决。本次关联交易提交公司董事会审议前，已经公司独立董事专门会 议审议通过。本次关联交易尚须提请公司股东会审议，关联股东首开集团及其一致行动人 ...

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法律责任。 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2026 年 2 月 25 日 14 点 00 分 召开地点：北京市朝阳区望京阜荣街 10 号首开广场四层会议室 证券代码：600376 证券简称：首开股份 公告编号：2026-007 北京首都开发股份有限公司 关于召开2026年第一次临时股东会的通知 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 2 月 25 日 至2026 年 2 月 25 日 股东会召开日期：2026年2月25日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (一) 股东会类型和届次 2026年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段， ...

证券代码：600376 证券简称：首开股份 公告编号：临 2026-005 北京首都开发股份有限公司 第十届董事会第五十七次会议决议公告 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 述或重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 一、董事会会议召开情况 北京首都开发股份有限公司（以下简称"本公司"或"公司"）第十届董事 会第五十七次会议于 2026 年 1 月 30 日在公司会议室召开。本次会议的召开符合 《中华人民共和国公司法》《公司章程》及有关法律、法规的规定。 本次会议在会议召开三日前以书面通知的方式通知全体董事。本次会议由董 事长李岩先生主持。会议应参会董事九名，实参会董事九名，李岩先生、赵龙节 先生、李捷先生、张国宏先生、王宏伟先生现场参会，李大进先生、秦虹女士、 王艳茹女士以视频方式参会，屠楚文先生以通讯方式参会。公司高级管理人员列 席此次会议。 二、董事会会议审议情况 经过有效表决，会议一致通过如下议题： （一）以 4 票赞成，0 票反对，0 票弃权，审议通过《关于公司向控股股东 北京首都开发控股（集团）有限公司申请 60 亿元借款额度的议案》 本议案属关联 ...

Core Viewpoint - The company plans to apply for a revolving loan facility of 6 billion yuan from its controlling shareholder, which is set to be effective until December 31, 2027, with a maximum loan term of 5 years and an interest rate not exceeding 4.8% [1] Group 1 - The controlling shareholder, Shouke Group, and its wholly-owned subsidiaries hold a combined stake of 52.6561% in the company [1] - This transaction is classified as a related party transaction and does not constitute a major asset reorganization [1] - The proposal has been approved by the board of directors, with related directors abstaining from voting, and it still requires approval from the shareholders' meeting, where related shareholders will also abstain from voting [1]

1月30日，首开股份涨5.9%，截至发稿，报5.74元/股，成交3.67亿元，换手率2.61%，总市值148.07亿 元。 资料显示，北京首都开发股份有限公司位于北京市朝阳区望京阜荣街10号首开广场四层，成立日期1993 年12月29日，上市日期2001年3月12日，公司主营业务涉及房地产开发、物业经营与物业服务、旧城区 更新改造业务、房地产金融业务等。主营业务收入构成为：房产销售97.44%，酒店物业经营等2.19%， 其他(补充)0.36%。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.79亿。今年以来收益 6.05%，同类排名2723/5557；近一年收益14.3%，同类排名3701/4285；成立以来亏损39.74%。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年287天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 192.55%， 任职期间最差基金回报-47.6%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：石头侃房 作为曾经的北京房企"一哥"，首开股份（维权）曾连续多年稳坐北京销售冠军宝座，如今却陷入连年亏 损的窘境。 近日，首开股份亮出2025年业绩预告，归母净利润预计亏损55亿至69亿元，扣非后亏损55.8亿至69.8亿 元。 数字依旧为负，但对比2024年81.41亿元的亏损额，减亏幅度明显。 这不是首开股份第一次亏损。2022年，这家老牌房企迎来上市后的首次亏损，归母净利润亏了4.61亿 元。 2023年亏损扩大至63.39亿元，2024年更是创下81.41亿元的亏损纪录。 2022到2024年，首开股份三年累计亏损近150亿元，盈利状况一路走低。加上2025年，其累计亏损将超 过200亿元。 业绩滑坡的同时，减值计提在不断加码。 2022年，首开股份计提资产减值准备0.5亿元，2023年增至17.05亿元，2024年直接飙到35.7亿元，其中 仅房地产项目存货跌价准备就计提了30.81亿元。计提的增加，进一步啃噬了公司利润。 2025年的亏损，依旧是老问题叠加。行业大环境下毛利率偏低，税金及附加和期间费用居高不下，部分 地 ...