Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 01 月 27 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 二手房成交回暖，《求是》发文提及城市更新 投资评级： 看好（维持） ——房地产行业周报（26/1/17-26/1/23） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期。 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：本周上证指数上升 0.8%、深证成指上升 1.1%、创业板指下跌 0.3%、沪深 300 下 跌 0.6%、房地产（申万）上升 5.2%。个股方面，涨跌幅前五的分别为：*ST 荣控(+15.8%)、 顺发恒能(+15.7%)、城投控股(+14.9%)、大悦城(+14.4%)、珠免集团(+12.6%)，涨跌幅后五 的分别为：城建发展(-6.0%)、中洲控股(-2.8%)、电子城(-2.1%)、特发服务(-1.9 ...

证券日报网讯1月26日，首开股份（600376）在互动平台回答投资者提问时表示，公司始终坚持稳健融 资策略，将根据经营发展需要及市场环境变化，合理规划融资安排。公司将严格按照监管要求，在定期 报告及相关公告中披露公司的相关情况，敬请关注。此外，公司管理层始终坚持提升管理效能、实现降 本增效，后续将持续深化相关工作。 ...

Group 1 - The core focus of the company is on urban renewal and related business areas, which are considered key directions for development [1] - The company actively responds to policy calls and leverages its resources and advantages to participate in relevant fields [1]

Market Overview - The real estate development sector experienced a decline of 2.03% on January 26, with Hualian Holdings leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers included Suzhou Gaoxin, which rose by 10.06% to a closing price of 7.88, and Wolong New Energy, which increased by 9.97% to 8.71 [1] - Hualian Holdings saw a significant drop of 10.01%, closing at 6.29, with a trading volume of 156.48 million shares [2] Trading Volume and Capital Flow - The real estate development sector saw a net outflow of 1.837 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.08 billion yuan [2] - The trading volume for Suzhou Gaoxin was 528,200 shares, with a transaction value of 414 million yuan [1] Individual Stock Capital Flow - Suzhou Gaoxin had a net inflow of 1.18 billion yuan from institutional investors, representing 28.48% of its total trading volume [3] - Hualian Holdings faced a net outflow of 614.58 million yuan from retail investors, indicating a negative sentiment towards the stock [3]

证券日报网讯1月23日，首开股份（600376）发布2025年业绩预告称，公司预计2025年归属于母公司所 有者的净利润为-550，000万元至-690，000万元。 ...

Core Viewpoint - The company, Shouka Co., Ltd. (stock code: 600376), is forecasting a significant net loss for 2025, estimated between 5.5 billion to 6.9 billion yuan, primarily due to low gross margins and high operational costs [1] Financial Performance - The projected net loss attributable to shareholders of the parent company for 2025 is between 5.5 billion to 6.9 billion yuan [1] - The expected net loss after deducting non-recurring gains and losses is estimated to be between 5.58 billion to 6.98 billion yuan [1] Operational Challenges - The main reasons for the negative net profit include low gross margins, substantial tax and additional expenses, and high period costs [1] - Certain real estate development projects are showing signs of impairment, leading to the need for inventory write-down provisions [1]

Core Viewpoint - The company Shoukai Co., Ltd. (600376.SH) is forecasting a significant net loss for 2025, estimated between 5.5 billion to 6.9 billion yuan, indicating ongoing financial challenges [1] Financial Performance - The projected net loss attributable to the parent company's owners for 2025 is expected to be between 5.5 billion to 6.9 billion yuan [1] - The net loss after deducting non-recurring gains and losses is anticipated to be between 5.58 billion to 6.98 billion yuan [1] Reasons for Loss - The primary reasons for the negative net profit include low gross profit margins, high tax and additional expenses, and significant period costs [1] - Certain real estate development projects are showing signs of impairment, leading to the need for inventory write-down provisions [1]

Core Viewpoint - The company, Shoukai Co., Ltd. (stock code: 600376), has announced a projected net profit loss of between 5.5 billion to 6.9 billion yuan for the year 2025, indicating a significant reduction in losses compared to 8.141 billion yuan in 2024, reflecting improved operational management amidst a challenging real estate market [1] Group 1: Financial Performance - The projected net profit loss for 2025 is estimated to be between -55 billion to -69 billion yuan [1] - This represents a notable decrease in loss compared to the previous year's loss of -81.41 billion yuan [1] - The company has successfully maintained cash flow safety and reduced interest-bearing debt and financing costs [1] Group 2: Operational Management - The company has implemented effective cost and expense management strategies [1] - It has made progress in its transformation efforts, with stable operations in property management and long-term rental apartments [1] - The company has achieved new advancements in its construction agency business [1] Group 3: Industry Context - The "14th Five-Year Plan" emphasizes human-centered new urbanization and high-quality real estate development, proposing specific measures such as urban renewal and new real estate development models [1] - The industry is experiencing deep clearing, and the policy tone is shifting towards a more positive outlook [1] - The company is expected to benefit from anticipated policy changes and a reduction in industry risks in 2026 [1]

Core Viewpoint - The company, Shoukai Co., Ltd. (600376.SH), is expected to report a significant net loss for 2025, with projections indicating a net profit attributable to shareholders of the parent company ranging from -55,000 million to -69,000 million yuan [1] Financial Performance - The anticipated net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -55,800 million and -69,800 million yuan for 2025 [1] - The primary reasons for the negative net profit include low gross profit margins, high tax and additional expenses, and significant period costs [1] Impairment and Provisions - The company is facing impairment issues with certain real estate development projects, which will lead to the recognition of inventory write-down provisions [1]