Core Viewpoint - The majority of A-share listed real estate companies are expected to report significant losses for the year 2025, indicating a challenging market environment for the industry [1][2]. Group 1: Loss Predictions - Out of 52 listed real estate companies, 40 are expected to report losses for 2025, which means over 80% of these companies are projected to be in the red [1]. - Five companies are expected to report losses exceeding 10 billion yuan, with Vanke leading at a projected loss of 820 billion yuan, followed by China Fortune Land Development, Greenland Holdings, Overseas Chinese Town, and Gemdale [2][3]. - Vanke's cumulative losses for 2024 and 2025 are projected to be nearly 1,315 billion yuan, surpassing the total profits from 2019 to 2023 [3]. Group 2: Reasons for Losses - The losses are attributed to declining property prices and significant impairment provisions that companies have had to make over the past two years [9][10]. - Many companies had previously anticipated a market recovery and began to recognize inventory impairments, but the continued market downturn has forced them to increase these provisions [10]. Group 3: Companies Reporting Profits - Twelve companies are expected to report profits, with Jinke Real Estate projected to achieve a net profit of 300 billion to 350 billion yuan, primarily due to successful restructuring [12][13]. - Poly Developments and China Merchants Shekou are also expected to report profits, albeit with significant declines compared to 2024, primarily due to impairment provisions [16][17]. Group 4: Market Dynamics - The list of loss-making companies includes a mix of private, state-owned, and central enterprises, indicating that the nature of the company does not correlate with the likelihood of losses [7]. - State-owned platform companies, which previously supported land acquisitions, are now facing increased pressure due to the ongoing market decline [8]. Group 5: Future Outlook - The upcoming annual report season in March and April 2025 will provide more detailed insights into the operational conditions of these companies [25].

商业不动产 REITs，资产出表再添工具 [Table_Industry] 房地产 首批商业不动产 REITs 申报 | [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 | | 陈昭颖(分析师) | 021-23183953 | chenzhaoying@gtht.com | S0880525100002 | 本报告导读： 我国首批商业不动产 REITs 覆盖酒店、办公、配套商业及商业综合体等多元业态， 扩大了底层资产的覆盖范围，通过盘活多类型成熟资产，对改善企业现金流和业绩 具有实质利好，引导行业向新模式转型发展。 股票研究 /[Table_Date] 2026.01.31 证 券 研 究 报 股 票 投资要点： [Table_Report] 相关报告 房地产《核心销售趋于均衡，投 ...

导 读 核心城市二手房市场实现开门红 百强房企1月实现销售操盘金额1654.5亿元。 | ☉ 文／克而瑞 | | --- | | 19 | 碧桂园 | 24.6 | 19 | 美的置业 | 9.7 | | --- | --- | --- | --- | --- | --- | | 20 | 金地集团 | 22.2 | 20 | 越秀地产 | 9.3 | | 21 | 中信城开 | 21.7 | 21 | 华发股份 | 9.1 | | 22 | 融创中国 | 21.0 | 22 | 远洋集团 | 8.8 | | 23 | 陆家嘴 | 18.5 | 23 | 电建地产 | 8.3 8 | | 24 | 国贸地产 | 17.2 C | 24 | 融创中国 | 8.2 | | 25 | 中国中铁 | 17.1 | 25 | 新城控股 | 8.1 | | 26 | 大华集团 | 16.3 | 26 | 滨江集团 | 7.7 | | 27 | 象屿地产 | 15.1 | 27 | 大华集团 | 7.5 | | 28 | 君一控股 | 13.2 L | 28 | 联发集团 | 7.3 | | 29 | 电建地产 | 13. ...

本报（chinatimes.net.cn）记者谢碧鹭 北京报道 当前，A股上市公司2025年业绩披露已经进入密集窗口期，市场全貌逐步清晰。Wind数据显示，截至1 月30日收盘，有70多家公司率先交出2025年年报答卷，还有超2200家公司披露业绩预告。 整体来看，2025年A股上市公司业绩呈现"两极分化"态势，行业景气度差异主导业绩表现，部分企业凭 借主业发力或资产优化实现盈利大幅增长，而房地产、光伏等行业则遭遇阶段性困境，多家龙头企业陷 入亏损泥潭。 对于投资者而言，当前业绩披露期既是挖掘优质标的的关键窗口，也是规避行业下行风险的重要节点， 需重点关注业绩增长的持续性与亏损企业的风险释放情况，把握行业周期切换中的投资机遇与潜在风 险。而随着披露窗口期的推进，更多公司年报将陆续出炉，届时A股整体经营状况将更加清晰。 超七成公司营收增长 截至1月30日收盘，A股已有70多家上市公司正式对外披露2025年年报，作为业绩披露的"先行者"，这 些公司的经营数据直观反映出部分领域的增长态势，其中营收与净利双增成为主流表现。从营收维度来 看，盈利增长的韧性尤为突出，在已披露年报的公司中，共计51家实现营业收入同比增长。 ...

January 29, 2026 09:53 AM GMT China Property | Asia Pacific Thoughts After Recent Rally We think the recent sentiment-driven outperformance of the China property industry (11%YTD vs. 7% for MSCI China) is likely unsustainable, given the fragile housing market and the sector's high valuation. We see multiple near-term headwinds leading to a potential sector pullback into results season. | M January 29, 2026 09:53 AM GMT | | Idea | | --- | --- | --- | | China Property Asia Pacific | Morgan Stanley Asia Limite ...

核心销售趋于均衡，投资开发仍需助力 [Table_Industry] 房地产 房地产行业 2026 年展望 行 业 深 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 | [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 | | 陈昭颖(分析师) | 021-23183953 | chenzhaoying@gtht.com | S0880525100002 | 本报告导读： 行业供给缩量提质，新旧动能形成合力推动市场触底回暖。基于以上判断，我们认 为 2026 年重点城市销售有望率先寻找均衡点。长尾城市市场拖累依旧，但幅度收 窄。 投资要点： [Table_Report] 相关报告 房地产《第 4 周成交涨跌互现，供给下降有利市 场重获均衡》2026.01.25 房地 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000573 | 粤宏远 A | 4.44 | -8.45% | 159.72万 | 7.19亿 | | 002208 | 合肥城建 | 13.97 | -5.10% | 62.29万 | 8.86亿 | | 000631 | 顺发恒能 | 4.09 | -4.66% | 71.88万 | 3.02亿 | | 600791 | 京能置业 | 6.22 | -4.45% | 22.71万 | 1.43亿 | | 000609 | ST中迪 | 7.28 | -3.45% | 15.33万 | 1.13亿 | | 600736 | 苏州高新 | 7.09 | -3.14% | 54.21万 | 3.89亿 | | 600246 | 万通发展 | 12.67 | -2.91% | 71.18万 | 9.18亿 | | 000042 | 中洲控股 | 8.21 | -2.73% | 18.90万 | 1.57亿 | | 600185 | 珠免集团 | 6. ...

担保对象及基本情况 | | 被担保人名称 | 南京越胜房地产开发有限公司 | | --- | --- | --- | | | 本次担保金额 | 万元 1,187.856 | | 担保对象 | 实际为其提供的担保余额 | 1,187.856 万元 | | | 是否在前期预计额度内 | 是 | | | 本次担保是否有反担保 | 否 | 证券代码：600383 证券简称：金地集团 公告编号：2026-008 金地（集团）股份有限公司 科 学 筑 家 关于为南京项目公司融资提供担保的公告 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法律责任。 重要内容提示： 累计担保情况 | 对外担保逾期的累计金额（万元） | | 0 | | --- | --- | --- | | 截至本公告日上市公司及其控股子公司对 外担保总额（万元） | 1,832,942.70 | | | 对外担保总额占上市公司最近一期经审计 | 31.05 | | | 净资产的比例（%） | | | 一、担保情况概述 （一） 担保的基本情况 金地（集团）股份有限公司（下称"公司"） ...

Market Overview - As of January 29, A-share major indices showed mixed performance, with the Shanghai Composite Index down 0.1% and the Shenzhen Component Index up 0.01% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 20,349 billion yuan, an increase of 1,042 billion yuan compared to the previous day [2] - Over 2,400 stocks in the market experienced gains [2] Gold Market - International gold prices reached new highs, with spot gold surpassing $5,500 per ounce, peaking at $5,598.75 per ounce, marking a year-to-date increase of over 28% [10][11] - Gold stocks surged, with China Gold achieving five consecutive trading limits [9][12] - Despite the surge, China Gold warned investors about potential risks, stating that its main business remains unchanged and projecting a net profit decrease of 55% to 65% for 2025 [12] AI Application Sector - AI application stocks saw a significant rally, with Keda Xunfei (科大讯飞) hitting the daily limit up after a positive earnings forecast [5][6] - Keda Xunfei expects a net profit of 785 million to 950 million yuan for 2025, representing a growth of 40% to 70% year-on-year [8] - The company reported over a 20% increase in R&D investment, emphasizing its commitment to core technology autonomy [8] - Analysts from CITIC Securities expressed optimism about the AI application and computing power sectors, anticipating a surge in AI-native applications and the need for increased computing power [8] Real Estate Sector - The real estate sector experienced a rebound, with stocks like I Love My Home and Shenzhen Deep Housing hitting daily limits [14] - Shenzhen Deep Housing projected a net profit of 80.8 million to 121 million yuan for 2025, marking a turnaround from a loss of 177 million yuan the previous year [14] - Hong Kong-listed property stocks also saw significant gains, with notable increases in companies like Contemporary Land and China Aoyuan [14][16] - The restructuring of debts among leading real estate companies is progressing, with Vanke successfully extending three domestic bonds and other companies like Country Garden and Sunac China entering execution phases for debt restructuring [17] - Experts suggest that a new financing model for real estate is emerging, focusing on cash flow safety and operational efficiency [18]

房屋租赁概念震荡反弹，我爱我家涨停，滨江集团、招商蛇口、金地集团、万科Ａ、三六五网、维业股 份等跟涨。 ...