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 ...

冀时007消息:2月25日，A股房地产板块异动拉升，城投控股涨停，光明地产触及涨停，华夏幸福、绿地 控股、陆家嘴、金地集团等集体跟涨，市场情绪明显回暖。 对于地产股而言，本轮上涨是政策预期+估值修复的共振。行业风险逐步缓释，销售端出现改善信号， 低估值地产板块重新获得资金关注。 综合判断：房地产市场与地产股均已出现阶段性回暖，但并非全面反转。当前是政策托底+需求释放带 来的温和复苏，未来能否持续，关键看销售数据能否稳步兑现。对购房者与投资者来说，2026年都是一 个需要把握的结构性机会窗口。 消息面上，广州推出大规模新春楼市促销，近50家房企、140多个楼盘推出优惠活动，持续至3月底，以 真金白银激活购房需求。这不仅是地方促消费的具体举措，更是全国楼市回暖的一个缩影。 从政策层面看，今年以来房地产支持政策持续加码。中央延续换购住房个税退税，房贷利率保持低位； 各地纷纷取消限购、降低首付、发放购房补贴、推进以旧换新，形成"中央定调、地方落实"的强力托底 格局。政策底已经夯实，为市场复苏提供了坚实支撑。 从市场表现看，核心城市二手房成交回升，新房促销带动到访与成交上涨，市场观望情绪有所缓解。楼 市正从单边下行，转 ...

南方财经2月25日电，房地产板块异动拉升，城投控股涨停，光明地产触及涨停，华夏幸福、绿地控 股、陆家嘴、金地集团跟涨。消息面上，据广州市房地产行业协会统计数据，从春节前到3月31日，全 市11区相关房地产企业陆续推出促销活动，近50家房地产企业超140个楼盘推出迎新春优惠大礼包。 ...

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 相关研究 《房地产行业 2026 年投资策略：潮平待 风起，扬帆更远航》 2025/11/17 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 2026 年 02 月 23 日 春节期间新房成交同比小增，商业不动产 REITs 半月申报 12 单 看好 ——地产及物管行业双周报（2026/2/7-2026/2/20） 本期投资提示： 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 证 券 研 究 报 告 ⚫ 地产行业数据：春节期间 6 天新房成交同比+5.4%，较 2016 年以来平均值-14.2%。 春节前一周(2.7-2.13)34 个重点城市新房合计成交 192.3 万平米，环比-1.1%，其中，一 二线环比-2.8%，三四线环比+21%。2 月 34 城一手房成交同比+88. ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery in quality real estate companies and commercial properties [3]. Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][13]. - The overall sentiment in the real estate market is improving, driven by recent government policies aimed at stabilizing the market and addressing local government debt risks [3]. - The report emphasizes that the fundamental bottom of the real estate sector is approaching, with expectations for quality companies to recover profits more quickly and flexibly [3]. Summary by Sections 1. Industry Data - New home sales in 34 key cities during the week before the Spring Festival totaled 192.3 million square meters, a decrease of 1.1% week-on-week, but an increase of 56.6% compared to the average weekly sales this year [4]. - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9]. - The inventory of new homes in 15 cities was reported at 8,870.4 million square meters, with a slight decrease of 0.1% week-on-week [54]. 2. Policy News - The report notes that the government has reiterated its commitment to stabilizing the real estate market, with various local policies being introduced to optimize housing supply and manage existing stock [3]. - Specific measures include the promotion of REITs in commercial real estate, with 12 applications submitted recently [3]. 3. Company Dynamics - Sales data for major real estate companies in January showed mixed results, with China Jinmao reporting a 13.6% increase in sales, while other companies like Poly Developments saw a 13.3% decrease [3]. - The report highlights the performance of the property management sector, which has shown resilience compared to the broader market [3]. 4. Market Performance - The SW Real Estate Index fell by 0.69%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 0.36% [3]. - The report suggests that the current valuation levels for quality real estate companies are at historical lows, making them attractive for investment [3].

Core Viewpoint - The A-share listed real estate companies are facing significant losses in 2025, with 74% of the 77 companies that released earnings forecasts expecting to report losses totaling approximately 208.2-209.4 billion yuan, indicating a deep industry adjustment [2][4]. Group 1: Loss Forecasts - Among the companies, Vanke is expected to incur the largest loss of 820 billion yuan, marking the highest loss in A-share real estate history, a 65.7% increase from 2024 [4]. - Other companies with substantial losses include China Fortune Land Development (160-240 billion yuan), Greenland Holdings (160-190 billion yuan), and China Overseas Land & Investment (130-155 billion yuan) [4][5]. - The overall decline in sales volume and prices is reflected in the financial metrics, with a reported 8.7% decrease in new housing sales area and a 12.6% drop in sales revenue [5]. Group 2: Common Challenges - The primary reasons for the losses include weak sales leading to reduced profit recognition, as profits from real estate sales are recognized with a lag [6]. - Despite diversification efforts, companies remain heavily reliant on real estate development, which has been underperforming during the industry downturn, limiting their ability to offset losses from core operations [6]. - Asset impairment provisions have surged due to declining real estate prices, with Vanke reporting over 50 billion yuan in impairments, significantly impacting overall losses [6]. Group 3: Notable Exceptions - Kaisa Group stands out as a positive example, projecting a net profit of 300-350 billion yuan for 2025, primarily due to debt restructuring gains of 680-700 billion yuan [7]. - The company has shifted its focus from traditional real estate development to light asset operations, including property services and commercial management, to enhance resilience against market fluctuations [7]. Group 4: Industry Outlook - The year 2025 is seen as a critical period for the real estate sector, with ongoing adjustments expected to lead to a gradual recovery starting in 2026, supported by favorable policies and market improvements [11][12]. - Regulatory measures are being implemented to stabilize the financing environment and stimulate demand, which may help quality companies regain market share while weaker firms face potential elimination [11][12].

Summary of Key Points Core Viewpoint - In January 2026, the company experienced a significant decline in both signed area and sales amount compared to the previous year, indicating potential challenges in the current market environment [1]. Group 1: Sales Performance - The company achieved a signed area of 78,000 square meters in January 2026, representing a year-on-year decrease of 50.00% [1]. - The signed sales amount for the same period was 1.22 billion yuan, reflecting a year-on-year decline of 45.78% [1]. Group 2: New Project Acquisition - The company recently acquired a new project located at the Dalian Malan Brewery site, covering an area of 63,597.29 square meters with a floor area ratio of 1.56, allowing for a total construction area of 98,830 square meters [1]. - The project has a 40% equity interest and is designated for residential and commercial use, with a land use period of 70 years for residential and 40 years for commercial purposes [1]. - The total transaction price for the project was 736.66 million yuan [1].

Group 1 - Baichuan Co., Ltd. announced a recent price increase for some of its main products due to market supply and demand factors, but the sustainability of this price fluctuation remains uncertain, making it difficult to predict the impact on the company's performance [1] - Jincheng Co., Ltd. plans to increase its acquisition of CMH Company by an additional 42.50% stake, which will give it a total ownership of 97.5% and ultimate control over CMH [2] - Xinhang New Materials intends to raise no more than 1 billion yuan through a private placement of A-shares, with the funds allocated for projects including high-performance resin production and a composite materials innovation center [3] Group 2 - SMIC reported a sales revenue of $2.489 billion for Q4 2025, a 4.5% increase quarter-on-quarter, with an annual revenue of $9.327 billion, reflecting a 16.2% year-on-year growth [4] - China Railway Construction recently won 10 major projects, each valued over 1.5 billion yuan, totaling 45.142 billion yuan, which represents 4.23% of the company's audited revenue for 2024 [5] - Shenzhen Airport recorded a passenger throughput of 5.8795 million in January 2026, a year-on-year increase of 2.84% [6] Group 3 - China State Construction reported a new contract total of 399.5 billion yuan in January 2026, marking a 1.8% year-on-year increase [7] - Jindi Group's sales amount in January 2026 decreased by 45.78% year-on-year, with a signed area of 78,000 square meters [8] - Changyuan Power achieved a power generation of 3.971 billion kWh in January 2026, a year-on-year increase of 37.81% [9] Group 4 - Senyuan Electric is expected to win a project from the Southern Power Grid valued at 272 million yuan [10] - Chengyi Pharmaceutical's products are set to be selected for the national centralized procurement of expiring varieties [12] - Xinwufeng reported a 10.71% year-on-year decrease in pig sales volume in January 2026 [13] Group 5 - Shengnong Development's sales revenue in January 2026 increased by 40.48% year-on-year, with chicken sales volume rising by 42.79% [14] - Minglida announced the termination of its investment in a key component manufacturing project due to global economic uncertainties [15] - CITIC Securities reported that its subsidiary, Huaxia Fund, achieved a net profit of 2.396 billion yuan in 2025 [16] Group 6 - Pianzaihuang completed the first subject enrollment for its Phase II clinical trial of PZH2107 [17] - Xinzhou Bang reported a 16.56% year-on-year increase in net profit for 2025 [18] - Ankai Bus produced 761 vehicles in January 2026, a year-on-year increase of 35.65% [19] Group 7 - Weilan Bio plans to acquire a 50% stake in Aidimeng Weilan for 47 million yuan [20] - Ningbo Gaofa intends to establish a wholly-owned subsidiary with an investment of no more than 100 million yuan [21] - Shanghai Airport signed a leasing contract worth approximately 585 million yuan with the Shanghai Airport Group [22] Group 8 - Fosun Pharma's subsidiary received acceptance for a drug registration application [23] - Jindai Home's subsidiary invested in acquiring shares in a North American market company [24] - Huatong Co. reported a 1.45% year-on-year decrease in pig sales revenue in January 2026 [25] Group 9 - Yunnan Energy Investment's Nanchong Wind Power Project has been approved with a total installed capacity of 62,500 kW [28] - Youyan Silicon reported a 10.14% year-on-year decrease in net profit for 2025 [29] - Jinpu Titanium announced a temporary shutdown of its Nanjing Titanium White production due to reduced demand [30] Group 10 - Yipin Hong completed the sale of its stake in Arthrosi for a total of $9.5 billion in upfront payments [31] - Liande Co. stated that its gas turbine business currently has limited supply, with minimal impact on overall performance [32] - Tiens Wind Power signed new contracts worth 870 million yuan in the offshore engineering sector [33] Group 11 - Daqin Railway reported a freight volume of 31.28 million tons in January 2026, a year-on-year increase of 5% [34] - ST Mingcheng successfully dismissed all claims from Beijing Fusheng in a recent court ruling [35] - Zhiyang Innovation is planning to acquire control of Lingming Photon and will continue its stock suspension for up to five trading days [36][37] Group 12 - Fulai New Materials accelerated the commercialization of flexible sensors, preparing for mass production of its third-generation electronic skin products [38] - Minhe Co. reported a 36.89% year-on-year decrease in sales of broiler chicks in January 2026 [39] - Ruiang Gene received government subsidies totaling 2 million yuan [40] Group 13 - Huiyu Pharmaceutical's shareholder was forced to reduce holdings by 0.307% due to a court order [41] - Fuyuan Pharmaceutical's subsidiary obtained a drug registration certificate for a new oral solution [42] - Xuantai Pharmaceutical's product is set to be selected for national procurement [43] Group 14 - Chunqiu Electronics completed the cancellation of 9.1369 million repurchased shares [44] - Jinguang Electric won a bid worth approximately 28.8691 million yuan [45] - Hongda Co. plans to invest approximately 71.43 million yuan in a 110kV power transmission project [46] Group 15 - Nanchao Foods reported a 1.99% year-on-year decrease in revenue for January 2026 [47] - Shisheng Intelligent plans to repurchase shares worth between 17.5 million and 35 million yuan [48]

Group 1 - The core point of the article is that the company, Gindal Group, reported a significant decline in both signed area and signed amount for January 2026 compared to the previous year [1] Group 2 - In January 2026, the company achieved a signed area of 78,000 square meters, representing a year-on-year decrease of 50% [1] - The signed amount for the same period was 1.22 billion yuan, which reflects a year-on-year decline of 45.78% [1]

Group 1 - The core point of the article is that the company, Gindal Group, reported a significant decline in both signed area and signed amount for January 2026 compared to the previous year [1] Group 2 - The signed area for January 2026 was 78,000 square meters, representing a year-on-year decrease of 50.00% [1] - The signed amount for January 2026 was 1.22 billion yuan, reflecting a year-on-year decline of 45.78% [1]