证券日报网讯 2月13日，百联股份（600827）在互动平台回答投资者提问时表示，公司高度重视投资者 回报与信任，长期实施稳健的分红政策，持续以现金分红回报广大投资者。公司上市以来经历多轮吸收 合并，不同的第三方交易软件对于融资金额的计算口径不同。请投资者以公司信息披露为准。 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1] Core Insights - New home sales in January showed a narrowing year-on-year decline, while second-hand home sales turned positive year-on-year [1][21] - The central bank has released favorable policies, including lowering the re-lending rate and reducing the down payment ratio for commercial properties [1][4] New Home Sales - In January, the new home sales area in 40 cities decreased by 42.3% month-on-month and by 22.0% year-on-year, with the year-on-year decline narrowing by 10.1 percentage points compared to the previous month [5][14] - First-tier cities saw a year-on-year decline of 14.0%, while second-tier cities experienced an 18.1% decline, and third and fourth-tier cities had a 41.1% decline [15][20] Second-Hand Home Sales - The second-hand home sales area in 18 cities decreased by 2.0% month-on-month but increased by 9.0% year-on-year, with the year-on-year growth rate improving by 41.3 percentage points compared to the previous month [21][25] - All city tiers showed positive year-on-year growth in second-hand home sales, with first-tier cities growing by 15.0% year-on-year [21][30] Inventory and Absorption - As of the end of January, the new home inventory area in 12 cities was 112.91 million square meters, down 0.4% month-on-month and down 6.3% year-on-year, with an overall absorption cycle of 18.1 months [28][29] - The absorption cycle for first-tier cities increased by 4.3 months year-on-year, while third and fourth-tier cities saw a decrease of 8.2 months [28] Land Market - The land market in January saw a transaction area decrease of 76.5% month-on-month and a 20.2% year-on-year decline, with an average land premium rate of 2.87% [1][12] - The average land price per square meter decreased by 36.8% month-on-month and by 20.9% year-on-year [13] Real Estate Companies - The top 100 real estate companies saw a 49.5% year-on-year decline in land acquisition amounts, with a land acquisition intensity of 32% [1][12] - The financing scale for the real estate industry in January was 39.6 billion yuan, down 26% year-on-year but up 7% month-on-month [1][14] Policy Developments - The central bank's policy changes include lowering the re-lending rate to 1.25% and reducing the minimum down payment ratio for commercial properties from 50% to 30% [1][4] - The first batch of commercial real estate REITs has been submitted for approval, with a total expected fundraising of 31.47 billion yuan [1][4] Sector Performance - The real estate sector outperformed the CSI 300 index in January, with an absolute return of 4.3% and a relative return of 2.7% [1][12] - The report anticipates two potential turning points in 2026: a policy turning point around the end of Q1 and a fundamental turning point around Q4 [1][12]

（文章来源：证券日报） 证券日报网讯 2月13日，百联股份在互动平台回答投资者提问时表示，公司制定《市值管理制度》，旨 在建立长效机制，以提升经营质量与长期可持续发展作为市值管理的核心，公司将坚持聚焦主业，努力 提升经营业绩水平。 ...

证券日报网讯 2月13日，百联股份在互动平台回答投资者提问时表示，公司现金情况详见于2025年10月 31日披露的《百联股份2025年第三季度报告》财务报表章节。公司高度重视股东回报，长期实施稳健的 分红政策。未来如有股份回购计划，将会依据相关法律法规及时履行信息披露义务。 （文章来源：证券日报） ...

证券日报网讯2月13日，百联股份（600827）在互动平台回答投资者提问时表示，公司高度重视投资者 回报与信任，长期实施稳健的分红政策，持续以现金分红回报广大投资者。未来如有股份回购计划，将 会依据相关法律法规及时履行信息披露义务。 ...

证券日报网讯 2月13日，百联股份在互动平台回答投资者提问时表示，联华超市作为独立上市公司，拥 有独立完整的业务和自主经营能力，未来将通过数字化转型、业态调整、内部效率的改善，助力业绩的 逐步改善。 （编辑 丛可心） ...

据"上海发布"微信公众号1月29日发布的上海市市管干部任职前公示，濮韶华，男，汉族，1970年4月 生，大学，文学学士，中共党员，现任百联集团有限公司总裁、党委副书记，拟任市管企业党委书记， 并提名任董事长。 百联集团官网显示，百联集团成立于2003年4月，由原一百集团、华联集团、友谊集团、物资集团合并 组成。2009年，百联集团成为上海第一批试行外部董事制度的国有企业，也是上海市首批践行国企改革 的企业之一。2024年集团实现收入421.31亿元，利润总额34.88亿元。 中证报中证网讯（记者 李梦扬）据"百联集团"微信公众号消息，近日，百联集团召开领导班子调整宣 布会，宣布濮韶华任百联集团有限公司党委书记，并提名任董事长。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 投资者提问： 公司严格按照上交所的相关规定履行信息披露义务，请投资者以公司信息披露为准。感谢您的关注！查 看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 2025年根据公司资产证券化战略，梳理扩募资产，协同推进pre-reits基金，并加快推进意向项目。请问 扩募资产是否已经梳理完成?pre-reits推进进展如何，意向项目进展是否进展顺利？ 董秘回答(百联股份SH600827)： ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Core Insights - In 2025, the domestic silver-haired consumption market transitioned from providing basic survival needs to offering high-quality living supplies for the elderly [1] - Significant growth was observed in various segments of silver-haired consumption, with health management and wellness services becoming new consumption hotspots, showing year-on-year revenue growth of 11.7% and 12% respectively [1] - The growth in the industry is driven by the upgrading of consumption concepts and capabilities among the elderly population, leading to a revolution in supply channels [1] Policy Support - In 2025, multiple policies were introduced by the government to enhance the silver-haired consumption industry, focusing on optimizing service supply for the elderly and supporting pilot projects for various services [2] - The Ministry of Civil Affairs and other departments issued measures to cultivate elderly service operators and promote the development of the silver economy, emphasizing the construction of convenient living circles and the development of suitable products for the elderly [3] Product Trends - The silver-haired consumption products are shifting from "one-size-fits-all" solutions to those that target specific needs and provide satisfactory experiences [7] - The health management awareness among the elderly is shifting from "post-treatment" to "prevention," leading to the emergence of niche markets in brain, gastrointestinal, cardiovascular, and bone health [8] - Sales of sleep aids for the elderly saw a remarkable increase of 300% year-on-year, with innovative products catering to specific health needs [8] Channel Innovations - The digitalization of the elderly population is accelerating, with 52% of internet users aged 60 and above as of mid-2025, leading to a shift in shopping habits towards online platforms [13] - Companies are increasingly utilizing short video platforms and live streaming to engage with the elderly consumer base, creating a new shopping experience [15] - Offline, businesses are focusing on meeting the immediate needs of the elderly in communities, with companies like 足力健 expanding their presence through community-based membership stores [16][17] Brand Engagement - Brands are increasingly recognizing the need to connect with the elderly population on a deeper emotional level, moving away from viewing them as mere consumers [20] - Campaigns featuring older celebrities are being used to resonate with the silver-haired demographic, promoting a positive image of aging and encouraging active lifestyles [22] - The narrative around aging is being redefined, with brands portraying the elderly as vibrant individuals capable of enjoying life to the fullest [22]