Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Viewpoints - New home transaction area increased by 20.4% month-on-month but decreased by 20.4% year-on-year, with the year-on-year decline widening by 5.2 percentage points [7] - Second-hand home transaction area remained stable month-on-month, with a year-on-year decline narrowing [7] - New home inventory area increased both month-on-month and year-on-year, with the absorption cycle also rising [7] - The land market saw an increase in transaction volume but a decrease in price, with the average land price dropping by 24.3% month-on-month and 52.9% year-on-year [7] - Domestic bond issuance by real estate companies increased significantly, with a total issuance of 169.9 billion yuan, up 94.0% month-on-month and 317.8% year-on-year [7] Summary by Sections New Home Market Tracking - In the 13th week, 47 cities recorded new home transactions of 34,000 units, a month-on-month increase of 24.6% and a year-on-year decrease of 14.8% [17] - The new home transaction area was 376.4 million square meters, with a month-on-month increase of 20.4% and a year-on-year decrease of 20.4% [26] - Transaction growth rates for new homes in first, second, and third/fourth-tier cities were 5.7%, 22.7%, and 33.7% respectively month-on-month [19] Second-Hand Home Market Tracking - The second-hand home transaction area in 23 cities was 296.6 million square meters, with a month-on-month increase of 9.6% and a year-on-year decrease of 1.0% [7] - Transaction growth rates for second-hand homes in first, second, and third/fourth-tier cities were 49.7%, 51.2%, and 51.6% respectively month-on-month [21] Land Market Tracking - The total land transaction area in 100 cities was 1,618.8 million square meters, with a month-on-month increase of 39.1% and a year-on-year increase of 20.9% [25] - The total transaction price was 21.1 billion yuan, a month-on-month increase of 5.3% but a year-on-year decrease of 43.0% [25] Policy Overview - The Ministry of Housing and Urban-Rural Development released a draft guideline for "Good Housing," emphasizing safety, comfort, green features, and smart technology [4] Investment Recommendations - The report suggests focusing on three main lines: 1. Companies with stable fundamentals and high market share in core cities, such as China Resources Land and China Jinmao [7] 2. Smaller companies showing significant breakthroughs in sales and land acquisition, like Poly Real Estate Group [7] 3. Commercial real estate companies exploring new consumption scenarios, such as China Resources Vientiane Life and Swire Properties [7]

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1]. Core Insights - New home sales have turned negative year-on-year, while the decline in second-hand home sales has narrowed. The minimum down payment ratio for commercial properties in Shanghai has been reduced to 30% [1]. - The inventory of new homes has increased both month-on-month and year-on-year, and the de-stocking cycle has also lengthened [1]. Summary by Sections New Home Market Tracking - In the 12th week, new home sales in 47 cities amounted to 312.6 million square meters, with a month-on-month increase of 0.6% but a year-on-year decrease of 15.2%. The year-on-year growth rate has decreased by 21.0 percentage points compared to the previous week [5]. - The sales volume in first, second, third, and fourth-tier cities showed varied month-on-month growth rates of -0.1%, 26.5%, -17.3%, respectively, with year-on-year growth rates of -17.7%, -8.6%, -20.3% [5][15]. Second-Hand Home Market Tracking - The second-hand home sales area in 23 cities reached 270.7 million square meters, with a month-on-month increase of 9.6% and a year-on-year decrease of 6.7%, which is a narrowing of the decline by 6.5 percentage points compared to the previous week [5]. - The sales volume in first, second, third, and fourth-tier cities showed month-on-month growth rates of 8.1%, 11.5%, 8.2%, respectively, with year-on-year growth rates of -2.5%, -12.4%, -0.2% [5][11]. Inventory and De-stocking Cycle - As of the end of the 12th week, the new home inventory in 13 cities was 79.95 million square meters, with a month-on-month growth rate of 0.1% and a year-on-year growth rate of 1.0%. The de-stocking cycle is 26.0 months, which is an increase of 0.2 months month-on-month and an increase of 6.5 months year-on-year [5][33]. - The de-stocking cycle for first, second, third, and fourth-tier cities is 21.3, 24.0, and 65.0 months, respectively [5][25]. Land Market Tracking - The total land transaction area in 100 cities was 11.639 million square meters, a month-on-month decrease of 16.1% but a year-on-year increase of 45.2%. The total transaction price was 20.04 billion yuan, a month-on-month decrease of 13.5% but a year-on-year increase of 59.7% [5][11]. - The average land price was 1,722 yuan per square meter, with a month-on-month increase of 3.1% and a year-on-year increase of 10.0% [5][11]. Policy Insights - Starting from March 16, Shanghai adjusted the minimum down payment ratio for commercial properties to 30%, following a national policy adjustment [5]. - The report suggests that there are multiple opportunities for phase returns in the real estate sector throughout 2026, with a focus on market sentiment, transaction performance, and policy developments [5]. Investment Recommendations - The report recommends focusing on three main lines: 1. Companies with stable fundamentals and high market share in first and second-tier cities, such as China Resources Land and China Merchants Shekou [5]. 2. Smaller companies that have made significant breakthroughs in sales and land acquisition, such as Poly Real Estate [5]. 3. Commercial real estate companies exploring new consumption scenarios, such as China Resources Vientiane Life and Swire Properties [5].

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area increased by 33.2% week-on-week, while the year-on-year decline narrowed to 15.4%, a reduction of 14.5 percentage points compared to the previous week [5] - Second-hand home transaction area rose by 13.9% week-on-week, with a year-on-year decline of 25.1%, narrowing by 7.0 percentage points from the previous week [5] - New home inventory area decreased both month-on-month and year-on-year, while the absorption cycle increased month-on-month [5] - The land market saw a decline in both volume and price month-on-month, but an increase in volume year-on-year [5] - The total issuance of domestic bonds in the real estate sector decreased by 19.0% week-on-week but increased by 77.9% year-on-year [5] - The report suggests that the real estate sector may see opportunities for returns in 2026, with a focus on key cities and companies that have stable fundamentals [5] Summary by Sections 1. New Home Market Tracking - In the 11th week, the new home transaction area in 40 cities was 211.9 million square meters, with a week-on-week increase of 33.2% and a year-on-year decrease of 15.4% [16] - Transaction areas in first, second, and third-fourth tier cities showed respective week-on-week growth rates of 56.5%, 20.4%, and 41.6% [16] 2. Second-hand Home Market Tracking - The second-hand home transaction area in 18 cities was 174.4 million square meters, with a week-on-week increase of 13.9% and a year-on-year decrease of 25.1% [5] 3. Inventory Situation - The inventory of new homes in 12 cities was 11,223 million square meters, with a month-on-month decrease of 0.3% and a year-on-year decrease of 5.1% [44] - The absorption cycle for new home inventory was 23.1 months, increasing by 1.0 month month-on-month and 8.5 months year-on-year [44] 4. Land Market Tracking - The total land transaction area in 100 cities was 1,387.4 million square meters, with a month-on-month decrease of 7.9% and a year-on-year increase of 216.7% [12] - The average land price was 1,670 yuan per square meter, with a month-on-month decrease of 17.2% and a year-on-year decrease of 8.8% [12] 5. Bond Issuance - The total bond issuance in the real estate sector was 134.8 billion yuan, with a week-on-week decrease of 19.0% and a year-on-year increase of 77.9% [13]

股票简称：百联股份 百联 B 股 公司于2025年7月16日与杨浦区土储中心签订了《上海市杨浦区国有土地收回补偿 合同》（以下简称"合同"），具体详见公司于2025年7月17日披露的《上海百联集团股 份有限公司关于土地收储的进展暨签订土地补偿合同的公告》（临2025-034）。 公司于2025年8月4日收到三幅地块的首次补偿款，具体详见公司于2025年8月5日 披露的《关于收到土地收储补偿款的进展公告》（临2025-037）。 公司已经完成对共青路295号、共青路310、210号的搬迁工作，并与杨浦区土储中 心签署了《收回土地交接确认书》，具体详见公司分别于2025年12月13日、2026年3月3 日披露的《关于土地收储的进展公告》（临2025-050、临2026-002）。 二、本次土地收储事项的进展 证券代码： 600827 900923 编号：临 2026-003 上海百联集团股份有限公司 关于土地收储的进展公告 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。 一、基本情况概述 公司于2025年6月5日召开第十届董事会第 ...

股票简称：百联股份 百联 B 股 证券代码： 600827 900923 编号：临 2026-002 上海百联集团股份有限公司 关于土地收储的进展公告 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。 一、基本情况概述 1 特此公告。 上海百联集团股份有限公司董事会 公司于2025年8月4日收到三幅地块的首次补偿款，具体详见公司于2025年8月5日 披露的《关于收到土地收储补偿款的进展公告》（临2025-037）。 公司已经完成对共青路295号的搬迁工作，并与杨浦区土储中心签署了《共青路295 号收回土地交接确认书》，具体详见公司于2025年12月13日披露的《关于土地收储的进 展公告》（临2025-050）。 二、本次土地收储事项的进展 根据公司与杨浦区土储中心签订的合同约定，公司已完成对共青路310、210号的搬 迁工作，于2026年2月27日将地块移交给杨浦区土储中心，并与杨浦区土储中心签署了 《共青路310、210号收回土地交接确认书》。 三、其他说明 公司将持续跟进土地收储事项的后续进展情况，及时履行信息披露义务，敬请 ...

Group 1 - The company is focused on creating benchmark commercial models while expanding its advantageous business formats in a balanced manner [2] - The company is continuously promoting the transformation and upgrading of key projects, aiming for quality improvement and efficiency enhancement [2] - The company is leveraging local culture to refine differentiated spatial products and will continue to push for refined operational management in the future [2]

Core Viewpoint - The company, Bailian Co., Ltd. (600827), emphasizes its commitment to comply with the information disclosure obligations as per the Shanghai Stock Exchange regulations, indicating that relevant financial data will be disclosed in the 2025 annual report [1] Group 1 - The company has stated that it will strictly adhere to the relevant provisions of the "Enterprise Accounting Standards" for accounting treatment, with the final accounting results subject to the audit by an accounting firm [1] - An annual performance forecast for 2025 was released by the company on January 30, 2026, indicating proactive communication with investors [1]

Core Viewpoint - The company is actively advancing its spatial and content innovation while developing its advantageous business formats, accelerating the layout of outlet projects, and exploring the replication and expansion of ZX dimension and TX curation models [1] Group 1: Business Development - The company is focusing on both light and heavy development strategies to enhance its competitive advantages [1] - The company is continuously promoting asset securitization, with the Huashan Bailian Consumer REIT being the first consumer infrastructure REIT in Shanghai, officially listed in August 2024 [1] Group 2: Digital Transformation - The company is enhancing its digital intelligence capabilities and promoting the integration of digitalization with new consumption scenarios to empower the transformation and upgrading of traditional retail [1]

Core Viewpoint - In 2026, Bailian Group launched a series of marketing activities titled "Our Festival - Celebrate the New Year at Bailian," effectively boosting the holiday consumption market, with sales in its outlets and supermarkets achieving double-digit growth year-on-year during the Spring Festival [1][6]. Group 1: Sales Performance - Bailian Group's supermarket formats, including Century Lianhua and Lianhua Supermarket, maintained strong growth, with sales during the Spring Festival achieving double-digit year-on-year increases [3][8]. - The "Enjoy Consumption with Prize Invoices" campaign during the Spring Festival helped release consumer potential, with the "Shanghai Ticket King Competition" attracting nearly 250,000 participants and a coupon participation rate of nearly 30% [3][8]. - Lianhua Supermarket's coupon redemption activity from January 14 to February 10 led to the issuance of nearly 220,000 coupons, directly driving sales exceeding 20 million yuan [4][8]. Group 2: Marketing Activities - The "Bailian Cup" culinary competition utilized Bailian's global supply chain to introduce selected ingredients from around the world into its stores, creating a "world kitchen at your doorstep" [9]. - The competition has attracted significant public participation, with submissions being collected via the "i Bailian" app, and the final event scheduled for March 12 at Bailian Zhonghuan Shopping Plaza [9]. - Various stores, including Yongan Department Store and Expo Source, actively participated in coupon activities, with Yongan Department Store experiencing over 115% year-on-year sales growth during the initial phase of the campaign [5][9]. Group 3: Future Strategy - Bailian Group aims to continue leveraging its multi-channel and multi-format advantages in 2026, focusing on high-quality product supply and diverse experiential scenarios to lead the construction of an international consumption center city [10].

Group 1 - The company emphasizes its commitment to investor returns and trust through a long-term stable dividend policy, consistently providing cash dividends to investors [1] - The company has undergone multiple rounds of mergers and acquisitions since its listing, leading to variations in financing amount calculations across different third-party trading software [1] - Investors are advised to refer to the company's official disclosures for accurate information [1]