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]

2025年，国内银发消费完成了从"提供银发人群基础生存刚需"向"高品质晚年生活供给"的迭代升级。 多个银发消费细分赛道取得显著增长。国家税务总局公布的数据显示，2025年银发消费潜力持续释放，健康管理、保健养生等成为消费新热点，健康咨询 服务、养生保健服务销售收入同比分别增长11.7%与12%。 行业高增长背后，是银发人群消费观念和消费能力的升级。需求端的变化也带来了渠道供给端"革命"。传统商超向银发综合体转型，百联繁花里年付费会 员同比增45%；京东、美团等互联网巨头，足力健等传统消费品牌，纷纷发力即时零售，其中足力健提出20000家门店的拓店目标。 2026年开年之际，AgeClub回顾并总结了过去一年年度消费趋势，助力从业者研判未来市场走向。 PART 01 政策密集赋能，大健康是重点 2025年，国家及多部门密集出台多项针对银发消费行业的政策文件，从顶层设计到细分赛道，推动银发消费市场加速提质扩容。 宏观政策层面，2025年3月，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，其中提到：优化"一老一小"服务供给，支持地方试点探 索、整体推进多层建筑加装电梯和发展老年助餐服务，积极发展抗衰老等 ...

记者｜叶映橙 见习记者林健民 编辑｜谢珍 2月11日，21快讯记者了解到，随着春节临近，多家平台陆续推出"春节不打烊"服务。记者发 现，部分平台上调了春节假期期间的配送费用，通常在每笔订单基础上加收3元不等。而美团 外卖、淘宝闪购、京东等平台不额外上调春节运费，拟通过现金激励、福利保障等形式来保障 骑手收入和配送服务。 多家平台上调配送费用 山姆每单加收3元。 山姆在春节运费说明中表示，2026年2月11日至2月24日期间下单，山姆线 上配送在现有运费基础上将每单加收3元春节运费，用于补贴春节期间坚守岗位的配送员。 盒马每单均收6元基础运费。 盒马宣布，2026年2月14日至2月21日期间，任意金额订单均按照 每单6元收取基础运费；如果订单商品超重，按照日常标准加收超重运费。 叮咚买菜每单额外收取3元。 叮咚买菜表示，因春节期间运力紧张，腊月廿八0点至正月初五 24点(2026年2月15日0点至2026年2月21日24点)，将与往年一致，每单额外收取3元春节服务 费。 亲爱的用户: 叮咚买菜第9年春节不打烊,不间断为您将好货送 到家。因春节期间运力紧张,腊月廿八0点至正月初五 24点 (2026年2月15日0 ...

Investment Rating - The report rates the real estate sector as "Outperform" [6] Core Insights - The real estate market is experiencing significant year-on-year growth due to a low base from the previous year, particularly during the Spring Festival period, but there is a month-on-month decline in transactions [1][6] - The Shanghai pilot program for purchasing second-hand homes for rental housing is expected to positively influence market expectations and confidence if implemented effectively [2][6] - The new housing transaction area has shifted from positive to negative month-on-month, with a narrowing year-on-year growth rate [6][17] - The inventory of new homes is decreasing both month-on-month and year-on-year, while the de-stocking cycle has decreased month-on-month but increased year-on-year [6][46] Summary by Sections New Housing Market Tracking - In the week of January 31 to February 6, 2026, new housing transaction volume in 40 cities was 17,000 units, a month-on-month decrease of 4.3% and a year-on-year increase of 225.1% [18][19] - The new housing transaction area was 163.1 million square meters, with a month-on-month decline of 9.6% and a year-on-year increase of 203.0% [18][27] - The transaction volume and area for first, second, and third/fourth-tier cities showed varying month-on-month and year-on-year growth rates [20][21][22] Second-Hand Housing Market Tracking - The transaction area for second-hand homes in 18 cities was 174.1 million square meters, with a month-on-month decline of 4.7% and a year-on-year increase of 349.7% [6][19] - The month-on-month decline in transaction volume for second-hand homes is more pronounced in first-tier cities compared to second and third/fourth-tier cities [6][19] Inventory and De-stocking Cycle - The inventory of new homes in 12 cities was 11,235 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 6.4% [46][47] - The de-stocking cycle for new homes is 17.4 months, showing a month-on-month decrease but a year-on-year increase [46][47] Land Market Tracking - The total area of land transactions across 100 cities was 1,188.4 million square meters, with a month-on-month increase of 74.1% and a year-on-year increase of 582.1% [6][14] - The average land price per square meter decreased month-on-month and year-on-year, indicating a cooling in land prices [6][14] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, those that have made significant breakthroughs in sales and land acquisition, and commercial real estate companies exploring new consumption scenarios [7][6]

证券日报网讯2月6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，自2016年度至今连续九年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。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6日，百联股份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，自2016年度至今连续九年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。公司始终坚持开放透明的沟通原则，所有合法合规的投资者意见均可通过法定渠道顺畅传递。 （编辑 任世碧） ...

证券日报网讯2月6日，百联股份（600827）在互动平台回答投资者提问时表示，公司高度重视市值管理 相关工作，始终以提升经营质量作为市值管理的核心。公司通过积极打造商业地标，推进重大标杆项 目；推进空间与内容创新；拓展供应链建设；推进资产证券化，发行上海首单消费基础设施REIT等各 项措施提升资产价值。 ...

（文章来源：证券日报） 证券日报网讯 2月6日，百联股份在互动平台回答投资者提问时表示，公司重视并记录投资者的合理意 见与反馈，并及时向公司董事会及管理层反馈。未来，公司将继续提升沟通效率与效果，认真听取各方 建议，并将结合公司实际情况，审慎研究相关事项的可行性。 ...

Group 1 - The A-share tax refund store sector has shown a continuous rise, with Maoye Commercial reaching the daily limit increase [2] - Hangzhou Xie Bai previously hit the daily limit, while Bai Da Group increased by over 5% [2] - Other stocks such as Guangbai Co., Hebai Group, Yuyuan, Bailian Group, and New World also experienced gains [2]

Core Insights - The consumer index data from Worldpanel indicates that the sales of China's urban fast-moving consumer goods market will grow by 1.5% year-on-year in 2025, maintaining a stable development trend [1] - The contribution rate of final consumption expenditure to economic growth has reached 52.0%, an increase of 5.0 percentage points compared to 2024, making it the main driver of economic growth [2] - The retail market is experiencing a dual trend of "acceleration" and "braking," with retailers focusing on high-potential areas while optimizing existing resources [13][15] Market Performance - In 2025, the sales growth rate in the eastern and northern regions will exceed the overall growth rate, with lower-tier cities showing a sales growth rate of 1.9%, indicating ongoing potential in the sinking market [1] - The beverage and food categories are leading growth, with annual sales increasing by 3.6% and 3.1% respectively [1] - The modern channel sales in urban areas will see a slight decline of 0.3% in 2025, with small supermarkets capturing the demand for daily household consumption [4] Retailer Dynamics - Walmart has surpassed the Gao Xin Retail Group, with its Sam's Club maintaining rapid sales growth, increasing its market share in modern channels by 1 percentage point compared to the previous year [4] - The top ten retailers are experiencing a continuous decline in market share, with a 0.7 percentage point drop in modern channels [5] - Local retailers like Anhui Hejiafu and Hubei Huangshang are maintaining their market share in modern channels, showcasing their competitive edge [8] Consumer Behavior Trends - The consumer demand is diversifying, with new consumption scenarios emerging, particularly in out-of-home dining, which is expected to see a 6% year-on-year increase in customer flow in 2025 [2] - The penetration rate of the pre-positioned warehouse model has reached 9%, a year-on-year increase of 2.2 percentage points, indicating a shift in consumer shopping habits towards instant delivery [10] - The retail industry is evolving towards a "near-field optimization and far-field expansion" model, focusing on precise consumer engagement and comprehensive coverage [9] Strategic Shifts - Retailers are increasingly focusing on developing private labels, with the penetration rate of private brands reaching 56.8%, up over 11 percentage points from the previous year [14] - The discount retail format remains popular among consumers, with penetration rates for bulk snack stores and discount stores increasing by 4.8 and 2.9 percentage points respectively [14] - The integration of online and offline channels is deepening, with platforms like Taobao and JD.com transforming into comprehensive service platforms [17][18] Future Outlook - The retail market is expected to continue its dual path of "acceleration" and "braking," with ongoing adjustments and optimizations [15] - The focus will shift towards building emotional connections with consumers and enhancing demand response efficiency, moving from merely meeting needs to anticipating them [11][12] - The competition in the retail sector will become more complex and diverse, requiring brands and retailers to innovate and enhance service experiences to maintain competitive advantages [20][21]