行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 2026 年 02 月 25 日 楼市改善趋势下政策放松加码，更彰显维稳房 价的目标和决心 看好 ——上海 225 楼市新政点评 事件： ⚫ 2026 年 2 月 25 日，上海市住房城乡建设管理委、市房屋管理局、市财政局、市税务局、 市公积金管理中心等五部门联合印发《关于进一步优化调整本市房地产政策的通知》，其 中：1）优化限购：缩短非沪籍居民购买外环内住房所需缴纳社保或个税年限。对非本市 户籍居民家庭或成年单身人士购买外环内住房的，购房所需缴纳社会保险或个人所得税的 年限，调整为购房之日前连续缴纳满 1 年及以上。符合条件非沪籍居民可在外环内增购 1 套住房。符合条件的持《上海市居住证》群体可在本市购买住房。2）优化住房公积金贷 款政策。3）完善个人住房房产税政策。 点评： 证券分析师 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 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 相关研究 袁豪 A0230520120001 yuanhao@sws ...

此番地产行情走强，得益于多重积极信号叠加催化。 政策层面，2月25日，上海市住房城乡建设管理委、市房屋管理局等五部门联合印发《关于进一步优化调整本市房地产政策 的通知》，自2026年2月26日起施行，主要包括三方面：进一步调减住房限购政策、优化住房公积金贷款政策和完善个人住 房房产税政策。 其中，限购方面，非沪籍外环内购房社保门槛降至1年；缴纳社保/个税满 3 年可增购1套；持居住证满5年可购1套住房，无 需提供社保或个税证明。公积金方面，首套贷款最高额度提至240万（多子女家庭贷款最高额度可达324万元），并放宽二 套贷款认定。税收方面，成年子女首套房暂免征收个人住房房产税。 上海易居房地产研究院副院长严跃进表示，上海发布楼市新政，充分体现上海综合施策、因城施策、发挥好存量和增量政 策集成效应的导向，亦符合2026年住房消费工作的相关要求。此次新政将在降低购房成本的同时，进一步促进住房消费需 求积极释放和供求关系平衡，亦进一步巩固当前楼市稳中向好的态势。 除政策利好外，春节期间，房企积极促销，多地项目"春节不打烊"，以特惠房源、购房折扣等促销活动，为市场"小阳 春"提前蓄力。 2月25日，港股、A股两市的地 ...

华源证券研判，我国房地产调整的长度与深度已相对充分，复盘全球主要经济体房地产危机，平均跌幅 35%、调整时间6年，当前实际调整幅度与持续时间均已接近历史均值；叠加中央高频强调"好房子"建 设、REITs试点加速落地、保障性住房金融支持政策扩围等新机制逐步成型，行业有望进入调整尾声阶 段。 中银证券指出，"政策拐点"需要提前布局，"基本面拐点"机会持续时间会更长，持续性的修复仍要待价 格止跌回稳。"政策拐点"可能会体现在房地产供需两端的政策积极性提升，"基本面拐点"主要指需求好 转的明朗度，主要体现在二手房价格的降幅收窄。从投资主线来说，部分房企在2025年计提减值相对充 分，2026、2027年减值压力减轻，在此变化之下有反转可能性；部分持有性商业地产公司已经提前布局 新业态、新模式、新场景，更能把握新消费时代下的机遇。 截至2026年2月25日 09:41，房地产ETF(512200)上涨2.15%，成交6902.58万元。跟踪指数中证全指房地 产指数成分股光明地产上涨10.07%，城投控股上涨9.96%，我爱我家上涨4.56%，滨江集团，华联控股 等个股跟涨。 上周为春节假期，受此影响市场整体成交回落。但 ...

行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-02 2025-06 2025-10 房地产 沪深300 相关研究报告 《上海三区启动住房以旧换新，推动 新房去库存 — 行 业 点 评 报 告 》 -2026.2.4 行 业 研 究 2026 年 02 月 24 日 投资评级：看好（维持） 《2025Q4 公募基金延续低配，持股集 中度进一步提升—行业点评报告》 -2026.1.27 《销售延续调整态势，期待政策显效 与市场筑底 — 行 业 点 评 报 告 》 -2026.1.19 楼市延续筑底行情，政策宽松下布局时点已至 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | huyaowen@kysec.cn 证书编号：S0790524070001 春节市场成交量：一手房网签偏弱，二手房基本持平 一手房方面，2026 年除夕前一周 40 城市合计一手房成交 133.68 ...

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 company reported a total commercial operating revenue of approximately 1.201 billion yuan in January 2026, reflecting a year-on-year increase of 3.36% [1] Group 1: Revenue and Sales Performance - The total commercial operating revenue for January 2026 was about 1.201 billion yuan, which is a 3.36% increase compared to the same period last year [1] - The contract sales amount for January 2026 was approximately 714 million yuan, showing a year-on-year decrease of 29.79% [1] - The sales area for January 2026 reached around 147,800 square meters, marking a year-on-year increase of 27.85% [1]

Group 1 - The company reported a total commercial operating revenue of approximately 1.201 billion yuan in January, representing a year-on-year increase of 3.36% [1] - The company's contract sales amount for January was approximately 714 million yuan, showing a year-on-year decrease of 29.79% [1] - The sales area for January was approximately 147,800 square meters, which is a year-on-year increase of 27.85% [1]

Group 1 - The company reported a total commercial operating revenue of approximately 1.201 billion yuan in January, representing a year-on-year increase of 3.36% [1] - The contract sales amount for January was approximately 714 million yuan, showing a year-on-year decrease of 29.79% [1] - The sales area reached approximately 147,800 square meters, which is a year-on-year increase of 27.85% [1]

Group 1 - The company reported a contract sales amount of approximately 714 million yuan in January, representing a year-on-year decrease of 29.79% [1] - The sales area reached approximately 147,800 square meters, showing a year-on-year increase of 27.85% [1]