Investment Rating - The industry investment rating is maintained as "Buy" [2][7]. Core Insights - The effects of new policies in Shanghai are becoming evident, leading to a recovery in second-hand housing transactions [1]. - In major cities like Beijing and Shanghai, second-hand housing transactions are gradually recovering, although new housing transactions have not yet seen a similar trend [4][5]. - The overall performance of the real estate sector has shown a relative decline of 15% over the past 12 months compared to the CSI 300 index [3]. Summary by Sections Market Performance - In the past week (March 7-13), Beijing reported an average of 580 second-hand housing transactions per day, down 3.7% year-on-year, while new housing transactions were 76 units, down 27.5% year-on-year [4]. - Shanghai saw an average of 982 second-hand housing transactions per day, up 8% year-on-year, while new housing transactions were 318 units, down 8% year-on-year [5]. - In Shenzhen, second-hand housing transactions averaged 154 units per day, down 25% year-on-year, and new housing transactions were 39 units, down 57% year-on-year [5]. National Trends - In 30 major cities, new housing transaction area increased by 0.9% year-on-year in the past week, with a year-on-year decline of 9.6% in March [6]. - The cumulative transaction area from January to March showed a year-on-year decline of 21.6% [6]. - Second-hand housing transactions in 14 cities saw a year-on-year decline of 24.7% in the past week, with a March year-on-year decline of 17% [6]. Investment Recommendations - The months of March and April are traditionally peak seasons for the real estate market, especially following the implementation of the "Shanghai Seven" policies, which have stimulated both second-hand and new housing transactions [7]. - The report suggests focusing on leading real estate companies with land reserves in core cities and high-end improvement products, such as Poly Developments [7]. - It also highlights the potential for valuation recovery in leading intermediary agencies as the proportion of second-hand housing transactions continues to rise [7].

业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 《房地产行业 2026 年投资策略：潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 证券分析师 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 2026 年 03 月 14 日 38 号文不是土地断供而是转向，挂钩存量盘活 或将加速城市更新 看好 —— 地产及物管行业周报（2026/3/7-2026/3/13） 本期投资提示： 证 券 研 究 报 告 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 行 相关研究 ⚫ 地产行业数据：新房、二手房成交环比均回升，新房成交推盘比小幅回落。上周(3.7- 3.13)3 ...

业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 《房地产行业 2026 年投资策略：潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 2026 年 03 月 14 日 38 号文不是土地断供而是转向，挂钩存量盘活 或将加速城市更新 看好 —— 地产及物管行业周报（2026/3/7-2026/3/13） 本期投资提示： 证 券 研 究 报 告 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 顾铮 A0230525120002 guzheng@swsresearch.com 行 相关研究 ⚫ 地产行业数据：新房 ...

证券研究报告 [Table_Page] 跟踪分析|房地产 [Table_Title] 房地产行业：26 年 2 月 REITs 月报 商业不动产 REITs 加速推进，意义重大 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -20% -8% 4% 16% 28% 40% 04/24 07/24 09/24 12/24 02/25 04/25 房地产 沪深300 [Table_Author] 分析师： 郭镇 SAC 执证号：S0260514080003 SFC CE No. BNN906 021-38003639 guoz@gf.com.cn 分析师： 胡正维 SAC 执证号：S0260524080002 021-38003768 huzhengwei@gf.com.cn 请注意，胡正维并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | 股票简称 | 股票代码 | 货币 | 收盘价 | 最近 | 评级 | 合理价值 | | EPS(元) | | PE(x) | | EV/EBITDA(x) | ROE | | | --- | --- | ...

房地产高质量发展，更高水平住有所居 —— 房地产行业"十五五"规划纲要解读 分析师：胡孝宇 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 行业深度报告 · 房地产行业 房地产高质量发展，更高水平住有所居 —— 房地产行业"十五五"规划纲要解读 2026 年 03 月 13 日 核心观点 房地产行业 推荐 维持评级 分析师 胡孝宇 相对沪深 300 表现图 2026 年 03 月 13 日 -20% 0% 20% 40% 2025/3/13 2025/4/13 2025/5/13 2025/6/13 2025/7/13 2025/8/13 2025/9/13 2025/10/13 2025/11/13 2025/12/13 2026/1/13 2026/2/13 2026/3/13 SW房地产 沪深300 资料来源：中国银河证券研究院 相关研究 1.【银河地产】推动地产高质量发展_十五五规划建 议点评 2.【银河地产】房地产行业深度_期待地产新征程_十 五五规划前瞻 3.【银河地产】着力稳定房地产市场，深入推进新模 式_2026 年政府工作报告点 ...

证券代码：601155 证券简称：新城控股 编号：2026-009 | 省份 | 广场数量 | 总建筑面积 2 | 月份租金收入 | 当年累计租金收入 | | --- | --- | --- | --- | --- | | | | （平方米） | （元） | （元） | | 江苏 | 44 | 4,139,925 | 284,175,781 | 577,797,573 | | 浙江 | 18 | 1,618,168 | 124,058,155 | 255,864,049 | | 安徽 | 14 | 1,258,300 | 78,196,594 | 159,135,113 | | 陕西 | 7 | 659,454 | 56,487,464 | 117,389,213 | | 山东 | 16 | 1,473,979 | 70,963,287 | 144,839,994 | | 湖南 | 6 | 502,482 | 30,720,954 | 62,313,343 | | 广西 | 5 | 455,455 | 24,129,110 | 48,869,459 | | 云南 | 6 | 571,450 | 30,353, ...

Group 1: 康农种业 - 康农种业 has achieved a breakthrough in the Huang-Huai-Hai market with its representative variety 康农玉 8009, which is expected to continue growing in this region and is making progress in exporting corn seeds [2][3][4] - The company is projected to have EPS of 0.78, 1.15, and 1.5 yuan for the years 2025, 2026, and 2027 respectively, with a target price of 40.25 yuan based on a 35x valuation for 2026 [3][4] - The corn seed supply-demand inflection point is emerging, with national seed corn area and production reaching a ten-year high in 2023, and a supply-demand ratio of 167%, indicating a favorable environment for quality seed sales [3][4] Group 2: 万润新能 - 万润新能 is positioned at a critical point of performance confirmation and product technology upgrade, with expectations of simultaneous growth in volume and profit due to surging demand for energy storage and power batteries [2][6][9] - The company is projected to have a net profit of -446 million yuan, 963 million yuan, and 1.37 billion yuan for 2025, 2026, and 2027 respectively, with an EPS of -3.54 yuan, 7.63 yuan, and 10.87 yuan [6][9] - The company is a leading supplier of lithium iron phosphate cathode materials for lithium batteries, with a projected sales growth of approximately 64.33% in 2025, ranking second in domestic shipments [8][9] Group 3: 爱柯迪 - 爱柯迪 is recognized as a lightweight champion in the automotive sector, actively expanding into the fields of intelligent robotics and magnesium alloy products, with a projected net profit of 1.14 billion, 1.41 billion, and 1.74 billion yuan for 2025, 2026, and 2027 respectively [2][11][12] - The company is expected to benefit from the growing trend of automotive lightweighting and aims to become a primary supplier in the field of embodied intelligence [11][12] - The acquisition of 卓尔博 is anticipated to enhance 爱柯迪's revenue by over 1 billion yuan in 2026, as it enters the micro and special motor sector [12][11] Group 4: 华新建材 - 华新建材 is focusing on strong profitability and pricing in African markets, with adjusted net profit projections of 2.8 billion, 3.61 billion, and 4.19 billion yuan for 2025, 2026, and 2027 respectively [26][27] - The company has reported strong performance from its Nigerian subsidiary, with a net profit of approximately 1.28 billion yuan in 2025, exceeding expectations [27] - The pricing for cement in key African countries has shown significant increases, indicating a robust market environment for 华新建材 [27][26] Group 5: 新城控股 - 新城控股 is optimizing its debt structure through multiple financing channels, with a projected EPS of 0.37, 0.51, and 0.61 yuan for 2025, 2026, and 2027 respectively [29][30] - The company has successfully applied for a public REITs project, expected to raise 1.625 billion yuan, which will enhance its cash flow stability [29][30] - The company is actively working on diversifying its financing methods, including issuing REITs and optimizing its debt structure [30][31] Group 6: 行动教育 - 行动教育 is expected to achieve net profits of 303 million, 366 million, and 427 million yuan for 2025, 2026, and 2027 respectively, with a target price of 67.54 yuan [32][33] - The company is advancing its "百校计划" to expand its presence and enhance its service capabilities, while also integrating AI strategies to improve operational efficiency [32][33] - The company has reported a high net profit margin of 37.97% in Q3 2025, indicating strong profitability [32][33]

Market Strategy - Market risk appetite has rebounded significantly, with a notable rebound in the technology innovation sector [5][8] - The overall A-share market saw a rise, with the Wind All A Index increasing by 1.58% to 6832.57 points, while the Shanghai Composite Index rose by 0.65% to 4123.14 points [8][9] - The technology innovation sector, represented by the STAR 50 Index, increased by 2.16%, indicating strong performance in growth-oriented stocks [8][9] Economic Indicators - In January-February, China's exports increased by 21.8% year-on-year, with a trade surplus of 213.6 billion USD [17][18] - The People's Bank of China conducted a 395 billion CNY reverse repurchase operation with a fixed interest rate of 1.40% [19][20] Industry Dynamics - China's rare earth exports reached 10,468.3 tons in January-February, a year-on-year increase of 23.0% [30][31] - The import volume of copper ore and its concentrates totaled 4.934 million tons in January-February, reflecting a year-on-year growth of 4.9% [32][33] - The total sales of two-wheeled electric vehicles in 2025 reached 63.7 million units, representing a year-on-year increase of 29.47% [44] Company Tracking - New城控股 issued 355 million USD in offshore bonds with an interest rate of 11.8%, aimed at repaying maturing debts [52][53] - 天赐材料 reported a net profit of 1.362 billion CNY for 2025, a year-on-year increase of 181.43%, driven by strong sales of lithium battery materials [55] - 益生股份 saw a 1.15% year-on-year increase in the sales of white feather broiler chicks in February, while the sales of breeding pigs declined by 12.44% [57] - 大北农 reported a 39.38% year-on-year increase in pig sales in February, with sales revenue reaching 475 million CNY [59] - 巨星农牧's pig sales in February increased by 24.06% year-on-year, generating sales revenue of 425 million CNY [61]

本次要约回购部分境外美元债券符合公司偿债计划及发展战略，不会对公司经 营情况和财务状况产生不利影响，不会损害公司及全体股东的利益。 特此公告。 新城控股集团股份有限公司 董 事 会 新城控股集团股份有限公司 关于要约回购部分境外美元债券的公告 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。 新城控股集团股份有限公司（以下简称"公司"）的境外子公司 New Metro Global Limited（新城環球有限公司，以下简称"新城環球"）分别于2021年2月2 日及2025年9月30日在境外发行了本金总额为4.04亿美元及1.6亿美元，票面年息为 4.5%及11.88%的无抵押固定利率债券（以下分别简称"4.04亿美元债券"及"1.6 亿美元债券"），详见公司公告编号：2021-007《公司关于境外子公司发行境外美 元债券的公告》及公告编号：2025-046《公司关于境外子公司发行境外美元债券的 公告》。其中，4.04亿美元债券将于2026年5月2日到期，1.6亿美元债券将于2027年 9月30日到期。 为统筹优化整体融资结构， ...

证券代码：601155 证券简称：新城控股 编号：2026-007 2、担保方式：公司间接控股股东新城发展控股有限公司提供无条件的不可撤 销的连带责任保证担保，担保范围包括本次境外债券的本金和利息等； 3、发行规模：3.55亿美元； 4、债券期限：3年； 5、债券利率：票面年息为11.8%，每半年支付一次； 1 新城控股集团股份有限公司 关于境外子公司发行境外美元债券的公告 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。 2025年5月26日，新城控股集团股份有限公司（以下简称"公司"）召开公司 2024年年度股东大会，审议通过了《关于公司开展直接融资工作的议案》，授权公 司（含控股子公司）在不超过人民币200亿元（含境外等值外币）的规模下在境内 外开展直接融资工作，并根据《股票上市规则》、《公司章程》等的相关规定为子 公司提供相应担保，详见《公司2024年年度股东大会决议公告》（编号：2025- 033）。公司控股股东富域发展集团有限公司已于2026年2月6日收到国家发展和改 革委员会出具的《企业借用外债审核登记证明》（编号 ...