房地产 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2025-03 2025-07 2025-11 房地产 沪深300 相关研究报告 《十五五规划纲要正式发布，住建部 表 态 坚 决 稳 住 楼 市 — 行 业 周 报 》 -2026.3.15 《自然资源部 38 号文定调，土地市场 进 入 存 量 时 代 — 行 业 点 评 报 告 》 -2026.3.12 《逆境磨砺，暗藏契机—房地产行业 2026 春季投资策略》-2026.3.3 单周成交数据仍降，南京郑州地产政策优化 ——行业周报 齐东（分析师） 胡耀文（分析师） qidong@kysec.cn 证书编号：S0790522010002 huyaowen@kysec.cn 证书编号：S0790524070001 单周成交数据仍降，南京郑州地产政策优化 本周我们跟踪的全国 30城新房成交面积和 15城二手房成交面积均连续六周同比 下降，反映出"小阳春"成色略有不足。本周央行提出继续实施好适度宽松的货 币政策，南京和郑州均出台了一系列地产优化政策，在各项促进房地 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 核心城市房价行至何处？ ——房地产行业周度观点更新 报告要点 [Table_Summary] 经历明显下跌之后，当前核心城市正处传统旺季，房价亦有一定修复，后续怎么看？1）趋势上 可能仍有压力。理性视角下，房租增长预期是住房定价的核心矛盾，房租不增长或低增长背景 下，住房持有回报率与机会成本仍有倒挂，购房自住成本仍明显高于租房。2）结构上可能分化 加大。部分高总价的稀缺房产将受益于通胀交易，核心区域部分低总价房产的租金回报率已具 备一定优势，与月供负担较为接近，对刚需群体的吸引力明显提升。3）斜率上可能逐步趋缓。 房价调整的时间和空间已不算小，买卖双方的心态均有一定缓和，行业最悲观的时候正在过去。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% 止跌回稳的政策目标对市场预期曾有明显提振，但去年 4 月以来边际下行压力再次加大，政策 阈值逐步临近，改善和稳定房市预期具备战略意义，产业政策宽 ...

房地产 单周成交数据仍降，南京郑州地产政策优化 ——行业周报 齐东（分析师） 胡耀文（分析师） qidong@kysec.cn 证书编号：S0790522010002 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2025-03 2025-07 2025-11 房地产 沪深300 相关研究报告 《十五五规划纲要正式发布，住建部 表 态 坚 决 稳 住 楼 市 — 行 业 周 报 》 -2026.3.15 《自然资源部 38 号文定调，土地市场 进 入 存 量 时 代 — 行 业 点 评 报 告 》 -2026.3.12 《逆境磨砺，暗藏契机—房地产行业 2026 春季投资策略》-2026.3.3 价格端：2026 年第 12 周，冰山 100 指数为 9994，周环比-0.1%，周同比-12.5%； 其中北京、上海、深圳、广州周同比分别-14.9%、-11.1%、-10.1%、-12.8%，环 比分别持平、+0.2%、-0.1%、-0.2%。 风险提示：市场信心恢复不及预期，政策影响不及预期。 huyaowen@ky ...

[Table_Page] 投资策略周报|房地产 证券研究报告 [Table_Title] 房地产开发与服务 26 年第 12 周 楼市热度维持高涨，核心城市企稳可期 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-22 [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 03/25 06/25 08/25 10/25 01/26 03/26 房地产 沪深300 | [分析师： Table_Author]郭镇 | | | --- | --- | | | SAC 执证号：S0260514080003 | | | SFC CE No. BNN906 | | | 021-38003639 | | | guoz@gf.com.cn | | 分析师： | 邢莘 | | | SAC 执证号：S0260520070009 | | | 021-38003638 | | | xingshen@gf.com.cn | | 分析师： | 谢淼 | | | SAC 执证号：S0260522070007 | | | ...

证券研究报告·行业月报·房地产 房地产行业月报 开发投资降幅收窄，市场逐步探底向稳 2026 年 03 月 22 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 行业走势 -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 2025/3/24 2025/7/22 2025/11/19 2026/3/19 房地产 沪深300 相关研究 《政策驱动存量盘活，城市更新重要 性提升》 2026-03-12 证券分析师 姜好幸 执业证书：S0600525110001 jianghx@dwzq.com.cn 证券分析师 刘汪 执业证书：S0600526030001 liuwang@dwzq.com.cn 《基于 OpenClaw 的房地产股票投研 生产力提升实践》 2026-03-11 东吴证券研究所 1 / 10 请务必阅读正文之后的免责声明部分 ◼ 开发投资降幅收窄，新开工竣工延续调整。2026 年 1-2 月，全国房地产 累计开发投资 9612 亿元，同比变化-11.1%，降幅较 2025 年全年收窄 6.1pct，房企投资态度在市场调整中保持谨慎但降 ...

Core Insights - The report indicates that the real estate market remains robust, with stabilization expected in core cities [1] - The industry rating is maintained at "Buy" [2] Policy Overview - The central bank has kept the Loan Prime Rate (LPR) unchanged, while local governments are optimizing housing fund policies, including subsidies for home purchases in cities like Shaoxing [6][17] - Local policies include increased housing fund withdrawal limits and adjustments to down payment ratios for commercial properties [19][21] Transaction Performance - New home transaction volume in 49 cities reached 350.85 million square meters, a week-on-week increase of 20.2%, but a year-on-year decrease of 14.1% [22][23] - Second-hand home transactions have shown a week-on-week increase of 2.3%, marking five consecutive weeks of growth [22] Market Sentiment - The new home supply has decreased by 22% week-on-week, while the transaction volume has exceeded the new supply, indicating improved absorption rates [6] - The average price of second-hand homes is stable at 10,176 yuan per square meter, with expectations for positive price trends in the coming month [6] Land Market Performance - Land supply has increased, with transaction revenue from residential land in 300 cities reaching 21.5 billion yuan, a month-on-month increase of 2.0% [6] - The land transaction area was 7.2 million square meters, with a weekly transaction conversion rate of 64% [6] Company Valuation and Financial Analysis - Major companies in the sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable values set at 7.64 yuan and 16.02 yuan per share, respectively [7] - The report highlights the financial metrics of various companies, including EPS and PE ratios, indicating potential investment opportunities [7] C-REITs Market Overview - The C-REITs sector saw a slight decline in the comprehensive return index by 0.06%, with 39 out of 78 REITs experiencing gains [6]

证券代码：601155 证券简称：新城控股 编号：2026-011 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2026 年 3 月 23 日（星期一）至 3 月 27 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （xckg@xincheng.com）进行提问。公司将在说明会上就投资者普遍关注的问题 进行回答。 新城控股集团股份有限公司 关于召开2025年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2026 年 3 月 30 日（星期一）9:00-10:00 新城控股集团股份有限公司（以下简称"公司"）将于 2026 年 3 月 28 日发 布公司 2025 年度报告，为便于广大投资者更全面深入地了解公司 2025 年度经营 成果、财务状况，公司计划于 2026 年 3 ...

Core Viewpoint - The real estate industry has officially entered a new development stage of "stabilization and quality upgrade" in 2025, with significant improvements in delivery capabilities and buyer confidence [1] Group 1: Industry Overview - The central government continues to deepen the real estate financing whitelist system, with over 7.5 million historically delayed housing units completed and the pilot of selling completed homes expanding [1] - The asset-liability structure of companies has substantially improved, with a stable delivery pattern characterized by quality upgrades and steady volume [1] - Leading real estate companies have stabilized their delivery scales, and the ability of distressed companies to fulfill commitments has significantly recovered [1] Group 2: Delivery Capability Assessment - The "2025 China Real Estate Enterprise Delivery Capability TOP 50" evaluates companies based on total delivery scale, timeliness, satisfaction, and completeness of delivery systems [13] - The top 50 companies have become the main force in ensuring delivery, with an increasing proportion of high-quality improvement projects [16] Group 3: Policy and Mechanisms - The central government has established a long-term policy mechanism for the real estate market, focusing on ensuring delivery, preventing risks, and stabilizing expectations [15] - Key measures include the normalization of the real estate financing whitelist, full-cycle supervision of pre-sale funds, and the expansion of the completed home sales pilot [15] Group 4: Delivery Quality and Experience - Delivery capability has evolved from merely "on-time delivery" to a comprehensive ability encompassing full-process systems, precision craftsmanship, and full-cycle services [19] - The delivery process now integrates design and operation, creating a complete loop that enhances the value from "building good homes" to "living well" [19] Group 5: Notable Delivery Projects - The top delivery projects of 2025 include high-end, light luxury, and quality works, showcasing the industry's focus on quality and customer experience [6][9][11] - Notable projects include "Poly Tianrui" in Guangzhou and "Beijing Yuefu," reflecting the industry's commitment to high standards [6][9]

Summary of China Property Industry Conference Call Industry Overview - The conference call focused on the **China Property** sector, specifically discussing trends in home sales, construction activity, and market sentiment in early 2026 [1][4]. Key Points Home Sales and Market Sentiment - Home sales in the first two months of 2026 experienced a **20% year-on-year decline in value** and a **14% year-on-year decline in volume**, showing a milder drop compared to December 2025 [2] - The National Bureau of Statistics (NBS) reported a **0.3% month-on-month drop** in primary market prices and a **0.4% month-on-month drop** in secondary markets in February 2026 [2] - A forecast indicates a **deeper decline in home sales** for March 2026 due to reactive policy stances, higher inventory levels, and weakened buyer sentiment [1][4] Construction Activity - Construction activity continued to decline, with **completions falling by 28% year-on-year** and **new starts down by 23% year-on-year** in the first two months of 2026 [3] - Real estate investment (REI) dropped to **-11% year-on-year**, a significant improvement from **-36% in December 2025**, attributed to depleted landbanks and seasonal factors [3] Price Trends - The physical market is expected to weaken further, with predictions of **-8% and -6% year-on-year declines in secondary home prices** for 2026-2027 [4] - The NBS data indicates that the **total sales value of residential properties** was **Rmb 819 billion** in 2026, down **20.2% year-on-year** [6] Developer Performance - Developer stocks have dropped over **15% on average** since late January 2026, indicating a challenging environment despite a sentiment-driven rally earlier in the year [5] - The report highlights specific companies under pressure, including **Greentown, Jinmao, Longfor, Vanke, and Gemdale Corp** [5] Investment Recommendations - The analysis favors quality companies with strong operational stories, such as: - **CR Land** and **Seazen A** for their potential as strong mall operators with C-REIT potential - **C&D International Investment Group** for its outlook on margin and earnings recovery [5] Financial Metrics - Key financial metrics for the residential sector include: - **Total GFA sold**: 93 million sqm, down **13.5% year-on-year** - **Total RE investment**: Rmb 961 billion, down **11.1% year-on-year** - **Total GFA completion**: 63 million sqm, down **27.9% year-on-year** [6] Additional Insights - The conference call emphasized the lack of incremental housing stimulus from the National People's Congress (NPC) meeting, which could further exacerbate the decline in home sales [4] - The overall sentiment in the market remains cautious, with expectations of continued pressure on home sales and prices into the results season [5] This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and outlook of the China Property industry.

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 03 月 17 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 38 号文要求新增用地与存量盘活挂钩，上海二手房成交活跃 投资评级： 看好（维持） ——房地产行业周报（26/3/7-26/3/13） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.7%、深证成指上升 0.8%、创业板指上升 2.5%、沪深 300 上 升 0.2%、房地产（申万）下跌 0.5%。个股方面，涨跌幅前五的分别为：京投发展(+25.0%)、 西藏城投(+13.4%)、*ST 阳光(+9.3%)、首开股份(+9.2%)、沙河股份(+9.0%)，涨跌幅后五的 分别为：财信发展(-8.6%)、*ST 荣控(-8.2%)、特发服务(-6.5%)、新黄浦(-5.7%)、深深房 A(-5.3%)。 联系人 数据跟 ...