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]

Core Viewpoint - In January 2026, the company reported a significant decline in contract sales amounting to approximately 714 million yuan, representing a year-on-year decrease of 29.79% while the sales area increased by 27.85% compared to the same period last year [1] Group 1: Sales Performance - The contract sales amount for January 2026 was approximately 714 million yuan, down 29.79% year-on-year [1] - The sales area for January 2026 reached approximately 147,800 square meters, reflecting a year-on-year increase of 27.85% [1] Group 2: Revenue Performance - The total revenue from commercial operations in January 2026 was approximately 1.201 billion yuan, which is a year-on-year increase of 3.36% [1]

证券代码：601155 证券简称：新城控股 编号：2026-005 新城控股集团股份有限公司 2026 年 1 月份经营简报 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。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报 告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 一、公司2026年1月份房地产出租情况 1月份公司实现合同销售金额约7.14亿元，比上年同期下降29.79%；销售面积 约14.78万平方米，比上年同期增长27.85%。 | 省份 | 1 月份销售金额（万元） | 1 | 月份销售面积（平方米） | | --- | --- | --- | --- | | 江苏 | | 15,964 | 19,957 | | 天津 | | 8,033 | 20,511 | | 广东 | | 7,812 | 11,168 | | 贵州 | | 7,731 | 12,752 | | 福建 | | 7,721 | 7,594 | | 山东 | | 6,956 | 13,545 | | 湖北 | | 4 ...

Investment Rating - The report maintains a "Buy" rating for the real estate sector, indicating a positive outlook for investment opportunities in this area [4]. Core Insights - The "old-for-new" policy is being reintroduced in Shanghai, which is expected to effectively stabilize housing prices and stimulate market activity [10][26]. - The policy focuses on acquiring second-hand homes to address inventory issues and enhance market liquidity, with specific criteria for eligible properties [10][26]. - The anticipated financial impact includes a potential market transaction increase of approximately 1,080 billion yuan, representing a 9% boost to total market transactions and a 24% increase in new home sales [3][10]. Summary by Sections 1. Background of the "Old-for-New" Policy - The central government has emphasized the need for policies that control inventory and improve supply, with the "old-for-new" initiative aligning closely with these goals [10][11]. 2. Historical Experience of "Old-for-New" - The "old-for-new" model is categorized into acquisition and assistance types, with the acquisition model being more effective in driving sales [16][21]. - The acquisition model has been implemented in over 20 cities, with a total of 14,520 units identified for trial [16][21]. 3. Shanghai's "Old-for-New" Policy - The policy aims to stabilize housing prices by focusing on second-hand homes, with specific requirements for properties built before 2000 and under 400 million yuan [3][10]. - The estimated funding requirement for the acquisition of 27,000 units is approximately 54 billion yuan, leveraging a 1:2 replacement ratio to maximize market impact [3][10]. 4. Feasibility of the Latest "Old-for-New" Policy - Shanghai is positioned as a key city for the implementation of this policy due to its strong government credibility and market stability [3][10]. - The second-hand housing market in Shanghai has shown signs of stabilization, with a reduction in the average transaction cycle to 22.2 months and a 2% month-on-month price rebound [3][10]. 5. Investment Recommendations - The report suggests that the current environment, characterized by improving transaction volumes and prices in the second-hand market, presents significant investment opportunities [3][10].

证券代码：601155 证券简称：新城控股 编号：2026-004 | 发展 | 富域 | | | 名称 | 股东 | | | --- | --- | --- | --- | --- | --- | --- | | | 是 | | 东 | | 控股股 | 是否为 | | 92,683,500 | | | 数 | | 押期限的股 | 本次延长质 | | | 否 否 | | 售股 质押 | | 为限 补充 | 是否 是否 | | 月 6 | 2025 年 2 | | | 日 | 质押起始 | | | 日 | | | | | | | | 月 6 日 | 2026 年 | | | 期日 | 质押原到 | | | | 2 | | | | | | | 月 6 日 | 2026 年 8 | | 期日 | | 期限后到 | 延长质押 | | 海通 | 国泰 | | | 人 | 质权 | | | 6.73 | | | （%） | 比例 | 持股份 | 占其所 | | 务需要 | 前期债 4.11 | 偿还其 | 用途 （%） | 比例 | 总股本 资资金 | 占公司 质押融 | 二、本次股份延长质押期限的基本情况 新城控股集团 ...

Core Viewpoint - The A-share real estate market has shown strong performance, with several key stocks experiencing significant gains following government discussions on policies to stabilize and boost the real estate market [1] Group 1: Market Performance - Shahe Co. reached a daily limit increase of 10%, while Zhu Mian Group rose over 6% and New Town Holdings increased by over 5% [1] - Other notable gainers include Yingxin Development, Jindi Group, and Jingtou Development, all rising over 4%, while Shen Zhen Ye A, China Merchants Shekou, and Vanke A saw increases of over 3% [1] Group 2: Policy Developments - The Jiangsu provincial government held a meeting with real estate professionals to discuss measures aimed at stabilizing and boosting the real estate market [1] - A closed-door seminar ahead of the National People's Congress suggested issuing additional government bonds, lowering interest rates, and stabilizing the housing market [1] - Fujian province released implementation opinions to promote high-quality urban development, focusing on the renovation of urban villages and old housing [1] - Shenzhen conducted a site meeting on urban renewal, emphasizing the need for tailored approaches to promote organic urban renewal and accelerate the construction of safe, comfortable, green, and smart housing [1]