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 | | | --- | --- | ...

高质量发展筑基，新模式构建引领 [Table_Industry] 房地产 十五五规划纲要决议点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 陈昭颖(分析师) | 021-23183953 | chenzhaoying@gtht.com | S0880525100002 | 本报告导读： 十四届全国人大四次会议表决通过关于国民经济和社会发展第十五个五年规划纲要 的决议。我们认为，"十五五"时期房地产将聚焦高质量发展，加快构建发展新模式， 通过新房品质打造、库存加速消化、土地严格控制、保障体系完善等路径多层次优 化住房供给，推动市场步入平稳健康发展区间。 投资要点： [Table_Report] 相关报告 房地产《第 10 周成交回升，保障和改善民生有利 释放刚改需求》 ...

摘要 根据 Wind 数据，折价成交个券中，"24 产融 04"债券估值价格偏离幅度较大。净价上涨成交个券中，"21 万科 02" 估值价格偏离程度靠前。净价上涨成交二永债中，"24 工行永续债 01"估值价格偏离幅度较大；净价上涨成交商金 债中，"24 建行 TLAC 非资本债 01A"估值价格偏离幅度靠前。成交收益率高于 5%的个券中，地产债排名靠前。 信用债估值收益变动主要分布在[-5,0)区间。非金信用债成交期限主要分布在 2 至 3 年，其中 0.5 年内品种折价成交 占比最高；二永债成交期限主要分布在 4 至 5 年，其中 4 至 5 年期品种折价成交占比最高。分行业看，计算机行业的 债券平均估值价格偏离最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价成交跟踪 | | | | | 大幅折价个券成交跟踪 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简 称 | 剩余期限 | 估值价格偏 ...

Core Viewpoint - Vanke A's recent performance shows a slight decline in stock price, with a focus on its rental housing and property management business, which continues to expand and adapt to market demands [1][11]. Group 1: Financial Performance - For the period ending September 30, 2025, Vanke A reported a revenue of 161.39 billion yuan, a year-on-year decrease of 26.61%, and a net profit attributable to shareholders of -28.02 billion yuan, down 56.14% year-on-year [9][18]. - The company has distributed a total of 103.03 billion yuan in dividends since its listing, with 8.06 billion yuan distributed over the last three years [19]. Group 2: Business Operations - The rental housing business, including non-consolidated projects, achieved a revenue of 3.70 billion yuan, reflecting a 7% year-on-year growth, with the expansion of 40,600 new rental units and 11,100 newly opened units during the reporting period [2][11]. - Vanke's property service segment operates in 100 cities, managing 3,051 projects, and focuses on high-quality residential property services [3][12]. Group 3: Strategic Initiatives - The company is actively responding to national policies on affordable housing, with 125,700 units included in the affordable rental housing category [2][11]. - Vanke's subsidiary, Wanwu Cloud, has launched the "Wanwu Cloud City" brand, aiming to enhance urban service efficiency through digital and mechanized operations [3][12]. Group 4: Market Position - Vanke has been recognized in the Fortune Global 500 list, ranking 356th in 2016 and 307th in 2017, indicating its strong position in the urban construction and living services sector [3][13]. - The company is focused on the most dynamic economic regions in China, including the three major economic circles and key cities in the central and western regions [3][13].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - According to Wind data, among the bonds traded at a discount, "24 Chanrong 08" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "H2 Vanke 04" had a relatively high degree of deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 Chongqing Three Gorges Bank Perpetual Bond 01" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Xiamen International Bank Bond 02" had a relatively high degree of deviation in valuation price. Among the bonds with a trading yield higher than 5%, real estate bonds ranked high. The changes in credit bond valuation yields were mainly distributed in the [-5,0) range. The trading terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted trades; the trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the variety with a term of less than 1 year having the highest proportion of discounted trades. By industry, the bonds in the commercial and retail industry had the largest average deviation in valuation price [3]. Summary by Relevant Catalogs 1. Discounted Bond Trading Tracking - Bonds such as "24 Chanrong 08", "24 Chanrong 06", "24 Chanrong 04" in the non - banking financial industry and "24 Puzhi 03", "26 Puzhi 01" in the urban investment industry had relatively large deviations in valuation price and were traded at a discount. The trading scale of "23 AVIC Chanrong MTN001 (Sci - tech Innovation Note)" was 64.08 million yuan, which was relatively large among the discounted bonds [5]. 2. Tracking of Bonds with Rising Net Prices - "H2 Vanke 04", "H2 Vanke 06", "H2 Vanke 02" in the real estate industry and "26 Runtou V1" in the commercial and retail industry had relatively large positive deviations in valuation price and rising net prices. The trading scale of "26 Runtou V1" was 362.83 million yuan, which was relatively large among the bonds with rising net prices [6]. 3. Tracking of Tier 2 and Perpetual Bond Trading - "25 Chongqing Three Gorges Bank Perpetual Bond 01", "25 Luzhou Bank Perpetual Bond", "25 Beibu Gulf Bank Perpetual Bond 01" and other Tier 2 and perpetual bonds had a certain degree of deviation in valuation price. The trading scale of "25 Zhonghang Secondary Capital Bond 03A(BC)" was 433.483 million yuan, which was relatively large among the Tier 2 and perpetual bonds [7]. 4. Tracking of Commercial Financial Bond Trading - "25 Xiamen International Bank Bond 02", "25 CITIC Bank Green Bond 01BC", "25 Zheshang Bank Green Bond 01BC" and other commercial financial bonds had a certain degree of deviation in valuation price. The trading scale of "24 Nanjing Bank 02" was 613.72 million yuan, which was relatively large among the commercial financial bonds [8]. 5. Tracking of Bonds with a Trading Yield Higher than 5% - Bonds such as "H2 Vanke 04", "H2 Vanke 06", "H2 Vanke 02" in the real estate industry and "24 Chanrong 05", "23 Chanrong 10" in the non - banking financial industry had a trading yield higher than 5%. The trading scale of "23 AVIC Chanrong MTN001 (Sci - tech Innovation Note)" was 64.08 million yuan, which was relatively large among the high - yield bonds [9]. 6. Distribution of Credit Bond Valuation Deviations - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range [3]. 7. Distribution of Non - financial Credit Bond Trading Terms - The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted trades [3]. 8. Distribution of Tier 2 and Perpetual Bond Trading Terms - The trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the variety with a term of less than 1 year having the highest proportion of discounted trades [3]. 9. Discounted Trading Proportion and Trading Scale of Non - financial Credit Bonds by Industry - The bonds in the commercial and retail industry had the largest average deviation in valuation price [3].

2026 年 3 月 9 日 胜遇信用周报 2026年3月2日-2026年3月8日 目录： 一、本周重要信用事件 二、新增违约 三、评级变动 四、本周新增非标违约 五、下周关注 六、信用债发行情况 2026 年 3 月 9 日 一、本周重要信用事件 （1）2026 年 3 月 3 日，泸州发展控股集团有限公司公告称，拟将直接持有的四川省蜀 泸能源有限责任公司 81.46%股权，及下属子公司持有的泸州市聚合资产管理有限公司 100% 股权、泸州市聚清资产管理有限公司 100%股权无偿划转至泸州市国资委，账面价值合计 16.37 亿元。此次划转将导致公司合并口径净资产减少 16.37 亿元，占 2024 年末经审计净资 产的 6.16%。该事项已通过董事会审议，协议暂未签署，资产未完成过户。 （5）2026 年 3 月 4 日，陕建股份公告，公司及子公司涉及 40 起诉讼仲裁案件，涉案 金额合计 30.62 亿元。其中 27 起为原告，涉案金额 28.54 亿元；13 起为被告，涉案金额 2.08 亿元。目前 1 起调解结案，其余均在审理中。 （6）2026 年 3 月 4 日，吉林省信用融资担保投资集团有限公司 ...

胜遇信用日报 2026年3月9日 | | | | 有限公司、尹洪卫、古钰塘分别提供连带责任保证和抵质押担保,具体金额, 期限、担保方式以最终签订的相关合同为准。上述担保事项在该年度担保额度 预计范围内，担保预计额度已经公司第五届董事会第三十二次会议及 2024 年 | | --- | --- | --- | --- | | | | | 年度股东大会审议通过。目前上述贷款已逾期。公司债券曾于 2024 年 8 月 发生实质违约。 | | | | | 遂宁市富源实业有限公司公告称，将持有的 97%遂宁富程工程管理股份有限 | | | | | 公司股权、子公司遂宁富升资产管理有限公司持有的 3%该公司股权无偿划转 | | | | 转让子公司股 | 至遂宁经济技术开发区国资与审计中心，资产规模（2024年末）15.10亿元， | | 6 | 遂宁市富源实业有限公司 | 权 | 本次划转已完成工商变更。2024年末，无偿划转标的资产占公司当期总资产。 | | | | | 净资产、营业收入和净利润比重分别为 6.53%、7.66%、0.01%和 12.16%。 | | | | | 截至目前，公司存续债 7 只，金额 25 ...

- The report introduces four methods to install Skills in OpenClaw, emphasizing their importance in transforming AI from a conversational assistant to a professional expert by leveraging specialized modules[6][10][11] - It highlights 10 recommended Skills for the financial industry, including tools for stock monitoring, database integration, and market analysis, such as "Stock-Watcher," "Wind Database Connection Skill," and "US Stock Analysis"[3][34][36] - Practical applications of these Skills are demonstrated through four case studies: tool creation, stock selection strategies, individual stock analysis, and quantitative strategy construction[3][44][51] - A specific quantitative strategy example involves using a database to replicate the Nanhua Composite Index with a portfolio of A-shares, achieving a cumulative return of +61.79% and an annualized Sharpe ratio of 3.281[53]

Core Insights - The report emphasizes the government's focus on stabilizing the real estate market, with a shift from risk prevention to supporting people's livelihoods, particularly for newly married and newborn families [5][16][17] - The "small spring" recovery trend in the real estate market continues, with significant increases in new and second-hand housing transactions across various cities [5][9] - The report indicates a notable improvement in new housing supply, although the overall supply levels have not yet returned to normal [5][9] Policy Overview - The central government has reiterated its commitment to stabilizing the real estate market, with a target economic growth rate adjusted to 4.5%-5% for 2026 and a budget deficit maintained at 4% [16][18] - The government aims to enhance fiscal efficiency by allocating 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds [16][18] - There is a clear intention to support the housing needs of new citizens and young families, with policies expected to strengthen throughout the year [17][19] Market Performance - New housing transactions in 50 cities increased by 183% week-on-week, with a year-on-year growth of 20.7% [5][9] - Second-hand housing transactions also saw a significant rise, with an increase of 189% week-on-week in 11 cities and a year-on-year growth of 13% [5][9] - The report notes that the transaction volume for second-hand homes has maintained a positive trend, with a cumulative year-on-year increase of 36.1% since the beginning of the "small spring" [5][9] Supply and Demand Dynamics - New housing launches improved significantly, with a week-on-week increase of 557%, although the supply remains below normal levels [5][9] - The report highlights a slight increase in second-hand housing listings, with a 0.2% week-on-week rise in 140 cities, indicating a slow recovery in the market [5][9] - The land supply has increased, but transaction performance has been poor, with a total land sale revenue of 6.95 billion yuan, down 73.2% week-on-week [5][9] Capital Market Insights - The real estate sector underperformed in the capital market, with a decline of 4.1% compared to the Shanghai and Shenzhen 300 index [5][9] - Major real estate companies experienced varying degrees of decline, with some companies like China Overseas Land and Investment showing smaller declines compared to others [5][9] - The report notes that the C-REITs sector continues to develop, with 14 applications currently under review, indicating a proactive approach to commercial real estate investment trusts [5][9]

Report Summary 1. Core View - Among the top 50 AA-rated urban investment bonds (by issuer rating) with the highest discount margins, "25 Tengchong 01" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net price declines, "23 Development 01" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net price increases, "23 Vanke MTN001" has the largest deviation in valuation price. Among the top 50 Tier 2 and perpetual bonds with the largest net price increases, "24 Bank of Communications Tier 2 Capital Bond 02B" has the largest deviation in valuation price [3]. 2. Summary by Directory 2.1 Chart 1: Top 50 AA-rated Urban Investment Bonds with the Highest Discount Margins - The table shows detailed information of 25 AA-rated urban investment bonds, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "25 Tengchong 01" has a remaining term of 4.31 years, a valuation price deviation of -0.17%, a valuation net price of 103.83 yuan, and a valuation yield of 3.81% [5]. 2.2 Chart 2: Top 50 Individual Bonds with the Largest Net Price Declines - The table presents information on 50 individual bonds with large net price declines, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "23 Development 01" has a remaining term of 0.00 years, a valuation price deviation of -19.73%, a valuation net price of 80.27 yuan, and a valuation yield of 1.94% [6][9]. 2.3 Chart 3: Top 50 Individual Bonds with the Largest Net Price Increases - The table lists 50 individual bonds with significant net price increases, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "23 Vanke MTN001" has a remaining term of 0.14 years, a valuation price deviation of 6.23%, a valuation net price of 48.23 yuan, and a valuation yield of 719.99% [11][13]. 2.4 Chart 4: Top 50 Tier 2 and Perpetual Bonds with the Largest Net Price Increases - The table shows information on 50 Tier 2 and perpetual bonds with large net price increases, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "24 Bank of Communications Tier 2 Capital Bond 02B" has a remaining term of 8.41 years, a valuation price deviation of 0.35%, a valuation net price of 100.54 yuan, and a valuation yield of 2.30% [14][17].