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 ...

[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 | | | ...

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]

看好 —— 地产及物管行业周报（2026/3/14-2026/3/20） 房地产 2026 年 03 月 21 日 《求是》再度强调房地产是居民财富重要来源 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 《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 顾铮 A0230525120002 guzheng@swsresearch.com 本期投资提示： 评 证 券 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 1.1 新房成交量 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 行 业 及 产 业 行 业 研 究 / 行 业 点 研 ⚫ 地产行业数据：新房 ...

Core Viewpoint - The company, Diou Water, is accepting non-cash asset settlements from 19 real estate companies, including Longfor Group and Vanke, to offset debts totaling 155 million yuan, with a total asset value of 161 million yuan being used for this purpose [1][2] Group 1: Debt Settlement Details - The company will accept completed and under-construction properties as debt repayment, with the total value of these properties amounting to 161 million yuan, including VAT [1] - The debt repayment will involve two methods: either through a written agreement for property registration or by selling the properties to repay the debt [1] - The company has confirmed that all debtors are clients of its ceramic and sanitary ware business and have no related party transactions with the company or its major stakeholders [1] Group 2: Asset Valuation and Financial Impact - An asset evaluation company has assessed the properties involved in the debt settlement, determining their value at 64.55 million yuan as of January 31, 2026 [2] - There is a discrepancy between the assessed value of the properties (64.55 million yuan) and the debt amount (94.52 million yuan), leading the company to consider this non-cash settlement as a prudent approach to mitigate accounts receivable risks [2] - The board of directors has approved this debt settlement strategy, which has been previously utilized, with a cumulative non-cash debt settlement amounting to approximately 783 million yuan from May 2024 to April 2025 [2]

万物云董事长朱保全在业绩发布会上表示，关联开发商（万科）产生的坏账及资产摊销所带来的负向影响是利润下滑的主要原因，2025年全年因此产生了 7.4亿元的净利润负影响，这是一个"被动"的发生过程，但报告期内公司持续关联交易收入同比降低11.97亿元，占比已进一步下降至6%，占比持续下降，独 立性越来越强。 在派息方面，万物云继续保持高股息率，2025年全年分红总额约17.3亿元，中期股息为每股0.951元（含税），年度末期股息为每股0.546元（含税），年度 股息率约9.0%。 | 营业收入 | | 持续关连交易收入 | | 关联 | | --- | --- | --- | --- | --- | | 372.7« | | 22.4 c | | | | 同比 | +2.7% | 同比 | -12.04z | 同比 | | 循环型 业务收入 | 334.0gz (+8.5%) | 占集团 总收入比例 | 6.0%(-3.5PCT) | 天跃万员勿 应收款余额 | | 行政开支下降 | | | 净利润 | | | 2.0z | | | 7.7 xz | | | 销管研费率 | 6.5% | 同比 | -4.7 (- ...

Core Viewpoint - Vanke A announced that its subsidiary SCPG Holdings Co., Ltd. has partially repaid an 1.8 billion yuan loan from Industrial Bank Hong Kong Branch, with a current balance of 1.654 billion yuan [1] Group 1 - The original loan was due in March 2026, and the bank has agreed to extend the loan for an additional year [1] - The guarantee method remains unchanged, with a guarantee amount not exceeding 1.66 billion yuan [1] Group 2 - As of January 31, 2026, the company and its subsidiaries have a total external guarantee balance of 95.458 billion yuan, which will increase to 95.640 billion yuan after this guarantee [1] - This new guarantee will account for 47.19% of the net assets attributable to shareholders of the listed company as of the end of 2024 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。茲載列該公告如下，僅供參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2026年3月20日 於本公告日期，本公司董事會成員包括：非執行董事黃力平先生、胡國斌先生及雷江松先生；執行 董事王蘊女士；以及獨立非執行董事廖子彬先生、林明彥先生、沈向洋博士及張懿宸先生。 * 僅供識別 万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-025 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）之控 ...

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-025 | 序号 | 担保主体 | 担保方式及担保物 | | --- | --- | --- | | 1 | 印力商用置业有限公司（以下简称 | 印力商置为 SCPG 就本次融资提供对外融资 | | | "印力商置"） | 性保函。 | | 2 | SCPG | 为印力商置就本次融资开具的融资性 SCPG 保函提供连带责任保证。 | 1 | | | | 以其持有的应收账款质押，为本次融资的对 外融资性保函提供担保； | | --- | --- | --- | --- | | 3 | Changsha | Holding Company Limited | 以其持有的长沙印象汇，为本次融资的对外 | | | | | 融资性保函提供资产抵押。 | | 4 | Tianjin | Holding Company Limited | 以其持有的应收账款质押，为本次融资的对 | | | | | 外融资性保函提供担保； | | | | | 以其持有的天津和平印象城，为本次融资的 ...

物业费收取难度加大影响物管企业收益。 房地产开发业务下行的利空，还在持续向物业行业传导。 3月20日，上市物企万物云（02602.SZ）在2025年业绩发布会上披露，该公司全年实现总收入372.72亿 元，同比增长2.7%；核心净利润实现21.28亿元，同比微增0.8%，若剔除开发商业务的影响后，核心净 利润为17.08亿元，同比增长11.1%。 作为万物云收入主要来源的循环型业务收入约334.02亿元，同比增长8.5%，在总收入中占比达89.7%。 该业务板块包括住宅物业服务、物业及设施管理服务及BPaaS解决方案三大业务，分别实现收入205.55 亿元、98.06亿元、13.46亿元，同比均实现增长。 尽管收入规模保持增长，但各业务板块的盈利能力出现了波动，毛利率同比下降0.5个百分点至11.6%； 作为基本盘的住宅物业服务，毛利率下降了0.7个百分点至11.7%。 对于毛利率的波动，万物云执行董事兼首席运营官何曙华分析，成本端的刚性上涨得到了对冲，基本与 2024年持平；而收入端则存在新接项目爬坡期、收缴率下降的影响。 对于新项目的爬坡期，何曙华表示，当前住宅物业的拓展已经从此前的增量转向存量竞争。"既 ...