万科表示，将全力以赴推进经营改善，通过战略聚焦、规范运作和科技赋能等措施，推动业务布局优化 和结构调整，提升多场景的开发和经营能力，上下凝心聚力，有序地化解风险，摆脱困境，推动公司早 日走出低谷。万科此前在投资者互动平台回复提问时表示，房地产行业目前正处于新旧模式转换的重要 时期，公司销售持续下滑，整体经营形势依然十分严峻。当前公司在各方支持下，全力推进改革化险工 作。 近日，天眼查App显示，万科A完成工商变更，郁亮卸任法定代表人，黄力平正式接 任。 有业内人士表示，由此万科正式进入深铁集团全面主导的新阶段。此次法定代表人变更，背后是万科治 理结构的深刻调整与行业发展的必然趋势，也与企业当前面临的经营挑战密切相关。 在中国房地产行业的发展历程中，郁亮长期被视为行业的关键人物。今年1月，万科发布公告，因到龄 退休，郁亮向万科董事会提交了书面辞职报告，申请辞去公司董事、执行副总裁职务，辞职后将不再担 任万科任何职务。根据市场公开信息，郁亮在1990年加入万科。1993年，郁亮升任深圳市万科财务顾问 有限公司总经理，开始扮演重要角色。2001年，郁亮从王石手中接任万科总经理（总裁），标志着职业 经理人制度在万科的 ...

Core Viewpoint - Vanke's leadership transition is marked by the resignation of Yu Liang, who has served the company for 36 years, and the appointment of Huang Liping as the new chairman, amidst significant financial challenges facing the company. Group 1: Leadership Changes - Yu Liang submitted his resignation due to retirement age, effective immediately upon delivery to the board, and will no longer hold any position within the company [2] - Huang Liping, who has been a board member since June 2021, will take over as chairman in October 2025, and is currently the deputy secretary of the Shenzhen Metro Group [1][2] Group 2: Financial Performance - Vanke reported a projected loss of 820 billion yuan for 2025, a 65.7% increase from the 494.78 billion yuan loss in 2024, setting a new record for losses among A-share real estate companies [5] - The company has faced increasing financial pressure, with significant support from its largest shareholder, Shenzhen Metro Group, providing 203.73 billion yuan in loans [5][6] Group 3: Historical Context - Vanke launched the "Ten-Year 100 Billion Plan" in 2004 and became the first Chinese real estate company to exceed 100 billion yuan in sales by 2010 [4] - The company has experienced significant challenges, including the "Baowan Battle" in 2015-2017, which led to a mixed-ownership reform to stabilize control [4] Group 4: Market Response - As of March 23, Vanke's stock price fell by 4.61% to 4.14 yuan per share, with a total market capitalization of approximately 461 billion yuan [6]

Group 1 - Vanke's dollar bonds maturing in 2027 experienced the largest decline in three months, with a drop of 3.5 cents per dollar [1] - The company's 3.975% bonds fell to 38.7 cents on the dollar [1]

2026年3月23日星期一 | 25277.32 | -0.88 | -1.38 | | --- | --- | --- | | 8574.07 | -1.40 | -3.81 | | 4872.38 | -2.48 | -11.67 | | 119.81 | -1.08 | -2.96 | | 3957.05 | -1.24 | -0.30 | | 13866.20 | -0.25 | 2.52 | | 4567.02 | -0.35 | -1.36 | | 45577.47 | -0.96 | -5.17 | | 21647.61 | -2.01 | -6.86 | | 6506.48 | -1.51 | -4.95 | | 22380.19 | -2.01 | -8.62 | | 7665.62 | -1.82 | -5.94 | | 9918.33 | -1.44 | -0.13 | ➢ 美伊互不相让；美加息预期抬头。A 股大幅下跌，上证指数收跌1.24%报 3957.05点；深证成指跌0.25%，创业 板指涨1.3%。能源金属、光伏设备勉 强收涨。港股继续下跌，香港恒生指 数收跌0.88%报2527 ...

天眼查App显示，近日，万科A（000002）发生工商变更，郁亮卸任法定代表人，由黄力平接任。 万科 企业股份有限公司成立于1984年5月，注册资本约109.95亿人民币，经营范围包括兴办实业、进出口业 务、房地产开发等。股东信息显示，该公司由深圳市地铁集团有限公司、HKSCC NOMINEES LIMITED、香港中央结算有限公司等共同持股。据媒体报道，今年1月，万科发布公告称，因到龄退 休，郁亮向万科董事会提交了书面辞职报告，申请辞去公司董事、执行副总裁职务，辞职后将不再担任 万科任何职务。 ...

固定收益 | 动态跟踪 短端将持续受益，二永债还需等待 信用债市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 | 报告发布日期 | | --- | 报告发布日期 2026 年 03 月 23 日 | 齐晟 | 执业证书编号：S0860521120001 | | --- | --- | | 香港证监会牌照：BXF200 | | | qisheng@orientsec.com.cn | | | 010-66210535 | | | 杜林 | 执业证书编号：S0860522080004 | | dulin@orientsec.com.cn | | | 010-66210535 | | | 王静颖 | 执业证书编号：S0860523080003 | | wangjingying@orientsec.com.cn | | | 021-63326320 | | | 徐沛翔 | 执业证书编号：S0860525070003 | | xupeixiang@orientsec.com.cn | | | 021-63326320 | | | 20 ...

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 ...