证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 02 月 01 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 国务院支持旅居项目建设，关注地产板块配置价值 投资评级： 看好（维持） ——房地产行业周报（26/1/24-26/1/30） | | | 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 0.4%、深证成指下跌 1.6%、创业板指下跌 0.1%、沪深 300 上 升 0.1%、房地产（申万）下跌 2.2%。个股方面，涨跌幅前五的分别为：大悦城(+17.1%)、 京能置业(+12.5%)、新城控股(+11.4%)、京投发展(+7.7%)、招商蛇口(+7.1%)，涨跌幅后五 的分别为：华联控股(-14.9%)、西藏城投(-13.6%)、城建发展(-12.9%)、华夏幸福(-11.9%)、 万通发展(-11.5%)。 联系人 板块表现： ...

Group 1:融侨集团 -融侨集团 has reported a total overdue debt of approximately 4.4595 billion yuan as of December 31, 2025, including overdue commercial acceptance bills amounting to 20.6362 million yuan and ongoing litigation cases totaling about 4.111 billion yuan [1] -融侨集团 is facing liquidity risks that may adversely affect its production and operations, with a total contracted sales of approximately 768 million yuan and an average sales price of 3,600 yuan per square meter in 2025 [1] Group 2:鑫苑中国 -鑫苑（中国）置业's parent company, 鑫苑地产, will be delisted from the New York Stock Exchange due to not meeting the market capitalization requirement, with plans to transfer its American depositary shares to the OTC market [1] -鑫苑（中国）置业 reported a net profit attributable to shareholders of -1.404 billion yuan for the first half of 2025, continuing a trend of losses with total revenue of 276 million yuan, a significant decline of 89.86% year-on-year [2] Group 3:滇池水务 -滇池水务 has had three properties in Kunming seized by the court due to legal disputes, with a decision for judicial auction and a deadline to vacate by February 10, 2026 [4] -滇池水务 expects a pre-tax profit of approximately 150 million to 166 million yuan for the first half of 2025, a decrease of 32.2 million to 48 million yuan compared to the same period last year [4] Group 4:泰禾集团 -泰禾集团 has reported overdue interest-bearing debt totaling 71.679 billion yuan as of December 31, with the company and its actual controller listed as dishonest executors due to failure to fulfill court judgments [5] -The company is actively pursuing debt restructuring and addressing asset freezes and mortgage issues to improve liquidity [5] Group 5:万科 -万科 has successfully extended three bonds totaling 6.8 billion yuan, alleviating immediate default risks, with support from its largest shareholder providing up to 2.36 billion yuan for bond repayment [6] -Despite the successful bond extension,万科 faces a peak in debt repayment over the next two years, indicating ongoing challenges in its debt management [6] Group 6:柳州投控 -柳州投控 has received a public reprimand from the Shanghai Stock Exchange for violations related to the misappropriation of raised funds and failure to disclose the use of such funds accurately [7] -The company has committed to comprehensive rectification of its compliance practices and improving the quality of information disclosure [7]

智通财经2026-02-01 15:52:09 "每日经济新闻"微信公号 智通财经2026-02-01 15:52:09 "每日经济新闻"微信公号 近日，王石在朋友圈和视频主页更新了最新动态，疑似回应失联传闻。 王石在发布的骑行视频中专门标注了时间为1月30日，当日他在深圳马峦山骑行14.44公里，历时两个小 时。 在王石骑行当天，万科发布2025年度业绩预告，预计2025年净利润亏损约820亿元，上年同期亏损约 494.78亿元。 本 期 编 辑 邹姗 近日，王石在朋友圈和视频主页更新了最新动态，疑似回应失联传闻。 王石在发布的骑行视频中专门标注了时间为1月30日，当日他在深圳马峦山骑行14.44公里，历时两个小 时。 在王石骑行当天，万科发布2025年度业绩预告，预计2025年净利润亏损约820亿元，上年同期亏损约 494.78亿元。 本 期 编 辑 邹姗 ...

Group 1: Market Trends - The silver market experienced a historic drop, with spot silver prices plunging 36%, marking the largest intraday decline in history, while spot gold prices fell over 12%, the largest single-day drop in 40 years. This decline is attributed to the nomination of Kevin Warsh as the next Federal Reserve Chairman, interpreted as a shift towards a more hawkish monetary policy, alongside factors like an overheated market and a downturn in U.S. stocks [2] - Bitcoin fell below $79,000, reaching its lowest level since April 2025, with over 420,000 investors liquidated, totaling $2.561 billion in liquidation. The price drop is influenced by escalating tensions between Israel and Iran, as well as delays in new regulatory frameworks for the U.S. crypto industry [2] - The semiconductor industry in South Korea saw a significant increase in exports, totaling $20.5 billion in January, a year-on-year surge of over 102%, indicating strong global demand for semiconductors. Additionally, domestic chip manufacturers are raising prices, with increases up to 80% across key segments [3] Group 2: Company Financials - Vanke announced an expected loss of 82 billion yuan for 2025, which would set a record for losses among A-share real estate companies. The anticipated losses are attributed to a decline in project settlement scale, low gross margins, and various impairments [2] - Ten companies, including Deep Konka A and Jiyou Co., have issued warnings about potential delisting due to financial indicators falling below required thresholds, including negative net assets and profits [4] - Several brokerages have released their investment recommendations for February, focusing on sectors such as technology and cyclical stocks, with companies like China Pacific Insurance and Zijin Mining receiving multiple endorsements [5]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：野马财经 万科2025年预亏820亿元， 其中第四季度预亏约539.85亿元。 1月30日晚，万科（证券名称：万科A 代码：000002.SZ）发布业绩预告，2025年归母净利润预亏约820 亿元，据此推算，万科2025年第四季度预计亏损约539.85亿元，每天预计亏损约5.9亿元。 此外，万科预亏金额或将刷新A股单年亏损纪录，过去两年，这家曾被视为"稳健典范"的房企近两年已 经累计亏损超1300亿元，接近此前五年的归母净利润总和。 与此同时，万科正与巨额债务"竞速"，多笔债券寻求展期。而带领万科多年的掌门人郁亮，也在年初因 退休卸任，近期市场更传出其"失联"消息。万科被认为正面临自成立以来最严峻的考验。 万科公告，2025年归母净利润预亏损约820亿元。据Wind数据显示，2025年前三个季度，万科归母净利 润分别亏损62.46亿元、57亿元、160.69亿元。据此推算，万科2025年第四季度预计亏损约539.85亿元。 以2025年第四季度91天来算，万科每天亏损约5.9亿元。 万科解释称，业绩亏损主要原因包括：房地产开发项目 ...

1月30日，王石视频号发布骑行视频。王石在发布的骑行视频中专门标注了时间为1月30日，当日他在深圳马峦山骑行14.44公里，历时两个小时。 同日，王石朋友圈转发视频，并发文称："现实与魔幻(02)01月30日晨，深石集团总办团建——公路/山地自行车20公里⋯⋯手机在自行车赛装的后背袋， 行进中，手机像失控的震颤，没有理睬⋯⋯结束行程，一身臭汗，岂一个'爽'了得！打开手机，喔，这么多哥们儿短信！简单的问询：你在哪？！明白 了，被老友记惦记着，谢！" 2月1日消息，近日，王石在朋友圈和视频主页更新了最新动态，疑似回应失联传闻。 市场数据显示，在业绩仍面临严峻考验下，万科在去年保质交付房屋11.7万套，经营服务业务营收保持稳健，积极推动开发业务的降本增效，实现开发业 务管理费用连续两年下降。据了解，万科在2025年已完成近两年需交付量约70%，交付高峰期已过，后续交付压力将显著下降。 此外，近日，备受市场关注的万科在债务化解方面接连取得一些进展。1月27日，万科宣布旗下"22万科MTN004"和"22万科MTN005"两笔中期票据的展期 方案，也在持有人会议上获得100%表决通过。至此，万科于2025年末首批开始寻 ...

近日，王石在朋友圈和视频主页更新了最新动态，特意标注间为1月30日，或为回应失联消息。 恰是在王石更新朋友圈当日，1月30日，万科发布2025年度业绩预告。2025年，万科保质交付房屋11.7 万套，2025年已完成近两年需交付量约70%，交付高峰期已过，后续交付压力将显著下降。万科预计 2025年净利润亏损约820亿元，上年同期亏损约494.78亿元。 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。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） ...

1月30日，王石通过个人朋友圈、视频账号发布当日行程动态，疑似对失联传闻做出回应。其发布的骑 行视频标注时间为1月30日，地点为深圳马峦山，当日骑行里程14.44公里，用时约两小时。 | 80 | | 0-0 | | . . | | --- | --- | --- | --- | --- | | | M | 1 | | . | | 1335 | 970 | 670 | 389 | | 据有关媒体报道，王石同步发布朋友圈内容："现实与魔幻(02)01月30日晨，深石集团总办团建——公 路/山地自行车20公里⋯⋯手机在自行车赛装的后背袋，行进中，手机像失控的震颤，没有理睬⋯⋯结 束行程，一身臭汗，岂一个'爽'了得！打开手机，喔，这么多哥们儿短信！简单的问询：你在哪？！明 白了，被老友记惦记着，谢！" 近日，网络平台出现关于万科王石、郁亮失联的相关传言，该消息引起广泛关注，截至目前尚无权威信 源对该传言予以证实。 同日，万科发布2025年度业绩预告。公告显示，公司预计2025年实现归属于上市公司股东的净利润亏损 约820亿元；2024年同期归属于上市公司股东的净利润亏损约494.78亿元。公司在预告中提及，本期业 ...

Group 1 - Wang Shi updated his social media on January 30, possibly in response to rumors of his disappearance [1] - On the same day, Vanke announced its performance forecast for 2025, expecting to deliver 117,000 homes, which is about 70% of the total delivery volume needed over the past two years [3] - Vanke anticipates a net profit loss of approximately 82 billion yuan for 2025, compared to a loss of about 49.478 billion yuan in the same period last year [3] Group 2 - Vanke aims to improve its operations through strategic focus, standardized operations, and technological empowerment to optimize business layout and structural adjustments [3] - The company is committed to enhancing its development and operational capabilities across multiple scenarios while working to mitigate risks and overcome challenges [3]

每经记者｜黄婉银 每经编辑｜程鹏 陈梦妤 向江林 近日，王石在朋友圈和视频主页更新了最新动态，疑似回应失联传闻。 王石在发布的骑行视频中专门标注了时间为1月30日，当日他在深圳马峦山骑行14.44公里，历时两个小时。 就在王石骑行当天，万科发布2025年度业绩预告，预计2025年净利润亏损约820亿元，上年同期亏损约494.78亿元。 记者|黄婉银 编辑|程鹏 陈梦妤 向江林 校对|许绍航 封面图片来源：每经记者 薛辉 摄 ｜每日经济新闻 nbdnews 原创文章｜ 他还发布朋友圈："现实与魔幻(02)01月30日晨，深石集团总办团建——公路/山地自行车20公里⋯⋯手机在自行车赛装的后背袋，行进中，手机像失控的 震颤，没有理睬⋯⋯结束行程，一身臭汗，岂一个'爽'了得！打开手机，喔，这么多哥们儿短信！简单的问询：你在哪？！明白了，被老友记惦记着， 谢！" 未经许可禁止转载、摘编、复制及镜像等使用 ...