百强房企1月卖房"成绩单"出炉。 2026年开年，百强房企1月卖房"成绩单"出炉。 1月31日，中指研究院发布数据显示，2026年1月，TOP100房企销售总额为1905.2亿元，同比下降18.9%；同期，TOP100房企权益销售额为1321.4亿元。 房企销售金额前十依次为：保利发展、中海地产、华润置地、绿城中国、中旅投资、招商蛇口、中国金茂、建发房产、万科、滨江集团，其中仅保利、中 海、华润单月销售过百亿。 对比上年同期，房企销售位次已经发生了较大变化。头部房企中，保利、中海、华润、绿城的顺序未变，但万科从上年1月的第5位，下滑至今年1月的第9 位。中旅投资短期内成为"黑马"，闯到今年1月房企全口径销售榜第5位。 TOP10随后的房企中，招商蛇口、建发房产、滨江集团变化不大、依然位列其中，但是华发股份从去年1月的第6位降至今年1月的第18位，同期中国铁建 从第10位降至第13位，中国金茂则从去年1月的第13位升至今年1月的第7位。 克而瑞数据显示，1月全国重点50城市新建商品住宅成交面积约810万平方米，表现较为清淡，新房市场整体进入淡季；同期，重点13城市二手房成交面积 约810万平方米，环比上升16% ...

Core Viewpoint - The majority of A-share listed real estate companies are expected to report significant losses for the year 2025, indicating a challenging market environment for the industry [1][2]. Group 1: Loss Predictions - Out of 52 listed real estate companies, 40 are expected to report losses for 2025, which means over 80% of these companies are projected to be in the red [1]. - Five companies are expected to report losses exceeding 10 billion yuan, with Vanke leading at a projected loss of 820 billion yuan, followed by China Fortune Land Development, Greenland Holdings, Overseas Chinese Town, and Gemdale [2][3]. - Vanke's cumulative losses for 2024 and 2025 are projected to be nearly 1,315 billion yuan, surpassing the total profits from 2019 to 2023 [3]. Group 2: Reasons for Losses - The losses are attributed to declining property prices and significant impairment provisions that companies have had to make over the past two years [9][10]. - Many companies had previously anticipated a market recovery and began to recognize inventory impairments, but the continued market downturn has forced them to increase these provisions [10]. Group 3: Companies Reporting Profits - Twelve companies are expected to report profits, with Jinke Real Estate projected to achieve a net profit of 300 billion to 350 billion yuan, primarily due to successful restructuring [12][13]. - Poly Developments and China Merchants Shekou are also expected to report profits, albeit with significant declines compared to 2024, primarily due to impairment provisions [16][17]. Group 4: Market Dynamics - The list of loss-making companies includes a mix of private, state-owned, and central enterprises, indicating that the nature of the company does not correlate with the likelihood of losses [7]. - State-owned platform companies, which previously supported land acquisitions, are now facing increased pressure due to the ongoing market decline [8]. Group 5: Future Outlook - The upcoming annual report season in March and April 2025 will provide more detailed insights into the operational conditions of these companies [25].

商业不动产 REITs，资产出表再添工具 [Table_Industry] 房地产 首批商业不动产 REITs 申报 | [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： 我国首批商业不动产 REITs 覆盖酒店、办公、配套商业及商业综合体等多元业态， 扩大了底层资产的覆盖范围，通过盘活多类型成熟资产，对改善企业现金流和业绩 具有实质利好，引导行业向新模式转型发展。 股票研究 /[Table_Date] 2026.01.31 证 券 研 究 报 股 票 投资要点： [Table_Report] 相关报告 房地产《核心销售趋于均衡，投 ...

1月30日晚间，万科发布2025年度业绩预告。报告显示，2025年度万科预计归属于上市公司股东的净利 润为亏损820亿元，上年同期亏损494.78亿元。 对于2025年业绩亏损的原因，万科在公告中表示，一是房地产开发项目结算规模显著下降，毛利率仍处 低位。2025年房地产开发业务结算利润主要对应2023年、2024年销售的项目及2025年消化的现房和准现 房库存，这些项目的地价获取成本较高，导致报告期结算毛利总额大幅减少；二是因业务风险敞口升 高，新增计提了信用减值和资产减值；三是部分经营性业务扣除折旧摊销后整体亏损，以及部分非主业 财务投资亏损；四是部分大宗资产交易和股权交易价格低于账面值。 报告称，当前公司发展依然面临严峻挑战，经营业绩也将持续承压。面向未来，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；公司上下将凝心聚力，有序地化解风险，摆脱困境，推动公司早日走出低谷。 （文章来源：南方都市报） 房屋交付方面，在国家保交房政策"组合拳"持续落实和各方支持下，万科全年按期保质交付11.7万套房 屋，其中1.6万套实现提 ...

对于2025年业绩亏损的原因，万科在公告中表示，一是房地产开发项目结算规模显著下降，毛利率仍处 低位。2025年房地产开发业务结算利润主要对应2023年、2024年销售的项目及2025年消化的现房和准现 房库存，这些项目的地价获取成本较高，导致报告期结算毛利总额大幅减少；二是因业务风险敞口升 高，新增计提了信用减值和资产减值；三是部分经营性业务扣除折旧摊销后整体亏损，以及部分非主业 财务投资亏损；四是部分大宗资产交易和股权交易价格低于账面值。 报告称，当前公司发展依然面临严峻挑战，经营业绩也将持续承压。面向未来，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 值得一提的是，2025年，大股东深圳地铁集团竭尽所能提供了多种形式支持，帮助万科维持生产经营稳 定。根据公开信息，深铁累计向万科提供了超300亿元的股东借款，且借款条件优于市场水平，真金白 银帮助万科缓解流动性压力。不仅是流动性支持，大股东还与万科加强了业务协同，深圳地铁置业集团 与万科旗下长租公寓品牌泊寓签署深铁项目租赁运营框架协议，进一步深化在住房租赁领域的合作。深 铁还与万科携手上线 ...

中经记者 陈婷 赵毅 深圳报道 1月30日晚间，万科（000002.SZ）发布2025年度业绩预告，预计净利润亏损约820亿元，扣非净利润预 计亏损约800亿元。 面对过去一年的多重艰巨挑战，在大股东和各方的大力支持下，万科全力以赴、攻坚克难，实现了殊为 不易的生产经营稳定。2025年，万科保质交付房屋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。 2025年，大股东深圳地铁集团竭尽所能提供了多种形式支持，帮助万科维持生产经营稳定。公开信息显 示，深圳地铁集团累计向万科提供了超300亿元的股东借款，且借款条件优于市场水平，真金白银帮助 万科缓解流动性压力。除了流动性支持，大股东还与万科加强业务协同，与万科旗下长租公寓品牌泊寓 签署深铁项目租赁运营框架协议，进一步深化在住房租赁领域的合作。深圳地铁集团还与万科携手上线 了全球首例"机器人自主搭乘地铁为商家配送货"试点合作，并于2025年四季度逐步批量交付上线运行。 万科自身也迎难而上，全力维持公司运营。房屋交付方 ...

Group 1 - The article discusses the nomination of Kevin Warsh by President Trump to replace Jerome Powell as the next Chairman of the Federal Reserve, highlighting Warsh's previous hawkish stance on monetary policy and recent support for Trump's tariff policies and accelerated interest rate cuts [3] - Warsh was the youngest member of the Federal Reserve Board when he joined in 2006 and was previously considered for the Chairman position before Powell was ultimately nominated [3] Group 2 - The article mentions the legal process for appointing the Federal Reserve Chairman, which requires the President's nomination to be approved by the Senate [4]

1月30日，万科企业股份有限公司发布2025年度业绩预告，公告显示，2025年预计归属于上市公司股东 的净亏损约820亿元，扣除非经常性损益后的净亏损约800亿元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 东的净利润 | 亏损:约 8,200,000 万元 | 亏损:4,947,842.92 万元 | | 扣除非经常性损益 后的净利润 | 亏损:约 8,000,000 万元 | 亏损:4,539,371.93 万元 | | 基本每股收益 | 亏损:约6.89 元/股 | 亏损:4.17 元/股 | 来源：北京日报客户端 大股东深圳地铁集团提供多种形式支持并帮助万科维持生产经营稳定。2025年，深铁累计向万科提供了 超300亿元的股东借款，且借款条件优于市场水平，真金白银帮助万科缓解流动性压力，此外还与万科 在住房租赁领域等方面加强了业务协同。 值得一提的是，作为业内较早布局转型的企业，万科经营服务业务的业绩仍表现稳健。截至2025年三季 度，该公司经营服务业务实现收入435.7亿元，同比保持平稳，长租业务规模、效率和纳保量保持行业 第一，管理规模 ...

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]

刚刚，一颗"深水炸弹"引爆财经圈：昔日地产绝对龙头万科，2025年预亏820亿！ 这个数字是什么概 念？它不仅比去年近500亿的亏损大幅扩大，更几乎亏掉了一个中型房企的总市值。 所以，我想问所有投资者一个扎心的问题：当行业标杆都亏掉820亿时，你是相信这是整个行业的"至暗 时刻"，还是认为个别企业的"淘汰序章"？你还相信龙头能绝地翻生吗？ 帮主看来，这份财报撕掉了最后一块"遮羞布"。它冷酷地揭示：在行业系统性下行期，过往的土地红利 已彻底变为历史包袱。值得关注的是，万科在巨亏中仍保质交付了11.7万套房子，经营服务业务保持稳 健。这恰恰说明，问题核心不在运营，而在旧模式下的资产价值重估远未结束。 这对我们的启示极其深刻：第一，彻底放弃对房企"困境反转"的幻想，行业出清远未完成。第二，投资 逻辑必须切换：从看销售额，转向审视资产真实价值和经营现金流。第三，警惕"财报雷"：在3月年报 季，持有相关板块的朋友，务必仔细甄别。 这场寒冬教会我们，活下来的，未必是曾经最大的，而一定是最适应新规则的。 这无异于一场"巨人陨落"的景象。还记得"活下去"三个字吗？当初被视为警世危言，如今却成了残酷预 言。巨亏的核心直指两个致 ...