Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the market in 2026 [5][8]. Core Insights - The release of Shanghai's "New Seven Measures" on February 25, 2026, is expected to effectively release pent-up reasonable demand, leading to a simultaneous recovery in both new and second-hand housing markets [3][5]. - The new policies include adjustments to purchase restrictions, optimization of housing provident fund loans, and improvements to property tax regulations, which are designed to stimulate market activity [5][6]. Summary by Sections Policy Changes - The new measures involve: - Reduction of purchase restrictions for non-local residents and single individuals, allowing them to buy multiple properties under certain conditions [5]. - Increase in the maximum loan amount for first-time homebuyers from 1.6 million CNY to 2.4 million CNY, with potential increases for families with multiple children and those purchasing green buildings [5]. - Property tax exemptions for local families under specific conditions, aimed at facilitating housing upgrades [5]. Market Outlook - The report anticipates a "small spring" in the market characterized by increased transaction volumes and stable prices, driven by targeted policy measures that address qualification, funding, and cost [5][6]. - The combination of these policies is expected to effectively release previously accumulated reasonable demand, boosting both new and second-hand housing markets [5][6]. Recommended Stocks - The report recommends several stocks for investment, including: - Development companies: Poly Developments, China Merchants Shekou, and Jin Di Group [5]. - Commercial and residential: China Resources Land and Longfor Group [5]. - Property management: Wanwu Cloud and China Overseas Property [5]. - Cultural tourism: Overseas Chinese Town A [5].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.87% and 1.23% respectively on February 24, 2026. The Shenwan Real Estate Index also increased by 0.28% [3]. - A recent land auction in Yiwu saw a small residential plot sold at a total price of 116 million yuan, with a premium rate of 22.14%. The plot covers an area of 4,120.58 square meters and has a planned construction area of 10,301.45 square meters [5]. - The top five performing stocks in the real estate sector included Phoenix Holdings, Jingneng Real Estate, Ningbo Fuda, Hefei Urban Construction, and Beijing Investment Development, with respective increases of 9.63%, 8.37%, 6.44%, 6.17%, and 5.96% [4]. Market Trends - The Guangzhou Housing and Urban-Rural Development Bureau, along with six other departments, is conducting a two-month campaign to regulate real estate media, aiming to reduce false advertising and malicious speculation [6][7]. - Shenzhen Overseas Chinese Town Holdings has initiated a non-public offering of corporate bonds, with a scale of 2.5 billion yuan, which has been accepted for review [8].

证券日报网讯2月24日，华侨城A在互动平台回答投资者提问时表示，截至2月10日，公司股东总户数为 95565户。 ...

深圳华侨城股份有限公司 关于"21 侨城 06"票面利率调整和回售实施办法 第三次提示性公告 重要提示： 3. 投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未做登记，则视 为继续持有债券。 1.利率调整：根据《深圳华侨城股份有限公司 2021 年面 向合格投资者公开发行公司债券（第三期）》（以下简称"《募 集说明书》"）的约定，公司作为"21 侨城 06"（债券代 码：149439.SZ）的发行人，有权决定在存续期的第 5 年末调 整本期债券存续期后 2 年的票面利率。根据当前的市场行情， 公司决定下调本期债券票面利率 100 个基点，即"21 侨城 06"债券存续期后 2 年的票面利率为 2.95%。 2. 投资者回售选择权：根据《募集说明书》中设定的投 资者回售选择权，投资者有权选择在投资者回售登记期内进 行登记，将持有的本期债券按面值全部或部分回售给发行人， 或选择继续持有本期债券。 4. 回售价格：人民币100元/张（不含利息）。投资者选 择回售等同于以人民币100元/张（不含利息）卖出持有的"21 侨城06"。投资者选择回售可能会带来损失，敬请投资者注 意风险 ...

据深交所披露，深圳华侨城股份有限公司2026年面向专业投资者非公开发行公司债券的项目状态更新 为"已受理"，品种为私募，申报规模为25亿元，受理及更新日期为2026年02月14日。 ...

Core Viewpoint - The A-share listed real estate companies are facing significant losses in 2025, with 74% of the 77 companies that released earnings forecasts expecting to report losses totaling approximately 208.2-209.4 billion yuan, indicating a deep industry adjustment [2][4]. Group 1: Loss Forecasts - Among the companies, Vanke is expected to incur the largest loss of 820 billion yuan, marking the highest loss in A-share real estate history, a 65.7% increase from 2024 [4]. - Other companies with substantial losses include China Fortune Land Development (160-240 billion yuan), Greenland Holdings (160-190 billion yuan), and China Overseas Land & Investment (130-155 billion yuan) [4][5]. - The overall decline in sales volume and prices is reflected in the financial metrics, with a reported 8.7% decrease in new housing sales area and a 12.6% drop in sales revenue [5]. Group 2: Common Challenges - The primary reasons for the losses include weak sales leading to reduced profit recognition, as profits from real estate sales are recognized with a lag [6]. - Despite diversification efforts, companies remain heavily reliant on real estate development, which has been underperforming during the industry downturn, limiting their ability to offset losses from core operations [6]. - Asset impairment provisions have surged due to declining real estate prices, with Vanke reporting over 50 billion yuan in impairments, significantly impacting overall losses [6]. Group 3: Notable Exceptions - Kaisa Group stands out as a positive example, projecting a net profit of 300-350 billion yuan for 2025, primarily due to debt restructuring gains of 680-700 billion yuan [7]. - The company has shifted its focus from traditional real estate development to light asset operations, including property services and commercial management, to enhance resilience against market fluctuations [7]. Group 4: Industry Outlook - The year 2025 is seen as a critical period for the real estate sector, with ongoing adjustments expected to lead to a gradual recovery starting in 2026, supported by favorable policies and market improvements [11][12]. - Regulatory measures are being implemented to stabilize the financing environment and stimulate demand, which may help quality companies regain market share while weaker firms face potential elimination [11][12].

财务状况 根据公司债券安排，"21侨城06"将于2026年4月7日行权，该债券规模为公司债务结构的一部分。2026年 公司需偿还债券总额约221.95亿元，短期偿债压力较大，需关注后续偿付或重组进展。 经营状况 公司定期于每月初披露上月经营情况，如2026年2月13日公告显示，1月合同销售金额同比减少53%。未 来每月将更新销售面积、金额及文旅游客接待数据，反映业务动态。 经济观察网根据近期公开信息，华侨城A(000069.SZ)在2026年有以下值得关注的事件安排，主要涉及财 务报告发布、债券行权及经营数据披露： 业绩经营情况 公司已于2026年1月30日发布业绩预告，预计2025年净利润亏损130亿元至155亿元，最终数据需以年度 报告为准。年报预计在2026年第一季度或第二季度正式披露，投资者可关注具体财务细节和经营说明。 公司状况 公司正推进资产处置和债务重组，并获国资委支持。投资者可关注相关公告，如担保额度调剂(如2026 年2月3日公告)或政策优化对业务的影响。 以上事件基于公开信息整理，具体时间及内容以公司官方公告为准。 以上内容基于公开资料整理，不构成投资建议。 ...

Sales Performance - In January 2026, the company achieved a contracted sales area of 45,000 square meters, a decrease of 45% year-on-year; the contracted sales amount was 590 million yuan, down 53% year-on-year [1] - For the full year of 2025, the company reported a total contracted sales area of 1.21 million square meters, a decrease of 30% year-on-year; the contracted sales amount was 17.73 billion yuan, down 33% year-on-year [1] Tourism Business - In January 2026, the company's tourism enterprises received a total of 5.54 million visitors, a decrease of 15% year-on-year, primarily due to the timing difference of the Spring Festival holiday [1] - For the full year of 2025, the company’s tourism enterprises received a total of 79.7 million visitors, a decrease of 1% year-on-year, with December 2025 seeing 5.71 million visitors, down 6% year-on-year [1] Financial Outlook - The company expects a net loss attributable to shareholders of 13 billion to 15.5 billion yuan for the year 2025; the net loss after excluding non-recurring items is projected to be between 13.2 billion and 15.7 billion yuan [1] - This marks the fourth consecutive year of losses for the company, following a loss of 10.9 billion yuan in 2022, with the loss in 2025 being larger than the previous year [2]

2026年1月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、2026年1月房地产销售情况 2026年1月，公司实现合同销售面积4.5万平方米，同比减少45%；合同销售金额5.9亿元，同比减少 53%。 二、2026年1月新增土地情况 证券代码：000069 证券简称：华侨城A 公告编号：2026-10 深圳华侨城股份有限公司 2026年1月，公司旗下文旅企业合计接待游客554万人次，同比减少15%，主要受春节假期时间点差异影 响。公司将聚焦春节节点，统筹整合各类资源打造多元节庆活动，引进非遗技艺、民俗体验等特色内 容，将娱乐与民俗深度融合，丰富游客文化体验。 注：月度经营数据为阶段性信息，可能与后续定期报告数据存在差异，敬请投资者以公司正式发布的定 期报告为准。 特此公告。 深圳华侨城股份有限公司 董 事 会 二〇二六年二月十四日 2026年1月，公司无新增土地情况。 三、2026年1月旅游综合业务情况 ...

证券代码：000069 证券简称：华侨城 A 公告编号：2026-10 特此公告。 深圳华侨城股份有限公司 深圳华侨城股份有限公司 2026 年 1 月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、2026 年 1 月房地产销售情况 2026 年 1 月，公司实现合同销售面积 4.5 万平方米，同比减少 45%；合同销售金额 5.9 亿元，同比减少 53%。 二、2026 年 1 月新增土地情况 2026 年 1 月，公司旗下文旅企业合计接待游客 554 万人次，同 比减少 15%，主要受春节假期时间点差异影响。公司将聚焦春节节点， 统筹整合各类资源打造多元节庆活动，引进非遗技艺、民俗体验等特 色内容，将娱乐与民俗深度融合，丰富游客文化体验。 注：月度经营数据为阶段性信息，可能与后续定期报告数据存在 差异，敬请投资者以公司正式发布的定期报告为准。 2026 年 1 月，公司无新增土地情况。 三、2026 年 1 月旅游综合业务情况 二〇二六年二月十四日 1 董 事 会 ...