证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 房地产开发 2026W5：如何理解上海收储新政？ 上海启动收购二手住房用于保障性租赁住房工作，模式联动刚需租赁和改 善置换，后续关注实际推进情况。此次浦东新区、静安区、徐汇区将作为 首批试点区，三区在收购范围、收购模式上有一定区别。我们认为，上海 作为核心城市，在市场深度下行的时点推动类收储政策，其信号意义较强。 同时，上海联动刚需（保障性租赁住房）与改善需求（置换），满足保障房 筹集任务、改善市场供需，而且收购范围锚定在低总价小面积房源，收购 后将相关购买力定向引导至总价段更高的新房/二手房市场，有望释放政 策杠杆效应，并且可能打通更高价位段房源的置换链条，以激活市场。试 点三区在收购范围、模式上有细微差别，或也有"摸着石头过河"的意味， 如模式走通，也有望在全市开展更广泛的收购工作。因此，后续应重点关 注三区实际推进的情况，真实政策效力取决于实际做了多少。 以春节周开始和结束日期为锚进行周度对齐。春节前第 2 周，样本城市新 房成交面积为 112.5 万方（同比-45.1%），样本城市二手房成交面积为 183.7 万方 ...

证券分析师 行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《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 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 2026 年 02 月 08 日 商业不动产REITs密集申报，上海收购 二手住房用于保租房 看好 —— 地产及物管行业周报（2026/1/31-2026/2/6） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 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 相关研究 ⚫ 地产行业数据：新房、二 ...

（文章来源：证券日报） 证券日报网讯 2月6日，招商积余在互动平台回答投资者提问时表示，截至2026年1月30日，公司合并融 资融券信用账户股东总户数为20334户，未合并融资融券信用账户股东总户数为18731户。 ...

以管理革新激发组织活力 面对行业竞争加剧与转型升级的双重挑战，招商积余从机构、人才、文化三个重点领域入手激活企业内生动力。 为宣传展示招商局集团在国企改革深化提升行动中的进展成效，现推出"改革先锋"之基层优秀实践案例报道，供相互借鉴交流。 招商蛇口旗下招商积余作为招商局集团"双百企业"，坚持以改革创新为关键动力，锚定"中国领先的物业资产管理运营商"发展目标，加快向现代智慧物业 管理企业转型升级。 截至2025年末，招商积余稳居"中国物业服务企业综合实力500强TOP3""中国物业服务力百强企业TOP3"，孵化培育了5户国家高新技术企业。 组织机构"瘦身健体"，部门数由13个减少至10个，加强所属企业分级分类管控，裁撤低效专业公司余味餐饮，精简整合华东地区等高潜区域市场职能后 台。 深化三项制度改革，构建"短期有动力、中期有保障、长期有盼头"的差异化收入分配机制，持续推动干部能上能下，2025年完成72个关键岗位负责人调 整。 完善人才培养体系改革，构建面向应届毕业生的"积优生"全职业生命周期人才培养体系，培育"积优生"600余人，打造"招闻道·积余学苑"线上学习平台， 开办管家学堂，储备关键岗位人才800余人 ...

证券之星消息，2月4日房地产服务板块较上一交易日上涨3.94%，我爱我家领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。房地产服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000560 | 我爱我家 | 3.61 | 10.06% | 416.29万 | | 14.59 Z | | 300917 | 特发服务 | 42.50 | 6.52% | 16.69万 | 6.96亿 | | | 002285 | 世联行 | 2.87 | 5.90% | 98.47万 | | 2.78亿 | | 000056 | 皇庭国际 | 1.88 | 5.03% | 94.42万 | | 1.76亿 | | 001914 | 招商积余 | 11.95 | 4.64% | 21.02万 | | 2.49亿 | | 600684 | 珠江股份 | 4.99 | 2.04% | 57.20万 | | 2.83亿 | | 0 ...

2月4日，招商积余涨5.08%，截至发稿，报12.00元/股，成交7955.98万元，换手率0.65%，总市值126.45 亿元。 截至发稿，冉宇航累计任职时间4年222天，现任基金资产总规模4846.19万元，任职期间最佳基金回 报-5.21%， 任职期间最差基金回报-6.96%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，广发基金旗下1只基金重仓招商积余。广发金融地产精选股票A（012244）四季度持有股数 31.26万股，占基金净值比例为6.89%，位居第二大重仓股。根据测算，今日浮盈赚取约18.13万元。 广发金融地产精选股票A（012244）成立日期2021年6月29日，最新规模2065.96万。今年以来收益 8.17%，同类排名1415/5562；近一年收益25.74%，同类排名2768/4285；成立以来亏损7.19%。 广发金融地产精选股票A（012244）基金经理为冉宇航。 资料 ...

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [7] Core Insights - The new policy in Shanghai for acquiring second-hand housing aims to address the rental needs of new citizens, young people, and graduates, potentially stabilizing housing prices and boosting industry confidence [1][4] - The policy is expected to facilitate a balance between supply and demand in the real estate market by replacing new construction with stock acquisition, thus compressing the supply cycle for affordable rental housing [3] - The report highlights the importance of targeted housing supply strategies in key districts, focusing on small units and proximity to industrial areas to meet talent housing needs [2] Summary by Sections Investment Opportunities - The report recommends investing in "three good" real estate companies with strong credit, good locations, and quality products, particularly those with quality reserves in Shanghai [5] - Specific companies highlighted include China Overseas Development, China Resources Land, and Longfor Group, among others, which are expected to benefit from the new policy and market recovery [9][10] Market Dynamics - The report notes that the new policy is not the first of its kind in China, with previous examples in cities like Zhengzhou, but it is expected to have a more significant impact in Shanghai due to its status as a core first-tier city [4] - The anticipated market stabilization is supported by a relatively market-oriented pricing mechanism for affordable rental housing, which could lead to sustainable commercial outcomes [4] Company Performance - Companies such as Greentown Service and Longfor Group are expected to maintain strong performance metrics, with projected earnings per share (EPS) growth and stable cash flow management [11][12] - The report emphasizes the operational capabilities of companies like China Resources Land and Longfor Group, which are positioned to navigate market adjustments effectively [12][13]

Investment Rating - The report maintains an "Accumulate" rating for the real estate sector, indicating a potential investment return that exceeds the market benchmark index by 5% to 15% over the next 6-12 months [7]. Core Insights - As of early 2026, multiple regions have initiated old housing acquisitions, significantly accelerating the "old-for-new" program, supported by a reduction in the central bank's one-year relending rate from 1.5% to 1.25% [1][3]. - Local governments are actively engaging in funding through various means, including fiscal support and bank loans, to facilitate the acquisition and renovation of old housing, thereby enhancing the supply of affordable rental housing [3]. - The report highlights that the government's direct acquisition of second-hand old houses is an effective measure to streamline the housing exchange process, reduce the exchange cycle, and simplify procedures, ultimately promoting the sales of new homes [3]. Summary by Sections Section 1: Old Housing Acquisition - The "old-for-new" service has been launched in various cities, with Shanghai and Hangzhou being notable examples where initial registrations have been completed and dynamic waiting lists established for families wishing to participate [1][2]. - Specific focus areas include older properties in urban centers, with clear ownership and reasonable pricing, aimed at facilitating housing exchanges for those in need [2]. Section 2: Market Dynamics - By the end of 2025, public funds held a mere 0.43% of their stock investment value in the real estate sector, indicating a significant underweight compared to standard industry allocation [4]. - The report suggests that high-energy cities are likely to benefit from urban renewal initiatives, leading to structural optimization and gradual stabilization of the market [5]. Section 3: Investment Recommendations - The report recommends focusing on three main investment lines: 1. Real estate companies with strong credit advantages and high product reputation in core cities, such as China Merchants Shekou and China Jinmao [5]. 2. Public REITs with rich existing resources and strong operational brand competitiveness, such as China Resources Land and Shanghai Lingang [5]. 3. Long-term growth potential in property services, recommending companies like China Merchants Jiyu and Greentown Service [5].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000056 | 皇庭国际 | 1.79 | -1.10% | 113.21万 | 2.04亿 | | 600684 | 珠江股份 | 4.89 | 0.41% | 50.64万 | 2.50亿 | | 600724 | 宁波富达 | 6.72 | 0.60% | 12.80万 | 8550.93万 | | 603506 | 南都物业 | 14.47 | 0.70% | - 3.84万 | 5547.80万 | | 001914 | 招商积余 | 11.42 | 1.06% | 9.96万 | 1.14亿 | | 002968 | 新大正 | 13.07 | 1.08% | 4.57万 | 5970.32万 | | 002188 | 中天服务 | 7.12 | 2.15% | 28.47万 | 2.04亿 | | 000560 | 我爱我家 | 3.28 | 2.18% | 188.42万 | 6.16亿 | | 600136 | ST明诚 | 1 ...