从资金流向上来看，当日房地产服务板块主力资金净流出1.58亿元，游资资金净流入4499.81万元，散户 资金净流入1.13亿元。房地产服务板块个股资金流向见下表： 证券之星消息，1月16日房地产服务板块较上一交易日下跌1.42%，世联行领跌。当日上证指数报收于 4101.91，下跌0.26%。深证成指报收于14281.08，下跌0.18%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 600724 | 宁波富达 | 6.29 | 1.29% | 30.51万 | | 1.91亿 | | 603506 | 南都物业 | 13.94 | -0.07% | 5.40万 | | 7590.63万 | | 600136 | ST明诚 | 1.66 | -0.60% | 8.55万 | | 1425.83万 | | 002188 | 中天服务 | 6.32 | -1.40% | 13.26万 | | 8404.05万 | | 600684 | 珠江股份 | ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a significant reduction in the minimum down payment ratio for commercial property loans to 30%, aimed at stimulating the commercial real estate market and facilitating inventory reduction [5][6] - The current inventory of commercial properties is high, with 141 million square meters of commercial space available for sale as of November 2025, including 52 million square meters of office space [6] - The report anticipates further policy easing to support the commercial real estate sector, as the current measures may have limited impact due to existing disadvantages in loan terms compared to residential mortgages [7][8] Summary by Sections Market Trends - The report indicates a downward trend in the commercial real estate market, with rising vacancy rates and declining rental prices [7] Policy Changes - The People's Bank of China has introduced measures to lower the down payment ratio for commercial property loans, which is expected to ease initial funding pressures for buyers [5][8] Investment Recommendations - Recommended stocks include: 1. Companies benefiting from both residential and commercial real estate recovery: China Resources Land, New World Development, Longfor Group [8] 2. Firms with strong credit profiles and good understanding of customer demand: Greentown China, China Merchants Shekou, China Overseas Land & Investment [8] 3. High-quality property management companies under the "Good House, Good Service" policy: China Resources Mixc Lifestyle, Greentown Service, Poly Property [8]

证券之星消息，1月14日房地产服务板块较上一交易日上涨1.32%，宁波富达领涨。当日上证指数报收于 4126.09，下跌0.31%。深证成指报收于14248.6，上涨0.56%。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) | | --- | --- | --- | --- | --- | --- | | 002188 | 中天服务 | 6.45 | -1.83% | 27.14万 | 1.76亿 | | 000056 | 皇庭国际 | 2.09 | -1.42% | 46.95万 | 9897.04万 | | 001914 | 招商积余 | 10.98 | -1.35% | 10.99万 | 1.22亿 | | 002285 | 世联行 | 2.97 | -1.00% | 114.32万 | 3.42亿 | | 600136 | ST明诚 | 1.70 | -0.58% | 24.29万 | 4137.33万 | | 000560 | 我爱我家 | 2.95 | -0.34% | 148.03万 | 4.38亿 | | 300917 | 特发 ...

Market Performance - The Shanghai Composite Index rose by 3.8%, the Shenzhen Component Index increased by 4.4%, and the ChiNext Index went up by 3.9% this week [1] - The real estate sector (Shenwan) saw a rise of 5.1% [1] - The top five stocks by percentage increase were Chengjian Development (+34.5%), Yingxin Development (+22.0%), Shangshi Development (+20.8%), *ST Rongkong (+19.7%), and *ST Yangguang (+16.0%) [1] - The bottom five stocks by percentage decrease included Hainan Airport (-7.9%), Guangming Real Estate (-7.2%), Hezhan Energy (-5.5%), Shoukai Shares (-5.0%), and China Wuyi (-2.0%) [1] Real Estate Data Tracking - New homes: In the week of January 3-9, 42 key cities recorded a total transaction of 1.37 million square meters, a month-on-month decrease of 46.7% [1] - For January up to the week of January 9, new home transactions totaled 1.55 million square meters, down 30.1% month-on-month and 46.6% year-on-year [1] - Second-hand homes: In the week of January 3-9, 21 key cities saw a total transaction of 2.06 million square meters, a month-on-month increase of 25.4% [1] - For January up to the week of January 9, second-hand home transactions totaled 2.14 million square meters, down 16.1% month-on-month and 23.9% year-on-year [1] Industry News - The State Council, led by Premier Li Qiang, held a meeting to implement a package of fiscal and financial policies to boost domestic demand, including expanding the scope of public rental housing [2] - The central bank emphasized the continuation of a moderately loose monetary policy and the integration of incremental and stock policy effects [2] - Local policies include Shanghai's efforts to improve fair competition review mechanisms and Henan's support for local governments to issue special bonds for purchasing existing homes for affordable housing [2] - In Shenyang, the down payment for housing has been reduced to 15% until the end of 2026, while Chengdu extended its housing mutual assistance policy until the end of 2026 [2] Company Announcements - In December 2025, the sales figures for major real estate companies were as follows: Poly Development at 12.16 billion yuan (-18.9%), China Merchants Shekou at 25.84 billion yuan (-14.5%), and New Town Holdings at 1.35 billion yuan (-57.8%) [2] - China Overseas Development issued bonds with a 3-year term at an interest rate of 1.60%-2.60% and a 5-year term at 1.80%-2.80% [2] Personnel Changes - Vanke A's Yu Liang retired due to age, resigning from his positions as director and executive vice president [3] Investment Analysis - The real estate sector remains a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for economic circulation [3] - The 20th Central Committee's emphasis on promoting high-quality development in real estate suggests potential policy support [3] - High-quality residential properties may see a development wave due to policy guidance and changes in supply-demand structure [3] - The Hong Kong private residential market sentiment is gradually recovering, indicating a potential revaluation for Hong Kong developers [3] - The sector is rated "positive," with recommended companies including China Resources Land, China Merchants Shekou, New Town Holdings, and others [3]

（编辑 任世碧） 证券日报网讯 1月12日，招商积余在互动平台回答投资者提问时表示，截至2025年12月31日，公司合并 融资融券信用账户股东总户数为20933户，未合并融资融券信用账户股东总户数为19433户。 ...

Investment Rating - The report maintains a rating of "Buy" for several commercial real estate companies, including Longfor Group, China Overseas Development, Link REIT, and others [10][5]. Core Insights - The C-REIT market is entering a comprehensive development era, with significant potential for commercial real estate REITs, driven by abundant stock, high adaptability for securitization, and strong market recognition [1][12]. - The report emphasizes that commercial real estate REITs can enhance asset liquidity and facilitate value reassessment for related enterprises, particularly benefiting those deeply engaged in commercial real estate and management services [1][12]. - The potential market size for domestic commercial real estate REITs could reach trillions, with a current market value of only 40.8 billion, indicating substantial growth opportunities [3][12]. Summary by Sections International Comparison - In the U.S. and Japan, commercial real estate constitutes a significant portion of REITs, with respective shares of 43% and 55% as of November 2025 [2][16]. - The report highlights that income volatility affects risk premiums and valuation differences, with hotel REITs showing the highest dividend yields and office REITs the lowest due to their sensitivity to economic fluctuations [2][16]. Domestic Outlook - The report forecasts a substantial expansion potential for C-REITs, particularly in the retail sector, as domestic demand mirrors that of the U.S. market [3][56]. - Factors driving the growth of commercial real estate REITs include the emergence of projects with management premiums and location advantages, as well as a significant stock of quality assets [3][12]. Market Style - The report suggests that the C-REIT market may adopt a fixed-income plus investment mindset, similar to Japan's market style, with stable assets likely to present valuation premiums [14][56]. - It notes that the domestic REITs market is expected to benefit from the recent regulatory changes that broaden the asset base to include office buildings and hotels [3][56]. Investment Recommendations - The report recommends investing in established commercial real estate operators and property management companies with management premiums and strategic advantages, including Longfor Group, China Resources Land, and others [5][15].

规模收缩，价值聚焦 房地产行业土地市场 2025 年总结 本报告导读： 2025 年土地市场呈现 "提质缩量" 特征，成交建面与金额同比下滑但楼面均价上涨， 投资向一二线城市聚焦。央国企为拿地主力，头部房企拿地强度提升，行业格局持 续调整。 投资要点： 核心城市土地出让金占比稳定过半，一二线城市溢价率仍维持相对 高位。2025 年全国样本城市的平均溢价率为 5.3%，同比上涨 1.1pct， 其中一线/二线/三四线城市分别为 10.7%/6.2%/3.1%，分别同比 +3.8pct/+2.3pct/-0.6pct，且上海/深圳/杭州/成都全年溢价率突破 10%，分别为 15.3%/26.9%/25.4%/10.3%。从单季度表现看，年内溢 价率前高后底，年初在优质地块及房企项目周期等因素的多重刺激 下，土拍市场大幅升温，年中以来，投资逐步回归理性，热度回落， 溢价率也同步下滑。此外，从城市集中度上，2025 年全国 TOP10、 TOP20 城市宅地出让金额在全国比重分别为 37%、52%，较 2024 年 分别提升 3pct、1pct。 重点房企投资策略趋同，央国企和头部房企在投资端更为积极。从 权益拿地金 ...

南京发布人才新政，销售数据下降 ——20260109 房地产行业周报 房地产 证券研究报告/行业定期报告 2026 年 01 月 11 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：由子沛 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523020005 | | 保利发展 | 6.57 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 6.5 | 15.6 | 14.3 | 12.9 | 12.2 | 买入 | | Email：youzp@zts.com.cn | | 招 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for quality real estate companies and commercial properties [2][24]. Core Insights - The real estate sector is experiencing a bottoming out phase, with positive policy factors accumulating. Recent central government directives emphasize stabilizing the real estate market, indicating a potential shift in policy support [2][24]. - The report notes that the current valuation levels for some quality companies are at historical lows, making them attractive investment opportunities [2][24]. Industry Data Summary New Home Transaction Volume - In the week of January 3-9, 2026, new home transactions in 34 key cities totaled 1.784 million square meters, a decrease of 57.3% week-on-week. First and second-tier cities saw a 58.2% decline, while third and fourth-tier cities experienced a 40.2% drop [3][4]. - Year-on-year, new home transactions in January (up to January 9) decreased by 40.9% compared to the same period last year, with first and second-tier cities down 40.6% and third and fourth-tier cities down 44.2% [4][6]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 cities totaled 1.26 million square meters, reflecting a 12.6% increase week-on-week. However, year-to-date transactions are down 23.3% compared to the same period last year [10][12]. Inventory and Sales Ratio - In the week of January 3-9, 2026, 15 cities launched 770,000 square meters of new homes, with total sales of 640,000 square meters, resulting in a sales-to-launch ratio of 0.83. The average monthly inventory turnover for the last three months is 21.6 months, a decrease of 0.24 months [18][24]. Policy and News Tracking - Recent policy updates include an extension of loan financing for white-listed projects from 2 years to 5 years, aimed at stabilizing the real estate market [2][24]. - Local governments are implementing various supportive measures, such as tax relief for property taxes in Shanghai and talent attraction policies in Nanjing, which include living subsidies and expanded housing rental support [24][27].

证券之星消息，1月8日房地产服务板块较上一交易日上涨2.22%，宁波富达领涨。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 600724 | 宁波富达 | 5.87 | 4.08% | 16.60万 | | 9535.52万 | | 002285 | 世联行 | 3.04 | 3.75% | 139.72万 | | 4.20 Z | | 002968 | 新大正 | 12.46 | 3.23% | 5.57万 | | 6901.07万 | | 001914 | 招商积余 | 11.17 | 2.29% | 1 10.80万 | | 1.20亿 | | 300917 | 特发服务 | 40.95 | 1.92% | 6.75万 | | 2.76亿 | | 603506 | 南都物业 | 13.32 | 1.68% | 5.77万 | | 7640.8 ...