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15日房地产开发板块较上一交易日上涨0.53%，光明地产领涨。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。房地产开发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) | | | --- | --- | --- | --- | --- | --- | --- | | 600708 | 光明地产 | 3.82 | 10.09% | 41.01万 | | 1.52亿 | | 000608 | *ST阳光 | 3.20 | 4.92% | 1.16万 | | 370.03万 | | 600791 | 京能置业 | 5.09 | 4.09% | C 17.11万 | | 8573.39万 | | 002244 | 滨江集团 | 10.27 | 3.84% | 61.42万 | | 6.23亿 | | 000002 | 万科A | 4.85 | 3.41% | 319.56万 | | 15.41 Z | | 001979 | 招商蛇口 | 9.33 | 3.32% | 95.08万 | | 8.85 ...

截至发稿，谢玮累计任职时间7年227天，现任基金资产总规模19.04亿元，任职期间最佳基金回报 96.41%， 任职期间最差基金回报-24.9%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中信建投基金旗下1只基金重仓招商蛇口。中信建投远见回报A（011868）三季度持有股数 34.79万股，占基金净值比例为0.7%，位居第四大重仓股。根据测算，今日浮盈赚取约16万元。 中信建投远见回报A（011868）成立日期2021年8月10日，最新规模4.17亿。今年以来收益5.71%，同类 排名2748/8840；近一年收益37.75%，同类排名3281/8094；成立以来收益1.19%。 中信建投远见回报A（011868）基金经理为谢玮。 1月15日，招商蛇口涨5.09%，截至发稿，报9.49元/股，成交5.49亿元，换手率0.71%，总市值855.62亿 元。 资料显示，招商局蛇口工业区控股股份有限公司位于广东深圳市南山区蛇口兴华路6号南海 ...

报告摘要 市场行情： 2026 年1 月13 日，今日权益市场各板块多数下跌，上证综指和深证综指分别下跌0.64%和1.42%，沪深 300 和中证500 分别下跌0.60%和1.28%。申万房地产指数下跌1.67%。 成都天府新区3 宗涉宅用地顺利成交，收金9.27 亿元。据中指研究院，1 月13 日，成都迎来3 宗天府新 区涉宅用地出让，3 宗地块采取组合供应方式拍卖，总土地面积5.5 万㎡（合82.55 亩），总规划建筑面 积11.0 万㎡，总起始价9.27 亿元。最终四川省城市更新集团有限公司以底价竞得3 宗地块，成交总价 9.27 亿元。 公司公告： 【建发股份】1 月13 日，厦门建发股份有限公司发布2026 年度第二期超短期融资券发行方案。公告显 示，本期发行金额为人民币10亿元，期限180 天，主体信用评级AAA，采用固定利率形式，按100 元面 值发行，利率由簿记建档、集中配售结果确定。本次债券发行金额将全部用于补充发行人本部及子公司 贸易业务相关的营运资金支出需求。债券发行日为2026 年1 月14 日，起息日及债券债权登记日为2026 年1 月15 日，本息兑付日为2026 年7 月14 ...

格隆汇1月14日｜A股市场免税概念股走弱，其中，广百股份跌超5%，海南机场跌超3%，中百集团、海 南高速、南方航空、步步高、招商蛇口、海南发展、中国中免、武商集团、海峡股份跌超2%。 ...

百强房企的日子仍在"负重前行"。 近日，多家房地产研究机构发布了房企销售业绩榜单。根据中指研究院发布的《2025年中国房地产企业 销售业绩排行榜》来看，2025年，TOP100房企权益销售总额约25209亿元，同比下降18.4%。 在此期间，各梯队房企普遍承压，销售规模出现同比下滑。具体而言，销售额突破千亿元大关房企数量 缩减至10家，较去年同期减少1席；销售额达百亿元级别房企则减至73家，较去年同期减少13家， TOP100房企的入门标准滑落至60亿元。 值得一提的是，随着政策层面密集出台稳楼市举措，市场需求端已初现回暖迹象。12月单月，TOP100 房企实现全口径销售金额3490亿元，环比增长47.4%。 在此市场环境下，多数房企采取审慎策略，集中资源布局核心城市，行业由此形成了"冰火两重天"的分 化图景。2025年，TOP100企业拿地总额9640亿元，同比增长3.9%。 TOP20城市中，16个城市为核心一二线城市，北京、杭州、上海土地出让金均超1400亿元，杭州前七月 出让金已超2024年全年；成都超800亿元，武汉、苏州均超600亿元。 随着行业持续调整，房企销售排名也在不断洗牌。 2024年销售 ...

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]

中国城市房地产研究院院长谢逸枫表示，房企2025年末及2026年开年销售额实现增长，不仅为房地产市 场平稳开局奠定了良好基础，更有助于市场形成积极向好的增长预期。同时，这一态势能够有效缓解购 房者的观望纠结与置业忧虑情绪，对稳固市场信心、推动房价与行业行情止跌回稳发挥出重要的预期引 导作用。 随着2026年开年多家房企陆续披露单月销售业绩，北京商报记者统计发现，截至2026年1月12日，在已 公布2025年12月销售数据的18家房企中，有13家实现环比增长，占比达72.22%。其中，中国海外发 展、华润置地、中国金茂等5家房企单月销售额更是创下全年最高纪录。 从2025年全年销售格局来看，头部房企竞争态势趋于稳定。保利发展以17.98亿元的销售额优势领先中 海地产，继续保持行业第一位置。值得关注的是，保利发展近年来持续重仓广州市场，布局战略显著。 2023年至2025年三年间，保利发展在北京、上海的拿地金额分别为265.02亿元和359.27亿元，而在广州 的拿地金额则高达648.24亿元，显示出明显的区域倾斜策略。 13家房企集体增长 在已披露2025年12月销售数据的18家房企中，华润置地、中海、招商蛇口 ...

随着2026年开年多家房企陆续披露单月销售业绩，北京商报记者统计发现，截至2026年1月12日，在已 公布2025年12月销售数据的18家房企中，有13家实现环比增长，占比达72.22%。其中，中国海外发 展、华润置地、中国金茂等5家房企单月销售额更是创下全年最高纪录。 从2025年全年销售格局来看，头部房企竞争态势趋于稳定。保利发展以17.98亿元的销售额优势领先中 海地产，继续保持行业第一位置。值得关注的是，保利发展近年来持续重仓广州市场，布局战略显著。 2023年至2025年三年间，保利发展在北京、上海的拿地金额分别为265.02亿元和359.27亿元，而在广州 的拿地金额则高达648.24亿元，显示出明显的区域倾斜策略。 | | | | | | | | Section 1455 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 1月 | 2月 | 3月 | 4月 | 5月 | 6月 | 7月 | 8 H | a H | 10月 | 11月 | 15H | | 保 ...

随着2026年开年多家房企陆续披露单月销售业绩，北京商报记者统计发现，截至2026年1月12日，在已 公布2025年12月销售数据的18家房企中，有13家实现环比增长，占比达72.22%。其中，中国海外发 展、华润置地、中国金茂等5家房企单月销售额更是创下全年最高纪录。 13家房企集体增长 | | | | | | | | Section 1455 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 1月 | 2月 | 3月 | 4月 | 5月 | 6月 | 7月 | 8 H | a H | 10月 | 11月 | 15H | | 保利发展 | 180.15 | 56.651 | 290.16 | 246.22 | 285.12 | 290.11 | 180.14 | 180.15 | 205.31 | 211.16 | 180.19 | 121.64 | | 中国昌和 | 116 | 135 | 261 | 173 | 183,5 | 234.5 | 133 | 132 ...