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].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Views - The fundamentals of the real estate industry are still bottoming out, but positive policy factors are accumulating. Recent policies include extending loan financing for whitelist projects from 2 years to 5 years and various local government initiatives to support housing and talent retention [2][26]. - The report highlights that the real estate market has undergone a deep adjustment, and with recent central government calls to stabilize the market, there is an expectation for positive policy changes ahead. The current valuation levels for quality companies are attractive [2][26]. Industry Data Summary New Home Transaction Volume - For 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. Among these, 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 - For the same week, second-hand home transactions in 13 key cities totaled 1.26 million square meters, reflecting a week-on-week increase of 12.6%. However, year-on-year, January's cumulative transactions were down 23.3% compared to last year [10]. Inventory and Sales Ratio - In the week of January 3-9, 2026, 15 key 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 was 21.6 months, a decrease of 0.24 months [19]. Policy and News Tracking - Recent policies include the Shanghai announcement for tax relief on land use for eligible taxpayers, and Nanjing's new talent policies offering living subsidies and expanded housing rental support [26][29]. - The establishment of the first local government-guided REITs fund in Xiamen, with a target size of 5.5 billion over 10 years, aims to revitalize existing assets [26][30]. Company Dynamics - December sales data for major real estate companies showed significant declines, with China Overseas Development reporting 39.83 billion yuan (-1%), and CIFI Holdings down 58.3% to 1 billion yuan [35]. - Notable changes in shareholding include the reduction of shares by the controlling shareholder of Binhai Group, decreasing their stake to 60% [35].

证券日报网讯1月9日，招商蛇口（001979）发布2025年12月份销售及近期购得土地使用权情况简报称， 2025年12月份，公司实现签约销售面积97.72万平方米，实现签约销售金额258.44亿元。2025年1月-12月 份，公司累计实现签约销售面积716.12万平方米，累计实现签约销售金额1，960.09亿元。 ...

北京商报讯（记者 李晗）2026年1月9日，招商蛇口披露2025年12月销售简报。简报显示，2025年12月 招商蛇口实现签约销售面积97.72万平方米，实现签约销售金额258.44亿元。 ...

Core Insights - Chengdu's new housing market demonstrated strong resilience in 2025, with total transactions reaching 91,858 units and an average unit size of approximately 131.27 square meters, likely leading the nation in new home sales for the third consecutive year [1] - The market's performance is attributed to continuous product iteration and improvements in residential design, driven by macro policy optimization and a focus on product value [1] - Buyers are increasingly seeking refined living experiences, with features like independent elevator access and multifunctional community spaces becoming standard in high-quality projects [1] Market Dynamics - In 2025, five companies in Chengdu's real estate sector achieved sales exceeding 10 billion yuan, indicating a reduction in the number of top-tier firms and an increase in industry concentration [3] - China Resources Land maintained its leading position with a sales amount of 12.268 billion yuan, supported by projects like Huachengfu and Tiancheng Shangyuan, which emphasize differentiated living environments [3][5] - Chengdu Rail City topped the sales area chart with approximately 510,000 square meters, leveraging a comprehensive TOD development model [5] High-End Market Trends - The introduction of premium product lines by major developers, such as Jianfa's "Haiyao" and Beike's "Beicheng S1," reflects the market's vitality and residential value [7] - Jianfa's Haiyao achieved a record average price of 84,952.16 yuan per square meter, setting a benchmark for high-end living in Chengdu [7][8] - The high-end market saw a historic peak in the supply and sales of properties priced over 10 million yuan, with over 140 transactions for homes priced above 20 million yuan [10] Unique Project Highlights - Projects like Chengdu Jiabai Road and LACADIERE Tianlan have distinguished themselves through unique product offerings and resource advantages, attracting significant market interest [11][13] - Jiabai Road's new club at 200 meters high and LACADIERE Tianlan's panoramic views and international design have set them apart in the competitive landscape [11][13] - The ecological development of Mulu Lake Ecological City, with its community-driven cultural events, has contributed to its nearly 10 billion yuan sales performance in 2025 [16] Structural Market Shift - Chengdu's real estate market is transitioning from a scale-driven approach to a product-driven one, with buyers increasingly valuing community ecology and long-term value [16] - The competition is shifting towards product strength and community operation capabilities, which are essential for companies to navigate market cycles effectively [16]

深圳甲级写字楼市场 季度报告 2025年 第三季度 本报告重点关注深圳甲级写字楼市场，包括供应和需求、租金、空置率以及 knightfrank.com.cn/research 写字楼投资市场等方面相关信息 概览和展望 市场承压持续，价格出清与结构竞争并行 2025年第三季度，深圳甲级写字楼市 场继续处于调整阶段，租金下行压力未减、 供应集中释放、去化动力放缓。全市平均有 效租金降至每月每平方米人民币148.4元， 环比下跌2.2%，虽然跌幅较上季略有收 窄，但仍处于明显下行区间，显示业主端仍 以价格让利应对去化压力。新增供应显著 增加，季度入市体量约21.9万平方米，为年 内最高水平，而净吸纳量仅6.8万平方米， 供需失衡再度扩大，带动全市空置率升至 26.1%，环比上涨0.9个百分点。 分市场来看，租金下调为主旋律。宝安 录得5.8%的环比跌幅居首，跨境电商企业 减租与业主主动调价并行；车公庙与福田 分别下滑3.9%与3.5%，受区内竞争加剧 影响；南山整体表现相对稳健，科技园、前 海、蛇口等核心片区跌幅均控制在2%以 内。整体而言，市场价格博弈加剧，租金下 探仍是主要趋势。 需求端延续收缩态势。TMT行业 ...

格隆汇1月9日丨招商蛇口(001979.SZ)公布，2025年12月，公司实现签约销售面积97.72万平方米，实现 签约销售金额258.44亿元。2025年1-12月，公司累计实现签约销售面积716.12万平方米，累计实现签约 销售金额1,960.09亿元。 ...

Group 1 - The company achieved a signed sales area of 977,200 square meters and a signed sales amount of 25.844 billion yuan in December 2025 [1] - For the entire year of 2025, the company accumulated a signed sales area of 7,161,200 square meters and a total signed sales amount of 196.009 billion yuan [1]

招商蛇口（001979）(001979.SZ)公告，2025年12月，公司实现签约销售面积97.72万平方米，实现签约 销售金额258.44亿元。2025年1-12月，公司累计实现签约销售面积716.12万平方米，累计实现签约销售 金额1960.09亿元。 ...