百强房企销售跟踪（2026年2月）：1-2月百强房企销售金额同比下降30%

Investment Rating - The industry is rated as "Add" [5] Core Insights - In January-February 2026, the top 100 real estate companies experienced a year-on-year sales decline of 30% [1][2] - The top 10 real estate companies saw a year-on-year sales amount of 621 billion, with a decline of 37.5% in February 2026 [1][8] - The report highlights that only a few companies, such as China Railway and China Jinmao, showed positive sales growth in February 2026 [3][60] Summary by Sections Sales Performance - In January-February 2026, the total sales amount for the top 100 real estate companies was 3,073 billion, with a year-on-year decline of 30.2% [2][33] - The top 50 companies had an average year-on-year sales decline of 3.0%, with a median decline of 24.5% [2][42] Key Company Performances - In February 2026, only 2 out of 20 major real estate companies reported positive year-on-year sales growth [3][60] - Notable performers included China Railway with a 75.3% increase and China Jinmao with a 20.9% increase in sales [3][60] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Real estate companies with strong regional development capabilities and high credit ratings, such as China Jinmao and China Merchants Shekou [4][65] 2. Public REITs with rich existing resources and strong operational brands, such as China Resources Land [4][65] 3. Long-term growth potential in property services, recommending companies like China Merchants Jiyu and China Resources Mixc Life [4][65]