房地产行业2026年2月70个大中城市房价数据点评：70城新房、二手房房价环比跌幅均收窄，一线城市新房房价环比止跌

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [4][26]. Core Insights - In February 2026, the new home prices in 70 major cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.4%. The decline in both categories has narrowed compared to January, where the decreases were 0.4% and 0.5% respectively [4]. - The number of cities experiencing a decline in new home prices decreased from 62 to 53, with an average decline of 0.41%, which is a slight improvement from January [4]. - First-tier cities saw new home prices stabilize, with Beijing and Shanghai experiencing slight increases of 0.2% month-on-month, while Guangzhou remained stable and Shenzhen's decline narrowed [4]. - Second-tier cities also showed a narrowing decline in both new and second-hand home prices, with 32% of second-tier cities reporting stable or increasing new home prices [4]. - Third-tier cities experienced a decline in both new and second-hand home prices, but the rate of decline has also narrowed [4]. Summary by Sections New Home Prices - In February 2026, new home prices in 70 major cities decreased by 0.3%, with 53 cities experiencing declines, a reduction of 9 cities from January. The average decline was 0.41%, a slight improvement from the previous month [4]. - First-tier cities saw new home prices stabilize, with Beijing and Shanghai increasing by 0.2% and Guangzhou remaining stable. Shenzhen's decline narrowed to 0.3% [4]. - Second-tier cities' new home prices fell by 0.2%, with 32% of cities reporting stable or increasing prices [4]. - Third-tier cities' new home prices decreased by 0.3%, with only one city reporting an increase [4]. Second-Hand Home Prices - Second-hand home prices in February 2026 fell by 0.4%, with 66 cities experiencing declines, a slight improvement from January's 0.5% decline [4]. - First-tier cities saw a decrease of 0.1% in second-hand home prices, with Beijing and Shanghai reporting increases of 0.3% and 0.2% respectively [4]. - Second-tier cities' second-hand home prices decreased by 0.4%, with some cities like Nanjing and Ningbo showing minimal declines [4]. - Third-tier cities experienced a 0.5% decline in second-hand home prices, with all cities reporting decreases [4]. Investment Opportunities - The report suggests focusing on three main lines for investment: 1. Companies with stable fundamentals and high market share in first and second-tier cities, such as China Resources Land and China Merchants Shekou [4]. 2. Smaller companies that have shown significant breakthroughs in sales and land acquisition, like Poly Real Estate [4]. 3. Commercial real estate companies exploring new consumption scenarios, such as China Resources Vientiane Life and Swire Properties [4].