【房地产】《求是》刊文稳预期，2026年期待政策加力——光大地产板块及重点公司跟踪报告（何缅南）

Group 1: Real Estate Development and Property Services Market Performance - The real estate development sector's price-to-book ratio (PB) is 0.81 as of December 31, 2025, with a historical percentile of 25.79% since 2018. The Hang Seng real estate and construction sector's PB is 0.41, with a historical percentile of 22.98% [4] - For the period from January 1 to December 31, 2025, the top three A-share real estate developers by stock performance are Shanghai Lingang (+18.24%), Binjiang Group (+17.70%), and New Town Holdings (+16.64%). The top three H-share developers are Jianfa International Group (+30.36%), China Resources Land (+27.21%), and China Jinmao (+25.81%) [4] - The property services sector's price-to-earnings ratio (PE) is 39.76 as of December 31, 2025, with a historical percentile of 45.44% since 2018. The Hang Seng property services and management sector's PE is 45.63, with a historical percentile of 86.96% [5] - For the same period, the top three A-share property service companies by stock performance are Nandu Property (+53.47%), Xinda Zheng (+37.53%), and Shilianhang (+10.04%). The top three H-share companies are China Resources Mixc Lifestyle (+57.57%), Greentown Service (+28.23%), and Jianfa Property (+20.00%) [5] Group 2: Fund Holdings and Market Expectations - As of the end of Q3 2025, public funds hold real estate stocks worth a total market value of 55.81 billion, representing 0.15% of net value, an increase from 0.14% at the end of Q2 2025. This accounts for approximately 0.62% of stock investment market value, down from 0.67% in Q2 2025 [6] - The article from "Qiushi" magazine emphasizes the importance of managing expectations to stabilize the real estate market, highlighting the significant financial asset nature of real estate. It notes that the housing service, second-hand housing transactions, and real estate asset management sectors still have substantial growth potential [7] - The article also mentions that there is an accumulated housing stock of approximately 35 billion square meters in urban areas, with an estimated annual depreciation rate of 2%, leading to a replacement demand of about 700 million square meters [7]