【光大研究每日速递】20260226

Real Estate - In January, the transaction area of second-hand houses in 15 core cities increased by 14.3% year-on-year, while the transaction amount of commodity residential properties in 30 core cities was 185.9 billion yuan, down 28.7% year-on-year, with an average transaction price of 24,285 yuan per square meter, a decrease of 4.8% year-on-year [5][6] - The average transaction price in first-tier cities decreased by 9.8% year-on-year. The article emphasizes the importance of stabilizing real estate expectations and suggests that leading companies may benefit from an optimized competitive structure as supply-side adjustments continue [5][6] Metals - The SPDR Gold ETF's holdings saw a slight increase during the Spring Festival period, indicating a potential shift in investor sentiment towards gold [5] - The steel industry is expected to see a strengthening of supply-side adjustments in the short to medium term, as losses for listed steel companies in Q4 2025 approached those of Q3/Q4 2024. The tightening of steel export policies may impact the industry's profitability, which heavily relies on direct and indirect exports [5] Energy Storage - The domestic large-scale energy storage capacity for 2026/2027 is a critical variable in assessing lithium battery demand. Key indicators to monitor include regional coal power capacity pricing, the scale of energy storage project lists, and changes in spot market price differentials [6] - The domestic energy storage industry is entering a phase of healthy development, with leading companies expected to benefit from this trend [6]