分析师 1: 好的，各位投资人晚上好，非常欢迎参加我们今天的这场电话会。今天我们是非常荣幸的 邀请到一位在行业非常资深的高端购物中心的专家。为我们分享一下春节假期高端消费的 大致情况。那今天我们就直接进行 QA 了，然后有几个大家共性关注的问题，我先跟专家 做个请教，就第一个先麻烦专家帮我们分享，跟拆分一下春节假期在可比口径下。我们这 边的，包括销售额，还有客流、客单的一个大致情况，跟去年同期的对比，谢谢。 高端购物中心行业专家: 那， OK，行。长度和跨度其实都不太一样。那么考虑到整个口径相同的一个原因，然后 我就统一的就按照这个叫什么？按照从大年三十就是我们所说的除夕，除夕那一天，然后 到年初六，大概 7 天的这样的一个数据，然后去做一个对比，这样可能两年之间的这样的 一个口径，就把它变得趋同或者相同。然后更有可比性一点。那么我们系统内部的这个情 况是这个样子的，因为刚刚过去的春节。然后我们今天才是第一天上班，正式上班。然后 有些数据其实还是在，正在在这个统计的过程当中，可能应该等一下，我们要问到的有， 有些品牌或者分品牌的一些情况，可能现在目前可能还不能完全的去展示出来。 但是这个我觉得其实问题并不大， ...

Core Viewpoint - The auction of the Ma Chang land plot in Guangzhou has attracted significant interest from multiple developers, indicating a strong demand for prime real estate in the area, with total bids exceeding 200 billion yuan by mid-morning on the auction day [1] Group 1: Auction Details - The Ma Chang plot has a total land area of approximately 194,500 square meters and a total construction area of about 566,900 square meters, including commercial, residential, and educational facilities [1] - The starting price for the land was set at approximately 18.64 billion yuan [1] - The plot is strategically located in the eastern area of Zhujiang New Town, recognized as the last prime piece of land in the area, making it highly sought after by developers [1] Group 2: Development Plans - The winning developer is required to sign a contract with the Tianhe District Government within one month and must construct a five-star international hotel with a minimum floor area of 45,000 square meters [1] - The development aims to create a vibrant "park + sports" space, enhancing the connection between Zhujiang New Town CBD and the Financial City, and transforming the area into a high-quality development demonstration zone [2] Group 3: Commercial Potential - Currently, the Zhujiang New Town commercial area lacks a significant commercial cluster, but the redevelopment of the Ma Chang plot is expected to change this situation [3] - The planned development will focus on creating a new business hub with high-end office spaces and a luxury retail experience, filling the gap in high-end commercial offerings in the Zhujiang New Town area [3]

编辑｜钉钉 由于围观人数达数十万人，土拍系统多次崩溃。截至发稿，竞价已超一个半小时，最新报价超200亿 元。目前，拍卖仍在继续。 记者｜郑娜 2月25日上午，广州珠江新城一块大型综合用地马场地块正式出让，起拍价高达186亿元，仅次于2009年 出让的亚运城地块。由于地块位置核心、体量大备受关注。目前参与竞买的8家企业分别为越秀、保 利、华润、招商、珠实、广州地铁、广州建筑、广州城投。 ...

（文章来源：第一财经） 广州珠江新城一块大型综合用地马场地块2月25日上午正式出让，起拍价高达186亿元，仅次于2009年出 让的亚运城地块。由于地块位置核心、体量大备受关注。目前参与竞买的8家企业分别为越秀、保利、 华润、招商、珠实、广州地铁、广州建筑、广州城投。由于围观人数达数十万人，土拍系统多次崩溃。 ...

作者：城市漫游计划 这里的海景房，十几万就能买一套。年轻人来海边旅居躺平，全国的退休老人扎堆来这里过冬，连俄罗斯朋友也冲着海边的自然环境，千里迢迢慕名而 来。 它，就是有深圳后花园之称的——广东惠州。 我们从北京南下来到了惠州海边，看看这里到底有"谁"在，能对全国各地的年轻人和退休老人有这么大吸引力。 卖不出的海景房， 长什么样子 刚到惠州海边，我就爱上这里的自然环境了。 小鸟在郁郁葱葱的参天大树上叽叽喳喳，空气里弥漫着一种独属于大海的咸味，晚上我还能听着有节律的海浪声入睡。和北方冬日的萧瑟寂寥相比，这里 完全是人类最宜居的天堂。 我们住在惠州大亚湾区和惠东县的交界处，这里是惠州海景房最密集的区域之一。自称能"给您一个五星级的家"的碧桂园十里银滩，还有华润小径湾等海 景房楼盘，就建在这一带。 惠州海景，令人心旷神怡。（图/饮料 小红摄） 很多海景房挂牌了五六年，腰斩也卖不出去。（图/饮料 小红摄） 可就是这些密密麻麻的海景房，过去能卖100多万一套，现在腰斩了也卖不出。而且海边潮湿，有些建了十年左右的房子，它的外立面已经发黑发霉，看 起来像有二三十年的楼龄。 不过当我看到阳台那一望无际的大海，听到远处传来的海 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [2][18]. Core Views - The current policy environment is expected to be more forceful than in 2008 and 2014, driven by fundamental pressures [2][18]. - Real estate serves as an early-cycle indicator, making it a barometer for economic trends [2][18]. - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [2][18]. - The focus remains on first-tier cities, two-thirds of second-tier cities, and a very limited number of third-tier cities, which have shown better performance during sales rebounds [2][18]. - Supply-side policies, including land storage and the proper handling of idle land, are crucial areas to monitor, with first and second-tier cities expected to benefit more [2][18]. Summary by Sections New Home and Second-Hand Home Transaction Data - During the 2026 Spring Festival, new home transactions reached 112,000 square meters (up 7.4% year-on-year), while second-hand home transactions were 22,000 square meters (up 96.8% year-on-year) [8][10]. Hong Kong Stock Market Review - The Hong Kong real estate sector saw an overall increase during the Spring Festival, with the real estate HK (CITIC) index rising by 2.34% [10][11]. - Among 80 Hong Kong real estate development stocks, 50 increased, 10 remained flat, and 20 decreased during the festival [10][11]. Investment Recommendations - Recommended stocks include: - Real estate development: Greentown China, Jianfa International Group, China Resources Land, Yuexiu Property, China Overseas Development, and China Jinmao in H-shares; and Binjiang Group, China Merchants Shekou, Jianfa Co., Poly Developments, and Huafa Group in A-shares [2][18]. - Local state-owned enterprises and city investment companies: Chengdu Investment Holdings, Urban Construction Development [2][18]. - Real estate intermediaries: Beike-W [2][18]. - Property management companies: China Resources Vientiane Life, China Merchants Jiyu, Greentown Services, Poly Property, and China Overseas Property [2][18].

Group 1 - The Hong Kong stock market saw a collective rise in property stocks, with Country Garden increasing by 8%, and other companies like Jianfa International Group, Greentown China, and Longfor Group also showing significant gains [1] - Notable stock performances include Country Garden at a latest price of 0.335 with a market cap of 139.99 billion and a year-to-date decline of 19.28%, while Greentown China reached 11.470 with a market cap of 291.29 billion and a year-to-date increase of 35.42% [2] - Other companies such as China Overseas Macro Group and Yuexiu Property also experienced gains of over 4%, indicating a positive trend in the property sector [1][2] Group 2 - The stock price of Jianfa International Group rose by 6.54% to 15.810, with a total market value of 354.17 billion and a year-to-date increase of 1.02% [2] - Longfor Group's stock increased by 4.90% to 10.270, with a market cap of 723.18 billion and a year-to-date rise of 19.98% [2] - Other notable increases include China Jinmao at 4.35% to 1.680, with a market cap of 227.01 billion and a year-to-date increase of 38.84% [2]

Core Insights - The report identifies key sectors with positive earnings forecasts for 2025, focusing on companies that are expected to outperform based on growth metrics and other indicators [2] - The report highlights the performance of various industries, with construction materials and oil & petrochemicals showing significant growth in the past year [2][3] Industry Performance - The top-performing industries in January, March, and over the past year include: - Comprehensive: 13.2%, 33.4%, 83.9% - Construction Materials: 8.9%, 28.6%, 49.5% - Oil & Petrochemicals: 7.1%, 28.0%, 41.1% - Coal: 5.9%, 9.1%, 21.8% - Communication: 4.1%, 27.6%, 73.0% [2] - The bottom-performing industries include: - Retail: -5.6%, 3.4%, 10.1% - Non-ferrous Metals: -5.0%, 39.2%, 115.5% - Pharmaceutical Biology: -4.1%, -0.2%, 11.5% - Computer: -3.7%, 6.4%, 1.9% - Non-bank Financials: -2.4%, 3.8%, 9.1% [2] Company-Specific Insights - Yingke Medical (300677.SZ) is identified as a core beneficiary in the nitrile glove industry recovery, with expectations of a price increase and improved supply-demand dynamics [4] - The company is projected to achieve net profits of 1.71 billion and 2.19 billion in 2026 and 2027, respectively, with corresponding P/E ratios of 15.0 and 11.8 [5] Real Estate Sector Analysis - The report notes that the Hong Kong real estate sector saw an overall increase during the Spring Festival, with specific stocks showing varied performance [6] - Investment recommendations for the real estate sector include a focus on companies with strong land acquisition and sales performance, particularly in first and second-tier cities [6]

Core Insights - The report highlights the significant advancements in robotics showcased during the 2026 CCTV Spring Festival Gala, emphasizing the progress in hardware, control systems, and bionic technologies [2][11] - The polyester industry is experiencing a recovery, with leading companies benefiting from an integrated supply chain and improved demand dynamics [3][12] Mechanical Industry - The 2026 Spring Festival Gala featured performances by four companies, demonstrating cutting-edge achievements in embodied intelligence, including hardware, control, and bionic operations [2][11] - The performance of robots exceeded expectations, serving as a catalyst for the sector, with recommendations to focus on domestic robot supply chain companies [2][11] Polyester Industry - The polyester supply chain is witnessing a recovery, with profits shifting towards the filament segment due to improved supply-demand dynamics [3][12] - Zhejiang Petrochemical is expected to contribute stable investment returns, with projected annual contributions exceeding 1.5 billion yuan from 2025 to 2027, significantly smoothing out the cyclical fluctuations of the filament business [3][12] - The report forecasts a steady increase in net profit for the company, with estimates of 2.046 billion yuan, 3.693 billion yuan, and 4.987 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth potential [3][12]

广州天河区马场地块的国有建设用地使用权出让将于2月25日上午10时进行限时竞拍。南方+记者从可靠渠道获悉，目前越秀地产、保利、华润等共有8家房 地产开发企业提交了竞买申请。 值得关注的是，该地块须承诺配合履行"交房即发证"服务模式，确保购房人在收房的同时即具备申请领取不动产权属证书的条件。 业内人士分析认为，该地块的出让对于完善珠江新城东区城市功能、推动片区连片开发具有重要意义。明日最终竞拍结果将由广州市公共资源交易中心公 布。 南方+记者 周中雨 此前1月23日，马场1期地块正式挂牌出让。该地块位于天河区黄埔大道以南、马场路以东。地块起拍总价186亿元，起拍楼面价3.29万/㎡。这个起拍总价超 越了去年保利面粉厂地块的成交价。 据悉，马场地块将分两批挂牌。此前已有公开消息，马场地块规划了SKP高端商业、中央公园以及全新的配建学校。 ...