证券研究报告 重申全年看好港资房企，关注港资商业 运营商 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2026年2月8日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：节后楼市走向仍为板块短期走势关键。本周申万地产板块微涨0.01%，当前市场对后续板块看法及楼市走向仍存分歧。部分投 资者认为在缺乏超预期政策支持背景下，楼市企稳仍存在不确定性，但同时又担心踏空板块上涨行情。我们认为在大盘波动加大、二手 房成交淡季不淡、房企业绩压力提前释放等背景下，短期板块向下风险有限，对楼市企稳存担忧但又担心踏空的投资者，我们认为可适 度配置历史包袱较轻、拿地及产品力强的优质房企，若后续楼市逐步企稳回升，优质房企资金及拿地能力强亦有望率先受益，若楼市持 续底部震荡，相关企业亦具备基本面支撑。 重申全年看好港资房企，关注港资商业运营商。本周新鸿基地产、恒基地产、信和置业上涨1.11%、2.76%、2.8%。重申全年看好港资房 企，我们在1月发布专题报告《香港商业地产逐步触底，标杆商业开发运营商梳理》，我们认为中国香港商业地产现触底信号，核心区写 字楼租金、空置率边际改善，零售物业租金降幅收窄， ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Insights - The report highlights that the recent launch of second-hand housing acquisition in Shanghai is beneficial for stabilizing housing price expectations [6] - In major cities, there has been a decline in both new and second-hand housing transactions, with significant year-on-year decreases noted [7] - The report suggests that the second-hand housing market in key cities like Beijing and Shanghai shows signs of price stabilization, indicating potential investment opportunities [8] Summary by Sections Recent Industry Performance - Over the past month, the relative return of the real estate sector compared to the CSI 300 index is -2%, while the absolute return is 2% [3][4] - The report notes a 14% absolute return over the past 12 months [4] Transaction Trends - In Beijing, the average daily transaction of second-hand homes was 501 units, while new homes averaged 75 units, reflecting a year-on-year decline of 4% and 23% respectively [5] - In Shanghai, the average daily transaction for second-hand homes was 599 units, and new homes were 299 units, with a year-on-year decline of 6% and 4% respectively [5] - Shenzhen reported a significant drop in new home transactions, with a year-on-year decline of 69% [5] Policy Developments - The report discusses a new policy from the Construction Bank to support the acquisition of second-hand homes for rental housing projects in Shanghai, targeting older properties with specific price and size criteria [6] - This policy aims to stabilize price expectations in the second-hand market, particularly for lower-priced properties, which constitute a significant portion of transactions [6] Investment Recommendations - The report recommends focusing on leading real estate companies with land reserves in core cities and those that are positioned to benefit from the increasing share of second-hand transactions [9] - Companies like Poly Developments and real estate agencies such as I Love My Home are highlighted as potential beneficiaries of market recovery [9]

每经AI快讯，招商蛇口2月6日晚间发布公告称，公司第四届2026年第一次董事会临时会议于2026年2月 6日以通讯方式召开。会议审议了《关于制定估值提升计划的议案》等文件。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——目标是囤700吨黄金！连续两年增持黄金最多的央行宣布：再买150吨 （记者 胡玲） ...

Investment Announcements - Jinghe Integrated plans to invest 2 billion yuan to acquire 100% equity of Jingyi Integrated, which is the main body of its fourth phase project with a total investment of 35.5 billion yuan, focusing on 12-inch wafer manufacturing lines and targeting applications in OLED displays, AI smartphones, and smart vehicles [2] - Wantong Expressway intends to invest approximately 5.42 billion yuan in the renovation and expansion project of Lianhuo Expressway, with construction expected to start in 2026 and complete by 2029 [10] - Yiwang Yichuang plans to acquire 100% equity of Lianshi Legend, an AI algorithm-based intelligent marketing service provider, through a combination of share issuance and cash payment [4] Equity Investments - Lvtong Technology's industrial fund plans to invest 10 million yuan in Shenghao Optoelectronics, which specializes in optical communication chip testing equipment [3] - Dayu Water plans to transfer 28.5% equity of Huitu Technology for 192 million yuan, reducing its stake from 55.10% to 26.60% [6] - Xinzhi Group intends to invest in a factory project for rotor cores in Thailand, with a total investment of 40 million USD [8] Performance Reports - Huaren Sanjiu reported a net profit of 3.422 billion yuan for 2025, a year-on-year increase of 1.6%, with total revenue of 31.629 billion yuan, up 14.53% [17] - Longyuan Power achieved a power generation volume of 7.1627 million MWh in January 2026, a year-on-year increase of 12.05% [18] - Zhongchuan Special Gas reported a net profit of 347 million yuan for 2025, a year-on-year increase of 12.92% [19] Legal and Regulatory Updates - Aier Eye Hospital clarified that Xiangyang Hengtai Kang is not affiliated with it, addressing media reports linking the two [2] - Yihua Group announced that its subsidiary reached a settlement in a lawsuit involving over 2.314 billion yuan [11] - Tian Sheng New Materials received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations [13] Market Movements - Hu Silicon Industry's second-largest shareholder plans to reduce its stake by up to 3% [28] - Perfect World’s actual controller reduced his stake by 32.9793 million shares, accounting for 1.70% of the total share capital [29] - Dajiayikang's controlling shareholder plans to reduce its stake by up to 3% [32]

（文章来源：证券日报） 证券日报网讯 2月6日，招商蛇口发布公告称，公司于2025年10月29日召开的第四届董事会第四次会议 审议通过《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过10.00亿元 （含10.00亿元）闲置募集资金暂时补充流动资金，使用期限不超过12个月（自公司董事会审议批准之 日起计算）。根据资金安排，公司已于2026年2月6日提前归还人民币10，000万元至募集资金专用账 户。 ...

Group 1 - The company has established a shareholder dividend return plan for the next three years (2026-2028), committing to an annual cash dividend of no less than 40% of the net profit attributable to shareholders of the listed company, provided certain conditions are met [1] - The conditions for the cash dividend include positive undistributed profits, positive distributable profits after covering losses and extracting reserves, an unqualified audit report, and no significant investment plans or cash expenditures [1] - The company aims to ensure that its profitability and cash flow can support sustainable operations and long-term development [1] Group 2 - The company's stock has been trading below the audited net asset value per share for 12 consecutive months as of January 1, 2025, with the net asset value per share reported at 10.89 CNY and 10.92 CNY for different periods in 2025 [2] - The trading price of the company's stock ranged from 9.30 CNY to 10.22 CNY and from 8.51 CNY to 10.27 CNY during the specified periods in 2025 [2]

公告提及，2025年1月1日至2025年12月31日，公司股票已连续12个月内每个交易日收盘价低于最近一个 会计年度经审计的每股归属于公司普通股股东的净资产。其中2025年1月1日至2025年3月17日，经审计 每股归属于公司普通股股东的净资产为10.89元/股，公司股票在交易日的收盘价区间为9.30元/股至10.22 元/股;2025年3月18日至2025年12月31日，经审计每股归属于公司普通股股东的净资产为10.92元/股，公 司股票在交易日的收盘价区间为8.51元/股至10.27元/股。 招商蛇口（001979）(001979.SZ)公告，公司制定了《未来三年(2026年-2028年)股东分红回报规划》， 在公司未分配利润为正，当期实现的可分配利润(即公司弥补亏损、提取公积金后所余的税后利润)为正 值，审计机构对公司的该年度财务报告出具标准无保留意见的审计报告，公司无重大投资计划或重大现 金支出等事项发生(募集资金项目除外)，公司盈利水平和现金流量能够满足公司的持续经营和长远发展 的情况下，公司原则上每年进行一次现金分红，2026年度至2028年度现金分红占当年归属于上市公司股 东净利润的比例均不低于 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2026-006 1 招商局蛇口工业区控股股份有限公司（以下简称"公司"）于2025年10月29 日召开的第四届董事会第四次会议审议通过《关于使用部分闲置募集资金暂时补 充流动资金的议案》，同意公司使用不超过10.00亿元（含10.00亿元）闲置募集 资金暂时补充流动资金，使用期限不超过12个月（自公司董事会审议批准之日起 计算），具体内容详见公司于2025年10月31日披露的《招商局蛇口工业区控股股 份有限公司关于归还募集资金及继续使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：【CMSK】2025-110）。 根据资金安排，公司已于2026年2月6日提前归还人民币10,000万元至募集资 金专用账户，并将上述募集资金的归还情况通知了独立财务顾问中信证券股份有 限公司及主办人。剩余暂时补充流动资金的闲置募集资金将在到期前足额归还， 届时公司将及时履行信息披露义务。 特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 二〇二六年二月七日 招商局蛇口工业区控股股份有限公司 关于归还部分暂时补充流动资金的闲置募集资金的公告 本公司及 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2026-005 招商局蛇口工业区控股股份有限公司 关于估值提升计划的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 为切实推动上市公司投资价值提升，增强投资者回报，维护公司、投资者 及其他利益相关者的合法权益，招商局蛇口工业区控股股份有限公司（以下简 称"公司"或"本公司"）积极响应并落实监管要求，结合公司情况，经公司 董事会审议制定本估值提升计划，公司将着力深化业务聚焦，提升发展质量， 做好风险防控，强化价值释放，增厚投资者回报，推动公司投资价值提升。 一、估值计划披露触及情形及审议程序 坚持分类管理，逐步去粗存精、加强内容运营、打造品牌标杆；通过产业 生态、特色体验和优质服务的打造，不断提升客户黏性、锻造管理能力；细化 过程管理，聚焦成本合理投入与压降，稳定现金流贡献。以中国内地、香港多 REITs平台协同发展，打通持有物业投、融、管、退全周期产融模式，实现核心 持有类业态产融退出通道全覆盖，助力公司持有物业高质量发展。 3.做大轻资产业务，物业服务做大做强、发展优势赛道 （一）触发情形 ...