百强房企中业绩同比增长企业共有32家，其中同比增幅大于100%的企业数量有10家，其中6家是民营房企，部分企业业绩大幅回暖。销售增幅前十的房企 中中建壹品和邦泰集团都进入了操盘销售TOP20，尤其是民营房企中的邦泰集团，2026年业绩进一步增长，这主要是得益于企业自2021年以来的大规模错 峰投资，从而迎来了规模的跃进。 2026年1月临近春节，新房市场整体进入淡季。土地市场成交规模也迎来季节性回落，供求规模环比显著下降。 受制于供应规模、企业可售货值等因素，百强房企1月实现销售操盘金额1654.5亿元，同比继续下跌。值得注意的是，共有7家企业首次进入了TOP100榜 单。 2026年1月，在整体市场冷淡下，多数央企、国企企业尚未开始投资铺排，节后如果叠加政策支持，土拍热度有望回升。 2026年1月全国重点50城市新建商品住宅成交面积约810万平方米，表现较为清淡。但不少核心城市二手房市场迎来年底回暖，成交明显放量。 数据显示，重点13城市二手房成交面积约810万平方米，环比上升16%，同比增长33%，相比上年月均增18%。同时，二手房房价下跌幅度收窄，部分城市 挂牌量也有所下降，这都有助于稳定市场的预期。 ...

证 券 研 究 报 告 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 房地产行业周报（2026 年第 5 周） 推荐（维持） 新房成交环比上涨，万科债务展期获新进展 行业研究 房地产 2026 年 02 月 03 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,279.48 | 0.99 | | 流通市值(亿元) | 11,766.97 | 1.17 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 1.8% | 5.3% | 9.6% | | 相对表现 | 2.4% | -8.3% | -11.0% | -7% 4% 15% 26% 25/0 ...

政策 ◼ 1）根据上交所官网，1 月 29 日-30 日，已有 8 只商业不动产 REITs 申报至交易 所（分别为华安锦江商业、中金唯品会商业、汇添富上海地产商业、国泰海通砂 之船商业、华安陆家嘴商业、华夏凯德商业、华夏银泰百货商业、华夏保利发展 商业不动产 REITs），预计募集总额 314.7 亿元，涵盖酒店、写字楼与配套商业、 奥特莱斯、购物中心、服务式公寓等多种商业业态，原始权益人有保利发展、上 海地产、陆家嘴、凯德投资、银泰百货、锦江国际、唯品会、砂之船（西安）。 2）根据财联社报道，多家房企目前已经不被监管部分要求每月上报"三条红线"指 标，不过部分出险房企被要求向总部所在城市专班组定期汇报资产负债率等财务 指标。2020 年 8 月，监管部门为控制房企有息负债规模，对房企设置了融资"三条 红线"，不过近几年基本已经不被提及。 投资建议 房地产行业 | 证券研究报告 — 行业周报 2026 年 2 月 3 日 房地产行业第 5 周周报（2026 年 1 月 24 日-2026 年 1 月 30 日） 受去年同期为春节的影响，楼市成交同比正增长；首批 商业不动产 REITs 已申报至交易所 新房成 ...

| 截至月份: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 越秀地產股份有限公司 (在香港註冊成立的有限公司) | | | | 呈交日期: | 2026年2月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00123 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,025,392,913 0 4,025,392,913 增加 / 減少 (-) 0 0 本月底結存 4,025,392,913 0 4,025,392,913 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此 ...

Group 1 - The core viewpoint of the articles indicates that the real estate market in January 2026 experienced a stable start, with the top 100 real estate companies achieving a total sales amount of 190.52 billion yuan, reflecting a year-on-year decline of 18.9%, consistent with the decline observed throughout the previous year [1][2] - The sales performance of the top 100 real estate companies in January 2026 aligns with market expectations, continuing the trend from the fourth quarter of the previous year, influenced by the recovery of market expectations and buyer confidence following the new policies introduced in September 2024 [2] - The top three companies in sales for January 2026 were Poly Developments, China Overseas Land & Investment, and China Resources Land, with sales amounts of 15.6 billion yuan, 14.47 billion yuan, and 11.65 billion yuan respectively, indicating stable performance among leading firms [3] Group 2 - In terms of land acquisition, the total amount spent by the top 100 companies in January 2026 was 57.99 billion yuan, representing a significant year-on-year decline of 52.1%, attributed to a high base from the previous year and reduced enthusiasm for land acquisition at the start of the year [4] - The top 10 companies accounted for 25.7% of the new land value, with China Resources Land leading with a new land value of 10.6 billion yuan, followed by Shijiazhuang Chengfa Investment Group with 6.2 billion yuan [4] - The central government has been sending signals to stabilize market expectations, emphasizing the importance of managing expectations to stabilize the real estate market, while local governments have also implemented measures such as lowering down payment ratios for commercial property loans [5]

Group 1: Domestic Policy - The unified market policy will become an important policy line for 2026 and the "14th Five-Year Plan," emphasizing the need to deepen and transcend "involution" [1][5][6] - The focus will be on governance of local government behavior and related reform measures, covering areas such as anti-monopoly, local government investment attraction, and tax system reform [5][6][27] - The policy's impact will extend from industries like photovoltaics, lithium batteries, and new energy vehicles to electricity, transportation, technology, and data [5][6] Group 2: Company Analysis - Yum China (09987.HK) - The Western fast food market is expected to exceed 300 billion yuan by 2025, with a growth rate of 10.3%, led by the hamburger segment, which holds a 70.6% market share [8][9] - Yum China maintains a strong market position with a 27.5% share, and the market concentration is high, with the top five companies accounting for 44% of the market [8][9] - The company has a large store network with a low closure rate, reaching 17,514 stores by Q3 2025, and a compound annual growth rate (CAGR) of 9% from 2014 to 2024 [9] - The company has a strong local innovation capability, with 5.75 million members contributing to 57% of sales, and maintains healthy profit margins of 18.5% for KFC and 13.4% for Pizza Hut [9][10] - The company is expected to generate revenues of $11.7 billion, $12.4 billion, and $13.1 billion from 2025 to 2027, with net profits of $900 million, $1 billion, and $1.1 billion respectively, leading to a price-to-earnings ratio of 19, 18, and 16 times [8][10] Group 3: Real Estate Industry - In January 2026, the top 100 real estate companies saw a 24.7% year-on-year decline in sales, although the decline was less severe than in previous months [18][20] - The sales area also decreased by 29.5% year-on-year, indicating a continued downward trend in the market [18][20] - The top three companies in the industry achieved a slight year-on-year increase of 0.2%, while other segments experienced significant declines [18][20] - Companies focused on first and second-tier cities showed a smaller decline in sales compared to those in lower-tier cities, with a difference of approximately 11% [19][20] - Recommendations include focusing on second-hand housing intermediaries like Beike and quality state-owned enterprises such as China Resources Land and China Overseas Development [20]

Core Viewpoint - The top 100 real estate companies in China are experiencing a significant reshuffling in their rankings as of January 2026, with a notable decline in overall sales figures compared to the previous year [2][3]. Group 1: Sales Performance - In January 2026, the total sales of the top 100 real estate companies reached 190.52 billion yuan, representing an 18.9% year-on-year decline [2]. - Only three companies achieved sales exceeding 10 billion yuan in January, a decrease of two compared to the same period last year [2]. - The number of companies with sales over 5 billion yuan increased to ten, up by two from the previous year [2]. Group 2: Ranking Changes - The top 10 rankings saw significant changes, with Poly Developments, China Overseas, and China Resources remaining in the top four, while Vanke dropped from fifth to ninth place [3]. - China Travel Investment emerged as a major dark horse, jumping from outside the top 40 to fifth place [3]. - China Jinmao rose from thirteenth to seventh, indicating intensified competition within the top tier [3]. Group 3: Performance of Private Enterprises - Among the 32 companies that experienced year-on-year growth in January, six private enterprises had growth rates exceeding 100% [3]. - Bangtai Group and China Construction Yipin entered the top 20 in sales, benefiting from strategic investments during market lows [3]. Group 4: New Entrants and Market Dynamics - Seven new companies entered the top 100 list in January, with four being small to medium-sized private enterprises [4]. - State-owned enterprises continue to dominate land acquisition, with companies like Yuexiu Property and China Resources maintaining strong investment levels [4]. Group 5: Policy and Market Outlook - The policy environment is shifting towards stabilizing expectations, with measures such as extended tax rebates and loan extensions being implemented [4]. - The market is expected to see a gradual release of demand in March, driven by promotional activities from real estate companies before the Spring Festival [5].

｜2026年2月3日星期二｜ 点评：此举标志着住房保障体系与房地产市场发展进入新的历史阶段，这不仅为解决新市民、青年人住 房问题提供了新路径，更为房地产市场去库存、稳预期提供了新解法，为全国其他城市提供了可复制、 可推广的经验。 财政部日前公布的数据显示，2025年地方政府性基金预算本级收入中的国有土地使用权出让收入41518 亿元，比上年下降14.7%。这是自2022年以来，连续第四年这一收入出现两位数降幅。与2021年收入峰 值8.7万亿元相比，2025年地方土地使用权出让收入减少了约4.6万亿元，降幅达到52.3%。 点评：这是中国房地产市场深度调整与地方财政转型的必然结果，也是经济发展方式转变的重要标志。 尽管短期面临财政压力与转型阵痛，但这一变化将推动地方政府摆脱土地依赖，培育可持续发展能力。 NO.2 越秀地产拟发行17.35亿元绿色票据 2月2日，越秀地产发布公告，拟发行于2029年到期的17.35亿元人民币3.4厘有担保绿色票据，所得款项 净额将按照公司可持续融资框架，用于置换一年内到期的中长期境外债务，同时分配用于合资格绿色项 目的融资及再融资。 点评：在行业深度调整期，优质房企正通过绿色金 ...

1月淡季房企拿地规模收缩 | 7 | 南京江北新区产业投资 15亿元 | | | --- | --- | --- | | 8 | 徐州市硕源交通投资 | 13亿元 | | 9 | 启东城投 | 13亿元 | | 10 | 江苏皋开投资 | 12亿元 | | 11 | 上海紫都量业 | 10亿元 | | 12 | 上海紫竹高新区 | 10亿元 | | 13 | 南通金蛤岛投资 | 10亿元 | | 14 | 华西集团 | 9亿元 | | 15 | 淮安开发控股 | 9亿元 | | 16 | 天岳投资 | 9亿元 | | 17 | 浙江博策房地产 | 9亿元 | | 18 | 如德县宣居环境建设 | 9亿元 | 据中指研究院数据，2026年1月，TOP100企业拿地总额579.9亿元，同比下降52.1%。 传统淡季下，1月份土地市场供需偏弱，百强房企拿地总额同比减半。市场呈现显著分化：一方面，整体拿地规模 收缩，仍是央企、国企拿地。此外还有包括石家庄城发投在内的地方城投拿地；另一方面，核心城市稀缺优质地 块仍受关注，为市场注入信心。 业内人士认为，随着各地供地计划推出及专项债收储闲置土地工作推进，尤其是核心城区优 ...

传统淡季下，1月份土地市场供需偏弱，百强房企拿地总额同比减半。市场呈现显著分化：一方面，整体拿地规模 收缩，仍是央企、国企拿地。此外还有包括石家庄城发投在内的地方城投拿地；另一方面，核心城市稀缺优质地 块仍受关注，为市场注入信心。 业内人士认为，随着各地供地计划推出及专项债收储闲置土地工作推进，尤其是核心城区优质地块的出让，将推 动房企拿地热情回升。 1月淡季房企拿地规模收缩 | 7 | 南京江北新区产业投资 15亿元 | | | --- | --- | --- | | 8 | 徐州市硕源交通投资 | 13亿元 | | 9 | 启东城投 | 13亿元 | | 10 | 江苏皋开投资 | 12亿元 | | 11 | 上海紫都量业 | 10亿元 | | 12 | 上海紫竹高新区 | 10亿元 | | 13 | 南通金蛤岛投资 | 10亿元 | | 14 | 华西集团 | 9亿元 | | 15 | 淮安开发控股 | 9亿元 | | 16 | 天岳投资 | 9亿元 | | 17 | 浙江博策房地产 | 9亿元 | | 18 | 如德县宣居环境建设 | 9亿元 | 据中指研究院数据，2026年1月，TOP100企业拿地 ...