保利发展公告，自公司《关于本公司获得 房地产项目的公告》披露以来，公司新增加房地产项目1个。 项目名称为大连市沙河口区马栏南街西侧地块，获取方式为招拍挂，土地用途为住宅，用地面积为 63597平方米，规划容积率面积为98830平方米，我方需支付价款为4.42亿元，权益比例为60%。 ...

保利发展公告，2026年1月，公司实现签约面积73万平方米，同比减少5.45%；签约金额156.17亿元，同 比减少13.31%。 ...

每经AI快讯，保利发展(600048)2月9日公告，2026年1月，公司实现签约面积73万平方米，同比减少 5.45%；签约金额156.17亿元，同比减少13.31%。 每日经济新闻 ...

保利发展公告，2026年1月，公司实现签约面积73万平方米，同比减少5.45%；签约金额156.17亿元，同 比减少13.31%。 （文章来源：第一财经） ...

格隆汇2月9日丨保利发展(600048.SH)公布，2026年1月，公司实现签约面积73.00万平方米，同比减少 5.45%；签约金额156.17亿元，同比减少13.31%。 ...

保利发展公告称，自《关于本公司获得房地产项目的公告》（公告编号2026 - 003）披露后，新增1个房 地产项目，即大连市沙河口区马栏南街西侧地块。该项目通过招拍挂方式获取，土地用途为住宅，用地 面积63597平方米，规划容积率面积98830平方米，公司需支付价款44200万元，权益比例为60%。项目 开发数据可能有差异，以定期报告为准。 ...

Core Viewpoint - The first batch of 10 commercial real estate REITs has been submitted for approval, aiming to raise a total of 37.7 billion yuan, marking the official entry of China's public REITs market into a comprehensive development phase for both infrastructure and commercial real estate [1][9]. Group 1: REITs Submission Details - As of February 8, 10 commercial real estate REITs have been submitted, with 9 to the Shanghai Stock Exchange and 1 to the Shenzhen Stock Exchange [3]. - The specific funds include Everbright's closed-end commercial real estate fund, Bosera's infrastructure fund, and several others, with notable fundraising targets [3][4]. - The largest fundraising target is for the CICC Vipshop closed-end commercial real estate fund at 7.47 billion yuan, followed by Guotai Junan's fund at 5.064 billion yuan [4]. Group 2: Asset Types and Market Dynamics - The underlying assets of the commercial real estate REITs are diverse, including hotels, office buildings, shopping malls, and commercial complexes [5]. - The hotel assets are primarily four-star and above, with only one project involving hotel assets, indicating sensitivity to economic cycles [5]. - The CICC Vipshop fund's underlying projects include the Zhengzhou and Harbin Outlets, with significant operational history and remaining land use rights [5][6]. Group 3: Regulatory and Institutional Support - The development of commercial real estate REITs is supported by regulatory bodies, with the China Securities Regulatory Commission emphasizing its importance for the capital market and real estate sector [9][10]. - Various local securities regulatory bureaus are actively promoting the implementation of commercial real estate REITs, conducting training sessions and preparing for pilot submissions [10]. - Multiple listed companies, including Poly Developments, are preparing to submit their commercial real estate REITs, aligning with regulatory calls to enhance their real estate management capabilities [11]. Group 4: Role of Intermediaries - The commercial real estate REITs involve various intermediaries, including fund managers, custodians, and financial advisors, with major firms like Guotai Junan and CITIC Securities playing significant roles [7][12]. - The regulatory framework mandates strict adherence to responsibilities by all involved parties to ensure compliance and effective operation of the REITs [7].

Group 1 - The core viewpoint of the news is that the real estate sector is experiencing positive policy catalysts, with signs of recovery in transaction volume and prices, which may stabilize the market and improve cash flow for real estate companies [1][2]. - The Southern Fund's real estate ETF (512200) has seen a 2.46% increase, with significant trading volume of 68.41 million yuan, indicating strong investor interest [1]. - The index tracking the ETF includes major stocks such as Poly Developments, China Merchants Shekou, and Vanke A, which are among the top ten weighted stocks [2]. Group 2 - According to the China Index Academy, the Shanghai government's initiative to purchase second-hand homes is expected to stabilize market expectations and alleviate bottlenecks in the housing chain [1]. - Guosheng Securities suggests that the real estate industry has been receiving positive policy support since 2026, with January data indicating a rebound in transaction volume and prices [1]. - Changjiang Securities notes that current valuations of real estate stocks have a safety margin, with typical companies trading at a price-to-book ratio of 0.6X–0.7X, indicating overly pessimistic pricing for the down cycle [1].

商业不动产REITs申报启幕。 截至2月8日，首批10家商业不动产REITs已经申报，合计拟募资377亿元。华泰证券固收张继强认为，这是继2025年12月31日 证监会发布《中国证监会关于推出商业不动产投资信托基金试点的公告》以来，商业不动产REITs的首次申报，标志中国公募 REITs市场正式进入"基础设施不动产+商业不动产"全面发展时期。 据悉，REITs政策助推多层次市场快速形成，供给端形成了基础设施REITs、商业不动产REITs、机构间REITs等多层次的产品 体系。券商在REITs业务中扮演着财务顾问的角色，本次首批10家商业不动产REITs的申报，国泰海通、中信证券作为财务顾 问，占据6家份额。 以中金唯品会封闭式商业不动产证券投资基金为例，其不动产项目是郑州杉杉奥特莱斯项目、哈尔滨杉杉奥特莱斯项目，预 计募资规模74.70亿元。郑州杉杉奥特莱斯项目于2016年9月开业，迄今已运营近10年，该项目分三期建设，其中一期为2层地 上广场及地下车库，二期为3层地上广场（其中第3层为车库），三期为1层地上广场，总建筑面积约11.20万平方米。截至2025 年12月31日，该项目土地剩余使用年限约为30. ...

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， ...