据深交所披露，深圳华侨城股份有限公司2026年面向专业投资者非公开发行公司债券的项目状态更新 为"已受理"，品种为私募，申报规模为25亿元，受理及更新日期为2026年02月14日。 ...

2026.02.20 本文字数：2522，阅读时长大约4分钟 作者 |第一财经 安卓 在房地产单边上行的"黄金时代"，曾有一句流传甚广的名言：小城市的房子只是房子，大城市的房子才 叫资产。 然而，过去几年，北上广深等一线城市房价承压，所谓的"资产"回归成了房子，人们对于购房的态度转 变为谨慎收缩。而在部分县、镇等区域，房子却成了保值的资产，广东省潮州市潮安区就是其中之一。 赶在春节前夕，一个名为腾瑞·万象府的新盘在潮安区的庵埠经济开发区东区开盘，这个新楼盘引发了 全城热议，因为这是潮安区在这个时间段内少有的在售的大型新盘。尽管该楼盘连样板间都没有设立， 但也并未影响人们看着沙盘确定购买户型的热情。 在售楼处，五六个销售忙得团团转，他们将更多的精力放在了现场签约的客户身上，甚至无暇分身去招 呼部分新到的客人，"很多楼层、户型都已经卖完了，如果要下订，就要尽快。"一位销售人员说。 第一财经记者发现，这个常住人口约100万人左右的小县城，不仅没有与全国一道历经房地产调整，反 而楼价稳中有升；而且，新房的均价低于同区域的二手房价格，呈现出"一二手房倒挂"的现象。 稀缺的一手房 在当地，人们习惯将潮安区称为潮安县，公开 ...

在中国部分县、镇等区域，房子成了保值的资产。 在当地，人们习惯将潮安区称为潮安县，公开数据显示，该地于2013年撤县设区，潮安区下辖16个镇、 418个行政村和31个社区，区中心位于庵埠镇。 腾瑞·万象府正地处庵埠镇，"我们这里（的房价）从没下跌过。"腾瑞·万象府的销售对记者说，该楼盘 的开盘价在7000元/㎡以上，楼层位置越高、单价越贵，比如正南向中楼层的单价大约在8200元/㎡。这 个价格看上去虽然不高，但与周边对比，就显得昂贵。 安居客数据显示，作为一个县城，7000元的定价已经高于潮州市中心不少在售楼盘，比如湘桥区在售的 华侨城纯水岸参考价格为6800元/㎡，碧桂园华侨城·云溪天境参考价格为5500元/㎡。 而且，该楼盘为毛坯房，购买后需要业主全面装修，这也是一笔不小的费用。不过，销售表示，这里的 房子并不愁卖，"很多客户一个多月前就下了诚意金，这两天陆续来签约。"她说。 在房地产单边上行的"黄金时代"，曾有一句流传甚广的名言：小城市的房子只是房子，大城市的房子才 叫资产。 然而，过去几年，北上广深等一线城市房价承压，所谓的"资产"回归成了房子，人们对于购房的态度转 变为谨慎收缩。而在部分县、镇等区域 ...

Core Viewpoint - The A-share listed real estate companies are facing significant losses in 2025, with 74% of the 77 companies that released earnings forecasts expecting to report losses totaling approximately 208.2-209.4 billion yuan, indicating a deep industry adjustment [2][4]. Group 1: Loss Forecasts - Among the companies, Vanke is expected to incur the largest loss of 820 billion yuan, marking the highest loss in A-share real estate history, a 65.7% increase from 2024 [4]. - Other companies with substantial losses include China Fortune Land Development (160-240 billion yuan), Greenland Holdings (160-190 billion yuan), and China Overseas Land & Investment (130-155 billion yuan) [4][5]. - The overall decline in sales volume and prices is reflected in the financial metrics, with a reported 8.7% decrease in new housing sales area and a 12.6% drop in sales revenue [5]. Group 2: Common Challenges - The primary reasons for the losses include weak sales leading to reduced profit recognition, as profits from real estate sales are recognized with a lag [6]. - Despite diversification efforts, companies remain heavily reliant on real estate development, which has been underperforming during the industry downturn, limiting their ability to offset losses from core operations [6]. - Asset impairment provisions have surged due to declining real estate prices, with Vanke reporting over 50 billion yuan in impairments, significantly impacting overall losses [6]. Group 3: Notable Exceptions - Kaisa Group stands out as a positive example, projecting a net profit of 300-350 billion yuan for 2025, primarily due to debt restructuring gains of 680-700 billion yuan [7]. - The company has shifted its focus from traditional real estate development to light asset operations, including property services and commercial management, to enhance resilience against market fluctuations [7]. Group 4: Industry Outlook - The year 2025 is seen as a critical period for the real estate sector, with ongoing adjustments expected to lead to a gradual recovery starting in 2026, supported by favorable policies and market improvements [11][12]. - Regulatory measures are being implemented to stabilize the financing environment and stimulate demand, which may help quality companies regain market share while weaker firms face potential elimination [11][12].

财务状况 根据公司债券安排，"21侨城06"将于2026年4月7日行权，该债券规模为公司债务结构的一部分。2026年 公司需偿还债券总额约221.95亿元，短期偿债压力较大，需关注后续偿付或重组进展。 经营状况 公司定期于每月初披露上月经营情况，如2026年2月13日公告显示，1月合同销售金额同比减少53%。未 来每月将更新销售面积、金额及文旅游客接待数据，反映业务动态。 经济观察网根据近期公开信息，华侨城A(000069.SZ)在2026年有以下值得关注的事件安排，主要涉及财 务报告发布、债券行权及经营数据披露： 业绩经营情况 公司已于2026年1月30日发布业绩预告，预计2025年净利润亏损130亿元至155亿元，最终数据需以年度 报告为准。年报预计在2026年第一季度或第二季度正式披露，投资者可关注具体财务细节和经营说明。 公司状况 公司正推进资产处置和债务重组，并获国资委支持。投资者可关注相关公告，如担保额度调剂(如2026 年2月3日公告)或政策优化对业务的影响。 以上事件基于公开信息整理，具体时间及内容以公司官方公告为准。 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1 - China National Airlines reported a 3% year-on-year increase in passenger turnover for January 2026, despite a 0.9% decrease in passenger capacity [1] - China National Airlines' cargo capacity decreased by 3.9%, but cargo turnover increased by 4.4% [1] - The cargo load factor improved by 2.8 percentage points to 35.6% [1] Group 2 - Dongfang Chuangye obtained a loan commitment letter from China Minsheng Bank for up to 90 million yuan, intended for share repurchase [2] - China Merchants Port reported a 2.2% year-on-year increase in container throughput for January 2026, totaling 18.083 million TEUs [3] - ST Yigou announced a plan by a major shareholder to reduce holdings by up to 2.5% of the company's shares [4] Group 3 - Southwest Securities plans to raise up to 6 billion yuan through a private placement to supplement its capital [5] - Hanzhong Precision reported a 45.54% year-on-year decline in net profit for 2025, with revenue down 20.32% [6] - SF Holding's total revenue from express logistics, supply chain, and international business grew by 2.22% year-on-year in January 2026 [12] Group 4 - Yunda Holdings reported an 18.01% year-on-year increase in express service revenue for January 2026, amounting to 4.802 billion yuan [18] - High德红外 signed a contract worth 1.851 billion yuan for a complete equipment system, significantly impacting its Q1 2026 performance [19] - SanSheng Guojian received approval for the market launch of its new drug, Anmu Qita monoclonal antibody injection [27] Group 5 - Nanjing Chemical Fiber plans to acquire 100% of Nanjing Gongyi through asset swaps and share issuance [33] - Runze Technology intends to purchase 42.56% of Guangdong Runhui through convertible bonds [35] - ST Xintong's subsidiary signed a server procurement contract worth approximately 400 million yuan [25]

Core Insights - The report emphasizes that the current market is likely to experience a divergence in expectations, moving from a long-term bullish sentiment to a more uncertain and volatile environment, making interest rate strategies more favorable [1] - The primary risk associated with interest rate strategies is default risk, which has evolved over time, particularly in the context of credit bonds [1] Group 1: Credit Bond Default Risk Reassessment - Historical default rates show that private enterprises have a higher proportion of defaults, particularly in the real estate sector, while state-owned enterprises and banks have experienced occasional unexpected risks [11] - The current landscape of industrial bonds is dominated by state-owned enterprises, with a low probability of events similar to "Yong Coal," indicating that risk industries have reached a bottom [12] - The preference for holdings in public bond funds is shifting towards state-owned enterprises, counter-cyclical industries, quality regions, and leading institutions, reflecting a low exposure to risk [12] Group 2: Market Volatility and Interest Rate Strategies - The report outlines two main strategies for navigating the anticipated market volatility in 2026: - Strategy One focuses on credit downshifting and long-duration bonds with yields above 2.5%, targeting stable liabilities and absolute returns, particularly in city investment bonds and state-owned enterprise bonds [2] - Strategy Two emphasizes high liquidity and low volatility bonds with yields above 2.0%, aimed at defensive allocations in strong regions and leading enterprises [2] Group 3: Market Dynamics and Economic Indicators - The report notes that the lack of sufficient negative factors, combined with a weak economic recovery and unchanged monetary policy, suggests that the market will likely remain in a state of fluctuation [2] - The report highlights that while there is some room for interest rate cuts, the timing will depend on the verification of increasing economic recovery pressures [2] - The bond market is currently constrained within a range, leading to a higher probability of volatility [2]

Sales Performance - In January 2026, the company achieved a contracted sales area of 45,000 square meters, a decrease of 45% year-on-year; the contracted sales amount was 590 million yuan, down 53% year-on-year [1] - For the full year of 2025, the company reported a total contracted sales area of 1.21 million square meters, a decrease of 30% year-on-year; the contracted sales amount was 17.73 billion yuan, down 33% year-on-year [1] Tourism Business - In January 2026, the company's tourism enterprises received a total of 5.54 million visitors, a decrease of 15% year-on-year, primarily due to the timing difference of the Spring Festival holiday [1] - For the full year of 2025, the company’s tourism enterprises received a total of 79.7 million visitors, a decrease of 1% year-on-year, with December 2025 seeing 5.71 million visitors, down 6% year-on-year [1] Financial Outlook - The company expects a net loss attributable to shareholders of 13 billion to 15.5 billion yuan for the year 2025; the net loss after excluding non-recurring items is projected to be between 13.2 billion and 15.7 billion yuan [1] - This marks the fourth consecutive year of losses for the company, following a loss of 10.9 billion yuan in 2022, with the loss in 2025 being larger than the previous year [2]

2026年1月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、2026年1月房地产销售情况 2026年1月，公司实现合同销售面积4.5万平方米，同比减少45%；合同销售金额5.9亿元，同比减少 53%。 二、2026年1月新增土地情况 证券代码：000069 证券简称：华侨城A 公告编号：2026-10 深圳华侨城股份有限公司 2026年1月，公司旗下文旅企业合计接待游客554万人次，同比减少15%，主要受春节假期时间点差异影 响。公司将聚焦春节节点，统筹整合各类资源打造多元节庆活动，引进非遗技艺、民俗体验等特色内 容，将娱乐与民俗深度融合，丰富游客文化体验。 注：月度经营数据为阶段性信息，可能与后续定期报告数据存在差异，敬请投资者以公司正式发布的定 期报告为准。 特此公告。 深圳华侨城股份有限公司 董 事 会 二〇二六年二月十四日 2026年1月，公司无新增土地情况。 三、2026年1月旅游综合业务情况 ...

证券代码：000069 证券简称：华侨城 A 公告编号：2026-10 特此公告。 深圳华侨城股份有限公司 深圳华侨城股份有限公司 2026 年 1 月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、2026 年 1 月房地产销售情况 2026 年 1 月，公司实现合同销售面积 4.5 万平方米，同比减少 45%；合同销售金额 5.9 亿元，同比减少 53%。 二、2026 年 1 月新增土地情况 2026 年 1 月，公司旗下文旅企业合计接待游客 554 万人次，同 比减少 15%，主要受春节假期时间点差异影响。公司将聚焦春节节点， 统筹整合各类资源打造多元节庆活动，引进非遗技艺、民俗体验等特 色内容，将娱乐与民俗深度融合，丰富游客文化体验。 注：月度经营数据为阶段性信息，可能与后续定期报告数据存在 差异，敬请投资者以公司正式发布的定期报告为准。 2026 年 1 月，公司无新增土地情况。 三、2026 年 1 月旅游综合业务情况 二〇二六年二月十四日 1 董 事 会 ...