www.ccxi.com.cn 其他联络人 2026 年 2 月 联络人 作者 企业评级部 蒋 螣 027-87339288 tjiang@ccxi.com.cn 刘旭冉 027-87339288 xrliu@ccxi.com.cn 黎小琳 027-87339288 xlli@ccxi.com.cn | 目录 | | | --- | --- | | 摘要 | 1 | | 分析思路 | 2 | | 行业基本面 | 2 | | 样本企业表现 | 8 | | 结论 | 12 | | 附表 | 13 | 贺文俊 027-87339288 wjhe@ccxi.com.cn 中诚信国际 行业展望 房地产行业 中国房地产行业展望，2026 年 2 月 2025 年房地产行业政策力度同比减弱，但全年销售规模降幅收窄， 去库存亦取得一定进展，在商品房销售额尚未完全企稳的背景下， 供求平衡的修复仍面临挑战；2026 年预计行业销售及投资下行压力 仍存但节奏放缓，政策端或将进入常态化实施阶段，待售面积有望 出现拐点性下降，为"十五五"房地产市场触底企稳打下基础，预 计未来短期内头部房企的市场地位稳固，但行业颈部及腰部企业的 排序或 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期，平静了8年的陆家嘴国泰人寿董事长岗位纳新，新任董事长年轻化特征明显。短期内高管层接连换防，股东方"陆家嘴系"对公司掌控加强。业绩方 面，2025年陆家嘴国泰人寿保费规模和净利双增背后，偿付能力下滑、现金流和净资产严重缩水。 01 "陆家嘴系"掌控加强 当下的保险行业正面临着一波波的人事更迭潮，既是行业自然的新老交替，也映射出险企从规模扩张迈向高质量发展的深层转型。 作为国内第一家海峡两岸合资寿险公司陆家嘴国泰人寿，股东背景实力不俗，由上海陆家嘴金融发展有限公司和台湾国泰人寿保险股份有限公司平分股 权。 刚度过21岁生日的陆家嘴国泰人寿人事变动的消息，像一颗石子砸进湖面，时隔八年公司董事长罕见调整。 2026年1月末，陆家嘴国泰人寿发布重要人事变动公告，称经国家金融监督管理总局上海监管局核准，自2026年1月30日起王岗担任公司董事、董事长职 务。 其实，早在2025年上半年陆家嘴国泰人寿就将董事长换新摆在台面。彼时第二季度偿付能力报告披露，王岗拟接替60后董事长黎作强担任公司第六届董事 会董事、董事长。只是当时谁也没料到，时隔8个 ...

Core Viewpoint - The launch of commercial real estate investment trusts (REITs) in China represents a significant new option for investors, enhancing asset allocation opportunities and promoting the efficient utilization of existing assets [1][6]. Group 1: Market Development - The China Securities Regulatory Commission (CSRC) announced the pilot program for commercial real estate REITs on December 31, 2025, marking a critical step in expanding the public REITs market [1]. - The first batch of commercial real estate REITs has been accepted for registration, indicating a move towards a more comprehensive asset class in public REITs [1]. - The market has shifted from anticipation to active interest in commercial real estate REITs, suggesting a growing acceptance and recognition of their potential [1]. Group 2: Asset Utilization - China has accumulated a substantial amount of quality commercial real estate, which holds significant value potential that can be unlocked through REITs [2]. - Commercial real estate REITs can transform stable cash flow-generating real estate assets into standardized, tradable financial shares, facilitating the reinvestment of funds into innovation and industrial upgrades [2][3]. Group 3: Industry Transformation - The introduction of commercial real estate REITs provides a new opportunity for the real estate sector to transition from a development-focused model to one centered on asset management and services [4]. - REITs will serve as a crucial pricing anchor for the commercial real estate market, enhancing price transparency and providing a benchmark for non-listed commercial assets [4]. Group 4: Financial Environment - The current low-interest-rate environment has altered the underlying logic of asset allocation, making commercial real estate REITs an attractive option for institutional investors seeking stable, long-term returns [5]. - REITs offer a transparent and efficient exit channel for companies holding quality commercial properties, facilitating a shift from heavy asset ownership to professional management [5]. Group 5: Regulatory Framework - The development of commercial real estate REITs is grounded in principles of marketization and rule of law, emphasizing compliance and the need for a balanced approach to innovation and regulation [7]. - The regulatory framework aims to ensure that the launch of REITs contributes to a multi-tiered capital market system, enhancing financing channels for the real economy [7].

Core Viewpoint - The launch of commercial real estate investment trusts (REITs) in China represents a significant new option for investors, enhancing the asset allocation landscape and promoting the efficient utilization of existing social assets [2][4]. Group 1: Introduction of Commercial Real Estate REITs - The China Securities Regulatory Commission (CSRC) announced the pilot program for commercial real estate REITs on December 31, 2025, marking a key step in expanding public REITs to encompass a wider range of underlying assets [2]. - The first batch of commercial real estate REITs projects was disclosed by the CSRC and exchanges at the end of January 2026, indicating a growing market interest and the transition of public REITs into a more diversified phase [2][3]. Group 2: Value Creation and Market Opportunities - China has accumulated a substantial amount of quality commercial real estate, which holds significant value potential, especially as the economy shifts towards efficiency and innovation [3]. - The first batch of commercial real estate REITs projects has shown stable cash flows and strong historical performance, particularly from state-owned enterprises in key urban areas [3][4]. Group 3: Industry Transformation and Financial Innovation - The introduction of commercial real estate REITs is seen as a pivotal opportunity for the real estate industry to transition from a high-leverage development model to a more sustainable asset management approach [5]. - REITs provide a crucial "pricing anchor" for the commercial real estate market, enhancing price transparency and enabling better asset valuation through public market mechanisms [5][6]. Group 4: Demand and Supply Dynamics - The ongoing low-interest-rate environment has shifted the asset allocation logic, creating favorable conditions for the adoption of commercial real estate REITs, which can meet the demand for stable, long-term income assets [6][7]. - The market has seen a rational adjustment in valuations for quality commercial properties, providing a foundation for REITs to acquire or consolidate assets at reasonable costs [7][8]. Group 5: Regulatory Framework and Compliance - The development of commercial real estate REITs is guided by a commitment to market-oriented and legal principles, ensuring compliance while fostering innovation [9][10]. - Regulatory bodies emphasize the importance of balancing compliance with market needs, allowing for a constructive approach to project approvals and asset management [10]. Group 6: Future Outlook - The launch of commercial real estate REITs is expected to enhance the multi-tiered capital market system in China, facilitating better financing channels for the real economy and contributing to high-quality economic development [11].

今天分享的是：中欧陆家嘴国际金融研究院：2025年全球资产管理中心评价指数报告 报告共计：76页 《2025全球资产管理中心评价指数报告》由中欧陆家嘴国际金融研究院发布，本次首次将"资管科技"纳入二级评价指标，从多维度解析 了全球资管行业的格局变化与发展趋势。2025年全球经济调整、地缘政治摩擦等背景下，全球资管中心竞争呈现"一超多强"特征，纽约 凭借资金、底层资产与资管科技的一体化优势稳居首位，巴黎依托ESG与另类资产优势跃居第二，伦敦则因人才和税收政策竞争力减弱 退居第三，北美波士顿、多伦多实现弯道超车，亚洲市场分化显著，上海升至第五且在资管科技等领域表现亮眼，孟买成为新兴市场黑 马，香港、新加坡排名有所回落。 在细分领域，资金来源持续向美国城市集中，亚洲在税收激励与人才供给上展现追赶势头，底层资产市场多数中心与纽约差距缩小，孟 买表现突出，而资管规模与开放式基金业务受资金"美股化"影响向美国进一步集聚，ESG与另类资产业务则呈现欧美各有优势、亚洲短 期波动的特点。本次报告的指标体系创新成为重要亮点，通过基础层、市场层、创新层与应用层构建资管科技全链条评价框架，纽约、 伦敦、上海等各资管中心依托自身禀赋在 ...

马年年味渐浓，巷里迎春 浦东前滩新春大集日前在浦东前滩公园巷热闹开锣，近百家年节风物摊位集 结亮相，届时将为市民带来一场烟火气满满的新春赶集之旅。从昔日滩涂到今朝繁盛，坐落于黄浦江畔 的前滩区域华丽蜕变，书写了高质量发展的精彩篇章。连日来，记者在浦东前滩采访时了解到，作为主 导前滩开发建设的国资国企，陆家嘴集团自2012年起深耕这片沃土，秉持"先宜居、再宜业"的前瞻理 念，锚定"功能复合、平衡共生"的核心规划，聚力将前滩建设成为最生态、最活力、最亲民的国际社 区，为上海经济发展注入强劲动能。 生态宜居，是前滩最鲜明的发展底色。自规划之初，生态优先理念就贯穿前滩开发建设全流程，在陆家 嘴集团整合下，绿色建筑、生态城区、海绵城市、智慧园区等创新举措在前滩系统集成，构建了节能低 碳的城市发展新范式。在坚实的绿色基底之上，前滩的居住供给日趋多元，民生配套持续升级。前滩公 馆全面交付、前滩滨江道稳步入市，累计交付可售商品住宅超6300套，1500套租赁住宅实现全量运营， 精准匹配不同群体的安居需求。 文化赋能，让前滩的城市活力持续迸发。上海国际花卉节、爵士上海音乐节、上海前滩音乐节已经成为 前滩三大核心文化 IP，陆家 ...

Group 1 - China's foreign exchange reserves have increased for six consecutive months, reaching $339.91 billion as of January 2026, up by $41.2 billion or 1.23% from December 2025. Gold reserves have also risen for 15 months, totaling 7.419 million ounces, with a month-on-month increase of 40,000 ounces [1] - The logistics costs in China have been steadily decreasing for several years, with the ratio of total logistics costs to GDP dropping to 13.9% in 2025, the lowest level on record [3] - Shanghai aims to establish a modern industrial system with a focus on advanced manufacturing, targeting six emerging pillar industries, and plans to attract 6,300 new foreign-funded enterprises in 2025, a year-on-year increase of 6.8% [3] Group 2 - Nvidia's CEO Jensen Huang expressed optimism about AI development, stating that the infrastructure for AI is still in its early stages and will require another seven to eight years to fully develop, with demand for computing power being extraordinarily high [2] - A strategic partnership has been formed between Pony.ai and Moore Threads, marking the application of domestic AI computing power in key training and simulation areas for autonomous driving [4] - The Chinese government has issued guidelines to cultivate data circulation service institutions, including data exchanges and service platforms, to support the development of high-quality datasets for AI [5] Group 3 - The Chinese futures market saw a significant increase in total funds, exceeding 400 billion yuan in January, reaching a historical high of 2.57 trillion yuan, with a 19% growth in client equity compared to the end of 2025 [10] - The number of new futures clients in 2025 reached 940,000, showing significant growth compared to the previous year [10] - The Chinese central bank has increased its gold holdings for 15 consecutive months, signaling a strategy to optimize international reserves amid fluctuating global gold prices [10]

Group 1 - The roundtable dialogue focused on "Technology Finance Supporting Intellectual Property Services to Build Smart Assets for Scientific Innovation" [3] - The event highlighted the challenges in transforming intellectual property from "knowledge" to "assets" and provided practical solutions from various fields [3][4] - Key participants included executives from the National Intellectual Property Operation (Shanghai) International Service Platform, Shanghai Clinical Innovation Transformation Research Institute, Shanghai Rural Commercial Bank, and other industry leaders [3] Group 2 - Clinical intellectual property transformation faces long cycles, high thresholds, and significant investment challenges, with a need for a stable risk-sharing mechanism [4] - The Shanghai Clinical Innovation Transformation Research Institute is exploring a "corporatized operation" model to connect industry, finance, and clinical outcomes [4] - There is a gap between domestic and international clinical technology transfer systems, emphasizing the need for awareness and capability building among hospitals and doctors [4][5] Group 3 - Shanghai Rural Commercial Bank identified three main risk points in intellectual property financial services: assessing the value of core intellectual property, evaluating sustainable development capabilities, and accurate valuation challenges [5] - The bank has developed a multi-dimensional solution involving a professional team, data-driven approaches, and comprehensive risk control throughout the loan process [5][6] - Innovations include expanding the types of intellectual property collateral, exploring securitization tools, and implementing a "donation+" model to support projects in the medical-engineering intersection [6] Group 4 - Incubators play a crucial role in early-stage project intellectual property value assessment, leveraging AI tools and their knowledge of project teams [7][8] - Two paths for scaling intellectual property value include direct recognition of the intellectual property and binding it to company growth [8] - Investment institutions prioritize core intellectual property in their evaluations, focusing on technological advancement, legal stability, and market application prospects [8]

2月7日，孩子在市集体验吹糖画。近日，首届浦东中国年味节在陆家嘴滨江大道2727号举行。游客在上 海地标性建筑东方明珠广播电视塔下，感受传统年俗与都市风情的交融，品味中国年。中新社记者 殷 立勤 摄 游客带着孩子在市集看糖画制作。中新社记者 殷立勤 摄 2月7日， 游客在市集的"福"字主题装饰背景墙前合影。中新社记者 殷立勤 摄 2月7日， 2月7日，游客在市集的马年主题装饰背景墙前合 影。中新社记者 殷立勤 摄 2月7日，孩子们站在装饰"马车"上合影。中新社记 孩子们在市集的"福"字主题装饰背景墙前合影。中新社记者 殷立勤 摄 2月7日， 者 殷立勤 摄 孩子们站在装饰"马车"上合影。中新社记者 殷立勤 摄 2月7日， 游客在市集选购上海特色小吃。中新社记者 殷立勤 摄 2月7日， 2 月 7日，孩子们在市集的新年主题装饰背景墙前合 2月7日，游客在市集选购鱼灯。中新社记者 殷立勤 摄 游客在市集选购鱼灯。中新社记者 殷立勤 摄 影。中新社记者 殷立勤 摄 2月7日， 2 月 7日，游客带着孩子逛市集。中新社记者 殷立勤 摄 2月7日， 2月7日，游客带着孩子逛市集。中新社记者 殷立勤 摄 游客在逛市集。中 ...

上海陆家嘴金融贸易区开发股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 上海陆家嘴金融贸易区开发股份有限公司（以下简称"公司"）第十届董事会2026年第二次临时会议于 2026年2月6日以通讯表决方式召开，会议应当参会董事10人，实际参会董事10人，会议符合《公司法》 和公司章程的有关规定，所作决议合法有效。会议形成如下决议： 一、审议通过《关于2025年度日常关联交易情况及2026年度日常关联交易预计情况的议案》 第十届董事会2026年第二次临时 本项议案已经公司独立董事专门会议2026年第一次会议审议通过，同意该议案提交董事会审议。 会议决议公告 本议案尚需提交公司股东会审议，与该关联交易有利害关系的关联人将放弃行使在股东会上对该议案的 投票权。具体情况详见专项公告《关于2025年度日常关联交易情况及2026年度日常关联交易预计情况的 公告》（编号：临2026-003）。 本项议案表决情况：本议案涉及关联交易，4名关联董事回避表决。6票同意、0票反对、0票弃权。 二、审议通过《关于公司与关联方共同对上海耀筠置 ...