Investment Rating - The report suggests a positive outlook for the real estate industry, indicating a stabilization phase and recommending attention to quality real estate companies [44]. Core Insights - The real estate sector has shown significant recovery in transaction volumes, with new home sales in 43 cities increasing by 360.3% year-on-year and 48.7% month-on-month as of February 6 [17][18]. - The report highlights a notable increase in second-hand home transactions, with a year-on-year increase of 443.7% and a month-on-month increase of 81.5% in 14 cities [18]. - The inventory of commercial housing in 17 cities has decreased by 0.2%, with a de-stocking cycle of 157.2 weeks [22]. - Land supply in 100 major cities has decreased by 19.3% year-on-year, while land transaction volume has increased by 77.5% [27]. Summary by Sections Market Review - The real estate sector experienced a 0% increase in the week of February 2-6, outperforming the CSI 300 index by 1.3 percentage points [11]. - The total transaction volume for the week was 120.52 billion yuan, reflecting a 23.7% decrease compared to the previous week [11]. Basic Data - The total market capitalization of the real estate industry is approximately 1,254.08 billion yuan, with a TTM price-to-earnings ratio of 65.8 compared to the CSI 300's 14.0 [4]. Industry and Company Dynamics - Recent policies have been introduced to stabilize the real estate market, including subsidies for multi-child families and adjustments to housing loan policies [35]. - Companies like 京投发展 (JingTuo Development) are actively engaging in bond issuance to manage debt and fund operations [39]. Investment Recommendations - The report recommends focusing on companies with strong operational stability, including 华润置地 (China Resources Land), 龙湖集团 (Longfor Group), and various property management firms [44][45].

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 report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

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Group 1: New Property Sales - Beijing Runyuan achieved a sales amount of 240 million yuan with 11 units sold, becoming the weekly sales champion in the city [1] - The total transaction amount for Beijing's residential properties from January 26 to February 1 was 4.076 billion yuan, with 528 units sold [1] Group 2: New Developments - China State Construction's project, "China State Construction Fangcheng Guoxianfu," plans to develop a community of 14 buildings with 7-11 stories, offering 500 units ranging from 75 to 120 square meters [1] - The design plan for Changping Xiejiacun Guoxianfu PARK includes 6 subplots, with a total area of approximately 4.41 hectares, featuring 886 residential units across 18 buildings [2] Group 3: Land Acquisition - ByteDance acquired a commercial land parcel in Haidian for 2.8 billion yuan, part of a total land auction in Beijing that raised 8.562 billion yuan [3] - The land auction included four plots, with the Shijingshan Shougang plot sold for 1.39 billion yuan and the Tongzhou Songzhuang plot for 1.562 billion yuan [3] Group 4: Upcoming Land Supply - Beijing's planning authority announced the first round of proposed residential land supply for 2026, covering 5 plots with a total area of approximately 16 hectares and a building scale of about 240,000 square meters [5] - The proposed land supply includes one plot in the core area (Dongcheng), one in the central urban area (Fengtai), and three in the plain multi-point areas (two in Shunyi and one in Changping) [5]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.39%), Gree Power Environmental (68.80%), and Haotian International Construction Investment (67.58%) [1] - Tencent Holdings, Xiaomi Group-W, and Pop Mart have seen the largest increases in stockholding amounts over the last five trading days, with increases of +36.02 billion, +22.89 billion, and +13.06 billion respectively [1] - Conversely, SMIC, Alibaba-W, and Zijin Mining International experienced the largest decreases in stockholding amounts, with reductions of -18.54 billion, -15.48 billion, and -11.14 billion respectively [2] Stockholding Ratios - The latest stockholding ratios for the top 20 companies in the Hong Kong Stock Connect are as follows: - China Telecom (00728): 99.09 million shares, 71.39% - Gree Power Environmental (01330): 2.78 million shares, 68.80% - Haotian International Construction Investment (01341): 75.00 million shares, 67.58% - Other notable companies include: - Kaisa New Energy (01108): 67.54% - Tianjin Chuangye Environmental Protection (01065): 66.84% [1] Recent Stock Increases - The top 10 companies with the largest stockholding increases in the last five trading days are: - Tencent Holdings (00700): +36.02 billion, +6.44 million shares - Xiaomi Group-W (01810): +22.89 billion, +6.55 million shares - Pop Mart (09992): +13.06 billion, +5.39 million shares - Other significant increases include: - Industrial and Commercial Bank of China (01398): +11.23 billion - China Merchants Bank (03968): +11.16 billion [1] Recent Stock Decreases - The top 10 companies with the largest stockholding decreases in the last five trading days are: - SMIC (00981): -18.54 billion, -2.75 million shares - Alibaba-W (09988): -15.48 billion, -0.97 million shares - Zijin Mining International (02259): -11.14 billion, -0.54 million shares - Other notable decreases include: - Zijin Mining (02899): -10.96 billion - Jiangxi Copper (00358): -6.97 billion [2]

Core Viewpoint - The luxury real estate market in Shanghai is experiencing a significant divergence, with high-end properties showing strong sales despite an overall market slowdown, indicating a trend towards the prioritization of secure, scarce, and cyclical assets [1][3][29] Market Dynamics - In early 2026, the Shanghai land market displayed cautious signals, with all five residential land plots sold at base prices, reflecting a decline in developer enthusiasm [1][27] - The total area of newly built commercial housing in Shanghai fell to 257,100 square meters, indicating a slowdown in supply during the traditional sales off-season [1][27] - Despite the overall market cooling, luxury properties like those developed by China Resources Land, including Shilin Runyuan, Luanqi Binjiang, and Waitan Ruifu, have shown remarkable sales performance, becoming resilient leaders in the off-season market [1][3][29] Prime Locations - The success of luxury properties is rooted in their irreplaceable core urban locations, which are considered the ultimate currency in real estate [1][29] - Shilin Runyuan is located in the Huangpu Old Town, a historical area with over 730 years of continuous urban history, making it a cultural "living fossil" [1][4][31] - Luanqi Binjiang is positioned in the Central Activity Zone (CAZ) along the Huangpu River, representing a prime residential site with significant future development potential [1][34] - Waitan Ruifu is strategically located in the "Golden Triangle" of Shanghai, which is designated as a global city core functional area in the Shanghai 2035 master plan [1][34] Product Differentiation - China Resources Land is not just building homes but is redefining living paradigms through innovative product offerings [1][29] - Shilin Runyuan has introduced the world's first non-heritage customized courtyard villa, allowing deep customization for homeowners [1][10][35] - Luanqi Binjiang incorporates advanced technology and aesthetics, utilizing AI algorithms for optimal design and ensuring panoramic views for residents [1][11][36] - Waitan Ruifu emphasizes contemporary avant-garde aesthetics while maintaining historical significance, featuring near-zero energy consumption buildings and advanced health-oriented amenities [1][41][42] Asset Security - In uncertain economic times, the long-term security and potential of assets are crucial for high-net-worth individuals, with China Resources Land providing a strong safety net as a state-owned enterprise [1][21][46] - The company promotes a "walkable neighborhood" lifestyle, integrating cultural and artistic elements into its developments to enhance community engagement [1][47] - The projects are designed to be "collectible assets," embodying both physical and spiritual coordinates of the city, and are positioned as financial core assets with high liquidity and strong resistance to market fluctuations [1][48] Business Model - China Resources Land's unique "3+1" integrated business model combines development, operational real estate, light asset management, and ecosystem elements, creating strong synergies [1][24][49]

极目新闻记者 徐媛媛 春节脚步渐近，位于武昌徐东，即将开通的地铁12号线团结大道站旁的保利琅誉营销中心，迎来了一拨拨从全国各地陆续返汉的置业者。 王先生是武汉人，在广州IT行业工作。"华为、小米等头部企业纷纷在武汉加大投资，高新产业发展很快，我一直有回来工作的打算。"他说，春节假期提前 回家，主要就是为了看房。 "这段时间，来项目现场咨询的返乡置业者明显增多。"保利琅誉营销负责人燕大浪介绍，今年1月底，项目加推了一期最后一栋楼，不少购房者即为外地返 乡人士。 保利琅誉营销中心春节期间不打烊 去年9月，保利琅誉首开即售罄，10月、11月稳居洪山区套数、金额、面积"三冠王"。今年1月，项目销售37套，成为洪山区住宅销售套数第一名。为吸引返 乡置业人群，保利琅誉春节不打烊，特别推出了99折优惠活动。 放眼武汉三镇，主流房企春节期间大多照常营业，优惠活动层出不穷。 中海地产以"四海归家·萬方安和"为主题，打造全国统一品牌活动。在武汉，中海寰宇天下观云府推出返乡置业购房专属房源及1%优惠，江叁號院返乡客群 总房价立减5万元，中海东湖玖章春节期间认购可得额外1%优惠。 华润置地相关负责人介绍，春节假期，武汉楼盘开门迎接返 ...

Core Viewpoint - The recent closures of multiple Magic Cube Apartment locations in cities like Shanghai, Hangzhou, and Shenzhen highlight the financial struggles faced by the long-term rental apartment industry, which has been significantly impacted by declining rental prices and rigid cost structures [1][2]. Group 1: Industry Challenges - Magic Cube Apartment has faced tenant evictions and delayed refunds due to long-standing rent arrears, despite the company's claims of normal operations and strategic optimization [1]. - The long-term rental apartment model, primarily based on leasing properties from landlords and subletting them at higher rates, has proven vulnerable in a changing market, with average rental prices in 40 major cities projected to decline by 6.4% year-on-year by 2025 [1][2]. - Many long-term rental companies are burdened by high long-term leases signed during more favorable market conditions, leading to compressed profit margins as income decreases while costs remain fixed [1][2]. Group 2: Market Evolution - Since 2022, several long-term rental brands have closed, indicating the fragility of the "sub-landlord" model that relies solely on rental price differentials [2]. - Despite the challenges, demand for long-term rentals persists, leading to a market bifurcation where traditional models like Magic Cube are under pressure, while other players seek more sustainable paths, such as Dragon Lake's Guan Yu, which focuses on refined operations and ecosystem collaboration [2]. - A significant new trend is the rise of affordable rental housing, with nearly 99% of new concentrated rental properties in 2025 being affordable or talent apartments, supported by state-owned enterprises and large real estate firms [2]. Group 3: Future Directions - A shift towards a "light asset" model, where companies provide brand management and operational services without heavy reliance on rental payments, may reduce risks and create a more sustainable business [3]. - Aligning with policy directions, such as integrating eligible projects into the affordable rental housing system, can provide stable support and open financing channels, with real estate investment trusts (REITs) becoming a crucial tool for major players [3]. - The future of the long-term rental market will focus on operational excellence and customer service, moving away from mere scale and emphasizing the importance of occupancy rates and tenant satisfaction [3][4]. Group 4: Industry Reflection - The marketing strategies of companies like Magic Cube, which still promote discounts despite the changing market dynamics, reflect a lingering attachment to past growth patterns [4]. - The essence of the long-term rental business is service-oriented, requiring solid operations, sound finances, and genuine responsiveness to tenant needs, rather than relying on continuous rent increases or fragile financial structures [4][5].