行 业 及 产 业 2026 年 02 月 04 日 房地产融资政策进入友好期，REITs 和定增将 行 业 研 究 / 行 业 点 评 看好 ——房地产行业融资事件点评 《目前板块业绩仍然承压，但最困难时期 或将逐渐过去——房地产行业 2025 年业 绩预告分析及前瞻》 2026/02/01 《首批商业不动产 REITs 上报，优质商业 地产迎来价值重估——首批商业不动产 REITs 上报点评》 2026/01/31 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 相关研究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 房地产 陈鹏 A0230521110002 chenpeng@swsresearch.com 事件： 点评： 开辟股权融资渠道 ⚫ 1）26 年 1 月 28 日，中房报报道，多家房地产企业已不再被监管部门要求每月上报"三 道红线"相关数据。 ⚫ 2）1 月 27 日，保利发展公告拟 ...

证券日报网讯2月3日，保利发展（600048）在互动平台回答投资者提问时表示，2025年在行业持续调整 下，公司积极调整面对外部变化，全年销售规模保持在行业头部位置。公司将持续坚定推进销售去化、 保障财务稳健，并审慎积极评估新增投资，确保公司长期健康发展。未来公司管理层将持续尽职履责， 全力带领公司应对外部波动和挑战。 ...

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

Industry Overview - The real estate industry is experiencing a mixed performance in January, with second-hand housing transactions showing strong growth while new housing transactions remain weak [2][6] - In Beijing, second-hand housing transactions increased by 397% year-on-year, with an average of 578 units sold daily, while new housing transactions rose by 565% to 85 units [2] - Shanghai reported a significant increase in second-hand housing transactions, with a year-on-year growth of 806%, averaging 797 units sold daily, while new housing transactions increased by 525% [2] - Shenzhen's second-hand housing transactions decreased by 24.2% year-on-year, with an average of 181 units sold daily, and new housing transactions fell by 69% [3] Transaction Trends - Nationwide, the transaction volume for second-hand housing in 30 major cities showed a year-on-year increase of 309%, but a decline of 7.7% when excluding the Spring Festival effect [5] - In January, the cumulative transaction volume for second-hand housing increased by 12% year-on-year, indicating a recovery trend influenced by the Spring Festival timing [5] - The new housing transaction area in major cities saw a year-on-year increase of 109% in the last week of January, but a decline of 26.66% when adjusted for the Spring Festival [4] Investment Recommendations - The report suggests a "buy" rating for the real estate sector, highlighting the potential for investment opportunities as the negative factors diminish [6] - It is recommended to focus on leading real estate companies with land reserves in core cities and those targeting high-end improvement products, such as Poly Developments [6] - Additionally, leading intermediary firms like I Love My Home, which benefit from the increasing proportion of second-hand housing transactions, are expected to see valuation recovery [6]

当"四代宅"以颠覆者的姿态席卷全国楼市时， 青岛这座山海相依、气候宜人、人居需求日益升级的海滨城市，也悄然卷入了一场关于未来居住形态的深刻博弈。 2025年，西安全城新盘多数主打"户户带露台"、"100%得房率"、"把院子搬上天"。 而在青岛，这场变革来得更为克制、审慎，却也更加复杂。 四代宅的话题，咱之前聊过多次。还是有朋友咨询四代宅的细节。 那就继续聊聊吧。 青岛人对居住品质的要求一向较高。 无论是老城区的里院文化，还是近年来兴起的城郊别墅，都体现出一种"向自然靠拢"的生活偏好。 露台喝茶、阳台种花、楼顶观星……这些生活方式早已融入很多人的基因。 因此，当"四代宅"提出"每户有空中花园"的理念时，确实击中了不少改善客群的心理期待。 所谓"四代宅"，强调"人、建筑与自然"的共生关系，典型特征包括每户拥有独立露台或空中花园、大面积外延、可种植空间；客厅挑空、赠送更多、尺度 更大等等。 青岛山海相依、气候宜人，四代宅似乎有着天然的适配性。夏季凉爽湿润、四季分明的环境，为立体绿化和户外生活提供了良好条件。 但理想丰满，现实骨感。 从2024到现在，在青岛，四代宅，没有大规模的政策推动；市场上，也没有集中爆发式的出 ...

Core Insights - The event "Feng Wu Xiao Xiang, Build Dreams in Qingyuan" was held to enhance cross-city real estate exchanges between Qingyuan and Changsha, promoting ecological resources and lifestyle synergies [1][3] - The event attracted high-end buyers from Changsha and surrounding cities, showcasing Qingyuan's advantages as a desirable living destination [1][3] Group 1: Event Overview - The event was organized by Qingyuan City and featured 10 quality real estate companies, offering immersive experiences and exclusive property benefits [1][3] - The theme highlighted Qingyuan's cultural identity and aimed to present its core advantages of ecological superiority, convenient transportation, and high cost-effectiveness [3] Group 2: Cultural and Real Estate Promotion - The event included cultural experiences such as a non-heritage market, interactive games, and performances showcasing Qingyuan's cultural richness [6] - Ten real estate companies presented various property types, including ecological residences and wellness communities, emphasizing their design, green building concepts, and the value of "dual-city living" [6] Group 3: Engagement and Support - The event featured a progressive lottery system with prizes like local agricultural products and home purchase vouchers, enhancing participant engagement [9] - A comprehensive support system was established to facilitate property purchases for Changsha residents, optimizing processes and improving service efficiency [9]

从"双榜"情况来看，邦泰观云、保利天珺二期加推后持续集中备案，分别销售约1.02亿元、0.3亿元，成交34套、12套，成交均价约19937元/㎡、17898元/ ㎡，套均价约301万/套、247万/套。 同为关上板块的高端改善项目，华润中心降价促销集中备案，单周销售约0.28亿元，成交均价约14535元/㎡。 （龙湖天境实拍图） 龙湖旗下则有两个项目上榜。高新板块的新规住宅项目，龙湖天境销售约0.35亿元，成交19套，成交均价约14811元/套，套均价约186万/套；度假区板块的 龙湖·山海原著，新品入市后一直去化不错，上周销售约0.23亿元，成交均价高达21938元/㎡，也是价格最高的一个项目。 大华·锦绣麓城成交14套，成交均价约11450元/㎡，套均价约125万/套；旭辉广场铂森林语成交12套，成交均价约12885元/㎡，套均价约96万/套。 上周（2026年1月26日-2月1日），昆明楼市成交量价齐涨，南市区改善型四代宅项目集中备案，带动价格上涨近三成。邦泰昆明第三个四代宅项目落地北市 区，预计明年可入市。 据克而瑞发布的最新数据显示，上周昆明主城无住宅项目取证，供应挂零；成交约5.38万㎡，环比微涨 ...

Core Viewpoint - The launch of commercial real estate REITs is seen as a significant step towards stabilizing and improving expectations in the real estate industry, facilitating a shift from developers to asset managers and enhancing the value of existing commercial assets [2][4][10]. Group 1: Policy and Market Response - The first batch of eight commercial real estate REITs has been accepted by the Shanghai Stock Exchange, with a total expected fundraising amount exceeding 30 billion yuan [2][4]. - The regulatory framework for commercial real estate REITs was officially introduced by the end of 2025, emphasizing support for assets with clear ownership and stable cash flows [3][8]. - The response from the industry has been positive, with significant participation from major developers and a wide range of asset types being included [4][9]. Group 2: Asset Types and Market Dynamics - The accepted REITs include various asset types such as hotels, office buildings, shopping centers, and service apartments, indicating a broadening of the asset categories eligible for REITs [2][4][5]. - The expansion of asset types allows previously self-held assets to have a channel for securitization, enhancing market liquidity and pricing capabilities [5][10]. - The inclusion of non-first-tier city assets in the REITs framework is expected to improve their market recognition and liquidity [5][10]. Group 3: Strategic Shift in Real Estate - The introduction of commercial real estate REITs is viewed as a transition from a "development and sales" model to a "holding and operation" model, promoting asset management as a core competency [10][11]. - The REITs framework encourages developers to retain partial equity in projects, ensuring operational stability while allowing for market-based fundraising [11]. - The shift towards REITs is seen as a necessary adaptation for the real estate industry, which is currently undergoing significant adjustments [10][11].

公募REITs进入对商业不动产的全覆盖时代。 从商业不动产REITs试点政策发布到首批产品陆续上报，历时仅一个月。 近日，上交所披露了8只已受理的商业不动产REITs项目，涉及的底层资产包括深圳来福士、合肥银泰 中心、广州保利中心项目、上海晶耀前滩等，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，预计募集金额合计超300亿元。 业内认为，商业不动产REITs试点的落地被视为加快构建房地产发展新模式、稳定并改善房地产行业预 期的重要举措。申万宏源证券分析师袁豪认为，商业不动产公募REITs的发展有利于拓宽企业直接融资 渠道，实现"投融管退"良性闭环，同时为企业提供战略转型升级的新选项，引导企业从"开发商"向"资 产管理商"实现战略转型，盘活商业存量资产价值。 各类不动产全覆盖 2025年12月31日，监管层以《关于推动不动产投资信托基金（REITs）市场高质量发展有关工作的通 知》《关于商业不动产投资信托基金试点有关工作的通知》等文件，正式推出商业不动产REITs，并且 强调了重点支持权属清晰、运营模式成熟、现金流持续稳定的商业综合体、商业零售、办公、酒店以及 其他具有商业属性的资 ...

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]