消息面上，2月2日，中国建设银行支持上海市第一批收购二手住房用于保障性租赁住房项目签约活动举 办，以浦东新区、静安区、徐汇区为试点区，主要聚焦于业主有本区新房置换意愿的、房龄偏大的小户 型二手房源。中金认为，上海二手房挂牌量自2025年3季度已开始下降，带动其挂牌去化周期持续下 行；本次存量住房收储面向供给压力最为直接的二手房供给，也属对症下药的积极举措。 另据报道，在刚过去的1月份，北京二手房网签量超过1.5万套，已连续三个月稳定在1.4万套以上；上海 二手房连续三个月成交超2.2万套；深圳二手房共计录得6802套，创近10个月新高；广州二手住宅网签 8881套，市场韧性同样较强。业内专家认为，房地产市场的"小阳春"行情正提前显现，二手房市场率先 回暖，核心韧性凸显，春节后挂牌量的变化，将成为观察供需关系的关键窗口。 内房股早盘普涨，截至发稿，越秀地产(00123)涨4.01%，报4.67港元；中国海外宏洋集团(00081)涨4%， 报2.6港元；华润置地(01109)涨3.89%，报31.48港元；中国海外发展(00688)涨3.5%，报14.48港元；龙光 集团(03380)涨2.96%，报1.39港元 ...

Group 1 - The real estate stocks in China experienced a significant increase in early trading, with notable gains from companies such as Yuexiu Property (+4.01%), China Overseas Land & Investment (+4%), and China Resources Land (+3.89%) [1] - China Construction Bank is supporting the first batch of second-hand housing acquisitions in Shanghai for affordable rental housing projects, focusing on older small-sized second-hand homes in specific districts [1] - According to CICC, the listing volume of second-hand homes in Shanghai has been declining since Q3 2025, indicating a positive response to supply pressures in the housing market [1] Group 2 - In January, Beijing's second-hand housing transaction volume exceeded 15,000 units, remaining stable above 14,000 units for three consecutive months, while Shanghai's transactions surpassed 22,000 units [2] - Shenzhen recorded 6,802 second-hand homes sold, marking a nearly 10-month high, and Guangzhou saw 8,881 units, indicating strong market resilience [2] - Industry experts suggest that a "small spring" in the real estate market is emerging, with the second-hand market showing early signs of recovery, making post-Spring Festival listing changes a key observation point for supply-demand dynamics [2]

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]

百强房企中业绩同比增长企业共有32家，其中同比增幅大于100%的企业数量有10家，其中6家是民营房企，部分企业业绩大幅回暖。销售增幅前十的房企 中中建壹品和邦泰集团都进入了操盘销售TOP20，尤其是民营房企中的邦泰集团，2026年业绩进一步增长，这主要是得益于企业自2021年以来的大规模错 峰投资，从而迎来了规模的跃进。 2026年1月临近春节，新房市场整体进入淡季。土地市场成交规模也迎来季节性回落，供求规模环比显著下降。 受制于供应规模、企业可售货值等因素，百强房企1月实现销售操盘金额1654.5亿元，同比继续下跌。值得注意的是，共有7家企业首次进入了TOP100榜 单。 2026年1月，在整体市场冷淡下，多数央企、国企企业尚未开始投资铺排，节后如果叠加政策支持，土拍热度有望回升。 2026年1月全国重点50城市新建商品住宅成交面积约810万平方米，表现较为清淡。但不少核心城市二手房市场迎来年底回暖，成交明显放量。 数据显示，重点13城市二手房成交面积约810万平方米，环比上升16%，同比增长33%，相比上年月均增18%。同时，二手房房价下跌幅度收窄，部分城市 挂牌量也有所下降，这都有助于稳定市场的预期。 ...

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 ...

中国青年报客户端讯（中青报·中青网记者 任明超）2月1日晚，华润置地润比邻2026全国业主春晚在海 南岛万宁石梅湾石梅湖公园举办。 华润置地依托石梅湾国家级旅游度假区的自然与文旅资源，将社区空间与公共生态有机融合，让春晚舞 台成为业主共享的"城市会客厅"。晚会现场联动酒店等资源打造特色市集，为业主提供专属优惠与特色 商品，让"一站式"购置优质年货成为现实。 据介绍，本次春晚共计151名业主演员，年龄横跨4至78岁，排演了20余个节目，业主从观众变为主角。 本次春晚通过"线下欢聚+线上直播"，呈现出海南自贸港封关后的最新生活场景。华润置地未来还将通 过更多有温度、有品质的民生活动，让业主共享自贸港发展成果。 来源：中国青年报客户端 ...

长沙晚报掌上长沙2月3日讯（全媒体记者 孙占锋 通讯员 周瑶 吴雪琳）"快来看，这是我们小区邻居演的节目，一 点不比专业的差！"这几天，家住长沙华润橡树湾小区的刘娭毑每每碰到熟人，都会拿出手机视频"炫耀"一番。原 来，在1月下旬的社区"春晚"上，她和邻居们一起登台表演的事让她念念不忘。岁末年初，长沙华润置地、金茂长 沙、美的置业等多个开发商社群相继组织了多场社区"春晚"业主联欢，千余名长沙居民从街坊邻居变身舞台"民 星"，自编自导自演歌舞、曲艺、情景剧等各色节目，让钢筋水泥间的邻里情在欢声笑语中不断升温，也让新春的 年味在坊间更浓了几分。 "那天刚下台，就被邻居们围着合影，自己跟个小明星似的。"前不久，长沙瑞府业主周女士在华润置地润比邻 2026全国业主联欢盛典长沙站表演了独唱《如愿》。现在回想起当天的盛况，她依然脸上满是笑意。周女士笑着 说。 舞台之上，平均年龄60岁的凤凰城银发爱乐团32位老人，用熟练的乐器演奏奏响开场曲，赢得满堂彩；凯旋门业 主带来的小丑情景剧，幽默的表演让大人小孩笑作一团；小朋友们身着八路军军装演绎的红色主题街舞，朝气蓬 勃又饱含情怀。 这次业主"春晚"的组织方，华润置地"润比邻"社群 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [7] Core Insights - The new policy in Shanghai for acquiring second-hand housing aims to address the rental needs of new citizens, young people, and graduates, potentially stabilizing housing prices and boosting industry confidence [1][4] - The policy is expected to facilitate a balance between supply and demand in the real estate market by replacing new construction with stock acquisition, thus compressing the supply cycle for affordable rental housing [3] - The report highlights the importance of targeted housing supply strategies in key districts, focusing on small units and proximity to industrial areas to meet talent housing needs [2] Summary by Sections Investment Opportunities - The report recommends investing in "three good" real estate companies with strong credit, good locations, and quality products, particularly those with quality reserves in Shanghai [5] - Specific companies highlighted include China Overseas Development, China Resources Land, and Longfor Group, among others, which are expected to benefit from the new policy and market recovery [9][10] Market Dynamics - The report notes that the new policy is not the first of its kind in China, with previous examples in cities like Zhengzhou, but it is expected to have a more significant impact in Shanghai due to its status as a core first-tier city [4] - The anticipated market stabilization is supported by a relatively market-oriented pricing mechanism for affordable rental housing, which could lead to sustainable commercial outcomes [4] Company Performance - Companies such as Greentown Service and Longfor Group are expected to maintain strong performance metrics, with projected earnings per share (EPS) growth and stable cash flow management [11][12] - The report emphasizes the operational capabilities of companies like China Resources Land and Longfor Group, which are positioned to navigate market adjustments effectively [12][13]

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].