Group 1 - In 2025, Shenyang implemented precise policies to better meet residents' rigid and improved housing demands, effectively boosting buyer confidence and promoting property transactions [1] - The land market in Shenyang saw a resurgence of premium land grabbing, with many high-quality projects entering the market, making successful "first openings" a norm [1] - The top three real estate companies in Shenyang by sales volume in 2025 were Aoyuan, Yirun, and Daobuduan, with sales figures of 2,490 million m², 1,351 million m², and 1,300 million m² respectively [2] Group 2 - The top three companies in terms of registered residential area in Shenyang were China Overseas, China Resources Land, and Longfor, with China Overseas holding the title of "triple crown" in area, amount, and number of units [4] - The leading residential projects by registered area included China Resources Land's Zhonghuanyuefu, China Overseas's Tianduan, and Songming Xinghewan, indicating a shift from demand for basic housing to improved housing products [7] - In the Heping District, the top three projects by registered area were China Overseas's Lingguan No. 1, Yujing New World, and Runqi Hepingli, showcasing strong performance in the area [13] Group 3 - In the Hunnan District, the top three projects by registered area were China Overseas's Tianduan, Shenyang Xinghewan, and China Overseas's Shengjing Juzhang, with multiple new projects entering the market [19] - The top three projects in the Tiexi District were Runxi Fu, Runyue Bay, and Tianyi Jingcheng's Milan Phase II, indicating a vibrant market with new projects on the horizon [29] - The top three projects in the Yuhong District were Hongfa Huanhua Creek, Xuefu Meidi City, and Poly Heguang Yuhai, with several new projects expected to enter the market soon [32]

1月29日，A股市场呈现沪强深弱分化格局，资金向低估值蓝筹集中特征显著。截至收盘，上证指数报 4157.98点，微涨0.16%；深证成指报14300.08点，小幅回调0.30%；创业板指报3304.51点，下跌0.57%； 上证50指数逆势走强，上涨1.65%领跑宽基指数。沪深北三市成交额达3.26万亿元，较上一交易日放量 2671亿元，市场量能维持高位。白酒、地产板块联袂大涨成为当日盘面核心亮点，有效支撑市场情绪。 白酒板块掀涨停潮 白酒板块昨日全线爆发，板块内20只个股强势涨停，头部酒企集体冲高引领行情。贵州茅台单日大涨 8.61%，收盘价报1437.72元，成交额达263亿元，总市值重回1.8万亿元关口；五粮液、山西汾酒、泸州 老窖、洋河股份、古井贡酒等核心酒企悉数涨停，板块整体涨幅居全市场首位。 此次白酒板块走强，源于旺季动销预期与行业拐点预期形成共振。一方面，近期飞天茅台市场批发价格 逐步回暖。1月29日，第三方平台数据显示，53度、500ml飞天茅台酒批发价格继续上涨。其中，2025 年飞天茅台原箱较上一日上涨20元/瓶，至1620元/瓶。另一方面，因白酒行业处于深度调整期，已有多 家白酒企业预计 ...

其中，保利发展新组建"不动产运营中心"，整合了原运营与产品管理职能；中建八局对其投资与运营类 业务进行系统性重构；中国武夷则新增了安全质量部与成本管控部。业内人士分析指出，3家企业的调 整路径，核心均指向在行业承压背景下，通过内部革新实现降本增效与挖掘新增长点的迫切需求。 2025年初，保利发展2024年度业绩说明会上，公司董事长刘平透露新阶段发展目标，计划未来2—3年推 进企业自我重塑，通过推动不动产投资开发全面做优、不动产经营加速做大、不动产综合服务力争做 强，加快构筑新的核心竞争力，而此次公司架构调整，正是该战略落地的表现。 2026年伊始，房企组织架构调整动作频频。据北京商报记者不完全统计，仅1月内，中建八局、保利发 展、中国武夷3家房企已相继推进组织优化，核心方向聚焦总部集权与风险管控强化，折射出行业深度 调整期对稳健经营的共同诉求。事实上，这一轮调整在2025年底已有端倪。去年12月，碧桂园、绿城中 国、建发集团等超过10家重点房企也已启动架构与人事的协同调整，显示出行业整体步入以组织变革提 质增效的关键阶段。 业绩承压下的主动调整 据北京商报记者不完全统计，保利发展、中建八局、中国武夷等房企在2 ...

Core Viewpoint - The first batch of commercial real estate REITs has been officially accepted by the China Securities Regulatory Commission (CSRC), marking a significant step in the development of the REITs market in China [1][2]. Group 1: REITs Acceptance and Details - On January 29, the CSRC announced the acceptance of three commercial real estate REITs: Huaan Jinjiang Closed-End Commercial Real Estate Securities Investment Fund, Huatai-PineBridge Shanghai Real Estate Closed-End Commercial Real Estate Securities Investment Fund, and CICC Vipshop Closed-End Commercial Real Estate Securities Investment Fund [1][2]. - The three REITs are set to be listed on the Shanghai Stock Exchange, with Huaan Jinjiang aiming to raise approximately 1.703 billion yuan, backed by 21 "Jinjiang Metropolo" brand hotels across 18 cities [2]. - The operational metrics for Huaan Jinjiang indicate a total of 803,750 available rooms, an average occupancy rate of 61.58%, and an average room price of 258.33 yuan, with a market value of the real estate project estimated at 1.701 billion yuan as of September 30, 2025 [2]. Group 2: Other REITs and Market Trends - The Huatai-PineBridge Shanghai Real Estate REIT is expected to raise around 4.002 billion yuan, with projected distributable amounts of approximately 180.19 million yuan in 2026 and 182.98 million yuan in 2027 [3]. - The CICC Vipshop REIT plans to raise about 7.470 billion yuan, with estimated combined distributable amounts of 341.42 million yuan in 2026 and 372.56 million yuan in 2027, backed by the Zhengzhou and Harbin outlets [3]. - Several listed companies, including Poly Developments and Maoye Commercial, have announced plans to apply for commercial real estate public REITs, indicating a growing interest in this investment vehicle [4][6].

Investment Rating - The report rates the real estate sector as "Overweight" [4] Core Insights - The industry is expected to stabilize as supply decreases and quality improves, with new and old drivers working together to push the market towards a bottoming out [2] - Key cities are anticipated to find a balance in sales by 2026, although long-tail cities will continue to drag down overall performance, albeit at a reduced rate [2] Summary by Sections 2025 Industry Review - The industry faced a significant downturn in sales and investment, with actual sales area data falling below previous lower predictions due to overly optimistic expectations for third and fourth-tier cities [8] - The decline in new construction and investment was more pronounced than expected, with new construction area growth at -20.4% and completion area growth at -18.1% [10][24] 2026 Industry Outlook - The focus will be on high-quality development, with key cities expected to stabilize sales. The central economic work conference emphasized stabilizing the real estate market and encouraging the acquisition of existing properties for affordable housing [7][9] - Investment growth is projected to be slow, with construction area growth expected between -5.8% and -10.2%, and corresponding investment growth between -4.0% and -12.5% [10][11] - The report predicts that the sales amount for 2026 could vary under optimistic, neutral, and pessimistic scenarios, with forecasts of 2.6%, -4.9%, and -11.4% respectively [10] Policy Focus - The main pressures on the industry will stem from investment growth challenges, with expectations for interest rate cuts and asset recovery policies to support the sector [10][11] - The report highlights the importance of monitoring the implementation of policies related to interest rate reductions, asset recovery, and urban renewal [10][11] Sales and Investment Predictions - The report provides a detailed forecast for 2026, indicating that the total sales area is expected to stabilize between 7-8 billion square meters, driven by improving demand and urban renewal initiatives [44][50] - The sales amount and land acquisition trends are expected to reflect a continued focus on quality and strategic development in key urban areas [50][55]

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 谢盐(分析师) | 021-23185696 | xieyan@gtht.com | S0880525040098 | 本报告导读： 1 月 27 日，公司审议通过了《关于开展商业不动产 REITs 申报发行工作及相关授权 事项的议案》，这将进一步构筑公司不动产经营能力，增强可持续发展能力。 投资要点： [Table_Summary] 维持"增持"评级。1 月 27 日，公司审议通过了《关于开展商业不 动产 REITs 申报发行工作及相关授权事项的议案》。我们认为，这 将进一步构筑公司不动产经营能力，优化资本结构，增强可持续发 展能力。我们预计 25 年 EPS 为 0.09 元和 BPS 为 16.59 元，参考 PB 估 ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 谢盐(分析师) | 021-23185696 | xieyan@gtht.com | S0880525040098 | 本报告导读： 1 月 27 日，公司审议通过了《关于开展商业不动产 REITs 申报发行工作及相关授权 事项的议案》，这将进一步构筑公司不动产经营能力，增强可持续发展能力。 投资要点： [Table_Summary] 维持"增持"评级。1 月 27 日，公司审议通过了《关于开展商业不 动产 REITs 申报发行工作及相关授权事项的议案》。我们认为，这 将进一步构筑公司不动产经营能力，优化资本结构，增强可持续发 展能力。我们预计 25 年 EPS 为 0.09 元和 BPS 为 16.59 元，参考 PB 估 ...

Market Performance - The real estate development sector increased by 2.89% compared to the previous trading day, with Dayuecheng leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Top Gainers in Real Estate Sector - Dayuecheng (000031) closed at 3.73, up 10.03% with a trading volume of 909,000 shares and a transaction value of 329 million [1] - Sanxiang Impression (000863) closed at 6.70, up 10.02% with a trading volume of 570,600 shares and a transaction value of 374 million [1] - Deep Shenzhen A (000029) closed at 21.97, up 10.02% with a trading volume of 85,700 shares and a transaction value of 183 million [1] - Chengdu Investment Holdings (600649) closed at 5.61, up 10.00% with a trading volume of 1,889,900 shares and a transaction value of 1.032 billion [1] - New Town Holdings (601155) closed at 17.85, up 9.98% with a trading volume of 464,600 shares and a transaction value of 812 million [1] Top Losers in Real Estate Sector - Yuehongyuan A (000573) closed at 4.44, down 8.45% with a trading volume of 1,597,200 shares and a transaction value of 719 million [2] - Hefei Urban Construction (002208) closed at 13.97, down 5.10% with a trading volume of 622,900 shares and a transaction value of 886 million [2] - Shunfa Hengneng (000631) closed at 4.09, down 4.66% with a trading volume of 718,800 shares and a transaction value of 302 million [2] Capital Flow in Real Estate Sector - The real estate development sector saw a net inflow of 1.225 billion in main funds, while retail funds experienced a net outflow of 598 million [2] - Main funds showed significant inflows in major companies such as Vanke A (000002) with a net inflow of 475 million, accounting for 15.58% [3] - Poly Development (600048) had a net inflow of 334 million, representing 10.82% of the total [3]

Core Viewpoint - The real estate sector is experiencing a significant recovery driven by regulatory optimization, policy benefits, and a shift towards high-quality development, leading to valuation restoration and structural reconfiguration opportunities. Group 1: Market Performance - As of January 29, 2026, the Real Estate ETF (512200) saw an intraday increase of nearly 4%, currently up by 3.09%, with a turnover rate of 16.92% and a transaction volume of 994 million yuan, indicating active market trading [1] - Key stocks in the index, such as Zhujiang Holdings, Tefa Services, and Dayuecheng, saw increases of 10.07%, 10.06%, and 10.03% respectively, reflecting strong performance in the sector [1] Group 2: Regulatory and Policy Environment - The cancellation of the monthly reporting requirements for the "three red lines" indicates a shift in regulatory focus from universal deleveraging to differentiated and refined control, allowing financially sound companies more operational freedom and improving the financing environment [1] - The extension of the financing "white list" for five years provides real estate companies with a buffer for cash flow, effectively alleviating liquidity pressures [2] - The initiation of commercial real estate REITs trials is expected to activate existing assets and reduce reliance on financing, contributing to a comprehensive support system for the industry [2] Group 3: Industry Outlook - Despite current pressures on sales and prices, the accelerated release of policy benefits is driving the industry away from high leverage and expansion towards a new phase of quality development focused on asset optimization and operational efficiency [2] - The Ministry of Finance and other departments have extended tax refund incentives for home purchases until the end of 2027, reducing transaction costs for improvement demand [2] - The central bank has lowered the down payment ratio for commercial properties from 50% to 30%, directly stimulating liquidity in the commercial market [2] - A "small spring" in the real estate market is emerging, with policy efforts and demand in core cities creating a positive feedback loop, leading to a rebound in the secondary housing market [2]

Core Viewpoint - The real estate industry is undergoing significant organizational restructuring in response to performance pressures, with companies focusing on centralization and risk management to enhance operational efficiency and explore new growth opportunities [1][4][9]. Group 1: Organizational Adjustments - In January 2026, companies such as Poly Developments, China State Construction Eighth Engineering Division, and China Wuyi initiated organizational restructuring to optimize operations and enhance risk management [1][4]. - Poly Developments established a new "Real Estate Operations Center" to integrate operational and product management functions, while China State Construction Eighth Engineering Division restructured its investment and operational businesses [4][5]. - The adjustments reflect a broader industry trend towards internal innovation aimed at cost reduction and efficiency improvement amid challenging market conditions [4][5]. Group 2: Financial Performance and Strategic Goals - Poly Developments' recent performance has been under pressure, with a notable gap in net profit compared to peers, prompting the need for strategic restructuring to enhance core competitiveness [4][5]. - The company reported a net profit of 2.711 billion yuan, significantly lower than China Overseas and China Resources Land, which reported 8.599 billion yuan and 11.88 billion yuan respectively [4]. - The restructuring is part of a broader strategy to reshape the company over the next 2-3 years, focusing on optimizing real estate investment and enhancing comprehensive services [4][6]. Group 3: Human Resource Optimization - The restructuring has been accompanied by significant changes in key personnel, aligning talent with strategic needs to address current challenges [6][7]. - For instance, Jianfa Group appointed Lin Weiguo as chairman, reflecting a strategic shift to improve overall business performance amid expected losses of 5.2 to 10 billion yuan for the year [6][7]. - Similar personnel adjustments have been made in other companies, such as Rongsheng Development, to strengthen core business and financial management capabilities [7]. Group 4: Focus on Core Markets and Sales Recovery - Companies are concentrating resources on advantageous regions and core sectors, as seen with Huafa Group's appointment of Xiang Yu as president to deepen market presence in key areas [8]. - The restructuring aims to enhance sales and cash flow, with specific roles assigned to tackle sales challenges and improve product standards [8][9]. - This targeted approach is viewed as a direct strategy to address operational difficulties and ensure long-term development [8][9].