智通财经APP获悉，内房股涨幅居前，截至发稿，碧桂园(02007)涨6.45%，报0.33港元；建发国际集团 (01908)涨5.59%，报15.67港元；旭辉控股(00884)涨4.82%，报0.087港元；龙湖集团(00960)涨4.49%，报 10.23港元。 中银国际认为，当前房地产行业仍然面临一定压力。当前防范地产及相关风险仍是首位，市场的惯性下 滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块出现收益的机会较 大，今年建议关注及配置。节奏上，可能会出现两个拐点，一个是一季度末左右的"政策拐点"，一个是 四季度左右的"基本面拐点"。 天风证券发布研报称，受春节假期因素影响，房地产供需两端均进入传统淡季，30大中城市商品房成交 面积季节性回落。节前1月的地方两会部署"稳楼市"政策，多地明确表示将着力稳定房地产市场、推进 城市更新，从稳市场和优存量两方面发力，节后重点关注2月下旬地产销售回暖节奏及3月上旬全国两会 的房地产政策定调。 ...

截至发稿，龙湖集团(00960.HK)涨4.90%、融创中国(01918.HK)涨4.84%、绿城中国(03900.HK)涨 4.76%。 来源：滚动播报 ...

Core Insights - The report highlights the significant advancements in robotics showcased during the 2026 CCTV Spring Festival Gala, emphasizing the progress in hardware, control systems, and bionic technologies [2][11] - The polyester industry is experiencing a recovery, with leading companies benefiting from an integrated supply chain and improved demand dynamics [3][12] Mechanical Industry - The 2026 Spring Festival Gala featured performances by four companies, demonstrating cutting-edge achievements in embodied intelligence, including hardware, control, and bionic operations [2][11] - The performance of robots exceeded expectations, serving as a catalyst for the sector, with recommendations to focus on domestic robot supply chain companies [2][11] Polyester Industry - The polyester supply chain is witnessing a recovery, with profits shifting towards the filament segment due to improved supply-demand dynamics [3][12] - Zhejiang Petrochemical is expected to contribute stable investment returns, with projected annual contributions exceeding 1.5 billion yuan from 2025 to 2027, significantly smoothing out the cyclical fluctuations of the filament business [3][12] - The report forecasts a steady increase in net profit for the company, with estimates of 2.046 billion yuan, 3.693 billion yuan, and 4.987 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth potential [3][12]

重点21城春节假期新建商品住宅共网签成交10万平方米，相比去年春节假期日均成交量基本持平。其 中，上海、温州、济南分别以1.36万平方米、1.08万平方米、1.01万平方米的成交量位居前三位；南 宁、青岛则在低基数影响下同比增幅较高。 | 各线 | 城市 | 2026春节假期 (2.15-2.23) 新建商品住宅 | | --- | --- | --- | | | | 合计成交面积(万平米) | | 史上海 | | 1.36 | | 北京 | | 0.23 | | | 深圳 | 0.22REI | | | 广州 | 0.14 | | | 温州 | 1.08 | | | 济南 | 1.01 OFIS | | | 武汉 | 0.89 | | R 成都 | | 0.54 | | 线 | 宁波 | 0.49 | | | 苏州 | 0.27 | | | 福州 | 0.27 | | | 青岛 | 0.15 | | | 南宁 | 0.12 REIS | | | 西宁 | 0.06 | | 単田 | | 0.82 | | | 加清 | 0.81 | | | 梅州 | 0.81REI= | | 一四线 | 韶关 | 0.21 ...

Core Insights - The overall real estate market during the Spring Festival period (February 15-23) exhibited a typical "holiday mode," with both new and second-hand housing transaction volumes in key cities at seasonal lows due to factors such as holiday travel and temporary suspension of online signing in some cities [1][4] - A total of 100,000 square meters of new residential properties were signed in 21 key cities during the Spring Festival, showing a year-on-year stability in daily transaction volume [1][4] - Major cities like Shanghai, Wenzhou, and Jinan led in transaction volumes, while cities like Nanning and Qingdao experienced significant year-on-year growth due to low base effects [1][2] New Housing Market - The new housing market saw a total transaction area of 10,000 square meters during the Spring Festival, with Shanghai at 13,600 square meters, Wenzhou at 10,800 square meters, and Jinan at 10,100 square meters leading the way [2] - Some developers actively promoted sales during the holiday, offering discounts and special offers to attract buyers, which contributed to a slight increase in foot traffic and sales in certain projects [3][4] Second-Hand Housing Market - The second-hand housing market showed signs of recovery in the latter half of the holiday, driven by pent-up demand and promotional activities [3] - The overall sentiment in the core cities suggests a potential "small spring" recovery, with expectations of increased transactions as the holiday effects fade [4] Developer Strategies - Developers are beginning to set performance targets for the new year, with many expected to launch competitive products in March to stimulate sales [5] - The market is anticipated to see a surge in promotional activities as developers respond to the need for improved sales performance following a lackluster start to the year [5] Market Outlook - Analysts predict that 2026 will be a critical year for the real estate market to stabilize, with a focus on policies aimed at controlling supply and reducing inventory [5] - The upcoming "Two Sessions" will bring attention to specific measures that could impact the real estate sector, with a long-term focus on high-quality development as outlined in the 14th Five-Year Plan [5]

2月24日，各大机构公布了春节期间（2月15日～23日）重点城市新房及二手房成交数据。 据中指研究院监测，今年春节期间，楼市整体呈现典型的"假期模式"。受节日返乡、出游及部分城市网 签暂停更新等因素影响，重点城市新房及二手房网签成交量均处于季节性低位。 重点21城春节假期新建商品住宅共网签成交10万平方米，相比去年春节假期日均成交量基本持平。其 中，上海、温州、济南分别以1.36万平方米、1.08万平方米、1.01万平方米的成交量位居前三位；南 宁、青岛则在低基数影响下同比增幅较高。 | 各线 | 城市 | 2026春节假期 (2.15-2.23) 新建商品住宅 | | --- | --- | --- | | | | 合计成交面积(万平米) | | 史上海 | | 1.36 | | 北京 | | 0.23 | | 深圳 | | 0.22RET- | | L W | | 0.14 | | 看州 | | 1.08 | | 济南 | | 1.01 DEIS | | 武汉 | | 中国 0.89 | | 成都 | | 0.54 | | 宁波 | | 0.49 | | -线 | 苏州 | 0.27 | | 福州 | | ...

Group 1: Real Estate and Construction - The real estate market continues to show signs of bottoming out, with a weak performance in new home sales during the Spring Festival period, reflecting poor supply and demand dynamics [3][9][12] - The land market has seen a significant decline in both supply and demand, with total land area launched in January 2026 down 16% year-on-year, and total land transaction value down 39% [11][12] - Policy measures such as the reduction of the value-added tax on second-hand housing and the lowering of minimum down payments for commercial properties indicate a generally accommodative policy environment [3][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The pig price is under pressure post-holiday due to the end of stocking and limited weight reduction, with the average price of pigs at 11.66 yuan/kg as of February 13, 2026, down 0.40 yuan/kg week-on-week [4][13] - The supply side shows a slight decrease in the average weight of pigs being marketed, indicating ongoing pressure from large pigs and structural pricing risks [13][14] - The overall market sentiment remains weak, with expectations of a seasonal decline in demand in the weeks following the holiday [14] Group 3: Retail and Consumer Services - The retail sector is experiencing a steady recovery in consumption, with payment transactions on the eve of the Spring Festival increasing by 21.64% compared to the previous year [5][19] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025 [19][25] - Investment recommendations focus on high-quality companies in the consumer sector, particularly those in gold and jewelry, offline retail, cosmetics, and medical aesthetics [26] Group 4: Pharmaceuticals - The company has entered into an exclusive licensing agreement with GSK for two siRNA pipeline products, with potential total transaction value reaching up to $1 billion [6][28] - Revenue forecasts for the company are maintained at 143 million, 169 million, and 201 million yuan for 2025, 2026, and 2027, respectively, with a downward adjustment in net profit estimates [6][28] - The collaboration with GSK highlights the company's growing recognition in the small nucleic acid drug development field, paving the way for future global partnerships [28][29]

RatingsDirect® 中国房地产观察：供给过剩压制复苏 2026 年 2 月 9 日 版权 © 2026 Standard & Poor's Financial Services LLC。版权所有。 本报告不构成评级行动。 今年中国开发商将继续迎接挑战 *指 2025 年年末待售面积相比 2021 年中国楼市进入下行期之前 10 年平均值的增幅。资料来源：国家统计局，标普全球评级。 库存六年连增 新建商品房待售面积（百万平方米） 商品房待售面积 相比行业下行前 平均值的增幅* 我们预测的 2026 年全国新建商品 房销售额降幅 我们预测的 2026 年二手住宅价格 降幅 连续6年年末待售面积同比增加 下行之前10年期间（2011-2020年） 平均值 要点速览 商品房库存积压，意味着中国房地产市场面临着崎岖的复苏之路。2025 年商品房待售面积已连续第 六年增加。供给过剩可能导致价格承压，而价格下跌又会损害购房者信心，形成了一个难以打破的恶 性循环。 主要联系人 陈令华，CFA，FRM 香港 852-2533-3539 edward.chan @spglobal.com 亚太区经济学家 高路易 香港 ...

Investment Rating - The report maintains a recommendation for the real estate industry [2] Core Views - The real estate market is experiencing a decline in new and second-hand housing transaction volumes, with new housing transaction area down by 28% year-on-year during the Spring Festival period [19][23] - The report highlights three main issues in the real estate market: a decline in new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [31] Summary by Sections Industry Basic Data - The total number of listed companies in the real estate sector is 107, with a total market capitalization of 12,627.81 billion and a circulating market capitalization of 12,094.33 billion [2] Relative Index Performance - The absolute performance of the real estate sector is 0.9% for one month, 3.7% for six months, and 5.7% for twelve months, while the relative performance is 3.0%, -7.9%, and -13.7% respectively [3] Sales Data - New housing transaction area in 20 cities decreased by 28% year-on-year during the Spring Festival, with a total transaction area of 181 million square meters [19] - Second-hand housing transaction area in 11 cities decreased by 22% year-on-year during the same period, with a total transaction area of 156 million square meters [23] Policy News - Local policies include a housing subsidy program in Quzhou, providing up to 80,000 yuan for families with multiple children, and new measures in Huizhou to enhance housing fund support and optimize credit policies [13][16] Company Dynamics - Longfor Group reported a contract sales amount of 24.5 billion yuan in January, with a total sales area of 300,000 square meters [17] - China Overseas Development acquired land in Hong Kong for 18.688 billion HKD, designated for residential use [18] - China Resources Land reported a total contract sales amount of approximately 116.5 billion yuan, with a year-on-year growth of 0.4% [18]

"春节不打烊"！2026马年春节，虽然假期出游影响看房人数，但楼市还是呈现出一番"暖冬"气氛，房企 不约而同祭出优惠活动，多地也推出规模较大的"购房节"造势。 从实际成交看，中指研究院数据显示，重点21城春节假期（2月15日～2月23日）新建商品住宅共网签成 交10万平米，相比去年春节假期日均成交量基本持平。 "春节假期期间，开发商促销力度加大，并与春节消费、文旅等活动对接起来，提前开启节后'小阳 春'蓄客和销售，加上今年'反向过节'现象较多、假期较长，父母带孩子看房，因此部分城市交易较为活 跃。"有业内专家评论称。 楼市"春节不打烊" 2026年，被称为"史上最长"的春节假期进入尾声。在出游大军、反向过年、酒店涨价等关键词之外，各 地楼市动态及热度如何？ 第一财经采访及梳理发现，今年多地密集推出各类新春"购房节"活动，房企更是积极把握消费窗口 期，"春节不打烊"成为假期楼市的"关键词"。 在广州，据广州中原统计显示，广州全市共有超200个项目"春节不打烊"，除了传统的家电、物业费， 还出现了"清空山姆购物车"、"送长隆三年四园卡"、"送价值10万元置业大礼包"，营销力度加大，形式 更多元化。 多重优惠吸引了 ...