2月25日，广州土地市场迎来开年第一拍，被称为珠江新城最后一块待开发"宝地"的马场地块迎来出 让。这宗热门地块位于核心区域、体量大等多重因素，吸引了8家企业竞争，分别为越秀、保利、华 润、招商、珠实、广州地铁、广州建筑、广州城投。 自上午10时正式进入竞价环节起，除招商之外的7家企业轮番上阵出价，直至15时左右，5家房企先后退 出战局，仅剩保利和越秀继续鏖战。最终由越秀地产以236亿总价夺得。该地块楼面价突破8万元/平方 米，刷新广州最高楼面单价。 整场竞拍几近10小时，网友围观者高达几十万人。（第一财经记者 李娜） ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The new "Hushiqiao" policy issued on February 25, 2026, represents a significant enhancement over the previous 2024 policy, aiming to systematically lower the barriers to home purchasing, enhance purchasing power, and reduce replacement costs to better meet rigid and improvement housing demands [1][2] - The policy is expected to stimulate short-term demand release, boost market confidence, and increase activity, particularly through the relaxation of purchasing qualifications in the outer ring, which may lead to a resurgence in both second-hand and new home transactions during the "small spring" period [1][2] - Structural impacts are anticipated, with core areas and improvement products benefiting the most, as the relaxation of purchase restrictions is likely to support price stability and liquidity in central urban areas and mature suburban districts [2] - The policy will facilitate market circulation and repair the "sell one buy one" replacement chain, targeting improvement customers through relaxed public housing loan recognition and property tax exemptions, thus promoting a healthy linkage between the first and second-hand housing markets [2] Summary by Sections Policy Comparison - The 2026 policy significantly reduces the social security duration required for non-local buyers in the outer ring from "5 years" to "1 year" and allows eligible non-local buyers to purchase an additional property [5] - The new policy introduces a housing purchase channel for holders of residence permits who have held them for over 5 years, allowing them to buy one property citywide without needing social security or tax proof [5] Credit and Public Fund Policies - The new policy raises the maximum public fund loan limit for first-time buyers from 1.6 million to 2.4 million, with potential increases up to 3.24 million for families with multiple children [6] - It optimizes the recognition of loan counts, allowing families with settled public fund loans and owning one or fewer properties to apply for public fund loans again [6] Investment Recommendations - The report suggests focusing on three main investment lines: 1. **Elasticity Priority** - Local state-owned enterprises and real estate companies that will directly benefit from the recovery of regional market activity, with high business concentration and maximum performance and valuation elasticity [3] 2. **Stable Leaders** - Resource-based real estate companies with a strong brand presence and quality land reserves in Shanghai, expected to benefit from overall market recovery and accelerated new home sales [3] 3. **Valuation Recovery** - National real estate companies with strong operations, as the policy is expected to improve overall industry expectations and drive valuation recovery for quality firms [3]

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [1] Core Insights - The Shanghai government has introduced new policies to relax housing purchase restrictions, aiming to promote a stable and healthy development of the real estate market [3] - The policies include lowering the threshold for non-local residents to purchase homes, increasing the maximum housing provident fund loan amount, and improving property tax policies to support housing demand [3] - The report suggests that these measures will likely release pent-up housing demand, leading to a gradual recovery in the real estate market [3] Summary by Sections Policy Changes - The Shanghai government has relaxed housing purchase restrictions for non-local residents, including: - Reducing the minimum social security or individual income tax payment period to 1 year for purchasing homes in the outer ring [3] - Allowing non-local residents who have paid individual income tax for 3 years or more to purchase an additional home in the outer ring [3] - Permitting non-local residents with a Shanghai residence permit for over 5 years to buy one home without proof of social security or tax payments [3] Loan Policy Adjustments - The maximum housing provident fund loan amount for first-time homebuyers has been increased from 1.6 million to 2.4 million, with potential increases for families with multiple children or those purchasing green buildings [3] - The loan policy has been optimized to allow individuals who have previously used provident fund loans to apply again under certain conditions [3] Tax Policy Enhancements - Starting January 1, 2026, property tax exemptions will be granted to local residents' children when purchasing their first home, aimed at stimulating housing demand [3] Investment Recommendations - The report highlights potential investment opportunities in leading real estate companies such as China Merchants Shekou, Poly Developments, and China Resources Land, among others [3] - It also suggests focusing on quality developers, property management firms, and commercial real estate [3]

Group 1 - The current interest rate strategy shows certain advantages, with the value of credit bonds gradually emerging. Since 2025, the bond market has maintained low volatility, and since early 2026, it has steadily recovered, with stable liquidity. The potential for capital gains in credit bonds is relatively limited, but the certainty of interest income is more prominent, highlighting the relative advantage of interest rate strategies. Recently, credit bond sentiment has improved, and spreads have slightly recovered, with medium to short-duration varieties providing stable interest contributions while controlling net value fluctuations, thus demonstrating a favorable cost-performance ratio in the current phase [9][12][31] - In the context of continuous central bank support for liquidity, the price of funds remains relatively low, making credit bonds attractive in terms of interest income. From the current environment, credit bond investments are more suitable to return to allocation logic, with interest rate strategies as the core. The short-end arbitrage space still exists, and under the premise of controllable funding costs, medium to short-duration varieties have a relatively stable rolling income base [12][31] Group 2 - The distribution of urban investment bonds shows that Jiangsu, Zhejiang, and Shandong have the largest stock sizes, with 27,995.77 billion, 22,357.20 billion, and 16,089.69 billion respectively. The head provinces are generally at a lower valuation level compared to the national average. For example, the 1-year AA-rated bonds in Jiangsu and Zhejiang are at 1.74%, below the national average of 1.75% [16][17] - The overall stock of urban investment bonds with a valuation above 2% is approximately 89,374.08 billion, with 7,252.75 billion having a remaining maturity of 3 years or less, accounting for about 8.1% of the high-yield stock. The high-yield urban investment stock is mainly concentrated in eastern provinces, while the short-duration allocable scale comes more from the central and western regions [18][19][24] Group 3 - The distribution of industrial bonds shows that high-yield resources are mainly concentrated in the real estate, non-bank financial, and construction decoration sectors. As of February 11, 2026, the stock of industrial bonds with a valuation above 2% is approximately 7.33 trillion, with a remaining maturity of 3 years or less amounting to 1.22 trillion. The industry distribution is highly concentrated, with real estate, non-bank financial, and construction decoration being the core sources of current industrial bond interest assets [31][33] - The real estate sector remains the absolute mainstay of high-yield industrial bonds, with a stock valuation above 2% reaching 1.02 trillion, of which 4,328.59 billion is allocable within 3 years. The non-bank financial sector ranks second, with a high-yield stock of approximately 940.1 billion, and 1,385 billion within 3 years, concentrated in the 2-3 year AA and AA+ levels [31][33]

记者丨吴抒颖 根据出让公告，马场地块起始价186.44亿元，名义起拍楼面价3.29万元/平方米。其总用地面积约19.45 万平方米，出让宗地面积17.4万平方米，计容总建面56.7万平方米，涵盖二类居住、商业、中小学等多 种用地性质。此外，这宗地块还将引入一家高端时尚百货运营企业。 对于商业项目，出让公告要求项目建成后，竞得人须自持全部物业，自持年限与土地出让年限一致，自 持物业需整体确权。此外，竞得人须在合同签订后一个月内与天河区政府签订《产业协议》，主要内容 为总投资额为不低于人民币60亿元且需引进一家高端时尚百货运营企业，项目建成运营后6年内，销售 贡献累计不低于300亿元。 此外，项目还将引入一家计容建面不低于4.5万平方米的国际知名五星级酒店以及同品牌酒店式公寓， 项目建成运营后的6年内，经营产值贡献累计不低于20亿元。 广东省住房政策研究中心首席研究员李宇嘉分析称，从地段上看，马场地块位于珠江新城东区，被称为 珠江新城最后一块"宝地"，可以称得上是多年来广州出让的地段最为核心、体量最大、业态最为丰富的 地块。因此，其出让工作提上日程后的一举一动都备受关注，竞拍当日更是吸引了多家开发商参与角 逐。 ...

8家房企激战，超130轮竞价，10万 +人在线围观，官网一度被挤崩…… 2026年广州土地市场的首拍， 用最激烈的方式，宣告了核心资产的不可替代性。 截至发稿，珠江新城最后一块拼图——马场地块，已经进行限时竞价4个半小时还没停， 目前出价的是828越秀，总价超215亿元，楼面价已超7.57万/㎡， 成为广州楼面价TOP1！ 公开信息显示，本次共有8家企业参与竞买，分别为保利、越秀、华润、招商、珠实、广州地铁、广州建筑、广州城投。 值得注意的是，这场开年第一拍，不只是8家房企的肉搏战，更是市场给2026年的广州楼市投下的一张沉甸甸的"信任票"。 10万人围观的"终极地块"，到底有多特殊？ 还有马场地块的"顶级配套"更是一场高端生活的"全家桶"盛宴。地块周边有K11、花城汇、高德置地广场、天德广场、IGC天汇广场等大型商圈。除了周 边的顶级配套。 马场地块自身规划中真正的"王炸"，是它将在这里亲手打造一个全新的、更顶级的商业核心。 公共设施示意图 根据 "国际商都消费地" 的官方定位， 地块内规划了庞大的商业商务空间，明确将引入 "顶奢百货+高端酒店+特色体验" 的一体化消费链。市场普遍确 信，这里将成为世界级顶 ...

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [7]. Core Insights - The report highlights the recent optimization of real estate policies in Shanghai, which is expected to positively impact the market. Key changes include adjustments to purchasing conditions for non-local residents, an increase in the maximum public housing loan amount, and tax exemptions for certain families [6][3]. - The report emphasizes the importance of monitoring the market trends post-holiday, suggesting that quality real estate companies may present investment opportunities due to their strong inventory structure and product capabilities [6][5]. Summary by Sections Policy Changes - Shanghai has implemented several policy optimizations, including: 1. Non-local residents can purchase additional properties under certain conditions, such as having a social security or tax payment history of one year for properties within the outer ring [6]. 2. Public housing loan policies have been adjusted, with the maximum loan amount increased from 1.6 million yuan to 2.4 million yuan, and additional benefits for families with multiple children [6]. 3. A temporary exemption from personal property tax for families with only one home starting January 1, 2026 [6]. Market Performance - The report notes that the number of second-hand home transactions in Shanghai has remained stable, with monthly sales exceeding 22,000 units from November 2025 to January 2026. This stability is expected to improve short-term market conditions [6]. - The report also mentions that the average daily transaction volume for new homes in 12 comparable cities decreased by 9.1% during the Spring Festival compared to the previous year, while the transaction volume for second-hand homes in major cities like Beijing, Shanghai, and Shenzhen increased by 39.1% [6]. Investment Recommendations - The report suggests that the market may have already priced in concerns regarding sales and performance, indicating that certain quality companies may have long-term investment value. Companies such as China Resources Land and Jianfa are highlighted for their strong land acquisition and product capabilities [6][5].

2026 年 2 月 25 日 行业研究 1 月核心 15 城二手房成交面积同比+14% ——光大核心城市房地产销售跟踪（2026 年 1 月） 要点 新房：1 月核心 30 城新房成交面积同比-25.1%，成交均价同比-4.8%。 1）2026 年 1 月，光大核心 30 城商品住宅(不含保障)成交金额为 1,859 亿元， 同比-28.7%，环比-33.2%；其中北上广深杭蓉成交金额 995 亿元，同比-32.7%， 环比-30.6%，余下二线 24 城成交金额 864 亿元，同比-23.4%，环比-36.0%。 2）2026 年 1 月，光大核心 30 城商品住宅(不含保障)成交面积为 765 万㎡，同 比-25.1%，环比-33.4%；其中，北上广深杭蓉成交面积 237 万㎡，同比-32.6%， 环比-30.3%，余下二线 24 城成交面积 528 万㎡，同比-21.2%，环比-34.7%。 3）2026 年 1 月，光大核心 30 城商品住宅(不含保障)成交均价为 24,285 元/㎡， 同比-4.8%，环比+0.3%；其中，北上广深杭蓉成交均价 41,975 元/㎡，同比-0.3%， 环比-0.3 ...

Summary of China Property Weekly Wrap Industry Overview - The report focuses on the **Chinese property market**, specifically analyzing sales performance during the **Chinese New Year (CNY)** holidays in 2026 compared to 2025. Key Highlights - **Sales Performance**: - Average home visitations increased by **9%** compared to the 2025 CNY weeks. - New listing supply was **11%** lower than the previous year, indicating a more contained market supply [1][4]. - **Daily Average Volume**: - During the 2026 CNY holidays (February 15th-23rd), primary markets saw a **39%** increase in daily average volume compared to the 2025 holiday period. - Secondary markets experienced a **74%** increase from the prior year [4]. - **Two-Week Performance**: - In Weeks 7 & 8 of 2026, primary market volume was **35%** above the 2025 CNY level but **51%** below the year-to-date (YTD) 2026 weekly average. - Secondary market volume was **68%** above the 2025 CNY level but **59%** below the YTD 2026 average [4]. - **New Home Sales**: - New home sales volume in Weeks 7 & 8 was **35%** above the 2025 CNY weeks and **51%** below the YTD 2026 weekly average. - New home search activities increased by **5%** week-over-week [4]. - **Secondary Transactions**: - Average secondary transactions in Weeks 7 & 8 were **68%** above the 2025 CNY weeks and **59%** below the YTD 2026 average, with price expectations improving for agents [4]. Market Trends - **Inventory Levels**: - Inventory balance remained stable with inventory months at **30.0**, slightly above the average of **29.4** in January 2026 [7][24]. - **Valuation Metrics**: - Offshore coverage trades at an average **24%** discount to end-2026 estimated net asset value (NAV) and at **0.6X** 2026 estimated price-to-book (P/B) ratio. - Onshore coverage trades at a **7%** discount to end-2026 NAV and at **0.5X** 2026 estimated P/B [7][37]. - **Sales Decline**: - Property sales in approximately **75 cities** suggest that top-100 developers' presales are likely to decline by **35%** year-over-year in February, compared to a **29%** decline in January [7]. - **Completions and New Starts**: - Completions are expected to decline by a high-single-digit percentage year-over-year in January-February 2026, with new starts also projected to decline by mid-teens percentage year-over-year [7][29]. Additional Insights - **Home Appliance Sales**: Expected to show year-over-year improvement in January based on secondary sales trends in around **20 cities** [7]. - **Market Sentiment**: The average Centaline Salesman Index (CSI) increased by **1.6 percentage points** week-over-week, indicating a more positive outlook among agents regarding property prices [19]. This summary encapsulates the key findings and trends in the Chinese property market as reported in the weekly wrap, highlighting both positive sales performance during the CNY period and ongoing challenges in the market.

编辑｜钉钉 由于围观人数达数十万人，土拍系统多次崩溃。截至发稿，竞价已超一个半小时，最新报价超200亿 元。目前，拍卖仍在继续。 记者｜郑娜 2月25日上午，广州珠江新城一块大型综合用地马场地块正式出让，起拍价高达186亿元，仅次于2009年 出让的亚运城地块。由于地块位置核心、体量大备受关注。目前参与竞买的8家企业分别为越秀、保 利、华润、招商、珠实、广州地铁、广州建筑、广州城投。 ...