2月9日穆迪已确认绿城中国控股有限公司（Greentown China Holdings Limited简称"绿城中 国"03900.HK）的"B1"公司家族评级（CFR）及其高级无抵押评级。 ...

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector, specifically highlighting the promotion of "good housing" construction in Fujian [2]. Core Insights - The report indicates a seasonal decline in new and second-hand housing transactions, with new housing transaction area in 20 cities decreasing by 9% week-on-week but increasing by 147% year-on-year. The total transaction area for new housing was 170 million square meters [22][21]. - The second-hand housing market showed a similar trend, with a 7% week-on-week decrease but a 174% year-on-year increase in transaction area, totaling 199 million square meters [27][24]. - The report emphasizes the importance of addressing three key issues in the real estate market: declining new housing demand, unresolved inventory, and the negative impact of land finance on the economy [6]. Industry Data - The real estate sector consists of 107 listed companies with a total market capitalization of approximately 1,270.7 billion yuan and a circulating market capitalization of about 1,217.1 billion yuan [2]. - The sector's performance in the past month shows an absolute increase of 2.3%, a 6-month increase of 7.4%, and a 12-month increase of 12.8% [3]. Policy Developments - Fujian province has introduced measures to stabilize the real estate market, focusing on promoting housing consumption and inventory reduction, including optimizing shared ownership policies and encouraging the purchase of existing homes [15][18]. - Gansu province has adjusted its housing provident fund loan policies, increasing the maximum loan amounts for single and married contributors [15][18]. Sales Performance - In the first week of February, the average daily transaction area for new housing in 20 cities was 24.3 million square meters, with a cumulative transaction area of 838 million square meters year-to-date, reflecting a 28% year-on-year decrease [22][21]. - The report notes that the average transaction area for second-hand housing in 11 cities was 28.5 million square meters, with a cumulative area of 1,067 million square meters year-to-date, indicating a 23% year-on-year increase [27][24]. Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable income assets such as leading shopping centers, and leading real estate agencies that enhance transaction efficiency [6].

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector, specifically highlighting the promotion of "good housing" construction in Fujian [2]. Core Insights - The report indicates a seasonal decline in new and second-hand housing transactions, with new housing transaction volume in 20 cities decreasing by 9% week-on-week but increasing by 147% year-on-year. Second-hand housing transactions in 11 cities also saw a week-on-week decrease of 7% but a year-on-year increase of 174% [6][21][27]. - The report emphasizes the importance of addressing three key issues in the real estate market: the decline in new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [6]. Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of 1,270.717 billion yuan and a circulating market capitalization of 1,217.136 billion yuan [2]. Sales Performance - In the sixth week, the average daily transaction area for new housing in 20 cities was 24.3 million square meters, with a total transaction area of 170 million square meters, reflecting a year-on-year increase of 147% [22][21]. - The average daily transaction area for second-hand housing in 11 cities was 28.5 million square meters, with a total transaction area of 199 million square meters, showing a year-on-year increase of 174% [27][30]. Policy News - Fujian Province has introduced measures to stabilize the real estate market, focusing on promoting housing consumption and inventory reduction, including optimizing shared ownership policies and encouraging the purchase of existing homes [15][18]. - Gansu Province has adjusted its housing provident fund loan policies, increasing the maximum loan amounts for single and married contributors [15][18]. Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, investment in leading shopping centers, and monitoring leading real estate agencies for efficiency improvements [6].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The real estate adjustment is likely nearing its end, with current price adjustments being relatively sufficient compared to global averages; 2) There are structural opportunities for "good houses" as the market enters a phase of differentiation, with a focus on high-quality residential developments; 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [4][6][48]. Market Performance - The Shanghai Composite Index fell by 1.3%, while the real estate sector (Shenwan) remained unchanged at 0.0%. Notable stock performances included Jingtou Development (+23.7%) and Rong'an Real Estate (+13.7%) [6][9]. Data Tracking New Housing Transactions - In the week of January 31 to February 6, 2026, new housing transactions in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% from the previous week but a year-on-year increase of 118.5% [15][21]. - For February up to the week of February 6, new housing transactions reached 1.27 million square meters, reflecting a 39.9% increase month-on-month and a 171.3% increase year-on-year [21]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.12 million square meters, down 3.0% from the previous week but up 212.5% year-on-year [33][37]. - For February up to the week of February 6, second-hand housing transactions reached 1.92 million square meters, marking a 71.2% increase month-on-month and a 327.8% increase year-on-year [37]. Industry News - The report notes that the central government has prohibited the sale of rural collective operating construction land for residential purposes, and 29 provinces will implement a second round of land extension trials [48]. - The first batch of commercial real estate REITs is set to raise 31.475 billion yuan, covering asset types such as shopping centers and office buildings [48]. - Shanghai has initiated the acquisition of second-hand housing for affordable rental housing projects, with specific districts as pilot areas [48][50]. Company Announcements - In January 2026, major companies reported sales figures: Yuexiu Real Estate at 4.2 billion yuan (down 36.4% year-on-year), Greentown China at 9.7 billion yuan (down 14.2%), and China Overseas Development at 14.48 billion yuan (up 20.4%) [51][52].

证券研究报告 重申全年看好港资房企，关注港资商业 运营商 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2026年2月8日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：节后楼市走向仍为板块短期走势关键。本周申万地产板块微涨0.01%，当前市场对后续板块看法及楼市走向仍存分歧。部分投 资者认为在缺乏超预期政策支持背景下，楼市企稳仍存在不确定性，但同时又担心踏空板块上涨行情。我们认为在大盘波动加大、二手 房成交淡季不淡、房企业绩压力提前释放等背景下，短期板块向下风险有限，对楼市企稳存担忧但又担心踏空的投资者，我们认为可适 度配置历史包袱较轻、拿地及产品力强的优质房企，若后续楼市逐步企稳回升，优质房企资金及拿地能力强亦有望率先受益，若楼市持 续底部震荡，相关企业亦具备基本面支撑。 重申全年看好港资房企，关注港资商业运营商。本周新鸿基地产、恒基地产、信和置业上涨1.11%、2.76%、2.8%。重申全年看好港资房 企，我们在1月发布专题报告《香港商业地产逐步触底，标杆商业开发运营商梳理》，我们认为中国香港商业地产现触底信号，核心区写 字楼租金、空置率边际改善，零售物业租金降幅收窄， ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

其中，R2二类居住用地为DX00-0202-0188地块，用地面积2.14公顷，建筑面积3.85万平方米，容积率 1.8，建筑限高36米。 地块位于五环至六环之间，距离地铁4号线清源路站1.2公里左右，周边有新辰天地、天键广场、仁和医 院、大兴区人民医院、清源公园等生活配套。 根据公示，此次实施方案规划范围位于大兴新城东组团0202街区，东至陈庄子西巷道路西红线，西至兴 旺大街道路东红线，南至富华路道路北红线，北至陈庄子路道路南红线。用地面积约4.33公顷，地上建 筑规模约3.85万平方米。规划用地性质包括二类城镇住宅用地、社会停车场用地、公园绿地等。 大兴新城东组团已有大兴·星光城、绿城晓月和风、金地旭辉江山风华等项目，成交均价约为5.2万元/ ㎡。 2月5日，北京大兴规自分局公示《大兴区黄村镇三合庄改造土地一级开发项目DX00-0202-0188等地块 规划综合实施方案》。 此前，大兴新城东组团已有大兴·星光城、绿城晓月和风、金地旭辉江山风华等项目，成交均价约为5.2 万元/㎡。 ...

2026年1月，绿城集团取得合同销售面积约22万平方米，合同销售金额约人民币63亿元；其中归属于绿 城集团的权益金额约为人民币42亿元。 央广网北京2月6日消息（记者门庭婷）2月5日，绿城中国发布截至2026年1月31日止一个月未经审核营 运数据。 2026年1月，绿城集团自投项目取得销售1179套，销售面积约18万平方米，当月销售金额约为人民币61 亿元，销售均价约为每平方米人民币34345元。 于2026年1月31日，另有累计已签认购协议未转销售合同的金额约人民币28亿元，其中归属于绿城集团 的权益金额约为人民币18亿元。 2026年1月，绿城集团代建项目取得销售面积约25万平方米，销售金额约人民币34亿元。 综上，截至2026年1月31日止一个月，绿城集团累计取得总合同销售面积约47万平方米，总合同销售金 额约人民币97亿元。 ...

2026年1月，绿城集团取得合同销售面积约22万平方米，合同销售金额约人民币63亿元；其中归属于绿 城集团的权益金额约为人民币42亿元。 综上，截至2026年1月31日止一个月，绿城集团累计取得总合同销售面积约47万平方米，总合同销售金 额约人民币97亿元。 2月5日，绿城中国发布公告称，公司董事会公布公司与其附属公司连同其合营企业及联营公司（绿城集 团）截至2026年1月31日止一个月若干未经审核营运数据如下： 2026年1月，绿城集团代建项目取得销售面积约25万平方米，销售金额约人民币34亿元。 2026年1月，绿城集团自投项目取得销售1,179套，销售面积约18万平方米，当月销售金额约为人民币61 亿元，销售均价约为每平方米人民币34,345元。 于2026年1月31日，另有累计已签认购协议未转销售合同的金额约人民币28亿元，其中归属于绿城集团 的权益金额约为人民币18亿元。 ...