Market Overview - A-shares are performing significantly better than Hong Kong stocks, with expectations for a spring rally following a pre-holiday downturn [1] - Gold prices surged, breaking $5,200 per ounce, driven by geopolitical tensions and market speculation [1] Oil and Shipping Industry - The cost of renting a Very Large Crude Carrier (VLCC) to transport Middle Eastern oil to China has skyrocketed to over $170,000 per day, tripling since the beginning of the year [2] - Korean shipping company Changjin Shipping is set to become the largest VLCC operator globally by acquiring second-hand ships and securing charter agreements [2] - Companies like COSCO Shipping Energy and COSCO Shipping Holdings are also experiencing significant price increases due to tight shipping capacity [2] Rare Earth and Metals - Prices for rare earth elements, such as neodymium and dysprosium, have increased, with neodymium oxide averaging 885,000 yuan per ton [3] - Companies in the metals sector, including Minmetals Resources and Aluminum Corporation of China, have seen stock prices rise significantly due to increased demand [3] Real Estate Sector - Shanghai has introduced favorable policies for the housing market, allowing non-local residents to purchase additional properties and increasing the maximum housing provident fund loan amount from 1.6 million to 2.4 million yuan [4] - Real estate companies like Country Garden and Beike have seen stock price increases following these announcements [4] - The demand for steel and cement is expected to rise due to the recovery in the real estate market, benefiting companies like Chongqing Steel and Ansteel [4] Cement Industry - Anhui Conch Cement announced a plan to repurchase A-shares worth between 700 million and 1.4 billion yuan, leading to a nearly 8% increase in stock price [5] - Other companies in the cement sector, such as China Resources Cement, also experienced stock price gains [5] Consumer Sector - The restaurant sector is benefiting from positive consumption data during the Spring Festival, with companies like Haidilao seeing stock price increases [5] - The U.S. has reduced tariffs on Chinese goods, which may benefit export-oriented textile manufacturers [5] Lithium Market - Zimbabwe has imposed a ban on the export of raw minerals and lithium concentrates, which is expected to drive up prices for lithium carbonate and lithium concentrates globally [7] - Key companies in the lithium sector, such as Tianqi Lithium and Ganfeng Lithium, are likely to be affected by this export ban [7] Gold Mining Sector - Zhaojin Mining Industry is expected to benefit from rising gold prices due to geopolitical tensions, with analysts predicting a significant increase in gold prices in the coming years [8] - The company reported a revenue of 12.052 billion yuan for the first three quarters of 2025, a 54.1% increase year-on-year, with a net profit of 2.117 billion yuan [9] - The company has substantial gold reserves and is developing a major underwater gold mine, which is projected to significantly contribute to future production [9]

马场地块是否会突破亚运城地块的价格，登上广州宅地成交总价TOP1？记者正在持续关注。 来源：羊城晚报 编辑：王静 2月25日，广州天河区马场地块（1期地块）以186亿元总价出让，吸引了保利、越秀、华润、广州城投、广州建筑、珠江实业、广州地铁等实力房企竞相 争夺。 从上午10点开始报价至下午3点27分，已经有157轮报价。 截止下午5点53分，广州天河区马场地块（1期地块）报价突破230亿元，不仅在楼面单价上成为广州史上最高楼面单价，在总价上，也冲上广州宅地成交 总价第二名。 截至目前，广州宅地成交总地价前5名分别是：番禺亚运城地块（255亿元）、天河马场地块（230亿，持续竞价中）、番禺长隆万博地块（197亿元）、荔 湾广船地块（188亿元）、天河南方面粉厂地块（186亿元）。 （了解详情） ...

周边有新盘最高成交单价超30万元/平方米。 2月25日，广州核心区珠江新城马场地块成功出让。 在经过超8小时、243轮的超长竞价后，由越秀地产以总价236亿摘得。这一总价仅次于广州番禺亚运城地块（255亿元），位列广州住宅用地成交总价第二 名。同时，住宅部分超8.5万元/平方米的成交楼面价，则刷新了广州纪录，超过2023年末海珠区琶洲西区地块（琶洲樾）7.57万元/平方米的价格。 | 一州交易集团有限公司 | 广州公共资源交易中心 | | | | | | --- | --- | --- | --- | --- | --- | | ▶ 天河区黄埔大道以南、马场路以东地块（马场1期地块） (T2026-030) 《೨ 资格确认中 | | | | | | | 图 出价记录 | 竞价结果 | | | | | | 0 2026.02.25 | | | | | | | 序号 | 号牌 | 天河区黄埔大道以南、马场路以东地 | | | | | 块（马场1期地块） 的网上竞价活动已经结束, | 243 | 价格 | 828 | 天河区黄埔大道 | 本次竞价最终报价为 价格：2,360,365万元，最 | | 242 | 价格 ...

证券研究报告|固收研究报告 [Table_Date] 2026 年 02 月 25 日 [Table_Title] 以史为鉴，地产债修复路径展望 [Table_Title2] 信用策略宝典之三 [Table_Summary] 2025年 11月以来，万科债券展期事件引发地产债调整，目前高评级主体已 率先止跌，地产债后续修复路径备受市场关注。我们以史为鉴，通过复盘 前两轮地产债信用利差走扩与修复的历程，总结其修复的核心驱动因素及 典型特征，并提出后续地产债投资策略。 ►万科债券展期事件引发地产债调整 2025 年 11 月以来，万科经历了首次境内债展期引发股债双杀、初版展期方 案后多轮博弈、第二版展期方案获通过及 68 亿元债券展期落地。与此同 时，万科债券价格经历了"快速大跌-小幅反弹-大幅反弹"。 受万科债券展期的影响，地产债收益率明显上行，且中低评级表现弱于高 评级、1 年以上表现普遍弱于 1 年以内品种。1 月 15 日以来万科第二版展 期方案获通过并兑付部分本金，万科债券价格明显反弹，但地产债并未迎 来全线修复，而是表现分化。2 月 14 日较 1 月 15 日，隐含评级 AAA 各期 限收益率下行 ...

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。 （文章来源：第一财经） ...

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]

广州开年土拍行情火热！2月25日，在经历了七家开发商长达9个小时240余轮的激烈"鏖战"后，被业内称作"史诗级"土拍的珠江新城马场地块终于落槌。 最终，越秀地产以超236亿元的总价摘得马场地块，折合楼面地价约85000元/平方米。 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"，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越秀、保利、华润置地等多家头部开发商参与角逐。业内人士分析指出，马场地块出 让的"盛况"充分显示了广州作为核心城市的强劲基本面对于头部开发商的吸引力，并将对接下来的楼市"小阳春"起到积极的带动作用。 "十四五"期间，广州经济总量迈上3.2万亿元新台阶，中国式现代化广州实践迈出新的坚实步伐。而在刚刚过去的春节假期，广州更是创下一系列亮眼数 据：2月21日，白云机场成为全国首个春运客流量突破500万人次的机场；白鹅潭春节烟花汇演惊艳全网，"广州过年、花城看花"精彩纷呈；春节假期，广 州接待游客超过2000万人次，其中省外游客超过1/4，同比增长14.3%；文旅消费超过200亿元，同比增长11 ...

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]