TOP100 房企 2026 年 2 月销售数据点评 [Table_Industry] 房地产 ——春节月进入淡季修整，关注 3 月"小阳春"成色 | [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 | | 曾佳敏(分析师) | 021-23185689 | zengjiamin@gtht.com | S0880525040125 | 本报告导读： 目前看各城市在松绑限制性政策、城市更新、收购二手房等方面持续发力，关注 3 月"小阳春"成色。 投资要点： 注入信心》2026.03.01 房地产《期待更强政策干预，推动供需再平衡》 2026.02.26 房地产《沪"新七条"发布，小阳春可期》 2026.02.25 房地产《第 8 周成交回落、春节黄金周回升，整 体回稳不变》2026.0 ...

市场不缺购买力，只缺确定性。谁能给确定性，谁就能拿到流量。 中房报记者 许倩丨天津报道 新春佳节，津城年味浓郁，房地产市场却显得有些平淡。 大年初八下午，天津市南开区某楼盘售楼处。记者推门而入，映入眼帘的不是促销海报，而是两块醒目的展板：一张是"关于落定九年一贯制学校的公 告"，上面写着"小学确定为五马路小学教育集团，中学确定为南开学校教育集团""业主可凭相关资料办理小学及中学入学手续"；旁边一张则是关于百年 名校南开中学升学率的介绍。 这样的学区宣传，在天津新房项目中几乎已是标配。河北区某楼盘售楼处外墙，巨幅标语写着"十二年制，小外学府"；河西区多个楼盘，则被中介冠 以"河西陪读改善房"的宣传标签，低总价楼盘备受陪读妈妈们青睐。 但宣传火热，现场较为冷清。 记者走访天津市多家新房售楼处发现，尽管多个楼盘"春节不打烊"，并推出特价房源、新春置业礼包、减免物业费等活动，却难改成交乏力、观望情绪浓 厚的现实。看房者寥寥无几，冷静和谨慎仍是主流。 4.0产品、现房撑起"春节档" 位于天津市南开区的格调观麟花园，属于天拖板块，承担着城市更新改善型需求。一期将于2026年12月交付，二期将于2028年底交付。 谈到项目 ...

[Table_Report] 相关报告 期待更强政策干预，推动供需再平衡 [Table_Industry] 房地产 ——中国城市运行周期跟踪（2025.Q4） | [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 | | 白淑媛(分析师) | 021-38675923 | baishuyuan@gtht.com | S0880518010004 | 本报告导读： 2025 年 4Q 市场整体表现出成交量乏力、价格环比继续回落以及库存上涨、去化压 力持续增大特点。考虑一、二线城市出清周期均呈现持续攀升态势，且达到 2023 年以来最高水平，市场需要更长时间或更强力的政策干预来推动再平衡。 投资要点： 房地产《沪"新七条"发布，小阳春可期》2026.02.25 房地产《第 8 周成交回落、 ...

前两周（2026年2月9日-22日），昆明楼市受春节小长假影响，整体呈现量价齐跌的态势。春节假期昆明的住宅备案共计27套，同比上涨54%，是近五年最 好的一年。 据克而瑞发布的数据显示，仅1个项目供应约0.57万㎡，环比下跌28%；成交约1万㎡，环比下跌84%；成交均价约11286元/㎡，环比下跌8%。其中，新规住 宅成交量占比达3成，新旧规项目成交均价相差约2600元/㎡。 从"双榜"情况来看，邦泰四代宅项目和城市核心区大平层产品热销，上榜项目多为学区盘、新规楼盘。 信达万科·京江隐翠、华润中心、龙江金茂府三个高端改善型楼盘，也成为销售金额榜单上的主力项目，均销售约0.06亿元，成交均价分别约为16370元/㎡、 13348元/㎡、14835元/㎡，套均价约294万/套、282万/套、281万/套。 （信达万科·京江隐翠项目紧挨着金康园金瑞校区） 揽湖半山则因工程抵款房集中备案，成为商品住宅套数TOP5榜首，成交10套，成交均价仅约5000元/㎡，套均价约51万/套。 官渡国投柏悦府次之，成交6套，成交均价约10198元/㎡，套均价约92万/套；西市区的新规住宅项目龙湖天境，则以3套房的成交末位上榜，成交均 ...

记者从武汉市住房和城市更新局了解到，2025年武汉已建设"好房子"项目55个，2026年 预计还将上市100余个。结合武汉市实施"五改四好"加快推进高质量城市更新行动，2026年 将着力提升居民居住品质，推动房地产市场从规模扩张向品质提升转型，这种高品质供给的 集中释放，将成为拉动需求的关键引擎，为楼市持续回暖提供有力支撑。 记者在现场观察到，与以往观望情绪浓厚不同，今年春节的购房者决策周期明显缩 短。"从看房到下定金，往往就在两三天内。"高嘉瑶补充道，这种"短平快"的成交节奏，让 他对2026年的"小阳春"充满信心。 今年春节期间，位于汉口城市更新片区的承宁府项目同样是一派热闹场景。"近两月来 访量明显增多，返汉置业的客户比例显著提升，成交周期也缩短不少。"承宁府项目营销负 责人徐源介绍。 位于汉口历史风貌区的武汉城建楚宝里项目也受到购房人的高度关注，五六个置业顾问 在春节期间忙得团团转。"城市更新片区里的项目太受欢迎了，很多老汉口的居民就想住这 里。"销售顾问张涛指着坐满人的接待区说，从早到晚看房客户络绎不绝，有老汉口居民来 寻根的，也有新武汉人求品质的。 华润武汉天宸、金地大成乐府、招商紫荆府等多个项目 ...

Market Overview - A-shares continued their strong performance, with the Shanghai Composite Index rising over 1% during the session and closing at 4147.23 points, up 0.72% [1] - The total trading volume in the Shanghai, Shenzhen, and North markets reached approximately 2.48 trillion yuan, an increase of over 260 billion yuan compared to the previous day [1] Resource Sector - The resource sector, particularly metals, showed strong performance, with over 3700 stocks in the A-share market gaining, and more than 100 stocks hitting the daily limit [1] - Notable stocks included Shenghong Technology, which surged over 10% with a total trading volume of 17.49 billion yuan, leading the A-share market in transaction value [1] Nonferrous Metals - The nonferrous metals sector exhibited remarkable strength, with cobalt, nickel, and rare earth concepts performing well. For instance, Hanrui Cobalt surged nearly 14% [2] - Several companies, including Huaxi Nonferrous and Yunnan Zinc Industry, reached their daily limit, indicating strong investor interest [2] - Prices for tungsten products have been on the rise, with black tungsten concentrate increasing by 53.26% year-to-date, and ammonium paratungstate up by 56.72% [2] Tungsten and Rare Earths - The tungsten supply side is facing continuous contraction, with environmental regulations and rising operational costs limiting capacity release. The demand surge, particularly in new energy and photovoltaic sectors, is driving tungsten prices higher [3] - Rare earth prices have also increased, with neodymium oxide averaging 882,000 yuan per ton, up 4.16 million yuan from before the Spring Festival [3] Commercial Aerospace - The commercial aerospace sector saw significant gains, with companies like Xinghuan Technology and Okoyi rising over 16%. Aerospace Development reached its daily limit [4] - The announcement of the recovery test for the reusable Zhuque-3 rocket in the second quarter of this year has generated positive sentiment in the market [4] - Analysts predict that 2026 will be a pivotal year for commercial aerospace, with advancements in reusable rocket technology and the acceleration of satellite constellation construction [5] Real Estate Sector - The real estate sector became active following the release of new policies in Shanghai aimed at optimizing housing regulations, which included adjustments to purchase limits and public fund policies [6] - A-share real estate stocks such as I Love My Home and Hualian Holdings reached their daily limit, while others like Zhujiang Shares and Teifa Services saw increases of over 5% [7] - The Hong Kong real estate market also performed well, with stocks like Beike-W and Country Garden showing significant gains [8] - Data from the National Bureau of Statistics indicates a narrowing decline in housing prices in major cities, suggesting a stabilizing market [8]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the market in 2026 [5][8]. Core Insights - The release of Shanghai's "New Seven Measures" on February 25, 2026, is expected to effectively release pent-up reasonable demand, leading to a simultaneous recovery in both new and second-hand housing markets [3][5]. - The new policies include adjustments to purchase restrictions, optimization of housing provident fund loans, and improvements to property tax regulations, which are designed to stimulate market activity [5][6]. Summary by Sections Policy Changes - The new measures involve: - Reduction of purchase restrictions for non-local residents and single individuals, allowing them to buy multiple properties under certain conditions [5]. - Increase in the maximum loan amount for first-time homebuyers from 1.6 million CNY to 2.4 million CNY, with potential increases for families with multiple children and those purchasing green buildings [5]. - Property tax exemptions for local families under specific conditions, aimed at facilitating housing upgrades [5]. Market Outlook - The report anticipates a "small spring" in the market characterized by increased transaction volumes and stable prices, driven by targeted policy measures that address qualification, funding, and cost [5][6]. - The combination of these policies is expected to effectively release previously accumulated reasonable demand, boosting both new and second-hand housing markets [5][6]. Recommended Stocks - The report recommends several stocks for investment, including: - Development companies: Poly Developments, China Merchants Shekou, and Jin Di Group [5]. - Commercial and residential: China Resources Land and Longfor Group [5]. - Property management: Wanwu Cloud and China Overseas Property [5]. - Cultural tourism: Overseas Chinese Town A [5].

Core Viewpoint - The A-share real estate sector is experiencing a significant rebound, driven by government policies and promotional activities aimed at stimulating housing demand [1][2] Policy Support - The central government has continued to implement supportive measures for the real estate market, including tax rebates for housing exchanges and maintaining low mortgage rates [1] - Local governments are actively canceling purchase restrictions, lowering down payments, providing home purchase subsidies, and promoting trade-in programs, creating a robust support framework for market recovery [1] Market Performance - Core cities are seeing a rebound in second-hand home transactions, with new home promotions leading to increased visits and sales, indicating a reduction in market hesitation [1] - The real estate market is shifting from a downward trend to a stabilization phase, with structural recovery observed, particularly in first-tier and strong second-tier cities, while third and fourth-tier cities focus on inventory reduction [1] Real Estate Stocks - The recent rise in real estate stocks is attributed to a combination of policy expectations and valuation recovery, with industry risks gradually easing and signs of improvement in sales [1] - The undervalued real estate sector is regaining investor attention as the market shows signs of recovery [1]

2月25日，上海市住建委、房管局、财政局、税务局、公积金管理中心等五部门联合印发《关于进一步优化调整本市房地产政策的通知》，此次新政从限 购政策调减、公积金政策优化和房产税政策完善"三箭齐发"，涉及7项具体内容，简称"沪七条"。上海放松住房限购，持居住证满5年可买房 受此消息影响，A股和港股房地产板块表现强劲。 截至当天收盘，A股市场方面，我爱我家（000560）、华联控股（000036）、城投控股（600649）涨停，珠江股份（600684）、特发服务（300917）、京 投发展（600683）等上涨超过5%。华夏幸福（600340）、绿地控股（600606）、陆家嘴、金地集团（600383）跟涨。 | 皇庭国际 | 2.30 | 10.05% | 0.00% | | --- | --- | --- | --- | | 000056.SZ | | | | | 我爱我家 | 3.62 | 10.03% | 0.00% | | 000560.SZ | | | | | 城投控股 | 5.63 | 9.96% | 0.00% | | 600649.SH | | | | | 华联控股 | 6.07 | 9.96% | ...

25 February 2026 | 7:02AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 7 & 8 Wrap - Positive CNY sales performance against undemanding 2025 base Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other ...