据统计，随着安徽省住房和房地产快速发展，全省城镇人均住房建筑面积已达 42.4 平方米，住房发展 已从"有没有"转向"好不好"。何为"好房子"？何以文表示，"好房子"不等同于"大房子""贵房子"，而是 要通过好标准、好设计、好材料、好施工、好服务提升品质，且不同地区、面积、价位都应有对应。 "这类住房需具备四个核心特征：一是安全，房屋主体结构、设施设备等坚固牢靠；二是舒适，优化空 间尺度与采光通风，满足健康宜居需求；三是绿色，提升全生命周期环保性能，实现节水节电节气节 能；四是智慧，融合物联网、大数据等新技术，提供高效个性化服务。" 何以文说道。 （来源：市场星报） 星报讯 2月3日，安徽省人民政府新闻办公室召开新闻发布会，介绍全省"好房子"建设情况、核心内涵 及下一步工作部署。安徽省住房城乡建设厅党组成员、副厅长何以文在发布会上表示，将通过多举措推 动我省住房品质全面提升，更好满足居民刚性和多样化改善性住房需求。 据了解，在"好房子"建设路径上，安徽省将编制相关技术导则，开展建设试点，依托中国建造（安徽） 互联网平台推进智能建造与建筑工业化协同发展，引导房企打造高性价比产品。 同时，把"老房子"改造成"好房 ...

Core Insights - The Shenzhen real estate market demonstrated resilience in 2025, with total residential transactions exceeding 94,000 units, indicating signs of self-recovery [1] - The second-hand housing market showed a slight year-on-year increase of 3%, while the new housing market experienced structural differentiation, with a focus on existing homes and quality properties [1] - A survey conducted by LeYouJia Research Center revealed that 53% of respondents expect transaction volumes to rise in 2026, reflecting growing confidence in the market [1] Transaction Volume Expectations - 53% of survey participants believe transaction volumes will increase, with 18% expecting a significant rise and 35% anticipating a slight increase; 31% expect stability, while 16% foresee a decline [1] - The second-hand housing market recorded over 5,000 transactions for ten consecutive months in 2025, indicating stable trading activity [6] Price Expectations - 43% of respondents expect prices to stabilize, with 15% anticipating a slight increase and 28% expecting steady prices; 30% predict price increases, while 27% foresee declines [3] - The average transaction price for new homes in 2025 was 53,100 yuan per square meter, down 1.7% year-on-year, while second-hand homes averaged 59,000 yuan per square meter, down 6% year-on-year, with a narrowing decline [6] Market Trends - The preference for existing homes has increased due to their ability to mitigate delivery risks, making them a choice for risk-averse buyers [7] - Buyers are now prioritizing higher living standards, focusing on practical layouts, community amenities, and quality property management [8] - The market is witnessing a quicker release of demand, with first-time buyers entering the market early due to fears of rising prices, while upgrade buyers target quality assets in core areas [7] Buyer Sentiment and Expectations - The survey reflects a shift in buyer mindset from basic housing needs to a pursuit of quality living [8] - Buyers are looking for properties that ensure asset safety, practical and comfortable layouts, comprehensive living amenities, and reputable developers [8] - Key expectations from buyers include clearer signals for market stabilization, cost reductions for first-time and upgrade buyers, and enhanced delivery guarantees [9] Future Outlook - The Shenzhen real estate market is expected to move towards a more stable phase, aligning with the public's desire for secure and comfortable housing [10]

三代同堂家庭如何实现差异化的居住需求？老旧房屋如何通过设计更新提升现代居住体验？怎样的设计 能助力老年人安心"原居养老"？在近日举办的全国"好房子"设计大赛成果发布会上，一系列创新方案给 出了回答。 记者在设计大赛一等奖作品"新三代同堂之家"中看到，针对约140平方米的住宅，设计者提出了全新 的"生活圈"理念，打破了传统房间布局，规划了通透有趣的小孩空间、安全适老休闲的老年人空间等。 同时，明厨明卫、南北通透的公共区域串联整体，可分可合可融的玄关设计有机连接小家庭与大家庭， 创造了既独立又紧密联系的家庭互动模式。 "设计打破了以往每个房间只是一张床、一间房的概念，提出一个'生活圈'的概念，重新定义'新三代同 堂之家'。"中机国际工程设计研究院有限责任公司副总建筑师万飞说，通过深度洞察三代人在隐私、情 感、生活习惯等方面的不同诉求，传统住宅中不同代际成员动线交错、采光通风不足、功能适配性弱等 痛点得到有效解决。 立足人民群众多样化居住需要，由住房城乡建设部主办的全国"好房子"设计大赛，以"为人民而设计 ——更好的房子、更美的生活"为主题，设置了新建住房和既有住房更新改造2个方向的赛题，获奖作品 正在北京首钢国际 ...

Core Viewpoint - The concept of "good housing" has become central to the real estate market, driven by a series of government policies aimed at enhancing housing quality and urban living standards [1][4]. Group 1: Policy and Implementation - The "good housing" initiative has been integrated into various policies, including the new national standards and local measures in Fujian Province, which aim to optimize construction project management [1][2]. - New City Holdings has actively responded to these policies by incorporating the "good housing" principles into the design of the Pingtan Wuyue Pavilion North Phase II project, marking it as the first project in Pingtan to implement these standards [1][4]. Group 2: Project Features and Innovations - The project emphasizes five guiding principles: safety, comfort, green living, intelligence, and adaptability, integrating these into all phases of planning, design, and construction [2]. - Key highlights of the project include spatial revolution, layout reconstruction, interface renewal, and scene activation, which collectively enhance living quality and product capability [2]. - The design features include optimized ceiling heights and balcony dimensions to improve indoor space and ventilation, as well as enhanced safety and usability of balconies through design modifications [2][3]. Group 3: Community and Public Space - The project focuses on local adaptation, addressing Pingtan's specific climate challenges by creating practical public spaces and a community corridor system for wind and rain protection [3]. - The ground-level space is transformed into a multifunctional community area, promoting social interaction and aligning with local lifestyles [3]. Group 4: Market Impact and Future Directions - The proactive design adjustments of the Pingtan Wuyue Pavilion North Phase II project set a benchmark for future "good housing" developments in the region, demonstrating how policy requirements can translate into quality enhancements [4]. - New City Holdings plans to continue improving construction quality and community engagement, aiming to create a high-quality living environment throughout the project's lifecycle [4][6].

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 02 月 01 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 国务院支持旅居项目建设，关注地产板块配置价值 投资评级： 看好（维持） ——房地产行业周报（26/1/24-26/1/30） | | | 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.4%、深证成指下跌 1.6%、创业板指下跌 0.1%、沪深 300 上 升 0.1%、房地产（申万）下跌 2.2%。个股方面，涨跌幅前五的分别为：大悦城(+17.1%)、 京能置业(+12.5%)、新城控股(+11.4%)、京投发展(+7.7%)、招商蛇口(+7.1%)，涨跌幅后五 的分别为：华联控股(-14.9%)、西藏城投(-13.6%)、城建发展(-12.9%)、华夏幸福(-11.9%)、 万通发展(-11.5%)。 联系人 板块表现： ...

Core Insights - In January 2026, the total sales of the top 100 real estate companies in China reached 190.52 billion yuan, reflecting a year-on-year decline of 18.9%, consistent with the decline observed throughout 2025 [1][2] Group 1: Sales Performance - The sales performance of the top 100 real estate companies in January 2026 indicates a total sales amount of 190.52 billion yuan, with a year-on-year decrease of 18.9%, maintaining stability compared to the previous year's overall decline [1] - The equity sales amount for the top 100 companies was 132.14 billion yuan, with an equity sales area of 6.548 million square meters [1] Group 2: Company Dynamics - The number of companies with sales exceeding 10 billion yuan decreased by 2 to 3, while the number of companies with sales exceeding 5 billion yuan increased by 2 to 10 [2] - The average sales for the top 10 companies was 9.33 billion yuan, while the average for companies ranked 11-30 was 2.6 billion yuan, and for those ranked 31-50 was 1.03 billion yuan [2] Group 3: Industry Trends - The real estate industry is undergoing adjustments, with a shift from "scale competition" to "quality competition," which is expected to concentrate resources on outstanding companies and enhance the industry's resilience [2] - Various cities, including Beijing, Chongqing, Shanghai, and Suzhou, have released "14th Five-Year" planning suggestions focusing on new development models, increasing affordable housing supply, and improving safety management systems for housing [2]

Core Viewpoint - The year 2025 marks a transition in the real estate market towards high-quality development after a deep adjustment, driven by the concept of "good housing" becoming a core driver for industry transformation and upgrade [1][10]. Policy Direction - The concept of "good housing" was first included in the Government Work Report in March 2025, emphasizing the need for safe, comfortable, green, and smart housing to meet the high-quality living needs of the public [3]. - The implementation of the national standard "Residential Project Specification" starting May 1, 2025, sets new requirements for residential projects, including increased ceiling heights and improved sound insulation standards [3]. - Beijing's housing development plan for 2025 aims to establish "good housing" as a foundation for building quality communities and neighborhoods [4]. Product Iteration - The market has seen a surge of new projects embodying the "good housing" concept, with significant advancements in product design, construction techniques, and community amenities [5]. - New projects are adopting higher ceiling heights of 3.0 to 3.15 meters, enhancing spatial experience and light quality [5]. - Community amenities have become more sophisticated, with features like swimming pools, gyms, and children's play areas becoming standard in improvement projects [5]. Functional and Ecological Design - The trend of dual or triple balcony designs in new projects emphasizes both functionality and ecological value, allowing for plant cultivation and enhancing living quality [6]. - Smart home systems have transitioned from optional to standard configurations, integrating security, environmental monitoring, and energy management [6]. - Transparency in project delivery has increased, with many projects showcasing real-life demonstration areas and construction techniques during the sales phase [6]. Corporate Exploration - Leading real estate companies are translating the abstract concept of "good housing" into tangible projects through systematic innovation across various dimensions [7]. - Projects like Longfor's "Guan Cui" have set benchmarks with innovative designs, including unique balcony features and seamless public space connectivity [7]. - China Overseas Land's "Li Jin Fu" project focuses on high-quality living solutions based on extensive resident surveys, integrating smart safety systems and air quality management [8][9]. Industry Trends - The construction of "good housing" has evolved beyond mere product competition to become a comprehensive capability contest among real estate companies [9]. - The "4×4 good product concept" introduced by Yuexiu Real Estate emphasizes quality, warmth, intelligence, and growth, reflecting a dynamic approach to product standards [9]. - The overall market in Beijing is gradually finding a new direction, with the "good housing" concept influencing all aspects of land supply, planning, design, and community services [10].

Group 1 - The government work report emphasizes the orderly promotion of "good housing" construction, defined by the principle of building homes as if for oneself [1] - Tianjin TEDA Construction Group, led by Chairman Hua Zhizhong, embodies this philosophy in its brand DNA, focusing on meticulous design and quality in every project [1] - Examples of innovative designs include the "Gediao Space" with its elevated first floor design and "Gediao Qiyuan" with waterproofing technology that is seven years ahead of industry standards [1] Group 2 - Tianjin TEDA Construction Group has actively participated in over ten urban renewal projects in Tianjin, with the Qianyu Garden project being its first [2] - The group has transformed a previously barren area by creating new municipal roads, a 100,000 square meter ecological park, and a 40,000 square meter modern industrial park, while also introducing quality educational resources [2] - The company aims to continue its commitment to integrity, quality, and innovation in urban development, focusing on the needs of citizens and building "good housing" through 2026 [2]

公司发布Living OS系统，将安全、舒适、绿色与智慧理念系统化嵌入设计、建造与运维全周期，并通 过示范项目实现落地验证。随着改善型需求占比提升，具备完整产品体系与科技导入能力的房企有望在 新一轮格局重塑中形成差异化优势，公司产品力有望持续转化为销售韧性与定价能力。 商业运营构成第二增长曲线，REITs打通资本循环提升价值弹性 智通财经APP获悉，国泰海通证券发布研报称，维持中国海外发展(00688)"增持"评级。作为行业龙头， 在新货业绩逐步释放、好房子产品力引领及商业REITs打通资本循环的共同推动下，公司价值有望迎来 系统性重估。给予公司2025-2027年EPS为1.18/1.19/1.32元，参考可比公司，充分考虑公司资产质量、业 务发展空间、战略规划等，给予公司2026年PB 0.5X，目标价20.3港元。 国泰海通证券主要观点如下： 新旧项目切换推进，优质新增投资有望驱动业绩修复 随着公司历史库存项目逐步去化、结转压力释放，住宅开发业务正进入新旧项目切换阶段。2025年以来 公司逆周期加大投资力度，新增项目高度集中于一线及强二线城市核心优质地块，项目质量显著提升。 在此背景下，新项目利润贡献有 ...

资料来源：聚源，华源证券研究所，截至2026年01月27日 华源晨会精粹 20260127 金融工程 资金流向混债二级基金，周期和大金融占比提升——主动型公募基金 2025 年四季报分析：2025 年四季度公募基金总规模变动不大，但不同类别的基金 规模发生明显切换：投资者因追求稳健收益，资金从高波动的主动权益基金（较上 季度规模缩减 1823 亿元）和低风险的纯债基金（较上季度规模缩减 868 亿元）流出， 向中低风险的含权债基（较上季度规模增加 2398 亿元）迁移，与此同时，含权债基 的新发热度升高，发行数量创下 2020 年以来单季度新高。主动权益基金：对港股的 配置热情明显下降，显著增配周期板块。行业维度上，电子、通信、电新为重仓前 三，有色金属、基础化工和非银主动加仓最多。股债混合型基金：同样呈现出减仓 港股、加仓创业板的特征，2025 年四季度重仓股中占比最高的三个行业分别为电子、 有色和通信，主动加仓最多的行业为电子、通信和非银。含权债基：是承接资金向 中低风险迁移的重要方向，权益配置上向周期和大金融倾斜，对医药板块的减仓幅 度较大；债券方面，持续降低可转债仓位，转向利率债和信用债。纯债基金：是 ...