Investment Rating - The report rates the real estate sector as "Overweight" [4] Core Insights - The industry is expected to stabilize as supply decreases and quality improves, with new and old drivers working together to push the market towards a bottoming out [2] - Key cities are anticipated to find a balance in sales by 2026, although long-tail cities will continue to drag down overall performance, albeit at a reduced rate [2] Summary by Sections 2025 Industry Review - The industry faced a significant downturn in sales and investment, with actual sales area data falling below previous lower predictions due to overly optimistic expectations for third and fourth-tier cities [8] - The decline in new construction and investment was more pronounced than expected, with new construction area growth at -20.4% and completion area growth at -18.1% [10][24] 2026 Industry Outlook - The focus will be on high-quality development, with key cities expected to stabilize sales. The central economic work conference emphasized stabilizing the real estate market and encouraging the acquisition of existing properties for affordable housing [7][9] - Investment growth is projected to be slow, with construction area growth expected between -5.8% and -10.2%, and corresponding investment growth between -4.0% and -12.5% [10][11] - The report predicts that the sales amount for 2026 could vary under optimistic, neutral, and pessimistic scenarios, with forecasts of 2.6%, -4.9%, and -11.4% respectively [10] Policy Focus - The main pressures on the industry will stem from investment growth challenges, with expectations for interest rate cuts and asset recovery policies to support the sector [10][11] - The report highlights the importance of monitoring the implementation of policies related to interest rate reductions, asset recovery, and urban renewal [10][11] Sales and Investment Predictions - The report provides a detailed forecast for 2026, indicating that the total sales area is expected to stabilize between 7-8 billion square meters, driven by improving demand and urban renewal initiatives [44][50] - The sales amount and land acquisition trends are expected to reflect a continued focus on quality and strategic development in key urban areas [50][55]

Core Viewpoint - The first batch of commercial real estate REITs has been submitted to the China Securities Regulatory Commission (CSRC), marking a significant step in expanding the public REITs scope to include commercial real estate, which is crucial for revitalizing existing commercial assets and supporting a new model of real estate development [1] Group 1 - The first batch of commercial real estate REITs includes three funds: Huaan Jinjiang Closed-end Commercial Real Estate Securities Investment Fund, Huitianfu Shanghai Real Estate Closed-end Commercial Real Estate Securities Investment Fund, and CICC Vipshop Closed-end Commercial Real Estate Securities Investment Fund [1] - The approval status for these funds is currently "materials received" [1] - Expanding the scope of public REITs to include commercial real estate is an important part of enhancing the capital market's service to the real economy [1] Group 2 - The initiative aims to activate existing commercial assets and support the construction of a new model for real estate development [1]

转自：每日甘肃网-甘肃日报 全省住房城乡建设工作会议在兰州召开 每日甘肃网兰州1月22日讯（新甘肃·甘肃日报记者杜雪琴）全省住房城乡建设工作会议今天上午在兰州 召开。省委常委、副省长雷思维出席会议并讲话。 记者杜雪琴 会议指出，"十四五"以来，全省住建系统紧紧围绕省委、省政府中心工作，着力补短板、强弱项、提品 质、优功能，城乡基础设施不断完善，人居环境持续改善，行业管理稳步提质，"十四五"目标如期实 现，全省住建事业实现跨越式发展。今年，全省住建系统要围绕中央城市工作会议部署，按照省委省政 府具体安排，大力实施城市更新行动，积极探索房地产发展新模式，加快构建现代化建筑产业体系，奋 力实现"十五五"良好开局。 责任编辑：杨晨雨 会议强调，要锚定"十五五"发展，聚焦现代化人民城市建设、房地产高质量发展、建筑业转型升级集中 发力，抢抓国家战略部署和政策机遇，强化规划引领、项目支撑、机制保障，切实把政策机遇转化为发 展实效。要扛牢扛实稳增长责任，发挥建筑业、房地产业支柱作用，助力全省经济高质量发展。要深入 实施城市更新行动，科学编制更新规划，完善政策支撑体系，加快项目落地实施，推动城市高质量发 展。要维护社会大局稳定 ...

58安居客研究院院长张波对《证券日报》记者表示，总体来看，各地紧扣民生保障与市场实际，既通过 优化交易流程、盘活闲置资源来稳定市场预期，又以城市更新为切入点，推动房地产行业从增量扩张向 存量提质转型，同时筑牢风险防控底线，促使房地产市场实现止跌回稳。 关注市场与民生 2025年末召开的中央经济工作会议要求，着力稳定房地产市场。多地也将"着力稳定房地产市场"列为 2026年重点工作。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 张芗逸 近期，地方两会陆续召开，聚焦2026年重点工作安排。在房地产领域，多地明确表示将着力稳定房地产 市场、推进城市更新，从稳市场和优存量两方面发力。 对居民的住房保障也是多个省份关注的重点。例如，浙江省提出，积极探索房地产发展新模式，优化保 障性住房供给，全年交付保障性租赁住房15万套（间）。 因地制宜推动高质量发展 此外，在建设现代化人民城市的背景下，高质量推进城市更新也被多地列为2026年的重点工作。 北京市提出，大力推动城市更新，推进城市更新条例实施，加强建筑规模指标和财政金融政策保障，推 动职住商服融合的组团式更新。抓好507栋危旧简易 ...

近期，地方两会陆续召开，聚焦2026年重点工作安排。在房地产领域，多地明确表示将着力稳定房地产 市场、推进城市更新，从稳市场和优存量两方面发力。 例如，河南省提到，着力稳定房地产市场，收购存量商品房用于保障性住房、安置房、宿舍、人才房 等，加快构建房地产发展新模式。 58安居客研究院院长张波对《证券日报》记者表示，总体来看，各地紧扣民生保障与市场实际，既通过 优化交易流程、盘活闲置资源来稳定市场预期，又以城市更新为切入点，推动房地产行业从增量扩张向 存量提质转型，同时筑牢风险防控底线，促使房地产市场实现止跌回稳。 关注市场与民生 值得注意的是，还有地区明确提出要稳定房地产投资。天津市提出，稳定房地产投资，用好"白名单"制 度和增量政策，有序推动"好房子"建设。 2025年末召开的中央经济工作会议要求，着力稳定房地产市场。多地也将"着力稳定房地产市场"列为 2026年重点工作。 浙江省提出，把城市更新行动和消除安全隐患、房地产高质量发展更好统筹起来，扎实推进好房子建 设，提升城市基础设施建设和治理现代化水平。 对于各地在房地产领域的政策方向，张波建议，结合地方两会部署与市场环境，在大方向一致的基础 上，2026 ...

优化住房保障服务。构建房地产发展新模式,因城施策控增量、去库存、优供给,推进"好房子"建设,落实 住房"以旧换新"政策,开展物业服务质量提升行动,稳定房地产市场。深化棚改回迁安置攻坚,城中村、棚 户区改造安置房交付18万套以上。 记者王皇 省政府工作报告提出,构建房地产发展新模式,因城施策控增量、去库存、优供给,推进"好房子"建设,落实 住房"以旧换新"政策。 在构建房地产发展新模式方面,2025年山东出台实施意见,明确了21条改革举措,并开展了存量房大摸底,动 态监测已供土地和在建在售项目。同时,持续调整优化房地产政策,出台了促进住房领域消费等文件,各市 因地制宜完善了购房补贴等措施,住房消费潜力得到有效激发。 2026年,山东仍将充分发挥各市调控自主权,因地制宜调整优化房地产政策,精准组织房交会、群(团)购等 促销活动。 "好房子"不只在城市,在村里,也可以住好房。 2026年山东还将加快现代宜居农房建设,开展"百院千师"下乡服务,打造200个"鲁派民居"新范式村庄。更 好满足市民房屋改善置换需求,2025年12月山东省住房和城乡建设厅、省发展改革委、省财政厅、省自 然资源厅、省税务局等10部门联合印发了 ...

齐鲁晚报·齐鲁壹点记者 王皇 山东省政府工作报告提出，构建房地产发展新模式，因城施策控增量、去库存、优供给，推进"好房 子"建设，落实住房"以旧换新"政策。 在构建房地产发展新模式方面，2025年山东出台实施意见，明确了21条改革举措，并开展了存量房大摸 底，动态监测已供土地和在建在售项目。同时，持续调整优化房地产政策，出台了促进住房领域消费等 文件，各市因地制宜完善了购房补贴等措施，住房消费潜力得到有效激发。2026年，山东仍将充分发挥 各市调控自主权，因地制宜调整优化房地产政策，精准组织房交会、群（团）购等促销活动。 在推进"好房子"建设上，近年来山东积极推进高品质住宅建设走在全国前列。2025年发布了住宅设计、 高品质住宅建设等标准，同时出台了"好房子"支持措施和标准指引，筛选出第三批102个省级高品质住 宅试点项目。在新建商品房供应中，高品质住宅项目越来越多。同时实施房屋品质提升工程，制定出台 行动方案，全链条提升住房标准、设计、材料、建造、运维水平，加强城市更新、城中村改造等项目建 设与房地产有机衔接，支持各县（市、区）打造至少1个"好房子"样板项目，新建保障性住房也将按 照"好房子"标准建设。20 ...

[Table_Page] 深度分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 12 月投资端降幅扩大，2026 年有望开门红 [Table_Summary] 核心观点： [Table_Grade] 行业评级 持有 前次评级 持有 报告日期 2026-01-27 识别风险，发现价值 请务必阅读末页的免责声明 1 / 25 972918116公共联系人2026-01-27 16:41:57 ⚫ 12 月地产/基建投资降幅环比扩大，2026 年有望开门红。12 月固定资 产投资当月同比-15.1%，前值-12.0%；其中制造业/地产/狭义基建/广 义基建投资单月同比分别为-10.5%/-35.8%/-12.2%/-15.9%，增速环比 分别-6.1/-5.5/-2.5/-4.0pct，可能和"推动投资止跌回稳"政策方向既定 的情况下，地方政府会更倾向于把投资节奏集中于 2026 年初有关。 2025 年 1-12 月房地产开发投资/新开工面积/销售面积/竣工面积分别同 比-17.2%/-20.4%/-8.7%/-18.1%，12 月地产相关指标继续低位徘徊， 2026 开年之后二手房成交回暖 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

新华社电 2026年，就业、住房、医疗、养老等民生领域将迎来哪些新变化？近期，各部委密集召开工 作会议，进行相关部署安排。"新华视点"记者从中梳理了与你我日常生活密切相关的民生举措。 就业：加强灵活就业、新就业形态人员权益保障 住房：推进现房销售制，规范预售资金监管 2026年房地产市场走向备受关注，着力稳定房地产市场将有哪些重点？ 住房城乡建设部部长倪虹表示，将因城施策控增量、去库存、优供给，结合城市更新、城中村改造盘活 利用存量用地，推动收购存量商品房用作保障性住房、安置房、宿舍、人才房等。 倪虹表示，将加快构建房地产发展新模式，在商品房销售上，推进现房销售制，实现"所见即所得"，从 根本上防范交付风险。继续实行预售的，规范预售资金监管，切实维护购房人合法权益。 同时，将深化住房公积金制度改革。实施物业服务质量提升行动，探索社区党组织领导下的居委会、业 委会、物业服务企业协调运行新模式，探索"物业服务+生活服务"模式，推动"物业服务进家庭"。 生育：力争今年实现生娃基本不花钱 此前召开的全国医疗保障工作会议明确，将根据医保基金可承受能力，合理提升产前检查医疗费用保障 水平，力争2026年全国基本实现政策范 ...