行业定期报告 hyzqdatemark 2026 年 03 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 证券研究报告 房地产 板块表现： 上海发布楼市新政，需求端政策加码 投资评级： 看好（维持） ——房地产行业周报（26/2/21-26/2/27） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期。 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：本周上证指数上升 2.0%、深证成指上升 2.8%、创业板指上升 1.0%、沪深 300 上升 1.1%、房地产（申万）上升 0.6%。个股方面，涨跌幅前五的分别为：*ST 荣 控(+14.4%)、黑牡丹(+12.7%)、京能置业(+11.9%)、万通发展(+9.9%)、西藏城投(+9.8%)， 涨跌幅后五的分别为：三湘印象(-5.7%)、上实发展(-5.3%)、海南机场(-5.1%)、珠免集 团(-4. ...

活动现场。 市民及游客详细了解房源信息。 房交会上，市民在展台前咨询。 3000余套好房集中亮相 避暑宜居成新热点 2月21日10时许，唐道·637商业广场5号门一楼大厅已是一派热闹景象，欢快的新春乐曲萦绕全场，拉开了本 次新春房交会的序幕。开幕三天来，这份热闹与火爆始终未曾降温，每日清晨展馆一开放，市民们便携家带 口涌入会场，有的仔细研究户型图，有的向置业顾问询问房源配套，有的现场预约现房看房；不少春节期间 来青旅游的外地游客，也被这热闹的氛围吸引，纷纷驻足咨询，成为房交会上的一道别样风景。 本次房交会以"惠购夏都好房 安家幸福西宁"为主题，共设置了主会场房地产项目展示区、家居展示区、信贷 办理区、政策咨询区、资产推介区五大展区，全方位满足市民"一站式"购房需求，让逛展的市民和游客不用 东奔西走，就能完成从选房、咨询政策到了解信贷、家居配套的全流程置业体验。 房交会上，市民在政策服务区咨询。 西海新闻记者 周建萍/文 邓建青/图 金马启新程，安居贺新春。2月21日，农历正月初五，"惠购夏都好房 安家幸福西宁"2026年新春住房展示交 易会在西宁市城西区唐道·637商业广场盛大启幕。 本次房交会由西宁市住房保 ...

北京进深 徐迪 2月14日，北京住建委通告，注销云帆汀澜嘉园项目《商品房预售许可证》。 通告显示，云帆汀澜嘉园项目由北京北投宏象房地产开发有限公司开发建设，该公司持2024规自（通）建字0025号规划许可证、[2024]施[通]建字0127号施 工许可证等材料申请预售许可，并于2025年1月26日取得京房售证字（2025）6号预售许可证。 因规划调整，云帆汀澜嘉园项目于2025年10月23日被撤销规划许可证，2025年11月18日被撤施工许可证。 云帆汀澜嘉园项目取得预售许可证至今无商品房认购、网签记录，现开发企业提出预售许可证注销申请，并提供规划许可证撤销、施工许可证撤证、抵押权 人同意注销的声明等材料，住建委根据《中华人民共和国行政许可法》《城市商品房预售管理办法》等相关规定决定注销京房售证字（2025）6号《商品房 预售许可证》。 云帆汀澜嘉园项目，即北投置业在通州张家湾的新盘，取得预售许可证时推广案名为"云帆汀澜"，去年年底，项目正式更名为"北投栖澐湾"。 今年通州好几个新盘都带了云字，栖澐湾保留了"云"音，又加了所在张家湾的水元素。 更重要的是，与兄弟盘晟景汀澜起码在案名上做了分割，避免同一产品系的 ...

2月11日9时，随着最后一方混凝土顺利浇筑完成，首钢地产"好房子"高品质楼盘首钢·璟悦长安项目主 体结构全面封顶，比原定计划提前17天完成任务，这标志着项目建设正式从主体施工阶段转入二次结构 及装饰装修施工阶段。 2025年，首钢地产认真贯彻落实集团"两会"精神，积极践行"一引领两融合"，坚持创新引领，不断探 索"好房子"的技术要点政策，以首钢·璟悦长安项目为主体，积极与相关部门沟通，实现开敞阳台、飘 窗赠送及首层架空空间等，成为石景山区首个"好房子"政策落地实施的项目。项目自开工建设以来，始 终坚守"助力人民美好生活"初心，匠心智造"好房子"。 从立项之初，项目就开展了多轮市场调研与客户需求问卷分析，针对京西家庭的居住需求持续优化项目 设计，让购房者清晰感知产品的"确定性"。项目团队始终以业主需求为攻坚核心，用专业匠心破解多重 难题。深知归家仪式感对业主的重要性，建筑团队日夜打磨，雕琢出南北双大堂与"车马院"迎宾落客 区，让每一次归来都充满尊崇感。面对收纳难题，聚焦业主真实生活需求，经多轮方案调整，定制出 MAX收纳系统，实现物品有序归置；为了让业主畅享便捷智慧生活，使用鸿蒙系统生态，通过智能中 控屏、语音 ...

Core Insights - The completion of the "guarantee delivery" task marks a significant relief for the real estate industry, with developers disclosing their delivery data for 2025 [1] - The focus is now shifting towards addressing new profit challenges, as highlighted by the chairman of Country Garden, who aims to restore normal operations by achieving positive cash flow and profits by 2026 [1] - Despite the completion of delivery tasks, high leverage debt risks remain unresolved for some developers, and their creditworthiness has been severely impacted by past defaults and project suspensions [1] Group 1 - Developers face a dual challenge: supply-side constraints where they cannot profit, and demand-side hesitance from buyers who are wary of past project failures [1][2] - The National Bureau of Statistics reported that real estate development investment in 2025 is projected to be 8.3 trillion yuan, indicating a continued contraction in scale [2] - The industry is moving towards a new model of "good housing" that emphasizes quality, safety, comfort, and sustainability, necessitating a shift from quantity-driven expansion to meeting diverse housing needs [2] Group 2 - The transition from merely ensuring delivery to guaranteeing quality is essential for regaining buyer trust, which can be achieved through transparency and quality assurance measures [3] - Developers are encouraged to adopt practices such as third-party quality inspections and homeowner supervision committees to enhance transparency and trust [2][3] - The emergence of high-quality housing projects has led to better sales rates and market pricing power, indicating a shift towards high-quality development in the industry [2]

[ 业内认为，房地产市场至今已历经四年的下跌，从销售规模和价格来看，当前市场已开始探底，各地 正在多措并举，通过盘活存量、城市更新、建设"好房子"等方式来稳定市场信心和预期，激活市场需 求，在筑牢安全底线的同时，推动房地产市场止跌回稳。 ] 作为关乎民生和经济发展的重要领域，房地产工作如何部署一直是地方两会的重要内容。随着各地两会 相继召开，2026年房地产领域的工作重点也逐渐明晰。 第一财经记者梳理各地政府工作报告发现，"着力稳定房地产市场""强化住房保障""好房子""加快构建 房地产发展新模式""大力推进城市更新"等提法高频出现，"稳市场、去库存、强保障、促更新"为主要 方向。在稳市场方面，河南、云南、江苏、山东、辽宁、吉林等地都提出，鼓励收购存量商品房用于保 障性住房等。 房地产行业专家对第一财经记者表示，地方两会中关于房地产市场的基调与"十五五"总体规划高度一 致，包括明确构建房地产新模式、风险防范，以及"好房子"建设等，同时各地又结合区域实际，提出差 异化的目标和举措，预计未来随着各项政策的落地见效，房地产市场有望筑底企稳，行业转型加速推 进。 稳市场成2026年首要工作 "各地在房地产和住房领域的 ...

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].

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is actively responding to the needs of the public by implementing the new national standard for residential projects, which enhances 14 key standards to improve housing quality and promote the construction of "good houses" [1][2]. Group 1: Policy Implementation - The new national standard for residential projects, effective since May last year, sets strict guidelines on aspects such as height, sound insulation, fire safety, and green energy efficiency [1]. - The Ministry has established a communication mechanism to incorporate suggestions from representatives and experts into policy-making, ensuring that the policies are grounded in public needs [2][4]. Group 2: Industry Feedback and Innovation - Representatives have expressed the need for better sound insulation and energy-efficient materials in housing, leading to the proposal of a national innovation platform for "good materials" [2][3]. - The Ministry has initiated 15 technology innovation platforms to support the development of high-quality products, materials, and equipment, as well as 35 key technology projects for sustainable urban development [2][3]. Group 3: Engagement with Representatives - In 2025, the Ministry handled a total of 679 suggestions and proposals from the National People's Congress, focusing on various aspects of housing and urban development [5]. - The Ministry has established a closed-loop mechanism for processing suggestions, ensuring timely communication and feedback with representatives, which includes 283 interactions [5].

Core Viewpoint - The article discusses the emerging trend of luxury home purchases in China's real estate market, highlighting a shift from basic housing needs to a demand for larger, more functional living spaces due to changing family structures and preferences [4][11]. Group 1: Market Trends - The real estate market in China is witnessing a significant shift from "incremental gains" to "stock competition," with a notable increase in demand for larger homes driven by families seeking improved living conditions [4][11]. - The average living space per person in China has reached 40 square meters, but there is a significant imbalance in living quality across regions, leading to a primary motivation for homebuyers to seek larger spaces [4][11]. - The "house exchange" trend is becoming dominant in major cities like Beijing and Shanghai, where older, smaller homes are being traded for larger units, indicating a long-suppressed demand for improved living conditions [4][11]. Group 2: Luxury Market Dynamics - In 2025, luxury homes in Shanghai are projected to see a surge in transactions, with total sales exceeding 100 billion yuan, capturing nearly 60% of the market share among major cities [16][17]. - The average price of luxury homes has risen to 53.3 million yuan, with a significant increase in transaction volume for properties priced over 50 million yuan, reflecting strong demand for high-end real estate [17][21]. - The luxury market is characterized by a stark divide, with high-end properties showing resilience against market downturns, while the overall real estate sector faces challenges [21][22]. Group 3: Policy Changes and Market Adaptation - Recent policy adjustments in major cities, such as the relaxation of the "7090 policy," aim to encourage the development of larger, high-quality homes to meet the evolving market demand [10][28]. - The government has recognized the importance of "good housing" in its work reports, emphasizing safety, comfort, and sustainability as key attributes for future housing projects [27][31]. - The cancellation of purchase restrictions in cities like Guangzhou marks a significant shift in policy, aimed at stimulating the housing market and addressing the pent-up demand for larger homes [29][30]. Group 4: Future Outlook - The real estate market is transitioning into a "big house era," driven by demographic changes such as the two-child and three-child policies, which are reshaping family housing needs [33][34]. - The market is expected to experience further fragmentation, with a clear distinction between luxury and standard housing, as well as a focus on quality over quantity in residential offerings [34][35].

Core Viewpoint - The recent provincial-level local two sessions emphasize the importance of stabilizing the real estate market as a key task for 2026, focusing on high-quality development and new models for the industry [1][2]. Group 1: Stabilizing the Real Estate Market - Multiple provinces have highlighted the need to "stabilize the real estate market" in their government work reports, proposing specific measures such as controlling supply, reducing inventory, and improving the supply of housing [2]. - Guangdong Province aims to implement city-specific policies to manage supply and demand, enhance the transaction convenience of existing homes, and promote the construction of affordable housing [2]. - Jiangsu Province emphasizes tailored strategies for different regions and groups to stimulate housing demand, alongside reforms in the housing provident fund system [2]. Group 2: Urban Renewal - Urban renewal is a recurring theme in government work reports, with many regions committing to "high-quality urban renewal" through specific tasks like renovating old neighborhoods and upgrading infrastructure [4][5]. - Beijing plans to address safety issues in 507 old buildings and complete renovations in over 300 old neighborhoods, while Shanghai aims to accelerate the transformation of urban villages [4][5]. - The central urban work conference has shifted the focus of urbanization from rapid growth to stable development, making urban renewal a strategic priority for enhancing urban quality [6]. Group 3: Institutional Reforms - Several provinces are set to deepen reforms in the housing provident fund system, with expectations for significant changes in policies related to loan limits and usage [7][8]. - The housing sales system is also expected to undergo gradual reforms, particularly in third and fourth-tier cities with high inventory levels [8]. - The concept of "good housing" has gained traction, with provinces integrating it into broader community development plans, indicating a systematic approach to housing quality [9][10].