经济观察报 记者 田国宝 过去三年，房地产在需求收缩、融资收紧和风险出清的多重压力下经历了深度调整。 国家统计局数据显示，2025年，全国新建商品房销售面积同比下降8.7%，房地产开发投资降至8.28万亿元，行业规模收缩，但销售、投资和新开工的同比降 幅均较2024年明显收窄，一线城市和部分强二线城市仍保持一定的成交活跃度。 2026年是"十五五"规划的开局之年。2025年底召开的中央经济工作会议对2026年重点工作进行部署，其中对房地产的表述为"着力稳定房地产市场"，与2025 年的"持续用力推动房地产市场止跌回稳"相比，2026年释放出稳定预期的明确信号。 在"稳中求进"的总基调下，房地产不再承担短期刺激经济的角色，而是被纳入中长期结构转型的框架之中。 政策红利 2025年，围绕房地产市场止跌回稳的目标，各类政策持续发力，但政策取向并未转向全面宽松，而是通过结构性工具稳定预期、控制风险。 调控方面，供给端着力消化存量、压缩低效增量；需求端通过金融工具降低购房成本，地方政府在因城施策框架下承担更大调控责任。 在货币政策方面，2025年5月，五年期以上LPR从3.6%下降至3.5%，首套房商业贷款利率可低至3 ...

2026年02月08日 《房地产行业 2026 年投资策略： 潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 申万宏源研究微信服务号 1. 行业数据 1.1 新房成交量 1.1.1 成交周环比：上周 34 城周成交环比下降 6.9%，一二线环比下降 商业不动产 REITs 密集申报， 二手住房用于保租房 — 地产及物管行业周报（2026/1/31-2026/2/6） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 地产行业数据：新房、二手房成交环比均回落，新房成交推盘比回升。上周(1.31- 0 2.6)34 个重点城市新房合计成 ...

（编辑 王雪儿） 证券日报网讯 1月28日，歌华有线在互动平台回答投资者提问时表示，共建共享的网络资源主要为光 纤、杆路、管道等通信基础设施，以及IDC、广电特色传输网等资源；租赁收入来源包括电信运营商、 政府部门、互联网及金融机构等政企客户，通过盘活存量资产实现收入增长并推动营业利润同比上升。 ...

Core Viewpoint - The recent pilot regulations for commercial real estate REITs in China are becoming a hot topic as the real estate market shifts from incremental expansion to stock optimization, indicating a transition towards high-quality development [1][2]. Group 1: Market Dynamics - The Chinese real estate market is undergoing structural adjustments, moving from rapid growth to a focus on high-quality development, with "activation" and "breakthrough" being key paths for industry development [1]. - The activation of existing assets is a complex process involving multiple stakeholders and objectives, requiring reform courage and innovative wisdom to establish a new framework guided by the government, led by enterprises, and operated by the market [1][2]. Group 2: Principles for Asset Activation - Four main principles for activating existing assets are outlined: 1. Market-oriented and rule of law principles to ensure fair asset circulation and prohibit new hidden debts [2]. 2. Professionalization as a core support, relying on specialized institutions for precise asset identification and efficient operation [2]. 3. Integration of industry and finance as a key path, utilizing tools like REITs and asset securitization to convert existing assets into financial capital [2]. 4. Incremental growth driving stock value, introducing new technologies and business models to enhance asset value [2]. Group 3: REITs Market Overview - The China Securities Regulatory Commission (CSRC) officially launched the commercial real estate REITs pilot program on December 31, 2025, marking a new phase for the REITs market in China, which will now develop alongside infrastructure REITs [2][3]. - Compared to infrastructure REITs, commercial real estate REITs have differences in asset scope, regulatory review, and fund usage, with a focus on commercial complexes, retail, office buildings, and hotels [3]. Group 4: Future Market Size - The REITs market in China is expected to grow significantly, with estimates suggesting it could reach a scale of 2 trillion yuan in the long term, depending on market development [4]. - As of January 25, 2026, there are 79 listed REITs in China with a total market value of 228 billion yuan, indicating a rapid increase in market size over the past two years [3][4]. Group 5: Development Recommendations - Suggestions for the development of the REITs market include optimizing existing product structures, improving management frameworks, and enhancing the efficiency of fundraising processes [4][5]. - There is a call for the establishment of a delisting system for REITs to ensure a dynamic market with both entry and exit mechanisms [5].

"老航站楼就像一位老朋友，每次出差回来看到它，就觉得踏实。"经常往返齐齐哈尔与外地的商务旅客 王先生感慨道，"虽然要和它告别了，但想到它还能以其他形式继续存在，心里就少了些遗憾。"对于机 场"元老级"工作人员杨继伟而言，这里更是他耗尽一生心血的家园。"我从1988年机场开航那天就守在 这里了，36年，见证了它从最初的模样到三次改造升级，看着它接送了一代又一代旅客。我的青春、热 血全倾注在了这方天地，它的每一处纹路、每一个角落都刻着我的记忆，早已成为我生命里不可分割的 一部分。"话语间，杨师傅的目光掠过航站楼的天花板，满是眷恋与不舍。 告别是为了更好地相逢，落幕是为了全新的启程。据机场相关负责人介绍，老航站楼结束旅客服务后， 将启动改造工程。改造过程中，将在保留建筑核心肌理与城市记忆的基础上，优化空间布局、完善配套 设施，实现从交通枢纽到办公场所的功能转型。这一转型不仅是对存量资产的高效盘活，更让老航站楼 的生命得以延续，未来它将继续融入城市发展脉络，在政务办公或企业运营等领域发挥新的价值。 2026年1月22日，当新航站楼开启鹤城航空服务新篇章，老航站楼也将完成它的旅客服务使命。从接送 万千旅客到承载办公职能 ...

Core Insights - During the "14th Five-Year Plan" period, the Beijing Property Exchange has completed 58,972 projects in four categories, with a total transaction amount of 2.198 trillion yuan and an appreciation amount exceeding 160 billion yuan [1] Group 1: National Asset Management and Optimization - The Beijing Property Exchange has focused on empowering the development of high-tech industries, facilitating the optimization of state-owned economic layout and structural adjustments, and promoting collaboration between state-owned and private enterprises [1][2] - Over the past five years, state-owned enterprises have transferred ownership of more than 2,600 non-core and non-advantageous enterprises through the exchange, recovering over 180 billion yuan [2] - The exchange has completed 7,521 housing rental projects with a transaction amount of 104.627 billion yuan and disposed of over 2,000 idle and waste materials with a transaction amount of 2.075 billion yuan [2] Group 2: Government and Judicial Support - The Beijing Property Exchange has actively supported government departments in economic management and asset disposal, completing over 97,600 asset disposals for administrative and public institutions [3] - As the only property trading institution included in the Supreme People's Court's list of judicial auction network service providers, the exchange has completed over 51,600 litigation asset disposals with a transaction amount of 26.986 billion yuan [3] Group 3: International Business Development - The Beijing Property Exchange has enhanced its international business service capabilities, completing 108 foreign state-owned asset transaction projects with a transaction amount exceeding 37 billion yuan [3]

Core Viewpoint - In 2025, China Great Wall Asset Management Co., Ltd. aims to focus on the divestiture of non-core businesses and revitalization of inefficient assets, with a target of revitalizing over 80 billion yuan in various types of stock assets throughout the year [1] Group 1 - The company will innovate asset revitalization models and concentrate advantageous resources to enhance efficiency in asset allocation [1] - Since 2025, the company has identified the revitalization of stock assets as a key point to address asset circulation bottlenecks and promote domestic economic circulation [1] - The goal is to transform "sleeping assets" into "effective supply" [1]

Core Viewpoint - The successful operation of Shanghai's first independent energy storage power station at Wujing Power Plant marks a significant step in the green and low-carbon transformation of traditional thermal power enterprises, providing essential flexibility for the winter power supply in Shanghai [1][3]. Group 1: Project Overview - The energy storage station has a capacity of 102MW/228MWh and was built using existing coal yard land, achieving a "zero new land, zero new external lines" construction goal [3]. - The project serves as a model for revitalizing existing assets and fostering innovative business formats within traditional thermal power companies [3][6]. Group 2: Talent Development - Wujing Power Plant has conducted specialized technical training for staff involved in the energy storage project, successfully cultivating a professional team capable of independent operation and maintenance of the energy storage station [4]. - This approach not only reduces long-term operational costs but also opens new career development opportunities for employees, achieving dual benefits of project completion and talent cultivation [4]. Group 3: Technology and Safety - The energy storage station employs a mixed storage technology of lithium iron phosphate and all-vanadium flow batteries, ensuring industry-leading safety performance through multiple fire protection and physical isolation systems [5]. - The station acts as a "super charging treasure," enhancing the peak regulation capability and reliability of the regional power grid [5]. Group 4: Environmental and Economic Benefits - The energy storage station is expected to facilitate the consumption of renewable energy and reduce carbon dioxide emissions by approximately 19,000 tons annually over the next three years, demonstrating significant environmental and economic benefits [6]. - The successful implementation of this project exemplifies the practical application of new development concepts in the energy sector, supporting the high-quality development of clean energy [6].

Core Viewpoint - The establishment of the "Yuanxin Jicheng (Xiamen) REITs Investment Fund" with a target scale of 5.5 billion yuan marks a significant step in Xiamen's efforts to deepen financial reform and activate existing assets, aligning with national strategies for financial supply-side structural reform [3][5]. Group 1: Fund Overview - The fund is the first locally government-guided REITs theme fund in the country, highlighting Xiamen's innovative practices in financial reform and urban development [3]. - The fund has a target scale of 5.5 billion yuan and a duration of 10 years, focusing on listed REITs projects with support from strategic partners like Zhongbao Investment and CITIC Securities [5]. Group 2: Strategic Goals - The fund aims to activate existing assets by transforming high-quality assets in industrial parks, affordable housing, and new infrastructure into liquid capital through REITs [6]. - It seeks to enhance asset operation quality by introducing professional expertise from leading institutions and exploring replicable models [6]. - The fund intends to create a new financial service ecosystem by collaborating with various financial institutions to guide long-term capital towards infrastructure and strategic emerging industries [6]. Group 3: Operational Framework - Jinyuan Group plans to develop a distinctive "Jinyuan REITs model" by leveraging its diverse financial licenses to establish a comprehensive service system covering the entire REITs process from asset discovery to management [7]. - The initiative aims to foster deep integration of finance and industry, exploring new pathways for asset activation and capital empowerment to drive high-quality economic development in Xiamen [7].

Core Insights - REITs serve as effective financial tools during economic transitions, facilitating the conversion of old and new growth drivers and supporting economic and financial market development [2] - The C-REITs market in China has expanded its pilot scope, covering various sectors including clean energy, affordable housing, and data centers, leading to significant investment and asset revitalization [2] - By the end of 2025, 78 REITs are expected to be listed, with a total issuance scale of 213.77 billion, indicating substantial growth and effectiveness in the market [3] Market Overview - As of 2023, China's commercial real estate market reached approximately 18.5 trillion RMB, reflecting a year-on-year growth of 6.2%, despite a projected decline in commercial property investment in 2024 [4] - The use of REITs is seen as a necessary measure to address challenges in the commercial real estate sector, particularly in generating stable cash flows from existing commercial assets [4] Development Challenges - The REITs issuance process faces challenges such as a lack of professional talent, significant performance fluctuations, and inconsistent quality of application materials [5] - The secondary market experiences issues like speculative behavior, high volatility, and discrepancies between performance and market value, highlighting the need for improved information disclosure [5] Market Optimization - Strengthening information disclosure is crucial for attracting long-term investors and ensuring market stability, which is foundational for the development of the C-REITs market [5] - Continuous enhancement of regulatory enforcement and timely punishment of violations are essential for maintaining market integrity [5] Market Expansion - The C-REITs market encourages private enterprises to utilize REITs for asset revitalization, with successful examples from companies like JD.com and others in various sectors [6][7] - The establishment of C-REITs platforms by state-owned and mixed-ownership enterprises is increasing, particularly in sectors like clean energy and infrastructure [7] - Future improvements in mechanisms such as ETFs and cross-border connectivity are expected to enhance the openness of China's C-REITs market [7]