证券研究报告|固收点评报告 [Table_Date] 2026 年 2 月 28 日 [Table_Title] 二手房挂牌价涨势扩大 [Table_Title2] able_Summary] 地产周速达 请仔细阅读在本报告尾部的重要法律声明 注：由于本周（2 月 20-26 日）包含四个春节假期日，成交数据受季节性因素影响普遍偏低且存在较多缺 失。本周内容聚焦于房价边际变化及上海楼市新政。春节期间地产成交详情详见《春节假期不能错过的事》。 1）房价观察：各线城市挂牌价涨势扩大 我们主要观察二手房价，因新房价格受推盘区域影响，波动往往较大。本周更新的是 Wind 披露的二手房 出售挂牌价指数（周度）。 二手房挂牌价普遍回升，二线城市领涨。2 月 16-22 日数据显示，各线城市二手房挂牌价走势集体上扬。 一线、二线、三线城市环比分别上涨 0.66%、0.74%和 0.32%，其中二线城市表现尤为突出。复盘 2 月前三周 表现，一线与三线城市二手房挂牌价呈现"先抑后扬"态势，首周回调后连续两周反弹，月初至今分别累计上 涨 0.23%和 0.07%。二线城市则呈现波动态势，本周虽录得显著涨幅，但月初至今仍微跌 0 ...

会议助理 3: 下面有请主持人发言，谢谢。 区宇轩 招商证券房地产分析师: 各位投资人朋友，大家晚上好，祝大家马年开工大吉。那欢迎大家参加今天晚上我们举行 这个春节假期房地产市场情况的一个电话会议。那我是招商证券房地产分析师欧雨轩。那 今天是开工的第一天，那相信各位投资人朋友也很关注，就是刚刚过去这个春节假期期间 房地产市场的一个表现。那我们今天是邀请到中指研究院的孟总，来给大家介绍一下这个 春节假期期间的房地产市场情况。那流程方面，首先我们还是有请孟总来介绍一下。假期 期间整体的一个市场情况，以及一些重点城市的一个表现。 随后我们再进入到一个问答交流环节。那首，那我们首先就有请孟总。 中指研究院孟总: 行，谢谢欧总。也是，各位投资者们也是晚上好，也是今天非常开心能够和大家去分享一 下我们这个春节假期的情况。我也是和我们欧总也是连过好多次了，其实我今天因为我刚 才吧，因为也是今天时间比较忙一些，刚才我也在想，就是怎么去讲，能够给大家能够更 好的去接受一些，其实大体上我还是，就是先讲一下整体的一个表现情况吧，包括我们今 天官微，也发了一些内容，那个内容，那个那篇报告还是我写的，但是我还是那篇报告， 那篇报告中该 ...

Core Insights - The article discusses the challenges and considerations faced by a family looking to upgrade their living situation due to educational needs and space constraints, highlighting the current real estate market dynamics in their area [1][2][3]. Group 1: Housing Market Dynamics - The family initially hesitated to sell their property due to high purchase prices and the current market conditions, leading them to adopt a "wait and see" approach [1]. - The family faced limitations in the second-hand housing market, with common issues such as subpar layouts, high common area ratios, and general maintenance concerns [3][4]. - The scarcity of desirable housing types has led to higher prices and less negotiation power for buyers, particularly during the "small spring" period when demand is typically higher [4][5]. Group 2: Negotiation Challenges - The family experienced a shift in negotiation dynamics when a property they were interested in had its price significantly reduced, which made them reconsider their budget expectations [5][6]. - During negotiations, the family felt at a disadvantage as the seller's price remained relatively firm despite their attempts to negotiate lower [5][6]. - The family noted that past prices for similar properties provided little reference value in the current market, complicating their negotiation strategy [6]. Group 3: Personal Experiences and Market Reflections - The family's previous experiences in the housing market were contrasted, noting a significant price drop in properties since their last purchase, which has led to uncertainty about future price trends [6][7]. - The family is now faced with the dilemma of whether to sell their previous property at a loss or hold out for potentially better market conditions [7].