Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4][60] Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][14] - The report highlights a significant recovery in the real estate market, with February sales in 34 cities showing an 88.5% year-on-year increase compared to January [9][10] - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including measures to address local government debt risks and promote housing supply [3][4] Summary by Sections Industry Data - New home sales in 34 key cities decreased by 1.1% week-on-week before the Spring Festival, with a total of 192.3 million square meters sold [4][5] - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9][10] - The report notes that the inventory of unsold residential properties in 15 cities was 88.7 million square meters, with a slight decrease of 0.1% week-on-week [60] Policy News - The report mentions that the publication "Qiushi" reiterated the need to stabilize the real estate market, with 12 commercial real estate REITs submitted for approval [3][4] - Various local governments have introduced new policies to stabilize the real estate market, including measures to optimize housing supply and activate existing stock [3][4] Company Dynamics - The report tracks sales data from major real estate companies, noting that China Jinmao and China Resources Land reported strong sales figures in January [3][4] - The report highlights the performance of the real estate sector, with the SW Real Estate Index declining by 0.69% compared to a 0.36% increase in the CSI 300 Index [3][4] Investment Analysis - The report recommends investing in high-quality real estate companies and commercial properties, citing an expected recovery in profitability for quality firms as the market stabilizes [3][4] - Specific recommendations include companies such as Jianfa International, Binhai Group, and China Jinmao for quality real estate, and New City Holdings and China Resources Land for commercial real estate [3][4]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery in quality real estate companies and commercial properties [3]. Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][13]. - The overall sentiment in the real estate market is improving, driven by recent government policies aimed at stabilizing the market and addressing local government debt risks [3]. - The report emphasizes that the fundamental bottom of the real estate sector is approaching, with expectations for quality companies to recover profits more quickly and flexibly [3]. Summary by Sections 1. Industry Data - New home sales in 34 key cities during the week before the Spring Festival totaled 192.3 million square meters, a decrease of 1.1% week-on-week, but an increase of 56.6% compared to the average weekly sales this year [4]. - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9]. - The inventory of new homes in 15 cities was reported at 8,870.4 million square meters, with a slight decrease of 0.1% week-on-week [54]. 2. Policy News - The report notes that the government has reiterated its commitment to stabilizing the real estate market, with various local policies being introduced to optimize housing supply and manage existing stock [3]. - Specific measures include the promotion of REITs in commercial real estate, with 12 applications submitted recently [3]. 3. Company Dynamics - Sales data for major real estate companies in January showed mixed results, with China Jinmao reporting a 13.6% increase in sales, while other companies like Poly Developments saw a 13.3% decrease [3]. - The report highlights the performance of the property management sector, which has shown resilience compared to the broader market [3]. 4. Market Performance - The SW Real Estate Index fell by 0.69%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 0.36% [3]. - The report suggests that the current valuation levels for quality real estate companies are at historical lows, making them attractive for investment [3].

（速新闻记者 祁秋月 王帅甫 见习记者 林洋旭）2月17日上午，宿城区新盛街人声鼎沸、暖意融融， 2026年春节商品房促消费活动在此正式拉开帷幕。政企携手搭起购房便民大舞台，既为市民和返乡游子 送上安居福利，也切实拉动商品房消费、激活春节市场"一池春水"，为全市经济实现"开门稳"注入强劲 动能。 2026年春节商品房促消费活动在新盛街开启 活动现场，中心城区19家房地产开发企业和10家二手房中介机构集中亮相，全方位展示刚需住宅、改善 型住宅、低密度住宅等多元户型产品。现场不仅有丰富房源可供挑选，二手房查询、交易咨询等便民服 务也同步上线，让市民不用奔波，就能轻松看房、放心选房、安心问房，真正实现省心又省力。该活动 将一直持续到2月21日（正月初五），让新春消费市场暖意持续升温。 黄艳萍介绍，宿迁早在2025年11月25日就出台了《关于推动人才友好型城市、生育友好型社会建设的购 房措施》，从2025年11月25日到2026年12月31日，在中心城区购买新建商品住房，新就业人员、多孩家 庭、住房以旧换新人群这三类群体，都能领到专项补贴，而且三项补贴金额可叠加享受。此外，推行网 签备案即入学，缩短人才"购房券"申兑 ...

中央财办分管日常工作的副主任、中央农办主任韩文秀在《求是》发表文章《坚持稳中求进、提质增效 努力实现"十五五"良好开局》，文章提到，要妥善做好重点领域风险化解，守住守牢安全底线。从房地 产市场供需两端发力，因城施策控增量、去库存、优供给，着力稳定房地产市场，有序推动安全、舒 适、绿色、智慧的"好房子"建设，以构建房地产发展新模式为牵引推动房地产高质量发展。积极有序化 解地方政府债务风险，督促各地主动化债，严防虚假化债，不得违规新增隐性债务。优化债务重组和置 换办法，多措并举化解地方政府融资平台经营性债务风险。稳妥推进地方中小金融机构风险化解、减量 提质，充实风险处置资源和手段，强化早期干预和处置，牢牢守住不发生系统性风险的底线。 ...

格隆汇2月16日｜中央财办分管日常工作的副主任、中央农办主任韩文秀在《求是》发表文章《坚持稳 中求进、提质增效 努力实现"十五五"良好开局》，文章提到，要妥善做好重点领域风险化解，守住守 牢安全底线。从房地产市场供需两端发力，因城施策控增量、去库存、优供给，着力稳定房地产市场， 有序推动安全、舒适、绿色、智慧的"好房子"建设，以构建房地产发展新模式为牵引推动房地产高质量 发展。积极有序化解地方政府债务风险，督促各地主动化债，严防虚假化债，不得违规新增隐性债务。 优化债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险。稳妥推进地方中小金融机 构风险化解、减量提质，充实风险处置资源和手段，强化早期干预和处置，牢牢守住不发生系统性风险 的底线。 ...

Core Viewpoint - The real estate market in January showed resilience despite being traditionally a low season, driven by effective policies to lower home purchase thresholds and facilitate the "sell old to buy new" chain, thereby boosting demand for new homes [1] New Home Market - In January, new home prices in first-tier cities remained stable month-on-month, with a narrowing year-on-year decline, establishing them as the core anchor for price stability in the national market [2] - Second-tier cities like Hefei showed significant performance, with a month-on-month increase of 0.1% and a year-on-year increase of 1.6% in new home prices, attributed to targeted policies and local economic development [3] Second-Hand Home Market - The second-hand home market displayed positive signals, with the first month of January seeing cities like Yangzhou and Zhanjiang report price increases, indicating a narrowing decline in the price index across 70 cities [4] - In Shanghai, second-hand home transactions reached 22,800 units in January, marking a month-on-month increase of 1.1% and a year-on-year increase of 26.1%, reflecting a high level of market activity [4][5] Policy Impact - The government’s initiative to purchase second-hand homes for affordable rental housing in Shanghai is seen as a significant move to provide liquidity support and stabilize price expectations [5] - The central government and over 40 local governments are collaborating on policies focusing on urban renewal, housing security, and financing optimization, aiming to stabilize the real estate market [6] Market Outlook - The first quarter of 2026 is expected to see continued policy efforts tailored to local conditions, with a focus on demand stimulation and supply management [6] - The active demand in the entry-level housing market in major cities is anticipated to boost the overall market stability and recovery [7]

Group 1 - The optimistic expectation for the post-holiday market is supported by factors such as accelerated policy catalysis, improved funding conditions, and the release of some risks from previous adjustments [1][10] - The Ministry of Commerce held a seminar with automotive industry representatives to discuss measures to expand automobile consumption, emphasizing the potential of China's large market and the need for policy support and reform [4] - The Ministry of Human Resources and Social Security is guiding companies in the new employment form to improve labor management and protect workers' rights, focusing on major delivery platforms [3][5] Group 2 - The recent announcement of tax incentives for cross-border e-commerce export returns aims to boost the sector by exempting certain goods from import duties and taxes during a specified period [3] - The stock market showed positive trends, with major indices like the Dow Jones reaching new highs, indicating a favorable investment environment [7] - Precious metals and oil prices have seen significant increases, with COMEX gold futures rising over 2% and WTI crude oil prices up by 1.27%, reflecting strong market demand [8]

Group 1 - The Chongqing government has introduced a subsidy policy for families with multiple children to promote healthy development in the real estate market, offering 30,000 yuan for families with three children and 20,000 yuan for families with two children when purchasing new homes in the central urban area [1] - Each family can only receive the multiple child family housing subsidy once, and those purchasing more than one property are not eligible for additional subsidies [1] - The government will also provide a 0.5% subsidy on the total transaction amount for first-time homebuyers in the central urban area, along with housing vouchers for qualified talents [1] Group 2 - Chongqing has optimized housing provident fund loan policies to support improved housing demand, allowing families to have one less recognized property when applying for loans if they are purchasing in a district where they already own housing [2] - Families without any complete properties in the district where they plan to buy will be treated as first-time homebuyers for loan applications, regardless of previous loan usage [2]

Core Viewpoint - The Chongqing government issued a notification aimed at stabilizing the real estate market through a series of integrated policy measures to promote healthy development and positive cycles in the housing industry [1] Group 1: Reducing Housing Costs - The notification introduces multiple subsidies and credit support policies to lower the burden of home purchases for residents, including one-time subsidies for families with multiple children and first-time homebuyers [2] - A 0.5% subsidy on the total transaction amount is provided for first-time home purchases in the central urban area, while talent home purchase vouchers are also available [2] - Housing provident fund loan policies are optimized to reduce the number of recognized housing units for families using the fund to purchase new homes [2] - Increased housing credit support is offered, allowing families without existing homes to benefit from first-home loan policies [2] Group 2: Encouraging "Sell Old Buy New" - The notification encourages the circulation of the second-hand housing market by providing subsidies for residents who sell their old homes and buy new ones within a year [3] - A 1% subsidy on the total transaction amount is available for those who sell one home and buy a new one, and a 1.5% subsidy for selling two small homes and purchasing a larger one [3] - Personal income tax refunds are offered for taxpayers who sell their homes and buy new ones within a year [3] Group 3: Focus on Quality Upgrades - The notification supports the development of high-quality residential projects, encouraging real estate developers to optimize designs and upgrade products [4] - Green building materials used in new residential projects are included in the calculation of green material application ratios, with financial support for projects meeting green building standards [4] - Consumers purchasing high-efficiency home appliances for new homes can receive a subsidy of 15% of the final sales price, capped at 1,500 yuan per item [4] Group 4: Revitalizing Existing Stock - The notification encourages the use of existing housing for rental purposes and supports financial institutions in providing loans for managing second-hand homes [6] - State-owned enterprises are guided to acquire existing homes for use as affordable housing, with subsidies provided for bulk purchases [6] - The minimum down payment for purchasing commercial properties is adjusted to 30% [6] Group 5: Optimizing Service Processes - The notification aims to enhance government services and improve transaction efficiency, including the promotion of online signing and regulatory services for second-hand homes [7] - A one-stop service channel for buying and selling homes is established to streamline the process [7] - Policies for urban renewal and the renovation of old housing are encouraged to improve living conditions [7]

Summary of Conference Call Records Industry Overview: Real Estate Key Points on New and Second-hand Housing Market - New housing transaction area decreased by 9.7% month-on-month and 39.6% year-on-year across 40 cities [1] - Second-hand housing transaction area increased by 4.4% month-on-month and 18.1% year-on-year in 18 cities [1] - New housing inventory area decreased by 0.2% month-on-month and 6.6% year-on-year across 12 cities, with a de-stocking cycle of 17.7 months, which is an increase of 0.8 months month-on-month and 5.5 months year-on-year [1] Land Transaction Insights - Land transaction area across 100 cities decreased by 3.1% month-on-month but increased by 0.4% year-on-year [1] - Average land price increased by 1.7% month-on-month but decreased by 15.8% year-on-year [1] - Premium rate for land transactions was 0.7%, down by 1.0 percentage points month-on-month and 1.6 percentage points year-on-year [1] Market Stability and Price Control - The core to stabilizing the real estate market lies in maintaining prices, with expectations for second-hand housing transaction volume to average between 500-600 million square meters in 2024 [2] - First-tier cities, particularly Shanghai, are experiencing unique price increases, indicating a divergence in market trends [2] - Supply-side measures are necessary to de-stock, with new project launch de-stocking rates significantly higher post-policy adjustments [2] - Demand-side policies such as effective use of housing provident funds, tax reductions, and mortgage interest deductions are suggested to boost housing consumption [2] Developer Financing and Investment Stability - Key to stabilizing real estate investment is addressing developers' financing needs [3] - Recommendations include supporting reasonable financing demands of non-state-owned enterprises and establishing a unified management system for developers' financing [3] - Emphasis on accelerating the implementation of special bond storage for affordable housing and urban renewal as a means to stabilize the market [3] - Investment suggestions highlight the importance of liquidity safety and focusing on high-capacity cities and strong product offerings among real estate companies [3] Investment Recommendations - Suggested companies to watch include China Resources, Binjiang, and Poly Real Estate, among others [4] - Emphasis on commercial real estate companies that are adapting to new consumption trends and innovative business models [3]