全国房地产政策变动监测报告 2026年2月 引言 金融支持精准倾斜： 多部门联合发文，将城市更新、县域新型城镇化纳入金融支持范围，同 时支持安置区保障性住房建设，推动房地产与乡村振兴、新型城镇化协同发展；明确做好新市 民金融服务，满足住房等多样化需求； 坚守土地制度红线： 规范农村集体经营性建设用地入市，严禁用于商品住房建设，强化宅基 地和农房审批管理，守住房地产市场发展的土地底线； 宏观政策定调积极： 中央政治局会议明确实施"更加积极的财政政策和适度宽松的货币政 策"，为房地产市场稳定提供宏观政策支撑，同时为地方因城施策留出充足空间。 地方政策：上海标杆 02 引领，多维度加码宽松 2月地方政策以宽松为主，覆盖限购优化、购房补贴、公积金改革、"好房子"建设、城市更新 等多个维度，不同能级城市差异化发力，同时部分城市通过强化住房保障和市场监管，守住民 生底线。 图1 2025年2月—2026年2月地方楼市调控政策调性变化 2026年2月，全国房地产政策延续中央定调、地方落地的协同发力格局，整体保持宽松导向，核 心围绕财税优惠延续、金融支持加码、城市更新深化三大方向展开。中央层面通过货币金融调 控、金融资源倾斜 ...

瑞银发布研报称，上海宣布一系列房地产宽松政策，包括将非本地居民在外环内购房的社保缴纳要求由 三年缩短至一年，并允许缴纳社保满三年的非本地居民在外环内购买第二套住房。持有居住证满五年的 非本地居民，现可在全市范围购买一套住房。 信贷方面，住房公积金贷款上限由160万元人民币(下同)提高至240万元，购买绿色住房或多子女家庭最 高可贷324万元。同时优化公积金贷款的首套房认定标准，成年子女在上海仅持有一套住房的，可获豁 免房产税。 该行认为，此次政策与上海2024年5月将非本地居民社保要求由五年缩短至三年的措施类似，亦与北京 2025年12月将非本地居民五环内购房社保要求由三年缩短至两年的方向一致。惟参考历史经验，此类政 策对股价影响短暂，市场倾向在政策公布首日炒作，其后不久便获利了结。瑞银预期，是次政策对实体 房地产市场的影响同样有限。 ...

Core Viewpoint - Jingneng Real Estate (SH600791) experienced a trading halt on February 13, 2026, with a closing price of 7.29 yuan, reflecting a 9.95% increase and a total market capitalization of 3.301 billion yuan [1] Group 1: Company Performance - Jingneng Real Estate has nearly 20 years of development experience and holds a first-class development qualification, showcasing strong financing capabilities with a total issuance of 2.5 billion yuan in medium-term notes and 200 million yuan in perpetual bonds at a low interest rate of 2.10% [2] - The issuance of perpetual bonds has led to a 251.33% increase in owners' equity, optimizing the company's debt structure [2] - Sales growth in several projects, such as Jingneng Yunjing No. 1 and Jingneng·Yongqing Liyuan, has significantly alleviated performance decline pressures [2] Group 2: Market Environment - Recent policies in the real estate sector have been increasingly accommodative, with various regions introducing home purchase subsidies and lowering down payment ratios, stimulating a recovery in the real estate market [2] - On February 13, 2026, the real estate sector saw a net inflow of over 2 billion yuan, with multiple real estate stocks hitting trading limits, indicating a sector-wide rally [2] Group 3: Technical Indicators - The MACD indicator for Jingneng Real Estate formed a bullish crossover in early February, and the stock price has broken through short-term moving average resistance levels [2] - Significant net buying of over 30 million yuan was recorded over two consecutive days (February 12-13), with institutional investors accounting for 55% of the buying, indicating positive sentiment towards the company's future prospects [2]

市场环境 行业政策与环境 2025年以来房地产政策宽松（如首付比例、房贷利率下调）虽利好交易平台，但市场分化加剧，核心城 市高端项目热销与低线市场疲软并存。房多多主要赋能中小经纪公司，在低线市场拓展中面临挑战。 当日美股三大指数集体收跌，纳斯达克指数下跌2.03%，标普500指数下跌1.9%。房多多所属的房地产 服务板块整体承压，且其个股流动性较低（当日换手率仅0.36%），少量资金进出即可导致较大振幅。 公司基本面 尽管公司2025年上半年营收同比增长45.3%至2.034亿元人民币，但持续亏损、负债率较高及行业竞争激 烈等问题仍未解决。此外，公司此前因股东权益问题收到纳斯达克不合规通知，市场关注其整改进展， 对短期情绪形成压制。 经济观察网 房多多（DUO.OQ）在2026年2月12日股价下跌8.80%，收盘报1.14美元。其股价波动主要受 以下因素影响： 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - The Chinese real estate stocks continue to rise, indicating a recovery in market confidence and a stabilization in the real estate sector as of January 2026 [1] Group 1: Stock Performance - Sunac China (01918) increased by 7.38%, trading at HKD 1.31 [1] - CIFI Holdings (00884) rose by 7.06%, trading at HKD 0.091 [1] - R&F Properties (02777) saw a gain of 5.36%, trading at HKD 0.59 [1] - Vanke Enterprises (02202) climbed by 5.18%, trading at HKD 3.86 [1] Group 2: Market Trends - In January 2026, the national real estate market showed signs of stabilization, with improved market confidence [1] - According to CRIC, the transaction volume of second-hand homes in 13 key cities reached approximately 8.1 million square meters, a month-on-month increase of 16% and a year-on-year growth of 33% [1] Group 3: Policy Insights - Longjiang Securities reported that the policy goal of stabilizing the market has significantly boosted market expectations, although downward pressure has increased since April of last year [1] - The probability of easing industry policies is gradually increasing, indicating strategic significance for improving and stabilizing market expectations [1] - Current stock positions are near the bottom, with limited premium, and market valuation increases provide room for a rebound [1]

2026 年 01 月 19 日 行业点评报告 中性/维持 房地产 房地产 全年销售延续调整态势，房价环比降幅小幅收窄 2025 年 12 月统计局房地产数据点评 走势比较 (20%) (10%) 0% 10% 20% 30% 25/1/20 25/4/2 25/6/13 25/8/24 25/11/4 26/1/15 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 相关研究报告 <<太平洋房地产日报（20260114）：青 岛土拍收金10.15亿元>>--2026-01- 15 <<太平洋房地产日报（20260113）：成 都天府新区 3 宗涉宅用地顺利成 交>>--2026-01-14 <<太平洋房地产日报（20260109）：国 常会部署实施财政金融协同促内需 一揽子政策>>--2026-01-11 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [7]. Core Insights - The Ministry of Finance and the State Administration of Taxation announced a significant adjustment to the value-added tax (VAT) policy for personal housing sales, effective January 1, 2026. The VAT rate for personal sales of homes purchased for less than two years will be reduced from 5% to 3%, while sales of homes purchased for two years or more will continue to be exempt from VAT [3][6]. - The reduction in VAT is expected to enhance the activity in the second-hand housing market by lowering transaction costs. For example, on a house valued at 1 million, the total tax burden will decrease from 5.3% to 3.18%, significantly reducing the costs associated with selling homes held for a shorter duration [6]. - The report emphasizes the improved cost-effectiveness of the sector and suggests that the recent policy changes in Beijing and the VAT adjustment are likely to stimulate positive marginal changes in the industry [6]. Summary by Sections - **Policy Changes**: The VAT rate for personal housing sales has been adjusted, which is anticipated to boost market activity [3][6]. - **Market Impact**: The overall tax burden on short-term housing sales has been significantly reduced, which is expected to increase the liquidity in the second-hand housing market [6]. - **Investment Recommendations**: The report suggests that certain quality companies, particularly those with strong inventory structures and product capabilities, should be considered for investment, especially those showing early signs of improvement in their annual reports [6].

Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, particularly recent policy changes in Beijing aimed at supporting the housing sector [1][3]. Key Points and Arguments 1. **Recent Policy Easing**: - Beijing introduced a new round of policy support on December 24, 2025, which includes: - Relaxing home purchase restrictions (HPR) for non-locals, reducing tax proof requirements from 3 years to 2 years within the 5th Ring and from 2 years to 1 year outside the 5th Ring [3][7]. - Allowing families with multiple children to buy one additional home [3][7]. - Aligning mortgage rates for second homes with first homes, lowering the rate from 3.45% to 3.25% [3][7]. - Reducing the down payment ratio for second homes from 30% to 25% [3][7]. 2. **Limited Impact of Measures**: - Analysts believe these measures will have a limited impact on the housing market. The easing of HPR only removes hurdles but does not encourage home buying if price expectations remain unstable [3][4]. - Historical data shows that share price reactions to easing in tier-1 cities have been marginally positive, indicating a lack of investor excitement [1][4]. 3. **Current Market Conditions**: - Despite previous easing measures, the month-over-month decline in home prices in Beijing has accelerated, with secondary home prices dropping 1.8-2.1% monthly since July 2025 [3][4]. - Since the peak, Beijing's secondary home prices have decreased by 37%, with a 12% decline year-to-date [3][10]. 4. **Top Developers**: - The top three developers in Beijing for the first eleven months of 2025 were: - China Overseas Land (COLI) with sales of RMB 40.8 billion - CSCEC Zhidi with RMB 17.9 billion - CR Land with RMB 16.7 billion [3][7]. 5. **Future Policy Expectations**: - Following Beijing's easing, it is anticipated that Shanghai and Shenzhen will implement similar measures, likely within a month [3][4]. Additional Important Information - The perception among the public is shifting, with more people believing that policymakers may not mind if home prices fall, which could further erode homebuyer confidence [1][3]. - The report highlights that the effectiveness of the new measures hinges on the government's commitment to stabilizing home prices, which remains uncertain [1][3]. Investment Recommendations - **Top Picks**: CR Land, CR Mixc, and Jinmao are recommended for investment [1][3]. - **Top Avoid**: Vanke-H is advised against [1][3].

Summary of Key Points from Conference Call Records Industry Overview Real Estate Market - Relaxation of real estate policies in first-tier cities significantly supports demand for low-priced housing, with expectations for other core cities to follow suit, potentially leading to more measures to stabilize the real estate market, such as land acquisition and mortgage interest subsidies [1][2][4] - Recent policy changes in Beijing include allowing multi-child families to purchase additional properties and lowering social security requirements for non-residents, which are expected to stimulate demand for affordable housing [2][4] Coal Market - Domestic supply tightening and demand recovery have led to a narrowing decline in thermal coal prices, with expectations for price stabilization in the future [1][5] - The market for coking coal is under short-term pressure due to increased imports and expectations of lower downstream demand for coke, with a forecast of a weak and stable trend for coke prices [1][6] - By 2026, the thermal coal market supply-demand balance is expected to improve, benefiting companies like China Shenhua due to reduced imports from Indonesia [1][8][9] Cleanroom Engineering Industry - The cleanroom engineering market is projected to reach 350 billion yuan by 2026, driven by demand from the electronics industry, particularly in semiconductor and AI technology sectors [1][10][12] - Key players in the cleanroom engineering sector include Shenghui Integration and Yaxiang Integration, which have shown significant revenue growth and are expanding their market presence [12][13] Solar Thermal Power - The government aims to achieve a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with policies in place to support this growth and improve revenue structures for solar thermal plants [1][14][15] - Companies to watch in this sector include Xizi Energy and Material Energy, which have experience in related projects and technologies [15] Key Market Trends and Projections PX and PTA Market - PX prices have risen due to limited new supply expected in the coming years, with a significant increase in demand from downstream products [1][18][19] - PTA is also experiencing a supply vacuum, with no new capacity added this year, leading to improved supply-demand dynamics by 2026 [1][19] Polyester Filament Yarn Industry - The polyester filament yarn industry is seeing price increases due to coordinated production cuts among major manufacturers, with a positive outlook for 2026 driven by both domestic and international demand [1][20] Organic Silicon Market - The organic silicon market is expected to improve in supply-demand balance, with a focus on new applications in renewable energy and electric vehicles driving demand growth [1][21][22] - Companies to monitor include Hesheng Silicon, Xin'an Chemical, and Dongyue Silicon [22][23] Investment Opportunities - Recommended companies for investment consideration include: - In the polyester chain: Tongkun Co., New Fengming, Hengyi Petrochemical, and others [23] - In the organic silicon sector: Hesheng Silicon, Xin'an Chemical, and others [23] This summary encapsulates the key insights and projections from the conference call records, highlighting significant trends and potential investment opportunities across various industries.

Core Viewpoint - The Chinese real estate stocks experienced a strong rally in the afternoon, with significant price increases observed in several major companies, driven by expectations of policy easing due to further deterioration in the fundamentals of the sector [1] Group 1: Stock Performance - Vanke Enterprises (02202) saw a peak increase of 16.47%, reaching HKD 3.89 [1] - Sunac China (01918) rose by 12.56%, trading at HKD 1.39 [1] - Jin Hui Holdings (09993) increased by 11.56%, with a price of HKD 2.22 [1] - Shimao Group (00813) experienced a rise of 9.85%, priced at HKD 0.223 [1] - Agile Group (03383) climbed by 9.68%, reaching HKD 0.34 [1] Group 2: Analyst Insights - Caixin Securities indicated that the expectation of policy easing due to further declines in fundamentals could lead to a valuation recovery in the sector in the short term [1] - The firm suggested focusing on valuation recovery opportunities driven by policy easing in the short term, while in the medium to long term, attention should be on leading companies with core city resources and real estate operational capabilities [1] - Galaxy Securities highlighted that risks in real estate, small financial institutions, and local debts may be key areas for future policy focus [1]