2026 年 2 月 3 日 行业研究 多地启动旧房收购， "以旧换新"明显提速 ——光大地产板块及重点公司跟踪报告 要点 一、2026 开年，多地启动旧房收购，"以旧换新"明显提速。 1）1 月 15 日，央行宣布各类再贷款一年期利率从 1.5%下调到 1.25%，央行 2024 年 5 月设立的 3000 亿元保障性住房再贷款利率同步降至 1.25%。 2）1 月 22 日，上海奉贤发展（集团）在公众号发文，"以旧换新"服务已完成 首批 50 组家庭的正式登记，建立动态轮候机制，目前有 14 组家庭进入轮候（如 前 50 组家庭因故退出，轮候家庭按顺序递补）。1 月 25 日，杭州富阳乐居（杭 州富阳城市建设投资集团下属全资子公司）推出商品住房"以旧换新"，由富阳 乐居收购符合条件的旧房，并向旧房权属人（简称"换房人"）发放"以旧换新 抵价券"（旧房收购成交价格）及"以旧换新购房券"用于换房人购置新房。 3）2026 年 2 月 2 日，上海浦东、静安、徐汇三区和建设银行上海分行进行签 约，收购二手住房用于保障性租赁住房。从具体实施方案来看，浦东新区优先聚 焦内环内、2000 年以前建成、单套建面低于 7 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Viewpoints - The real estate sector continues to see low allocation, with leading real estate companies presenting good investment opportunities. The total market value of heavy holdings in the real estate sector among public funds was 25.67 billion yuan in Q2 2025, a decrease of 11.3% quarter-on-quarter, with a holding ratio of 0.83%, which is 0.37 percentage points lower than the industry standard [4][10][17]. Summary by Sections Industry: Fund Holdings Decline, Low Allocation Trend Continues - In Q2 2025, the total market value of heavy holdings in the real estate sector among sample funds was 25.67 billion yuan, down 11.3% quarter-on-quarter. The holding ratio was 0.83%, a decrease of 0.12 percentage points, indicating a relative underweight of 0.37 percentage points compared to the industry standard [10][17]. Sector: Development and Service Sectors See Decline - In Q2 2025, the heavy holding ratios for the real estate development and service sectors were 0.74% and 0.09%, respectively, both showing a quarter-on-quarter decline of 0.11 and 0.02 percentage points [11][22]. Individual Stocks: Focus on State-Owned Enterprises and Commercial Real Estate - The top five heavy holdings in the real estate development sector were Poly Developments (4.902 billion yuan), China Merchants Shekou (3.193 billion yuan), and others. Notably, New Town Holdings and China Resources Land saw increases in holdings of 466 million yuan and 202 million yuan, respectively [12][24]. Funds: Northbound Funds Increase Holdings in Poly, Southbound Funds Add to Beike, Longfor, and Greentown - In Q2 2025, the top five companies with increased northbound fund holdings included Poly Developments (+1.37 percentage points) and others. Southbound funds increased holdings in Beike-W (+2.15 percentage points) and Longfor Group (+2.04 percentage points) [13][35]. Investment Recommendations: Continue to Recommend Leading State-Owned Enterprises and Improvement-Oriented Real Estate Companies - The real estate sector's valuation remains at historical lows, with policies supporting market stabilization. The report suggests focusing on leading state-owned enterprises and improvement-oriented real estate companies with strong land acquisition capabilities and high-quality products, such as Jianfa International Group and Greentown China [14][38].