Investment Rating - The report maintains an "Outperform" rating for the real estate industry [8] Core Insights - The report emphasizes the financial attributes of real estate, highlighting its significant impact on the macro economy and the necessity for strong policy support from the central government [16][18] - It suggests that policies should be implemented in a decisive manner to stabilize market expectations, avoiding gradual measures that have proven ineffective [17] - The report anticipates a shift towards a new model of "affordable housing + quality housing + services," with an acceleration in the acquisition of existing properties to alleviate inventory pressure [18] Summary by Sections 1. Market Trends - The real estate market is expected to stabilize with policies that support both demand and supply, particularly in major cities where restrictions may be eased [16][18] - The report notes a significant decline in new and second-hand housing transaction volumes, with year-on-year decreases of 22.39% and 28.04% respectively [72] 2. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a weekly decline of 0.69%, trailing the broader market by 0.10 percentage points [21][22] - The issuance of real estate credit bonds totaled 1.514 billion yuan, with a net financing amount of -2.527 billion yuan [21] 3. REITs Market - The REITs index experienced a decline of 0.36%, with the property REITs index down 0.39% and the operating rights REITs index down 0.33% [41][54] - The total transaction volume for REITs was 0.551 billion yuan, reflecting a significant decrease of 59.30% compared to the previous period [56] 4. Land Market - The report indicates a decrease in land supply across major cities, with a 66.43% drop in supply and a 132.09% increase in transaction area, alongside a rise in premium rates [5] 5. Policy Outlook - The report outlines expectations for more robust housing policies in 2026, including the removal of restrictive measures and a focus on meeting diverse housing needs [18][19]

房地产 行 业 研 究 / 行 业 点 评 《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 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 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 2026 年 01 月 04 日 《求是》明确房地产金融属性，强调经济重要 地位及居民最大资产，建议政策要一次性给足 看好 —— 地产及物管行业周报（2025/12/27-2026/1/2） 本期投资提示： 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 证 券 研 究 报 告 相关研究 ...

《求是》杂志2026年第一期特约评论员文章中，这句话的分量足以让所有房地产的从业者都振奋，比上周财政部官宣增值税减免还让人兴奋。 毕竟这是从官方层面首次如此明确的指出房地产政策实施问题。 点击【樱桃大房子】关注并 "政策要一次性给足，不能采取添油战术！" 其实我们都知道房地产救市为何屡次市场都不买账。 我在之前的文章中也经常呼吁希望救市力度可以更大一些，而不是挤牙膏式的，没作用就算了，很多时候起到的还是副作用。 关于这一点，社会上也早就有共识了，大家甚至对房地产救市完全不抱希望。 但这一次《求是》杂志的发言让人看到了希望。 《求是》杂志的权威性大家都应该懂的，大家可以理解为高层对于房地产的定位已经出现了重大转向。 2026年，真的要下重药，下猛药了！ 我们再来看看这一篇文章，标题就很直白： 《改善和稳定房地产市场预期》 其中谈到3点，可以说是完全扭转了目前舆论对于房地产的偏见，以正视听。 第一，房地产的金融属性得到官方背书。 "房地产带有显著的金融资产属性，关联性强、涉及面广、社会关注度高，加强预期管理对稳定房地产市场具有特殊重要性。" 近两年来，由于房价不断下行，居民财富缩水，以至于社会上出现了一种声音，说 ...