智通财经APP获悉，内房股涨幅居前，截至发稿，碧桂园(02007)涨6.45%，报0.33港元；建发国际集团 (01908)涨5.59%，报15.67港元；旭辉控股(00884)涨4.82%，报0.087港元；龙湖集团(00960)涨4.49%，报 10.23港元。 中银国际认为，当前房地产行业仍然面临一定压力。当前防范地产及相关风险仍是首位，市场的惯性下 滑及不断蔓延的看跌预期也可能会倒逼政策尽快出台。2026年全年来看，地产板块出现收益的机会较 大，今年建议关注及配置。节奏上，可能会出现两个拐点，一个是一季度末左右的"政策拐点"，一个是 四季度左右的"基本面拐点"。 天风证券发布研报称，受春节假期因素影响，房地产供需两端均进入传统淡季，30大中城市商品房成交 面积季节性回落。节前1月的地方两会部署"稳楼市"政策，多地明确表示将着力稳定房地产市场、推进 城市更新，从稳市场和优存量两方面发力，节后重点关注2月下旬地产销售回暖节奏及3月上旬全国两会 的房地产政策定调。 ...

Sales Performance - In January 2026, the company achieved a contracted sales area of 45,000 square meters, a decrease of 45% year-on-year; the contracted sales amount was 590 million yuan, down 53% year-on-year [1] - For the full year of 2025, the company reported a total contracted sales area of 1.21 million square meters, a decrease of 30% year-on-year; the contracted sales amount was 17.73 billion yuan, down 33% year-on-year [1] Tourism Business - In January 2026, the company's tourism enterprises received a total of 5.54 million visitors, a decrease of 15% year-on-year, primarily due to the timing difference of the Spring Festival holiday [1] - For the full year of 2025, the company’s tourism enterprises received a total of 79.7 million visitors, a decrease of 1% year-on-year, with December 2025 seeing 5.71 million visitors, down 6% year-on-year [1] Financial Outlook - The company expects a net loss attributable to shareholders of 13 billion to 15.5 billion yuan for the year 2025; the net loss after excluding non-recurring items is projected to be between 13.2 billion and 15.7 billion yuan [1] - This marks the fourth consecutive year of losses for the company, following a loss of 10.9 billion yuan in 2022, with the loss in 2025 being larger than the previous year [2]

Group 1 - The company, Ocean Group (03377), announced a total agreement sales amount of approximately RMB 1.15 billion for January 2026, with a total floor area of about 78,600 square meters and an average sales price of approximately RMB 14,600 per square meter [1] - The company's co-development projects reported an agreement sales amount of approximately RMB 170 million for January 2026, with a total floor area of about 16,300 square meters and an average sales price of approximately RMB 10,400 per square meter [1]

智通财经APP讯，合生创展集团(00754)公布，2026年1月，集团及其合营公司及联营公司的总合约销售 金额为约人民币5.91亿元，同比增长24.95%;其中物业合约销售约人民币5.52亿元;装修合约销售约人民 币0.39亿元。物业合约销售面积为约20,266 平方米，物业合约销售平均售价为约每平方米人民币27,230 元。以"合生"品牌代建管理的非自投物业的总合约销售面积为约1,635平方米，合约销售金额为约人民 币1.18亿元。 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Core Viewpoint - China Jinmao announced a signed sales amount of RMB 7.603 billion for January 2026, with a signed sales area of 336,600 square meters. Additionally, as of January 31, the subscribed (but not yet signed) property sales amount to RMB 604 million [1] Group 1 - The signed sales amount for January 2026 is RMB 7.603 billion [1] - The total signed sales area for January 2026 is 336,600 square meters [1] - The subscribed property sales amount as of January 31 is RMB 604 million [1]

Core Viewpoint - China Jinmao (00817) reported a year-on-year increase in signed sales amounting to RMB 76.03 billion in January 2026, reflecting a growth of 13.56% compared to the previous year [1] Group 1: Sales Performance - The company achieved a signed sales amount of RMB 76.03 billion in January 2026, which includes various projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City [1] - The total signed sales area for the month was 336,600 square meters [1] - As of January 31, 2026, the company recorded a subscribed (but not yet signed) property sales amount of RMB 6.04 billion [1]

Core Viewpoint - The company, Baolong Properties (01238), reported a significant decline in contract sales for the month ending January 31, 2026, with a total of approximately RMB 470 million, representing a year-on-year decrease of 31.98% [1] Group 1 - The total contract sales amount, including sales from jointly controlled entities and associates, is approximately RMB 470 million [1] - The total contract sales area is about 42,812 square meters [1]

Core Viewpoint - Greentown China (03900.HK) reported significant sales performance in January 2026, indicating strong market activity and potential growth opportunities in the real estate sector [1] Sales Performance - In January 2026, Greentown Group achieved sales of 1,179 units, with a total sales area of approximately 180,000 square meters and a sales amount of about RMB 6.1 billion, resulting in an average selling price of approximately RMB 34,345 per square meter [1] - The total contracted sales area for January 2026 was approximately 220,000 square meters, with a total contracted sales amount of about RMB 6.3 billion, of which the equity amount attributable to Greentown Group was approximately RMB 4.2 billion [1] - As of January 31, 2026, there were additional signed purchase agreements not yet converted to sales contracts amounting to approximately RMB 2.8 billion, with an equity amount attributable to Greentown Group of about RMB 1.8 billion [1] - Greentown Group's entrusted projects recorded a sales area of approximately 250,000 square meters and a sales amount of about RMB 3.4 billion in January 2026 [1] - Cumulatively, as of January 31, 2026, Greentown Group achieved a total contracted sales area of approximately 470,000 square meters and a total contracted sales amount of about RMB 9.7 billion [1]

Core Viewpoint - Q4 2025 performance of Qixia Construction (600533.SH) shows a significant decline in both sales area and sales amount compared to the same period last year [1] Sales Performance - The company's contracted sales area for residential properties in Q4 2025 was 0.95 thousand square meters, down from 2.18 thousand square meters in the same period last year [1] - The contracted sales amount for residential properties was 152 million yuan, a decrease from 608 million yuan year-on-year [1]