天风证券（601162）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。 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"。 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。 ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is showing signs of recovery with both new and second-hand housing sales increasing in several regions due to policy relaxations [1][8] - The report highlights a significant increase in second-hand housing transactions, indicating a shift in buyer confidence towards existing properties [9] Summary by Sections 1. Market Overview - The real estate sector saw a decline of 2.9% last week, underperforming compared to the Shanghai and Shenzhen 300 index, which fell by 0.4% [62] - New housing sales in 36 cities reached 2.154 million square meters, up 24.0% month-on-month and 20.7% year-on-year [13] - Second-hand housing sales in 15 cities totaled 1.334 million square meters, down 30.6% month-on-month but up 53.1% year-on-year [20] 2. Inventory and Absorption - The cumulative inventory of new homes in 13 cities stands at 78.039 million square meters, with a year-on-year decrease of 11.6% [31] - The absorption period for new homes is 17.2 months, reflecting a slight increase from the previous month but a decrease of 5.1 months year-on-year [31] 3. Land Market - The land transaction volume in 100 cities was 6.309 million square meters, down 68.2% month-on-month and 18.8% year-on-year [48] - The average land price reached 3,246 RMB per square meter, showing a month-on-month increase of 60.5% and a year-on-year increase of 44.9% [48] 4. Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Binjiang Group are recommended [8] - In property management, the report suggests China Resources Vientiane Life, Greentown Service, and Poly Property [8] - For real estate brokerage, the report recommends Beike and suggests paying attention to Wo Ai Wo Jia [9]