摘要 2026 年房地产市场将呈现存量市场特征，各城市基本面修复节奏差异 显著，供需关系和收入水平是关键影响因素，单纯的租金房价收益比和 房贷利率对比不足以准确评估房价修复情况，需考虑实际房贷利率及购 房者收入通胀。 杭州滨江板块二手房价格在 2025 年企稳，得益于高新技术岗位增加和 人才涌入，北京海淀区、上海张江区和深圳南山区也具备类似潜力，但 目前仅杭州滨江板块表现坚挺，科技行业对房地产市场的支撑作用显著。 滨江集团深耕杭州，在 2025 年土拍中占据领先地位，库存干净，已售 未结货值净利润率提升，预计 2025-2026 年结算利润率将逐步提高， 受益于杭州基本面修复，公司盈利能力有望增强。 科技行业发展推动财富增长，并传导至资产价格，杭州因 AI 科技浪潮吸 引人才，支撑滨江板块房价，高新技术产业集群区域更易出现房地产价 格企稳迹象，应重点关注这些区域的发展动态。 滨江集团在地产周期筑底修复过程中表现出较强弹性，土地储备相对干 净，减值压力较小，享受行业修复的可能性高，利润结算向下风险小， 当前 1 倍 PB 估值合理反映了其土地储备情况和减值压力。 Q&A 如何选择年度金股，尤其是在地产板块中？ ...

Group 1 - The core viewpoint of the article is the signing of the Huabiao Electric Vehicle Industrial Park project in Qionghai, with a planned total investment of 1.5 billion yuan, aimed at creating a comprehensive industrial chain base for electric vehicles [1][2] - The project will focus on three main components: an electric vehicle production base, an operational base, and a headquarters base, leveraging advanced automation equipment and covering product lines such as shared electric bicycles [1] - The operational base will target the Southeast Asian market, utilizing the advantages of the Hainan Free Trade Port's "zero tariff" and "free and convenient cross-border capital flow" policies to reduce operational costs for enterprises [1][2] Group 2 - The project is expected to inject new momentum into the development of high-tech industrial clusters in Qionghai, supporting the implementation of the city's "1+2+3" modern industrial system layout [2] - The signing of the project will also provide strong support for Huabiao Group's expansion into overseas markets, achieving mutual benefits for both the company and the local government [2] - Qionghai's government plans to implement full-process assistance measures for enterprises and coordinate various departments to ensure support for the project, contributing to local economic development [2]