上海易居房地产研究院副院长严跃进表示，此次发布的政策体现了对各类住房需求的进一步支持，尤其 包括职住平衡、宜居安居、刚需改善等需求维度。在楼市"小阳春"即将到来的关键时间点，上海的各类 宽松政策将促进购房需求进一步释放，并和全年去库存等工作紧密结合。（齐宣） 本报讯 2月25日，上海市住房城乡建设管理委、上海市房屋管理局等五部门联合发布《关于进一步优化 调整本市房地产政策的通知》（下称《通知》），自2026年2月26日起施行。 《通知》明确，进一步调减住房限购政策。非沪籍居民家庭或成年单身人士，自购房之日前在上海市连 续缴纳社会保险或个人所得税满1年及以上的，在外环外购买住房不限套数，在外环内限购1套住房；连 续缴纳社会保险或个人所得税满3年及以上的，在外环内限购2套住房。持《上海市居住证》满5年及以 上的，在全市范围内限购1套住房。 ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

Market Overview - The A-share market showed a significant increase in both volume and price, with a total trading volume of 2.46 trillion, up 260.5 billion from the previous trading day, indicating improved liquidity [1] - Major indices performed well, with the ChiNext Index and Shenzhen Component Index both rising over 1%, and more than 3,700 stocks in the market showing gains, highlighting a strong profit-making effect [1] - Market sentiment was characterized by rapid rotation of hotspots among sectors, increasing operational difficulty for investors [1] Sector Performance 1. Small Metals - The small metals sector experienced explosive growth driven by favorable policies and supply-demand dynamics, with the White House planning to use AI models for pricing key minerals like germanium, gallium, antimony, and tungsten [2] - Domestic prices for tungsten, rare earths, and tin have been rising, leading to a rapid increase in industry prosperity [2] 2. Phosphate Chemicals - The phosphate chemical industry also saw strong performance, catalyzed by the U.S. listing phosphate and glyphosate as defense materials, which enhanced demand expectations [3] - However, caution is advised as funds may flow back to sectors like semiconductors and commercial aerospace, potentially diverting capital from small metals and phosphate chemicals [3] 3. PCB Industry Chain - The PCB industry chain showed robust performance, with upstream materials like electronic cloth and copper foil being the main drivers of growth [4] - Positive demand expectations were fueled by Nvidia's upcoming earnings report and the planned launch of new chips at the GTC conference, which are critical components for high-end PCBs [4] - There is noticeable sector differentiation, with previous leaders in the CPO segment experiencing a pullback due to lowered demand expectations from institutions [4] 4. Advanced Packaging - The advanced packaging sector was active, driven by industry expansion and technological upgrades, with companies like Shenghe Jingwei increasing investment in 3D packaging projects [5] - Major players like TSMC and Samsung are also ramping up investments in advanced packaging, alongside accelerated domestic AI chip expansion [5] - However, the sector faces pressure from a sluggish memory chip market, which could impact upstream segments of advanced packaging if the trend continues [5] 5. Real Estate - The real estate sector performed well, driven by sudden policy support from Shanghai, which introduced measures to lower home purchase thresholds and support reasonable housing demand [7] - Key adjustments include reducing the social security and individual income tax requirements for non-local buyers and increasing public housing loan limits [7] - As a bellwether for the national market, Shanghai's policy aims to stimulate demand and boost confidence in the real estate sector, with potential follow-up actions from other cities [7] - Long-term trends indicate the end of the real estate cycle, with a shift in residential property allocation from 80% to 50%, aligning more with Western models [8]

"惠州发布"消息，2月25日，在广东全省"新春第一会"召开后，惠州市委、市政府召开全市高质量发展大会暨"招商引资年"行动动员会，动员全市上下 以"开局即冲刺、全域全年发力"的奋斗姿态，坚定扛起经济大市的责任担当，加快迈向万亿GDP、千万级人口城市。 会议主题是"制造业与服务业协同发展，全域全力推动招商引资提质增效"。惠州将坚持实体经济为本、坚定实施制造业当家战略，走好制造业与服务业协 同发展之路，加快构建更具竞争力的现代化产业体系，奋力打造广东高质量发展新增长极。 解读：目前，全国GDP万亿城市已达到29个，其中江苏有苏州、南京、无锡、南通及常州5个，徐州只剩"一步之遥"，扬州、盐城都在"8000亿元+"，泰州 也超过7000亿元，都有望在未来几年实现晋级。 相比之下，广东在广深佛莞四座万亿城市之后，出现明显断档。而惠州作为GDP超6000亿元、最接近万亿目标的"种子选手"，自然肩负着填补断层、打造 新增长极的重任。 从这个角度来说，做大惠州可以说是广东的当务之急。 近年来，广东对惠州寄予厚望。 2024年，广东省委、省政府印发《关于支持惠州加快构建绿色低碳产业体系打造广东高质量发展新增长极的意见》，赋予惠州 ...

2026 年 02 月 26 日 开源晨会 0226 ——晨会纪要 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | -1.155 | | 银行 | -0.456 | | 汽车 | 0.056 | | 家用电器 | 0.130 | | 石油石化 | 0.190 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 钢铁 | 4.694 | | 有色金属 | 3.478 | | 建筑材料 | 2.749 | | 房地产 | 2.533 | | 基础化工 | 2.162 | | 数据来源：聚源 | | 开 源 证 券 证 券 研 究 报 wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【固定收益】上清所托管量环比减少，债市整体杠杆率持平——2026 年 1 月债市 托管数据点评-20260225 事件：1 月末，上清所债 ...

2025年，东京房地产市场交出了一份极具冲击力的成绩单。 东京KANTEI最新调查显示，东京23区二手住宅平均期望出售价格首次站上1亿日元关口，达到每70平方米1亿393万日元，同比上涨34.6%。这一 涨幅刷新了自1997年有可比数据以来的最高纪录。价格的跃升，不仅意味着统计意义上的突破，也折射出市场热度的集中释放。 2025年房地产投资市场表现强劲，海外资本的参与度明显提升。在全球地缘政治风险加剧的环境下，不少战略资金将日本视为相对稳健的落脚 点，其中大中华地区资金尤为活跃。 尽管日本央行在2025年12月将政策利率上调至0.75%，并释放出2026年可能继续加息的信号，但横向比较来看，日本整体利率水平仍低于多数主 要经济体。这一利率环境，仍为不动产投资提供了基础支撑。 另一方面，日本企业正在经历深层次转型。为优化资产结构、提升运营效率，不少企业开始出售非核心房地产资产，增加市场可流通标的。资产 端的重新整合，使投资市场在价格高位之下仍保持一定活跃度。 大型综合房地产服务公司JLL预测，日本房地产市场整体趋势仍偏稳健。数据显示，2025年1—12月日本房地产投资总额预计达到6万亿日元，且 这一规模有望在2 ...

2月24日，A股三大指数延续涨势，上证指数涨0.72%，全市场成交额近2.5万亿元，较昨日放量超2600亿元，超3700只个股收红。板块题材上，小金属、磷 化工、钢铁、稀土永磁、电池、PCB、房地产、PET铜箔、港口航运板块涨幅居前，影视院线、银行、算力租赁、游戏板块跌幅居前；港股高开震荡，盘面 热点轮动较快，非银金融板块活跃。 截至收盘，中证A500指数上涨1%，沪深300指数上涨0.6%，创业板指数上涨1.4%，上证科创板50成份指数上涨0.5%，恒生中国企业指数上涨0.3%。 | 沪深300指数由沪深市场中规 | 令日 | 该指数 | | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | | 组成,完整覆盖11个中证一级 行业 | 0. 6% | 14.2倍 | | 中证A500指数由各行业市值较 | マ日 | 该指数 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盈率 | | 组成,覆盖93个三级行业中的 | | | | 89个 | 1.0% | 17.4倍 | 跟踪上证科创板50成份指数 该指数由科创板中市值 ...

尤其值得一提的是，新政提出"多子女家庭购买首套及第二套住房的，公积金最高贷款额度均可上浮 20%。缴存人家庭购买符合规定的二星级及以上新建绿色建筑住房的，公积金最高贷款额度上浮15%保 持不变。同时符合以上两种情形的，上浮比例可叠加计算，即公积金最高贷款额度上浮35%"。 在"深化住房公积金制度改革"的大背景下，上海打出一套房地产市场政策"组合拳"。 2月25日，上海市住房公积金管理委员会发布《关于优化本市住房公积金个人住房贷款政策的通知》 （以下简称"新政"）。同日，上海市住房城乡建设管理委、上海市房屋管理局、上海市财政局、上海市 税务局、上海市公积金管理中心等五部门联合印发《关于进一步优化调整本市房地产政策的通知》，重 点围绕限购、公积金贷款、房产税等三方面优化，支持刚性和改善性住房需求。上述两项政策都是自 2026年2月26日起施行。 家庭购买首套住房公积金贷款最高额度从160万元提高至240万元 将缴存人家庭购买首套住房的公积金贷款最高额度从160万元提高至240万元，是本次新政一大看点。同 策研究院联席院长、首席研究员宋红卫分析称，本次上海公积金贷款新政调整主要有三个方面变化：一 是额度提高了，这能 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the market in 2026 [5][8]. Core Insights - The release of Shanghai's "New Seven Measures" on February 25, 2026, is expected to effectively release pent-up reasonable demand, leading to a simultaneous recovery in both new and second-hand housing markets [3][5]. - The new policies include adjustments to purchase restrictions, optimization of housing provident fund loans, and improvements to property tax regulations, which are designed to stimulate market activity [5][6]. Summary by Sections Policy Changes - The new measures involve: - Reduction of purchase restrictions for non-local residents and single individuals, allowing them to buy multiple properties under certain conditions [5]. - Increase in the maximum loan amount for first-time homebuyers from 1.6 million CNY to 2.4 million CNY, with potential increases for families with multiple children and those purchasing green buildings [5]. - Property tax exemptions for local families under specific conditions, aimed at facilitating housing upgrades [5]. Market Outlook - The report anticipates a "small spring" in the market characterized by increased transaction volumes and stable prices, driven by targeted policy measures that address qualification, funding, and cost [5][6]. - The combination of these policies is expected to effectively release previously accumulated reasonable demand, boosting both new and second-hand housing markets [5][6]. Recommended Stocks - The report recommends several stocks for investment, including: - Development companies: Poly Developments, China Merchants Shekou, and Jin Di Group [5]. - Commercial and residential: China Resources Land and Longfor Group [5]. - Property management: Wanwu Cloud and China Overseas Property [5]. - Cultural tourism: Overseas Chinese Town A [5].

中新社香港2月25日电香港特区政府差饷物业估价署25日表示，1月香港私人住宅售价指数报301.4，创 2024年6月以来新高，按月升0.53%，实现连续8个月上涨。 租金指数方面，1月私人住宅租金指数升至201.1，按月升0.3%，再创新高。 房地产咨询公司莱坊大中华区研究及咨询部主管王兆麒表示，进入2026年，香港整体楼市表现显著回 暖，此前降息对楼市的提振效应充分释放，市场气氛持续回升。不过当前市场货尾量仍处于高位，购买 力持续向新盘倾斜，加之新盘定价较为审慎，二手楼价暂未出现大幅反弹。(完) （文章来源：中国新闻网） ...