"房子都盖到'供大于求'了，怎么还在不停地建新盘？" 大家的感觉并不是凭空来的——很多小区到了晚上，亮灯没几家； 三四线城市的库存要几年甚至更久才能卖完；中介嘴里永远是"房源太多，客户太少"。 那问题就来了： 既然明显过剩，开发商为啥还要不停拿地、盖楼，往里砸钱？ 今天我们就把这件事从里到外讲清楚。 一、房子到底过剩到什么程度？ 先看几组真实数据，不是瞎编的： 空置率：不同机构说法略有出入，但很多研究都提到，全国城镇住房空置率在20%左右，有的三四线城 市甚至超过30%，个别县城春节空置率峰值能到40%以上。 按国际通行说法，空置率超过20%就属于"严重积压区"。 如果按简单逻辑，"供大于求就该停工"，早就该全面刹车了。 但现实里，我们看到的是： 很多高库存城市，土地还在卖，只是节奏慢了点；一些房企资金链已经很紧，也还是在积极拿地；城市 里一边空置房多，一边新工地塔吊还在转。 这背后其实不是傻，而是一套复杂的现实逻辑。 去化周期： 一些城市的新房库存去化周期（按当前卖房速度卖完要多久）超过22个月，创下十多年新高。 三四线当中，半数城市库存消化周期在30个月以上，有的地方甚至要五六年。 另外有研究估算，从广义 ...

很多人这两年都有一个明显的感觉： 但另一边，很多人又很纠结： "现在到底能不能买？会不会买完又跌？"今天我不给你喊"马上买"或者"千万别买"， 如果你现在还没买房，从2026年开始，你面对的，是一个"门槛更低、选择更多、不用急着抢"的市场。 具体有三个好消息，很多人到现在都还没察觉。 好消息一：买房的"门槛"和"月供"，确实在往下走 前几年很多人买房时，商贷利率还是"5字头"，后来慢慢到了"4字头"。 而到最近两年，新发放的房贷利率已经降到了"3字头"，有的地方甚至逼近3%。 央行数据里，全国新发放房贷加权平均利率已经跌到历史新低，和几年前比，一笔30年期的贷款，利息 能少十几二十万是很正常的。 房子好像没那么"紧俏"了。以前看盘，售楼处人挤人；现在很多项目打电话给你，说"可以来谈谈价"。 除了利率，首付比例也在降。 很多城市把首套房的首付比例降到了20%甚至15%，公积金利率、贷款额度也都做了优化。 对首次置业的人来说，首付少掏几十万，压力一下子小很多；月供也轻一点，生活质量就不用被房贷压 得太死。 还有税费、补贴： 有的城市对刚需给购房补贴，有的继续执行"以旧换新"减税、退税政策。 算下来，同样买一套房子 ...

2月6日上午9时30分，由山西晚报社主办的"一马当先看楼市"——太原楼市新春直播季第四场活动在山 西晚报社新闻会客厅圆满举行。作为系列直播活动的收官之作，本场活动特邀山西财经大学管理科学与 工程学院房地产开发与管理专业负责人、副教授王秀燕，以及2025年太原楼市单盘销售冠军华润置地太 原瑞府销售负责人王少雄、亚军中铁屿逸书院项目营销负责人马瑞共聚一堂，围绕"淡市之中卓越楼盘 何以穿越周期"主题，展开深度对话。 直播通过山河+APP、山河视频（抖音、快手）、山西晚报视频号、戎姐看房微信公众号等多平台同步 推送，为观众呈现了一场兼具理论高度与实践洞察的市场剖析。 1 硬实力、好产品 构筑傲人销售成绩 活动伊始，新闻会客厅内外的嘉宾、粉丝及网友们便将焦点投向2025年太原楼市的"明星项目"。在全国 楼市继续盘整、量价回落的2025年，华润置地太原瑞府、中铁屿逸书院凭借卓越市场表现脱颖而出，分 别以太原市单盘销售冠军、单盘销售亚军成为全城的明星楼盘。同时，太原瑞府还是全城单价超17000 元项目的销售冠军；屿逸书院则是全城单价不足17000元项目的销售冠军，并获得西中环板块及煤气化 板块的两大区域销售冠军。两大项目的 ...

Group 1 - The core viewpoint of the article highlights significant stock movements in the Hong Kong and US markets, driven by strategic partnerships, positive financial reports, and market trends [1][2][3][4][5][6][7]. Group 2 - Ocean Group (01991) saw a surge of over 13.3% after announcing a strategic partnership with CONSCIOUSNESS FOUNDATION LTD. to establish a joint venture focused on AI smart hardware, marking a significant step in its AI strategy [1]. - Gaming stocks continued to rise, with Melco International Development (00200) up 5.49% and Sands China (01928) up 3.26%, supported by a 24% year-on-year increase in Macau's gaming revenue for January [1]. - China Energy Storage (02399) increased by over 9.2% following its announcement to acquire 100% of Wuzhong Ruichu Technology for RMB 64 million [2]. - The real estate sector showed recovery, with Sunac China (01918) rising 8.2% as market confidence improved in January [3]. - Gold stocks collectively rose, with China’s gold reserves increasing to 74.19 million ounces, marking a continuous increase for 15 months [4]. - In the US market, Lexin Fintech (LX.US) rose 6.04% amid a broader market rally, with the Dow Jones reaching a historic high of 50,115.67 points [5]. - SpyGlass Pharma (SGP.US) debuted on the US market with a 65% increase, focusing on chronic eye disease treatments [6]. - Bitcoin-related stocks rebounded significantly, with Strategy (MSTR.US) up 26.11% [7].

75.36亿元 2月2日-2月8日，北京市商品住宅成交404套，成交金额31.33亿元。其中，位于海淀朱房村的建发.海晏 以8套、0.21万㎡、2.94亿元的网签成绩，成为全市新房网签周度金额冠军。不仅如此，建发.海晏以 75.36亿元的销售成绩斩获2025年度北京住宅市场销售亚军。该项目共规划16栋7F-15层洋房+小高层， 楼王栋高达3.6米，约435套房源，主力面积段185-220-265㎡，3栋单体平墅，一层一户，建面超300㎡。 ...

Core Viewpoint - Sunshine City has welcomed back its Vice President Chen Ni after a three-month investigation, which is expected to bring temporary management stability to the company, currently facing significant losses and debt defaults [3][11]. Group 1: Management Changes - Chen Ni, who has been with Sunshine City since 1998, has returned to her role after being investigated for alleged bribery, which had caused a temporary halt in financial decision-making and debt negotiations [3][4][11]. - Her absence had led to a stagnation in critical financial operations, further straining the company's governance and external trust [4][14]. Group 2: Financial Performance - Sunshine City has reported substantial losses, with net profits of -1.137 billion, -2.809 billion, and -4.115 billion yuan for the first three quarters of 2025, indicating a continuous decline in revenue [5][12]. - As of September 2025, the company had total assets of 170.465 billion yuan and total liabilities of 192.252 billion yuan, resulting in negative shareholder equity and the closure of traditional financing channels [5][12]. Group 3: Debt Situation - The company is facing a critical debt situation, with overdue principal totaling 65.623 billion yuan, including 2.244 billion USD in offshore bonds and 16.463 billion yuan in domestic bonds [7][13]. - The ongoing debt defaults are seen as a central issue affecting all operational and management challenges within the company [6][13]. Group 4: Challenges Ahead - Chen Ni's return coincides with a crucial period for debt restructuring, requiring her to quickly familiarize herself with the company's financial status and coordinate resources for negotiations [14]. - The company is under pressure to manage its "guarantee delivery" tasks amid increasing litigation cases and a tightening regulatory environment for real estate financing [8][15]. - Sunshine City has acknowledged a "temporary liquidity tightness," necessitating various solutions to restore market confidence and rebuild trust with suppliers and contractors [15].

Core Viewpoint - Poly Real Estate Group reported its unaudited sales data for January 2026, indicating a significant performance in contract sales and pricing trends [1] Group 1: January 2026 Sales Performance - In January 2026, Poly Real Estate achieved a contract sales amount of approximately RMB 3.7 billion [1] - The total contract sales area for January 2026 was about 151,000 square meters [1] - The average contract sales price in January 2026 was approximately RMB 24,774 per square meter [1] Group 2: Annual Sales Performance for 2025 - For the full year of 2025, Poly Real Estate accumulated a total contract sales amount of approximately RMB 50.2 billion [1] - The cumulative contract sales area for 2025 was around 1.624 million square meters [1] - The average contract sales price for the year 2025 was approximately RMB 30,917 per square meter [1]

Group 1 - The core point of the news is that Jingneng Real Estate has seen a stock price increase of 5.02%, reaching 6.69 CNY per share, with a total market capitalization of 3.03 billion CNY [1] - Jingneng Real Estate, established on April 1, 1997, primarily engages in real estate development and management, with residential income accounting for 94.53% of its total revenue [1] - The company also generates income from commercial properties (1.81%), storage (1.65%), electricity fees (0.90%), management fees (0.44%), rental income (0.39%), parking (0.26%), and other sources (0.03%) [1] Group 2 - Jin Yuan Shun An Fund's mixed fund has increased its holdings in Jingneng Real Estate by 184,400 shares, now holding a total of 2.8385 million shares, representing 0.63% of the circulating shares [2] - The fund has achieved a floating profit of approximately 908,300 CNY from this investment [2] - The fund has a total asset size of 1.564 billion CNY and has reported a year-to-date return of 6.51% and a one-year return of 53.93% [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On February 6, the overall capital situation was loose, with major repurchase rates declining; the bond market continued its positive trend; the main indices of the convertible bond market closed higher, and most convertible bond issues rose; yields on U.S. Treasuries of various maturities generally increased, and the yields on 10-year government bonds of major European economies showed divergent trends [2] Summary by Directory I. Bond Market News (1) Domestic News - Premier Li Qiang chaired the tenth plenary meeting of the State Council, emphasizing promoting effective investment, using various funds and tools, and promoting major projects in key areas [4] - As of the end of January 2026, China's foreign exchange reserves increased for the 6th consecutive month to $3399.1 billion, and gold reserves increased for 15 consecutive months to 74.19 million ounces. The increase in foreign exchange reserves was due to factors such as exchange rate conversion and asset price changes [5] - Eight departments jointly re - emphasized the ban on virtual currency in China and put forward policy requirements for related businesses [5] - The China Securities Regulatory Commission issued a regulatory guideline for the overseas issuance of asset - backed security tokens of domestic assets to prevent speculation risks [6][7] - The first meeting of the China - UK Financial Working Group was held in Beijing, reaching many practical cooperation results [7] (2) International News - In February 2026, the preliminary reading of the U.S. consumer confidence index was 57.3, higher than the January final value. The short - term inflation expectation dropped to 3.5%, while the long - term inflation expectation rose slightly to 3.4% [8] - The U.S. and India reached a temporary trade framework. The U.S. will impose a 18% tariff on Indian goods, and India will purchase $500 billion of U.S. products in five years [9] - On February 6, international crude oil futures prices rose, with WTI March crude oil futures up 0.41% and Brent April crude oil futures up 0.74%. COMEX gold futures rose 1.96%. The NYMEX natural gas price fell 3.16% [10] II. Capital Situation (1) Open Market Operations - On February 6, the central bank conducted 7 - day reverse repurchase operations of 31.5 billion yuan at an interest rate of 1.40% and 14 - day reverse repurchase operations of 300 billion yuan. With 477.5 billion yuan of reverse repurchases maturing, the net capital withdrawal was 146 billion yuan [12] (2) Capital Interest Rates - On February 6, the capital situation was loose, and major repurchase rates declined. DR001 dropped 4.41bp to 1.275%, and DR007 dropped 2.08bp to 1.461% [13] III. Bond Market Dynamics (1) Interest - rate Bonds - Spot Bond Yield Trends: On February 6, the bond market continued its positive trend. As of 20:00, the yield of the 10 - year Treasury bond active issue 250016 dropped 0.60bp to 1.8020%, and the yield of the 10 - year CDB bond active issue 250220 dropped 1.55bp to 1.9625% [15] - Bond Tendering Situation: The 3 - year 25Jinchujin13 (Increment 10), 1 - year 26Fuxiguozhai01 (Re - issue), and 30 - year 26Fuxiguozhai02 (Re - issue) were issued, with their respective issuance scales, winning bid yields, full - field multiples, and marginal multiples provided [16] (2) Credit Bonds - Secondary Market Transaction Anomalies: On February 6, the trading price of one industrial bond, "23Chanrong11", deviated by more than 10%, falling more than 17% [16] - Credit Bond Events: Multiple companies announced events such as debt repayment issues, mergers and reorganizations, and bond issuance cancellations [19] (3) Convertible Bonds - Equity and Convertible Bond Indices: On February 6, the three major A - share indices fell, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down 0.25%, 0.33%, and 0.73% respectively. The convertible bond market rose, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index up 0.75%, 0.56%, and 1.02% respectively [18][20] - Convertible Bond Tracking: On February 7, Shenergy Co., Ltd.'s convertible bond issuance was approved by the exchange. On February 6, some convertible bonds announced adjustments to conversion prices, early redemptions, or approaching redemption conditions [24] (4) Overseas Bond Markets - U.S. Bond Market: On February 6, yields on U.S. Treasuries of various maturities generally increased. The 2 - year yield rose 3bp to 3.50%, and the 10 - year yield rose 1bp to 4.22%. The 2/10 - year and 5/30 - year yield spreads narrowed by 2bp. The 10 - year inflation - protected Treasury (TIPS) break - even inflation rate rose 2bp to 2.34% [23][25][26] - European Bond Market: On February 6, the yields on 10 - year government bonds of major European economies showed divergent trends. The German, French, and Italian yields rose 1bp, the Spanish yield remained unchanged, and the British yield dropped 5bp [27] - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: As of the close on February 6, the prices of some Chinese - funded U.S. dollar bonds rose or fell, with details on the daily and monthly changes, credit subjects, bond balances, and yields provided [29]

到这个月的月底，许家印失去自由3年5个月。 但你能想到吗，身陷囹圄的许家印，仍有权每月支取约5万港元的费用。 这恐怕是2026年开年以来最为吊诡的一幕。尽管许教授从未提出过这样的申请。 清盘中的中国恒大诉请追索许家印、夏海钧等前高管违规所获薪资奖金以来，许家印委托了不止一位大 律师。香港的大律师很贵，这是周知的事实。虽然当下拖着诉讼费不给，但是，许家印对于律师费的支 付倒是十分爽快。 我们掌握的情况显示，一般律师费用单发出两个月以内，许家印方面就会完成费用结算。他从未拖欠过 律师费用。 这些钱从哪里来的？ 恒大极盛之年，5万港元这种小钱，在许家印那里恐怕连毛毛雨都算不上。但是，今时不同往日，如今 的许家印已经连120万港元的诉讼费都不能如期缴纳，还要劳动香港法庭兴师动众开庭审理，以"除非 令"威慑，催促许家印赶紧交钱。 2月3日，香港法庭签发针对许家印的判词，要求他在2月20日前向法庭缴纳诉讼费，否则将以"除非 令"剥夺他在日后诉讼中的抗辩权。如果从2月5日开始计算，留给许家印的时间，还有不到15天。 人们不禁好奇，届时许家印会以不交诉讼费的方式放弃自己的抗辩权么？ 即便是现在的许家印，也绝非是没钱。许教授到 ...