Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [7] Core Insights - The report highlights a divergence from market expectations regarding the recent stabilization in property prices and listing volumes in core cities, suggesting that further observation is necessary before concluding a cyclical turning point [2][3] - It emphasizes that the government's policy direction remains focused on risk prevention, safeguarding livelihoods, and reducing financialization in the real estate sector, despite market anticipations for a major policy shift [3] - The report identifies key events, particularly the strong performance of Hong Kong property stocks, driven by a bottoming out of the Hong Kong real estate market and supportive factors such as rental yields exceeding mortgage costs [4] Summary by Sections Market Performance - The Hong Kong property index has outperformed the Hang Seng Index, while the A-share real estate sector experienced a weekly decline of 0.69% [14][19] - Individual stock performance shows notable gains, with 京能置业 (Jingneng Real Estate) rising by 14.44% [20] Second-hand Housing Weekly Tracking - National listing prices in 85 cities have shown a slight week-on-week increase of 0.1%, with a recovery in the number of cities experiencing price rebounds [25] - The listing volume has decreased by 0.22% week-on-week, but the rate of decline has narrowed [29] - During the Spring Festival, the average daily transaction volume in 16 cities increased by 23% year-on-year, with significant growth in Beijing, Guangzhou, and Shenzhen [36] New Housing Weekly Tracking - The average daily transaction volume for new homes during the Spring Festival saw a year-on-year decline of 48.66%, with only 青岛 (Qingdao) and 济南 (Jinan) reporting increases of 148.17% and 9.84%, respectively [54] - The total inventory of new homes has slightly decreased, with a week-on-week decline of 0.1% [56]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 | 恒生指数 | 27019.74 | +0.95% | | --- | --- | --- | | 800000 | | | | 但生科技指数 | 5284.51 | +0.46% | | 800700 | | | | 国企指数 | 9078.96 | +0.49% | | 800100 | | | MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 客户端 美股周三继续上升，科技股普遍反弹，带动大市向上，三大指数均录得升幅收市。美元走势偏软，美国 十年期债息回升至4.05厘水平，金价反覆靠稳，油价表现向下。 今日港股三大指数集体高开，恒指开盘涨0.95%，报27019.74点，恒科指涨0.46%，国企指数涨0.49%。 盘面上，科网股涨多跌少，联想、腾讯涨超1%，网易跌超1%；内房股活跃，越秀地产涨超2%；锂电池 板块部分高开，天齐锂业涨超6%；汽车股分化，比亚迪股份涨近1%，喜相逢集团跌超1%。 美股周三继续上升，科技股普遍反弹，带动大市向上，三大指数均录得升幅收市。美元走势偏软，美国 十年期债息回升 ...

其中，上海受1月市场成交回暖以及2月上海在三区启动收购二手房用作保障性租赁住房试点影响，市场 对后续行情的信心在节前已有所回升，多数楼盘延续"春节不打烊"的运营节奏，促销力度与1月基本持 平。数据显示，上海春节假期新房成交面积为1.36万平方米，领跑一线城市，同时假期无项目集中认筹 开盘，市场预计3月将迎来供应高峰。 而北京新房市场的促销活动多样，房企推出"春节不打烊"为"小阳春"蓄力，采取线上线下相结合多维措 施积极营销，优惠方面除常规特价房，还有项目推出情人节特惠房源、直签送家电大礼包、新春"一口 价"好房以及推荐成交享高额佣金等促销手段。 随着马年春节长假的结束，楼市也交出在此期间的成绩单。 据中指研究院统计，今年春节假期（2.15-2.23），全国重点21城新建商品住宅共网签成交10万平米，与 去年春节假期相比，日均成交量基本持平。 "受节日返乡、出游及部分城市网签系统暂停更新等因素影响，今年春节期间，全国楼市整体呈现出典 型的假期模式，成交数据处于季节性低位。"中指研究院指数研究部总经理曹晶晶告诉记者。 "今年春节长假长达9天，居民探亲访友、外出旅游热情高涨，全国旅游出行人次达5.2亿次，较2019 ...

证券之星消息，截至2026年2月25日收盘，皇庭国际(000056)报收于2.3元，上涨10.05%，涨停，换手率 13.4%，成交量121.12万手，成交额2.72亿元。 2月25日的资金流向数据方面，主力资金净流入7924.69万元，占总成交额29.12%，游资资金净流出 3458.19万元，占总成交额12.71%，散户资金净流出4466.49万元，占总成交额16.41%。 近5日资金流向一览见下表： 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 皇庭国际融资融券信息显示，融资方面，当日融资买入336.46万元，融资偿还160.48万元，融资净买入 175.98万元。融券方面，融券卖出0.0股，融券偿还0.0股，融券余量0.0股，融券余额0.0万元。融资融券 余额5439.55万元。 ...

港龙中国地产（06968）公布，该集团连同其合营公司和联营公司由2026年1月共实现合同销售金额约人 民币2.014亿元，同比减少55.24%。 港龙中国地产（06968）公布，该集团连同其合营公司和联营公司由2026年1月共实现合同销售金额约人 民币2.014亿元，同比减少55.24%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 ...

2月25日，上海市住房城乡建设管理委、市房屋管理局、市财政局、市税务局、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》，自2026年2月26日起施行。 业内人士认为，"新七条"政策充分体现上海综合施策、因城施策、发挥好存量和增量政策集成效应的导 向，亦符合2026年住房消费工作的相关要求。2023年以来，上海出台多轮房地产优化政策，综合性和系 统性较强，涉及限购、土地、金融、财税等多领域政策调整，也包括当前动迁安置房票试点以及国企收 购二手房等创新举措。此类政策发挥了非常好的组合拳效应。结合此次"新七条"新政，我们认为，其在 持续降低购房成本的同时，也将进一步促进住房消费需求积极释放和供求关系平衡，亦进一步巩固当前 楼市稳中向好的态势。 债市要闻 【上海楼市新政"沪七条"出台，进一步调减住房限购政策，对债市影响几何？】 此次7项政策，围绕多项住房需求展开。其既涉及非沪籍和沪籍家庭，也包括从事城市基础服务的相关 人员、多孩家庭等，具有惠及面广、精准施策的特点。综合来看，其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。对于即将到来的小阳春关键时间 ...

Core Insights - The overall real estate market during the Spring Festival (February 15-23) exhibited a typical "holiday mode," with both new and second-hand housing transaction volumes in key cities at seasonal lows due to factors like holiday travel and temporary suspension of online signing in some cities [1][4] - A total of 100,000 square meters of new residential properties were signed in 21 key cities during the Spring Festival, showing a year-on-year stability in daily transaction volume [1][2] - Major cities like Shanghai, Wenzhou, and Jinan led in transaction volumes, while cities like Nanning and Qingdao experienced significant year-on-year growth due to low base effects [1][2] New Housing Market Performance - Shanghai recorded a transaction volume of 13,600 square meters, followed by Wenzhou at 10,800 square meters and Jinan at 10,100 square meters [2] - The overall new housing sales in Chengdu remained flat year-on-year at 5,400 square meters, with promotional activities driving some sales [3][4] - Developers engaged in various promotional activities, including discounts and community events, to stimulate demand during the holiday period [3][4] Market Outlook - Analysts predict a "small spring" recovery in the core city real estate market as pent-up demand is expected to be gradually released post-holiday [3][4] - The upcoming March is anticipated to see a surge in sales as developers aim to meet their annual performance targets, with expectations for various promotional policies to be introduced [5] - The year 2026 is viewed as a critical year for the real estate market to stabilize, with a focus on controlling inventory and improving supply quality [5]

马年春节假期收官，全国房地产市场暖意渐显。重庆、肇庆、青岛等地住建部门陆续发布官方数据，返 乡置业支撑楼市迎来"开门红"，也为节后楼市"小阳春"提前蓄力。 多地晒返乡置业成绩单 节后首日，多地住建部门发布春节假期楼市"成绩单"，楼市迎来新春开门红。 微信公众号"新会发布"也发布信息，江门市新会区各大楼盘推出新春促销，限时折扣、特惠房源等轮番 上线。截至2月21日，全区共销售商品房34套，成交金额3961万元，购房消费活力稳步释放。 新房市场淡季不淡，线上找房热度回升 58安居客研究院院长张波指出，春节新房市场最大亮点是 "淡季不淡"。根据58安居客数据，节后一周 （2月17日—2月23日）新房线上找房热度环比节前上涨 17.0%，这一回升与节前密集落地的政策红利叠 加房企 "春节不打烊" 的供应端发力有关。例如江苏的南京、南通、苏州等地推出的"人才房票"政策全 面扩容，覆盖大专至院士全学历层次，补贴额度最高达150万元，还可与公积金提额、契税补贴叠加； 惠州、东莞、重庆等多地在春节前夕同步出台公积金提额、购房总价补贴等新政，全方位降低置业门 槛。 此外，中指研究院数据显示，上海在节前政策利好带动及房企维持较大 ...

Market News - Shanghai has initiated the first major relaxation of housing purchase restrictions in 2026, implementing a "new seven measures" to lower barriers for non-local buyers and improve housing loan conditions[6] - The new policy is expected to stimulate demand in the real estate market, leading to a "volume increase and price stability" trend in Shanghai's housing market[7] Industry News - Short-seller Citron Capital has taken a short position against SanDisk, citing cyclical pressures in the NAND industry and increased competition from Samsung, causing SanDisk's stock to drop over 8%[9] - During the recent Spring Festival holiday, sales of home appliances and digital products exceeded 5.1 million units, marking a 21.7% increase compared to last year[11] Market Performance - As of February 25, 2026, the North Exchange 50 index rose by 0.77%, while the ChiNext index increased by 1.41% and the A-share index rose by 0.73%[12] - The average market capitalization of the 294 constituent stocks in the North Exchange is 3.214 billion, with a trading volume of 18.656 billion, an increase of 2.277 billion from the previous trading day[12] Company Announcements - Companies such as Thunder God Technology and Haidaer have released their annual performance reports, with Thunder God reporting a revenue of 3.042 billion, a year-on-year increase of 2.93%[23] - Haidaer reported a revenue of 371 million, a decrease of 11.15% year-on-year, with a net profit decline of 20.21%[33] Risk Warning - There are risks of individual stock earnings falling short of expectations, intensified industry competition, and potential trade frictions impacting market stability[36]

上海发布"沪七条"房地产优化政策 日度报告——综合晨报 [T报ab告le_日R期an：k] 2026-02-26 宏观策略（外汇期货(美元指数)） 美特使要求伊朗核协议永久有效 美国要求伊朗核协议永久有效，这无疑增加了谈判的难度，全 球市场风险偏好继续回升。 宏观策略（股指期货） 上海发布"沪七条"房地产优化政策 综 上海房地产新政进一步降低购房门槛，释放积极的政策信号。 房地产板块上涨但涨幅有限，应理性看待新政能带来的实际效 果。在人口老龄化、收入承压背景下，居民加杠杆受限。 合 宏观策略（国债期货） 晨 央行开展了 4095 亿元 7 天期逆回购操作 报 短期来看，房地产政策难以成为驱动债市持续下跌的核心因素， 在通胀回升等利空被债市确认之前，债市情绪难言趋势性转弱， 部分时刻债市还有反弹动力。长期债市不乐观。 农产品（棉花） 截至 2026 年 2 月 21 日，巴西棉花种植完成 99.9% 节后纺织企业正陆续复工，部分纺企因原料大涨而上调棉纱报 价，涨幅不及棉花；部分纺企暂停报价。纱布市场交投暂未完 全恢复，布厂及终端对于原料上涨的接受能力还有待观察。 有色金属（铜） ICSG：2025 年全球精炼铜 ...