1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market showed a volume - shrinking correction today, with valuations rising month - on - month. The trading sentiment in the convertible bond market weakened, and the median price of convertible bonds decreased slightly. The proportion of high - price bonds above 130 yuan decreased, while the proportion of bonds in the 110 - 120 yuan range increased [2][3]. - In the A - share market, the decline in the positive - stock industry index accounted for more than half, while in the convertible bond market, 18 industries rose. Different industries had different performances in terms of closing price, conversion premium rate, conversion value, and pure bond premium rate [4]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index decreased by 0.23% month - on - month, the Shanghai Composite Index increased by 0.13%, the Shenzhen Component Index increased by 0.02%, the ChiNext Index decreased by 0.37%, the SSE 50 Index increased by 0.18%, and the CSI 1000 Index increased by 0.20%. Among market styles, mid - cap value was relatively dominant [2]. - The weighted average closing price of convertible bonds was 142.67 yuan, a 0.32% decrease from yesterday. The closing prices of partial - equity, partial - debt, and balanced convertible bonds changed by +2.17%, - 0.05%, and +0.22% respectively. The proportion of high - price bonds above 130 yuan decreased by 0.12 pct, and the proportion of bonds in the 110 - 120 yuan range increased by 0.29 pct [3]. Market Capital Performance - The trading volume in the convertible bond market was 72.799 billion yuan, a 9.88% decrease month - on - month; the total trading volume of the Wind All - A Index was 2.124745 trillion yuan, a 6.41% decrease month - on - month. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 32.204 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.20 bp to 1.81% [2]. Industry Performance - In the A - share market, the top three declining industries were real estate (-1.40%), food and beverage (-1.31%), and commerce and retail (-0.87%); the top three rising industries were media (+4.27%), household appliances (+1.11%), and coal (+0.88%). In the convertible bond market, the top three rising industries were communication (+2.29%), automobile (+2.25%), and media (+1.44%); the top three declining industries were textile and apparel (-2.17%), environmental protection (-1.56%), and non - bank finance (-0.90%) [4]. - In terms of different industry categories: the closing price of the large - cycle category decreased by 0.17%, manufacturing increased by 0.99%, technology increased by 0.80%, large - consumption decreased by 0.39%, and large - finance decreased by 0.41%. The conversion premium rate of the large - cycle category increased by 0.86 pct, manufacturing increased by 0.75 pct, technology decreased by 2.3 pct, large - consumption increased by 0.56 pct, and large - finance decreased by 0.22 pct. The conversion value of the large - cycle category decreased by 0.77%, manufacturing increased by 0.59%, technology increased by 1.91%, large - consumption decreased by 0.34%, and large - finance decreased by 0.43%. The pure bond premium rate of the large - cycle category decreased by 0.36 pct, manufacturing increased by 1.6 pct, technology increased by 1.4 pct, large - consumption decreased by 0.54 pct, and large - finance decreased by 0.48 pct [4][5]. Industry Rotation - Media, household appliances, and coal led the rise. The media industry had a daily increase of 4.27% in the positive - stock market and 1.44% in the convertible bond market; household appliances had a daily increase of 1.11% in the positive - stock market and 0.19% in the convertible bond market; coal had a daily increase of 0.88% in the positive - stock market and 0.85% in the convertible bond market [55].

香港置业研究部董事王品弟表示，香港房委会于去年10月开始陆续向"白居二2024"的成功申请者发出批 准信，在新一轮白居二入市带动下，二手公屋注册量连续2个月超越百宗水平。香港土地注册处数据显 示，1月二手公屋录得114宗注册，虽较去年12月的192宗回落约4成，但已连续2个月录逾百宗，仍创19 个月次高，并高出去年平均每月约93宗约22.6%，亦较去年同期的56宗增加超过1倍。 鉴于签署买卖合约至递交到土地注册处注册登记需时，2026年1月注册个案一般主要反映2025年12月市 况。 若以三区划分1月二手公屋注册量同比同期表现，3区宗数同比齐升，当中新界区二手公屋录77宗注册， 三区中最多，较去年同期的42宗增加约83.3%；九龙区二手公屋录29宗注册，较去年同期的11宗增加近 1.64倍；港岛区二手公屋录8宗注册，较去年同期的3宗增加近1.67倍。 至于1月二手公屋注册量公屋屋邨排名方面，大围显径邨以7宗注册居榜首，较去年同期的3宗增加约1.3 倍；青衣长安邨、长沙湾李郑屋邨及大埔太和邨各以6宗二手公屋注册紧随其后，其中长安邨较去年同 期的4宗增加50%，李郑屋邨较去年同期的3宗增加1倍，太和邨较去年同期的 ...

2026.02. 10 本文字数：2760，阅读时长大约5分钟 作者 | 第一财经 郑娜 作为关乎民生和经济发展的重要领域，房地产工作如何部署一直是地方两会的重要内容。随着各地两 会相继召开，2026年房地产领域的工作重点也逐渐明晰。 第一财经记者梳理各地政府工作报告发现，"着力稳定房地产市场""强化住房保障""好房子""加快构 建房地产发展新模式""大力推进城市更新"等提法高频出现，"稳市场、去库存、强保障、促更新"为 主要方向。在稳市场方面，河南、云南、江苏、山东、辽宁、吉林等地都提出，鼓励收购存量商品房 用于保障性住房等。 房地产行业专家对第一财经记者表示，地方两会中关于房地产市场的基调与"十五五"总体规划高度 一致，包括明确构建房地产新模式、风险防范，以及"好房子"建设等，同时各地又结合区域实际， 提出差异化的目标和举措，预计未来随着各项政策的落地见效，房地产市场有望筑底企稳，行业转型 加速推进。 稳市场成2026年首要工作 "各地在房地产和住房领域的表述高度聚焦于稳市场、去库存、强保障、促更新四大方向。"广东省 城乡规划院住房政策研究中心首席研究员李宇嘉表示，稳市场基本是各地2026年房地产工作的第 ...

2月10日，自治区住房城乡建设厅主办的2026年广西"好房子·悦生活"住房促消费专题工作会在南宁市举行。来自有关区直、中直驻桂单位，各设区市及部 分县（市、区）住建部门、金融机构、行业协会及房地产企业等代表齐聚一堂，凝聚政银企和媒体合力，共商住房消费提振之策，为全年经济开局起步注 入住建力量。 在本次会议上，进一步发布"好房子·悦生活"自治区住房超市线上小程序、"一键游广西"旅居专题页面，实现线上线下"好房子"房源联动服务。自治区住房 城乡建设厅分别与多家单位签订合作协议，初步构建起跨部门协同推进住房促消费的工作机制，为2026年进一步形成信息共享、优势互补、合力推进住房 消费的工作格局奠定了基础。 记者：彭龙 值班主管：刘晓宇 值班主任：赖炜 出品：广西广播电视台综合广播 2月10日，自治区住房城乡建设厅主办的2026年广西"好房子·悦生活"住房促消费专题工作会在南宁市举行。来自有关区直、中直驻桂单位，各设区市及部 分县（市、区）住建部门、金融机构、行业协会及房地产企业等代表齐聚一堂，凝聚政银企和媒体合力，共商住房消费提振之策，为全年经济开局起步注 入住建力量。 在本次会议上，进一步发布"好房子·悦生活"自 ...

作为关乎民生和经济发展的重要领域，房地产工作如何部署一直是地方两会的重要内容。随着各地两会 相继召开，2026年房地产领域的工作重点也逐渐明晰。 第一财经记者梳理各地政府工作报告发现，"着力稳定房地产市场"、"强化住房保障"、"好房子"、"加 快构建房地产发展新模式"、"大力推进城市更新"等提法高频出现，"稳市场、去库存、强保障、促更 新"为主要方向。在稳市场方面，河南、云南、江苏、山东、辽宁、吉林等地都提出，鼓励收购存量商 品房用于保障性住房等。 房地产行业专家对第一财经记者表示，地方两会中关于房地产市场的基调与"十五五"总体规划高度一 致，包括明确构建房地产新模式、风险防范，以及"好房子"建设等，同时各地又结合区域实际，提出差 异化的目标和举措，预计未来随着各项政策的落地见效，房地产市场有望筑底企稳，行业转型加速推 进。 在实现"住有所居"的同时，满足居民持续升级的住房需求也是保障民生的重要内容，"好房子"建设也成 为各地工作部署中的关键词。例如广东系统推进好房子、好小区、好社区、好城区建设，满足多样化住 房需求；吉林提出要打造20个以上"好房子"示范项目。 城市更新转向存量提质增效 稳市场成2026年首 ...

去库存、城市更新仍是重点工作。 作为关乎民生和经济发展的重要领域，房地产工作如何部署一直是地方两会的重要内容。随着各地两会 相继召开，2026年房地产领域的工作重点也逐渐明晰。 第一财经记者梳理各地政府工作报告发现，"着力稳定房地产市场"、"强化住房保障"、"好房子"、"加 快构建房地产发展新模式"、"大力推进城市更新"等提法高频出现，"稳市场、去库存、强保障、促更 新"为主要方向。在稳市场方面，河南、云南、江苏、山东、辽宁、吉林等地都提出，鼓励收购存量商 品房用于保障性住房等。 房地产行业专家对第一财经记者表示，地方两会中关于房地产市场的基调与"十五五"总体规划高度一 致，包括明确构建房地产新模式、风险防范，以及"好房子"建设等，同时各地又结合区域实际，提出差 异化的目标和举措，预计未来随着各项政策的落地见效，房地产市场有望筑底企稳，行业转型加速推 进。 稳市场成2026年首要工作 "各地在房地产和住房领域的表述高度聚焦于稳市场、去库存、强保障、促更新四大方向。"广东省城乡 规划院住房政策研究中心首席研究员李宇嘉表示，稳市场基本是各地2026年房地产工作的第一位，"这 是对中央经济工作会议关于'着力稳定房地 ...

厘清马云房产预判的真相，是读懂2026年楼市变局的前提。长期以来，"房价如葱"的谣言被反复捆绑在 马云身上，但经多方考证，这句话从未出自他之口。马云对房地产的核心判断，从来不是"房价崩盘"， 而是"价值重构"与"理性回归"。早在2008年，他就在阿里内部讲话中明确表态，早年曾鼓励员工借钱买 房，因为彼时房地产处于增量扩张的黄金期，但随着房价上涨导致月供挤压居民消费，他开始呼吁年轻 人量力而行，不要被房贷捆绑人生，强调"房地产要健康发展，而非盲目扩张"。后来，他进一步补充， 30年后房子必然过剩，但核心是房子要回归居住属性，摒弃投机属性，这一预判，恰是2026年房产变局 的核心底色。 "拉动内需靠房地产的时代已经过去了，年轻人要学会租房子，不要被房子捆绑。"多年前，马云关于房 地产市场的警示，曾被无数人当作"危言耸听"，甚至被曲解为"房价如葱"的极端预言。但随着2026年的 正式到来，这位商业大佬当年的核心预判已然全面落地——中国房地产市场彻底告别野蛮生长的黄金时 代，"闭眼买房必赚钱"的全民共识被彻底打破，一场涉及市场格局、购房逻辑、行业生态的全方位大洗 牌已然拉开序幕。对于手握积蓄、渴望置业的普通人而言，这 ...

中国人民 银行发布2025年第四季度中国货币政策执行报告。其中提出，推动落地各项金融支持服务消 费政策，落实好一次性信用修复政策，引导更多金融资源支持提振和扩大服务消费。着力推 动保障性 住房再贷款等金融政策措施落地见效，完善 房地产金融基础性制度，助力构建房地产发展新模式。 ...

Market Analysis - The A-share market experienced a slight increase with a trading volume of 2.12 trillion, down approximately 6.4% from the previous trading day, indicating a cautious sentiment ahead of the holiday [6][7] - The media sector surged by 3.97%, driven by expectations of enhanced efficiency in AI-generated short dramas and strong pre-sale box office figures exceeding 86 million yuan for the Spring Festival [5][6] - The cyclical and defensive consumer sectors saw declines, with real estate, food and beverage, and snack trading down by 1.34%, 1.30%, and 0.94% respectively, likely due to profit-taking after previous consumption policy expectations [5][6] Bond Market - The government bond futures market showed mixed performance, with the 30-year main contract rising by 0.01% to 112.68 yuan, while the 10-year contract also increased by 0.01% to 108.485 yuan [10] - The central bank conducted a net injection of 205.9 billion yuan, maintaining a stable liquidity expectation ahead of the holiday [10] Commodity Market - The commodity index slightly increased by 0.09%, with industrial metals and chemicals leading the gains, while shipping and black metals faced adjustments [10][12] - Crude oil prices rose by 2.17% to 476.10 yuan per barrel, supported by geopolitical risks and supply constraints, with Russia's oil production declining [10][12] Trading Hotspots - Key sectors attracting attention include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, and consumer goods, with a focus on technological advancements and policy support [13][15] - The report suggests a balanced allocation strategy in technology and consumer sectors, with an emphasis on low-cost entry points [16]

Economic Performance - In 2025, China's GDP reached 140.19 trillion yuan, growing by 5.0% year-on-year, achieving the annual growth target[10] - The quarterly GDP growth rate showed a decline from 5.4% in Q1 to 4.5% in Q4, primarily due to high base effects and policy timing[10] - The contribution of consumption to GDP growth was 2.6 percentage points, accounting for 52% of the total, an increase from 47% in 2024[11] Investment Trends - Total fixed asset investment was 48.52 trillion yuan, down 3.8% year-on-year, with infrastructure and real estate investments declining significantly[20] - Manufacturing investment grew by only 0.6%, indicating a slowdown in growth momentum[20] - Infrastructure investment (excluding electricity) decreased by 2.2%, reflecting deeper issues in traditional infrastructure financing[21] Export and Trade - Total goods import and export volume reached 6.35 trillion USD, a 3.2% increase, with exports at 3.77 trillion USD, growing by 5.5%[27] - High-tech product exports rose by 13.2%, contributing 2.4 percentage points to overall export growth[27] - ASEAN became the largest export market for China, with significant growth in exports to non-US markets[27] Price and Employment - CPI remained flat year-on-year, while PPI decreased by 2.6%, indicating low inflation and ongoing deflationary pressures[30][31] - The average urban unemployment rate was 5.2%, slightly below the target of 5.5%, with seasonal fluctuations observed throughout the year[42] Credit and Financing - Social financing increased by 35.6 trillion yuan, with a year-on-year growth of 8.3%[45] - Government bond financing rose significantly, while household loans decreased by 2.3 trillion yuan, indicating a shift in financing dynamics[45]