证券日报网讯2月2日，苏宁环球（000718）在互动平台回答投资者提问时表示，根据2025年半年报显 示，公司剩余可开发建筑面积为155.66万平方米。 ...

Core Viewpoint - The real estate market in first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen has entered a downward adjustment trend since 2023, with second-hand housing prices expected to continue declining after 2025, potentially at a faster rate than in lower-tier cities [1][13]. Price Trends - As of November 2025, the average price of second-hand residential properties in 100 cities decreased by 0.94% month-on-month and 7.95% year-on-year. Specifically, first-tier cities experienced a month-on-month decline of 1.15% and a year-on-year decline of 5.62%, while second-tier cities saw a decrease of 0.98% and third- and fourth-tier cities a decline of 0.81% [1]. Owner Sentiment - Despite significant price drops, property owners in first-tier cities are not in a hurry to sell. The increase in listings does not correlate with a rush to sell at lower prices, as many owners are withdrawing their properties from the market to wait for better conditions [3][4]. Perception of Price Bottoming - Many property owners believe that prices have reached a bottom, with some areas in Shanghai seeing price reductions of over 30% to 50%. This perception leads them to avoid panic selling [6][11]. Influence of Expert Opinions - Owners are influenced by expert opinions suggesting that core areas in first-tier cities are scarce resources, leading to a belief that prices will eventually rebound despite current declines [7][10]. Expectations of Policy Intervention - There is a prevailing belief among owners that government policies will intervene to stabilize or boost prices, particularly if declines continue. They anticipate that any future policy changes could lead to a rapid price rebound [8][10]. Financial Resilience of Owners - Some property owners are financially secure and view price fluctuations as normal. They prefer to hold onto their properties for potential future gains while collecting rental income in the meantime [11][13].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 2 日 钢材&铁矿石日报 专业研究·创造价值 商品情绪弱势，钢矿承压下行 核心观点 螺纹钢：主力期价弱势下行，录得 1.56%日跌幅，量缩仓增。现阶段， 螺纹钢供应高位平稳运行，而需求表现偏弱，基本面延续弱势格局，叠 加商品情绪偏弱，淡季钢价承压偏弱运行，关注库存变化情况。 热轧卷板：主力期价偏弱运行，录得 1.24%日跌幅，量增仓缩。目前来 看，热卷供需两端均维持高位，基本面弱势运行，叠加商品情绪不佳， 热卷承压偏弱运行，且需谨防需求走弱引发产业矛盾激化，关注需求表 现情 ...

深度智联"地产AI先锋"招募计划由此应运而生，与传统招聘的"人员扩充"逻辑有着本质区别，这是一场立足AI时代新型业务场景的生态协作邀约。 "你不 是客户，而是共建者；你不是使用者，而是共创者"！深度智联致力于在行业中寻找志同道合的伙伴，构建由正式员工、渠道伙伴、生态伙伴组成的精英 组织体系。入选者将直接参与深度智联核心产品迭代和市场拓展，并获得依托平台的强大支撑和专业背书，在真实业务实战中反哺AI模型优化，形成"用 即共创、推即共建、赢即共赢"的生态闭环，助力每一位行业精英在AI时代找到价值跃升的清晰路径，实现个人与行业的同频进化。 深度智联"地产AI先锋"招募计划诚意寻找 GEO泛地产认知优化师、数字员工推荐官、OPC人机协同研究员三类地产行业"新 物种"，为不同类型的行业 人才提供适配的发展路径。 GEO泛地产认知优化师 ： AI时代认知架构者 随着AI成为房产消费决策的核心信息入口，"被AI信任并正确推荐"已成为地产营销竞争的新战场，传统SEO模式已难以适配新时代需求。当前GEO备受 关注，但对应楼盘项目的复杂性、用户购房咨询行为的多维逻辑尚未给出令人满意的解决方案。 2026年1月30日， 深度智联正 ...

2026年1月30日，深度智联成功举办 " 智联地产・深度实战"房地产AI应用工作坊暨新春体验日 。近百位来 自全国的房企操盘手、投拓专家、渠道负责人及内容创作者齐聚一堂，通过产品体验、分组实战、成果展 示等多元形式，沉浸式体验AI在营销获客、投资决策、认知优化、组织提效等全业务链条的落地价值，共 同验证深度智联AI产品从技术发布迈向上岗实战的关键一步。 这不是一场概念演示，而是深度智联在去年年底全系列产品上线后，在真实业务场景下的工作能力验 收。后续，度智联还将把此类生成式AI实战型工作坊向全国推广，让更多地产专业人士结合一线需 求开展实操演练和效果检验。 本次活动平行组织四大主题AI生成式工作坊，邀请行业同仁亲身参与实战，共同检验GEO认知优化 成果，切实印证"金牌案场"、"决策专家"、"私域主编"三大数字员工战队，在楼盘案场运营、投研决 策支撑、内容创作传播等工作场景中的增效价值。同时，深度智联将系统收集参与者的体验反馈与问 题建议，以支持产品完善及后续迭代，为行业提供更贴合业务实际、更具落地性的AI应用解决方 案。 工作坊实战 1 GEO认知优化——构建AI可信知识图谱，让好房子被看见 工作坊实战 3 ...

Core Viewpoint - The stock of *ST WanFang has experienced a significant decline, with 15 consecutive trading days of price drops, primarily due to deteriorating fundamentals and a warning of potential delisting [3][4]. Group 1: Company Performance - On January 13, *ST WanFang announced a projected revenue of less than 300 million yuan for 2025, with both net profits before and after non-recurring items expected to be negative, triggering delisting risks under Shenzhen Stock Exchange rules [3]. - The stock price fell to 2.33 yuan, marking a new low since April 15, 2004, following a series of 14 consecutive daily limit-downs [3]. - The company, originally named ZhongLiao International, was established in May 1993 and listed in November 1996, but faced continuous losses shortly after its IPO, leading to a suspension in 2004 [3]. Group 2: Industry Implications - The decline of *ST WanFang highlights a broader trend of underperforming stocks facing delisting as the annual report season begins, emphasizing the importance of avoiding fundamental risks in investments [4]. - The potential exit of *ST WanFang from the market could lead to increased concentration in the agriculture sector, presenting opportunities for investors to identify long-term growth potential in the industry [4].

Group 1: Company Overview and Strategic Direction - The company, formerly known as Xinhua Lian Cultural Tourism, completed judicial reorganization at the end of 2023 and was renamed Beijing Tongguan Yingxin Cultural Tourism Development Co., Ltd. in 2025 [2] - The company is transitioning to a "cultural + technology" integrated production model, focusing on real estate stability, strengthening cultural tourism, and expanding technology [2] - A cash acquisition of Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million CNY to gain control was approved, with the aim of integrating semiconductor technology into the company's operations [2][4] Group 2: Acquisition Details and Rationale - The acquisition of Changxing Semiconductor is expected to enhance the company's capabilities in the semiconductor industry, which is experiencing a new growth cycle [5] - The decision for a cash acquisition was made to maximize transaction efficiency and certainty, with a structured payment plan including a 120 million CNY performance guarantee [5] - The acquisition is projected to create a second growth curve for the company, establishing a stable revenue source beyond cultural tourism [6] Group 3: Synergies and Market Position - The semiconductor business will provide mutual benefits to the real estate and cultural tourism sectors, as the demand for storage products increases with the growth of smart buildings and digital tourism experiences [4] - Changxing Semiconductor is recognized as a national high-tech enterprise, specializing in memory chip packaging and testing, with established partnerships with major suppliers like Samsung and SK Hynix [3] Group 4: Future Plans and Talent Strategy - The company plans to implement talent incentive programs, including stock options, to attract and retain key personnel in both cultural tourism and semiconductor sectors [7] - In real estate, the company will focus on a "stable de-stocking" strategy, ensuring timely project delivery and exploring high-margin urban renewal projects [8] - The cultural tourism sector will leverage a light asset operation model, enhancing existing attractions and forming strategic partnerships to drive regional economic growth [8] Group 5: Financing and Capital Structure - The company aims to optimize its capital structure through various financing tools, including equity and debt, to support its strategic initiatives [8] - Following the acquisition, the company will actively seek financing channels for the technology sector, including policy support and industry fund collaborations [8]

于2026年2月2日，自2025年6月30日起计114个月到期的零息强制性可转换债券(强制性可转换债券(B))获 转换而发行5.13万股股份。 智通财经APP讯，碧桂园(02007)发布公告，于2026年2月2日，自2025年6月30日起计78个月到期的零息 强制性可转换债券(强制性可转换债券(A))获转换而发行7254.03万股股份。 ...

2月2日，根据Nationwide的统计，英国房价在2026年初有所回升，基本抵消了工党政府增税预算公布后 几周内的跌幅。Nationwide表示，1月份房产平均价值上涨0.3%，至270,873英镑（约370,600美元），而 上月曾下跌0.4%。这一涨幅符合经济学家此前0.3%的预期。与去年同期相比，价格上涨了1%。 经济学家警告称，尽管预算不确定性已经消除，但失业率上升和依然高企的抵押贷款利率可能会限制市 场发展。周五的数据显示，12月份住房贷款需求疲软，抵押贷款批准量跌至18个月以来的最低点。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 ...

| 分析师： [Tabl | 郭磊 | 分析师： | 贺骁束 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516070002 | | SAC 执证号：S0260517030003 | | | SFC CE.no: BNY419 | | | | | 021-38003572 | | 021-38003589 | | | guolei@gf.com.cn | | hexiaoshu@gf.com.cn | | | 请注意，贺骁束并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 报告摘要： [Table_Page] 宏观经济研究报告 2026 年 2 月 2 日 证券研究报告 [Table_Title] 广发宏观 高频数据下的 1 月经济：数量篇 中电联口径截至 1 月 22 日，纳入统计的发电集团燃煤电厂本月累计发电量同比增长 4.6%（去年 12 月同比为 -8.5%）。春节错位可能是关键影响因素之一，去年春节在 1 月底；而今年春节在 2 月中下旬，1 月企业普遍处 于正常开工 ...