以下文章来源于融中财经 ，作者李冰之 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 又一个"楼塌了"的故事。 作者：李冰之 编辑：吾人 来源：融中财经 2026 年 2 月 10 日，广州中级人民法院第二法庭的法槌落下，击碎了一个延续 4 年的资本 迷梦。被告席上的张劲，头发已染上霜白，再也没有了当年站在世界 500 强庆典舞台上，挥 斥方遒的 " 广州首富 " 模样。 这位曾身家超 400 亿元、一手将雪松控股打造成营收超 2800 亿元世界 500 强的资本巨 头，因集资诈骗、非法吸收公众存款、背信运用受托财产和妨害作证等多项罪名，被判无期徒 刑。与此同时，雪松控股另有 18 名高管被追究刑事责任，刑期均在 3 年以上。 庭审中，他仅承认非法吸收公众存款的事实，却坚决否认集资诈骗罪名 ，辩称自己只是想做好 企业、并无诈骗的故意，该辩解最终未被法院采纳。 几年前也没人能想到，这个在广州商界杀出一片天的人，最终会以这样狼狈的方式落幕。更魔 幻的是，从 ...

Core Viewpoint - The Chinese real estate industry is entering a new stage of quality development driven by the "good housing" policy, focusing on optimizing product value and aligning with customer needs [2] Product Transaction Structure - The market is increasingly favoring larger housing types, with four-bedroom and five-bedroom units seeing a rise in transaction share, increasing by 0.7 and 0.2 percentage points to 30.1% and 2.3% respectively, while two-bedroom units dropped to 10.7%, down 1.1 percentage points [3] - The demand for larger units is driven by families seeking long-term living solutions, particularly for multi-child and multi-generational households [5] - In first-tier cities, the share of four-bedroom units increased by 5.6 percentage points to 32.6%, while two-bedroom and three-bedroom units saw declines of 1.6 and 4 percentage points respectively [6] - Second-tier cities also showed growth in four-bedroom and five-bedroom units, with increases of 2.5 and 0.3 percentage points, while two-bedroom and three-bedroom units' shares decreased [6] - Third and fourth-tier cities maintained over 50% for three-bedroom units, with four-bedroom units increasing by 3.4 percentage points to 29.8% [6] Area Segment Trends - The market is shifting towards larger area products, with segments above 120 square meters seeing increased transaction shares, while segments below 120 square meters have decreased [8] - First-tier cities maintain a strong position in the 90-110 square meter range, while second-tier cities show comprehensive improvement in larger segments, particularly 110-140 square meters, which holds a 36.2% market share [10] - Third and fourth-tier cities also exhibit a clear trend towards larger areas, with significant increases in the 140-180 square meters and above segments [11] Product Features - Residential product capabilities are evolving from "physical space supply" to "dynamic living ecosystem construction," focusing on emotional connectivity within spaces [13] - The design emphasizes optimized storage systems, ecological landscape creation, and upgraded public area configurations to enhance living quality [13] - The concept of vacation-style landscapes is gaining traction, responding to customer desires for natural healing and relaxed living environments [15] - The integration of sensory experiences in community design enhances psychological healing value, creating a high-end, relaxed atmosphere [20] Future Outlook - The industry is moving towards a more defined product direction, with a focus on soft value extraction as a new trend [24] - The disconnect between product supply and actual demand is a core issue, necessitating a shift towards a customer-driven C2M model [25] - Misalignment in product positioning and ineffective configurations are identified as major pain points, leading to decreased competitiveness [25] - A restructured product logic is essential, emphasizing customer needs and aligning product offerings with market demand [26]

Core Viewpoint - DBS has set a target price of HKD 30.38 for Swire Properties (01972) and rated it as "Buy" due to the anticipated launch of new retail complexes in Beijing, Shanghai, Sanya, and Xi'an starting this year, which are expected to be significant catalysts for medium to long-term profit and dividend growth, driving the stock price upward [1][5]. Group 1 - The new retail complexes are projected to contribute to Swire Properties' medium to long-term profit and dividend growth, serving as important catalysts for stock price appreciation [1][5]. - Following a recent increase in stock price, Swire Properties is currently trading at a 50% discount to its net asset value (NAV), indicating potential for long-term price appreciation [1][5]. - Swire Properties has a track record of creating long-term value through the development and management of property complexes [1][5]. Group 2 - The report indicates signs of improvement in Swire Properties' core operations, with stable performance in the office portfolio at Pacific Place, complemented by improved sales momentum from retail tenants in Hong Kong and mainland China, which is expected to support stable rental income [1][5]. - The company announced the sale of two luxury houses at 6 Deep Water Bay Road for HKD 2.2 billion, equivalent to HKD 147,000 per square foot, with the transaction expected to be completed in the first quarter of this year, likely contributing significant profits to support net profit performance [1][5].

Core Viewpoint - DBS has set a target price of HKD 30.38 for Swire Properties (01972) with a "Buy" rating, highlighting the potential for significant stock price appreciation driven by new retail complexes in Beijing, Shanghai, Sanya, and Xi'an starting this year [1] Group 1: Financial Performance and Projections - The new projects are expected to be important catalysts for Swire Properties' medium to long-term profit and dividend growth, which will drive stock price increases [1] - Following a recent rise in stock price, the current price is at a 50% discount to net asset value (NAV), indicating potential for long-term upward movement [1] Group 2: Operational Insights - Swire Properties has a track record of creating long-term value through the development and management of property complexes [1] - Core operations show signs of improvement, with the office portfolio at Pacific Place demonstrating stability, and retail tenant sales in Hong Kong and mainland China improving, which is expected to support stable rental income [1] Group 3: Recent Transactions - The company announced the sale of two independent houses at the luxury project "6 Deep Water Bay Road" for HKD 2.2 billion, equivalent to HKD 147,000 per square foot, with the transaction expected to complete in the first quarter of this year, likely contributing significant profits to support net profit performance [1]

高盛调高恒基地产(00012)及信和置业(00083)评级至"买入"，该行认为两公司更能受惠香港住宅市场的 上升周期，目标价分别调高至39港元及14.6港元。该行维持新鸿基地产(00016)"买入"评级，目标价升至 159港元。高盛指，3间公司的单位库存占市场整体约36%，并有新项目推进，最能受惠于香港楼价复 苏。 高盛表示，长实集团(01113)本地物业项目有限，英国酒吧业务面对成本压力及消费者习惯转变，将长 实评级由"买入"降至"中性"，但上调目标价至53港元。 智通财经APP获悉，高盛发布研究报告称，港府推出的签证及移民政策将带动楼市需求，同时受到租金 强劲增长，以及按揭利率下降，或令更多人"转租为买"，将今年香港楼价升幅预测由5%调高至12%。 受惠资本市场活跃，高盛预期今年核心中环区写字楼租金升3%，其他地区则大致持平。该行对零售市 场前景较审慎，预计租金温和增长2%，因来自港人外游及网购的竞争持续。 ...

2026.02.20 本文字数：2522，阅读时长大约4分钟 作者 |第一财经 安卓 在房地产单边上行的"黄金时代"，曾有一句流传甚广的名言：小城市的房子只是房子，大城市的房子才 叫资产。 然而，过去几年，北上广深等一线城市房价承压，所谓的"资产"回归成了房子，人们对于购房的态度转 变为谨慎收缩。而在部分县、镇等区域，房子却成了保值的资产，广东省潮州市潮安区就是其中之一。 赶在春节前夕，一个名为腾瑞·万象府的新盘在潮安区的庵埠经济开发区东区开盘，这个新楼盘引发了 全城热议，因为这是潮安区在这个时间段内少有的在售的大型新盘。尽管该楼盘连样板间都没有设立， 但也并未影响人们看着沙盘确定购买户型的热情。 在售楼处，五六个销售忙得团团转，他们将更多的精力放在了现场签约的客户身上，甚至无暇分身去招 呼部分新到的客人，"很多楼层、户型都已经卖完了，如果要下订，就要尽快。"一位销售人员说。 第一财经记者发现，这个常住人口约100万人左右的小县城，不仅没有与全国一道历经房地产调整，反 而楼价稳中有升；而且，新房的均价低于同区域的二手房价格，呈现出"一二手房倒挂"的现象。 稀缺的一手房 在当地，人们习惯将潮安区称为潮安县，公开 ...

智通财经APP获悉，恒基地产(00012)涨超3%，截至发稿，涨3.18%，报33.74港元，成交额3.69亿港元。 消息面上，高盛发布研报称，将今年香港楼价升幅预测由5%提高至12%，预计政府推出的签证及移民 政策将带动需求。另外，租金强劲增长(2023至25年间累升约两成)，加上按揭利率下降，或令更多 人"转租为买"。自2024财年初撤辣后，交易成本大为降低，亦可能刺激投资需求。该行预计未来政府政 策将继续支持人口、收入增长及住屋可负担能力。股份方面，该行将恒地评级由"沽售"一举升至"买 入"，认为更能受惠于香港住宅市场的上升周期，目标价大升至39港元。 ...

历经四年深度调整，中国房地产市场在2026丙午马年迎来历史性反转。从中央定调"着力稳定房地产市 场"，到政策组合拳密集落地；从核心城市成交量大幅反弹，到房价止跌转涨；从市场信心全面修复， 到资金面持续宽松，多重利好共振下，楼市"单边下行"时代正式终结，全面回暖已成定局。对于刚需、 改善与资产配置人群而言，当前正是政策红利最足、成本最低、风险最小的黄金窗口期，而这扇窗口， 正以肉眼可见的速度关闭。 一、政策底全面夯实：从"救市"到"稳市"，力度空前 2026年作为"十五五"开局之年，房地产政策完成根本性转向，从过去被动纾困、防范风险，升级为主动 托底、激活需求、稳定预期的系统工程，政策底与市场底实现双重确认。 中央经济工作会议明确"着力稳定房地产市场"，相比往年"止跌回稳"的表述，释放出更强的稳增长信 号。政策端打出一套"降成本、松门槛、优供给"的组合拳：房贷利率维持历史低位，首套利率普遍进入 3.5%以下区间，部分城市低至"2字头"；首付比例持续下调，二套房首付门槛大幅放宽；限购限贷政策 因城施策松绑，一线城市核心区边际放松，强二线城市全面取消限制性措施；换房个税退税、增值税减 免等交易环节优惠全面延续，直接 ...

"我攒了三年，终于凑够300万，结果发现连天河一个单间都买不起。" 这句话，出自一位90后程序员的深夜朋友圈。 他不是个例。 在北上广深，300万听起来不少，但在房价面前，却像一杯水倒在沙漠里——瞬间蒸发。 而另一边，有人轻描淡写："300万在广州买房挺容易的，选择很多。" 可对更多人来说，300万，是梦的起点，也是现实的终点。 最让人心酸的，是一个网友的留言： "我和老婆每天挤在城中村，孩子快上小学了，我们想有个家。300万，是我们全部的积蓄。可中介带我看房，连郊区的老破小都要400万起。那一刻，我突 然觉得，我们这辈子可能都买不起房了。" 这句话像一根针，扎进无数普通人的胸口。 我们努力工作、省吃俭用，以为攒够300万就能"上车"， 可现实是——钱没变少，想买繁华市中心，选择却越来越少。 但我想说：300万在广州买房，真的不容易，但并非不可能。 很多人一上来就盯着"天河""珠江新城""地铁口"， 关键不是钱多少，而是你有没有"清醒的认知"和"灵活的策略"。 心理学上有个概念叫"锚定效应"——人容易被第一印象或初始信息所左右。 你被"繁华"锚定了，结果就是：看得越多，越绝望。 可真正聪明的人，早就换了思路。 ...

高盛根据最新楼价预测及未来新盘推售时间表，调整香港地产股2025至2027年核心每股盈利预测，由下 调15%至上调33%不等。其中，高盛将恒地及信置(0083.HK)评级，由"沽售"一举升至"买入"，因两者更 能受惠于住宅市场上升周期，恒地目标价大升102%至39港元，信置目标价升95%至14.6港元。该行并重 申新地的"买入"评级，目标价升66%至159港元；3家公司的单位库存占市场整体约36%，并有不同新项 目正在推进。高盛将长实评级由"买入"降至"中性"，因其香港物业市场敞口较小，目标价升10%至53港 元。此外，高盛调低九龙仓置业(1997.HK)评级，由"买入"降至"沽售"，领展(0823HK)评级则由"买 入"下调至"中性"，因两者对零售业敞口较大，且各自面临特定问题或其他结构性挑战，九置目标价降 7%至28港元，领展目标价则降15%至41.3港元。高盛亦将港铁(0066.HK)评级由"中性"降至"沽售"，惟 升目标价15%至36.1港元。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00012 ...