行业研究 1-2 月百强房企销售金额同比下降 30% ——百强房企销售跟踪（2026 年 2 月） 要点 1-2 月 TOP10 房企全口径销售额同比-25%，TOP100 房企同比-30%。 1）2026 年 2 月，TOP10 房企的全口径销售金额、权益销售金额、全口径销售 面积分别为 621 亿元、461 亿元、310 万平，同比分别为-37.5%、-36.2%、-34.1%， 环比分别为-30.5%、-26.9%、-26.3%。 2026 年 1-2 月，TOP10 房企累计全口径销售金额、权益销售金额、全口径销售 面积分别为 1,515 亿元、1,091 亿元、731 万平，累计同比分别为-24.6%、-26.0%、 -26.1%，较 1 月同比变化分别为-12.7pct、-9.8pct、-7.3pct。 2）2026 年 2 月，TOP100 房企的全口径销售金额、权益销售金额、全口径销售 面积分别为 1,252 亿元、910 亿元、692 万平，同比分别为-36.8%、-36.2%、 -35.4%，环比分别为-31.3%、-29.2%、-19.5%。 2026 年 3 月 2 日 2026 年 ...

观点网讯：2月27日，亚证地产有限公司发布公告，宣布执行董事劳景祐先生将自2026年3月1日起退 休。 根据公告内容，劳景祐于退休后将不再担任执行董事及执行委员会成员职务。其已确认与董事会之间并 无意见分歧，且概无有关其退休之事宜须敦请本公司股东或香港联合交易所有限公司垂注。 与此同时，董事会宣布授权代表职务发生变动。劳景祐将不再担任根据联交所证券上市规则第3.05条项 下之本公司的授权代表，薛宝铃女士将不再担任劳先生之替任授权代表，并获委任为授权代表。上述变 动同样自2026年3月1日起生效。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

智通财经APP讯，亚证地产(00271)公布，自2026年3月1日起，劳景祐先生将从公司其执行董事的职务退 休。随着劳景祐先生的退休，其亦将于同日起不再担任公司的执行委员会成员及授权代表，公司秘书薛 宝铃女士将获委任为授权代表。 ...

新华社香港2月25日电 香港恒生指数25日涨175.4点，涨幅0.66%，收报26765.72点。全日主板成交 2367.65亿港元。 国企指数涨26.89点，收报9034.75点，涨幅0.3%。恒生科技指数跌10.2点，收报5260.5点，跌幅 0.19%。 蓝筹股方面，腾讯控股涨0.48%，收报522.5港元；香港交易所跌0.34%，收报412.2港元；中国移动 涨0.32%，收报79.3港元；汇丰控股涨5.47%，收报142.7港元。 香港本地股方面，长实集团跌1.85%，收报46.64港元；新鸿基地产跌2.08%，收报136.4港元；恒基 地产跌2.1%，收报34.58港元。 中资金融股方面，中国银行跌0.21%，收报4.68港元；建设银行涨0.87%，收报8.13港元；工商银行 涨0.16%，收报6.46港元；中国平安涨1.93%，收报71.15港元；中国人寿涨0.74%，收报32.72港元。 石油石化股方面，中国石油化工股份无升跌，收报5.52港元；中国石油股份涨0.42%，收报9.6港 元；中国海洋石油跌0.39%，收报25.48港元。 【纠错】 【责任编辑:邱丽芳】 ...

2026 年 2 月 25 日 行业研究 1 月核心 15 城二手房成交面积同比+14% ——光大核心城市房地产销售跟踪（2026 年 1 月） 要点 新房：1 月核心 30 城新房成交面积同比-25.1%，成交均价同比-4.8%。 1）2026 年 1 月，光大核心 30 城商品住宅(不含保障)成交金额为 1,859 亿元， 同比-28.7%，环比-33.2%；其中北上广深杭蓉成交金额 995 亿元，同比-32.7%， 环比-30.6%，余下二线 24 城成交金额 864 亿元，同比-23.4%，环比-36.0%。 2）2026 年 1 月，光大核心 30 城商品住宅(不含保障)成交面积为 765 万㎡，同 比-25.1%，环比-33.4%；其中，北上广深杭蓉成交面积 237 万㎡，同比-32.6%， 环比-30.3%，余下二线 24 城成交面积 528 万㎡，同比-21.2%，环比-34.7%。 3）2026 年 1 月，光大核心 30 城商品住宅(不含保障)成交均价为 24,285 元/㎡， 同比-4.8%，环比+0.3%；其中，北上广深杭蓉成交均价 41,975 元/㎡，同比-0.3%， 环比-0.3 ...

2月13日，香港富豪李家诚宣布采取法律行动，前往香港高等法院向艺人周秀娜作出提告。李家诚控告 周秀娜诽谤及骚扰，因她引发虚假传闻，李家诚强调绝不认识周秀娜小姐，亦与她绝无任何关系。 对此，13日晚，周秀娜在社交平台回应：本人对李家诚先生的提告及相关声明感到意外。本人从未表 示、暗示或引导任何人相信本人与李先生存在任何形式的关系。本人唯一一次公开回应有关传闻，是在 去年六月的一次访问中，当时我已清楚否认与李先生有任何关系，并明确表示本人并不认识李先生。 李家诚指出，对于多年来有关他与周秀娜之虚假传闻及失实讨论，他有理由相信周秀娜是策划及引发整 个失实传闻的源头，而她散播失实传闻的自私动机为借此增加个人曝光及宣传其电影作品。 声明提到，2025年6月，周秀娜在宣传其新电影作品期间接受访问时，相关言论引发网络上捏造李先生 与周秀娜小姐虚构关系的大量讨论及视频。尽管李先生及其家人正在面对失去父亲李兆基博士的悲痛， 周秀娜小姐自私地为了达到其个人宣传目的，明知他们正处于这个艰难时刻，仍然选择重提虚构传闻， 令他们又一次要面对这些夸张失实、不合法、不合理及不负责任的网络欺凌，犹如在李先生及其家人 的"伤口上洒盐"。 去年 ...

Core Viewpoint - The A-share market experienced a collective decline on the last trading day before the Spring Festival, with major indices showing a shrinking adjustment and structural differentiation, primarily influenced by weak performances in financial and real estate sectors [5]. Market Performance - The Shanghai Composite Index failed to maintain the integer mark, with the Shenzhen Component Index and the ChiNext Index also adjusting, the latter experiencing the largest decline due to adjustments in technology growth stocks and consumer electronics [5]. - A total of 1,537 stocks rose while 3,824 stocks fell, indicating a significant structural differentiation in market performance [6]. Trading Volume - The total trading volume across both markets was approximately 1 trillion yuan, reflecting a decrease of 7.43%, indicative of a "pre-holiday shrinking" trend. The Shenzhen market's trading volume was significantly higher than that of the Shanghai market, suggesting a preference for technology growth stocks [8]. Capital Flow - There was a net outflow of institutional funds, while retail investors showed net inflows. Institutions demonstrated a defensive reallocation of assets, focusing on sectors such as semiconductors, consumer electronics, and shipbuilding (military) [9][10]. - Retail participation was notably active in certain hot sectors like military and semiconductor equipment, although overall participation remained cautious [10]. Investor Sentiment - Retail investor sentiment was reported at 75.85%, with 30.43% of investors increasing their positions, 15.13% reducing their positions, and 54.44% remaining unchanged [11][14]. - The average position held by investors was 68.93%, with 50.75% fully invested and 10.05% in cash [17]. Profitability Status - Among investors, 6.46% reported profits exceeding 50%, while 5.63% had profits between 20% and 50%. Conversely, 37.25% were facing losses of less than 20% [19].

Market Overview - The Hang Seng Index rose by 467 points or 1.76%, closing at 27,027 points, after reaching a high of 27,111 points during the day [3][4] - The total market turnover was 255.14 billion HKD, with a net outflow of 1.887 billion HKD from northbound trading [3] Key Stock Performances - Among the 88 blue-chip stocks, 70 saw an increase, with notable gains from Alibaba (up 1.9% to 157.9 HKD), Tencent (up 2.3% to 560 HKD), and Baidu (up 3.2% to 142.2 HKD) [4] - Kuaishou experienced a decline of 2.7%, closing at 69.3 HKD, while China Mobile fell by 2.1% to 78.5 HKD, marking it as one of the weaker performers [4] Real Estate Market Insights - DBS Bank indicated that the commercial real estate market in Hong Kong is under pressure, with office and retail sectors still finding their floor, and transactions occurring at discounted prices [8] - The bank noted that despite some ongoing transactions, the influx of new developments continues to exert pressure on office inventory [8] Employment Regulations - The Ministry of Human Resources and Social Security in China has initiated administrative guidance for 16 major platform companies, including Meituan and JD, to ensure compliance with labor management and protect workers' rights [9] Entertainment Industry Projections - The domestic box office for the upcoming Spring Festival is expected to reach between 7 billion to 8 billion RMB, with optimistic forecasts suggesting it could exceed 8 billion RMB [10] - Eight films have been scheduled for release during this period, with "Fast Life 3" anticipated to perform well based on its previous popularity [10] Company-Specific Developments - Pop Mart reported global sales of over 400 million units across all IP categories in 2025, with the "THE MONSTERS" category alone exceeding 100 million units [11] - China Resources Pharmaceutical is initiating the sale of a 17.87% stake in Hefei Tianmai Biotechnology, with a starting price of approximately 1.42 billion RMB [12] - Yingda Real Estate reported a 51% increase in revenue, with total income from continuing operations reaching 1.046 billion HKD [13] - Hong Kong Telecom is establishing a new AI data center in the Lok Ma Chau area, aiming to enhance cross-border connectivity and meet the growing demand for fiber optics [14]

新华社香港2月5日电 香港恒生指数5日涨37.92点，涨幅0.14%，收报26885.24点。全日主板成交 3151.12亿港元。 香港本地股方面，长实集团涨1.7%，收报46.72港元；新鸿基地产涨2.59%，收报126.8港元；恒基 地产涨1.12%，收报32.44港元。 中资金融股方面，中国银行涨0.65%，收报4.68港元；建设银行涨0.51%，收报7.92港元；工商银行 涨0.47%，收报6.46港元；中国平安跌1.25%，收报71.15港元；中国人寿跌2.73%，收报34.2港元。 国企指数涨44.96点，收报9093.34点，涨幅0.5%。恒生科技指数涨39.69点，收报5406.13点，涨幅 0.74%。 蓝筹股方面，腾讯控股涨0.09%，收报558.5港元；香港交易所跌1.38%，收报414.4港元；中国移动 涨1.32%，收报80.4港元；汇丰控股跌0.36%，收报138.5港元。 石油石化股方面，中国石油化工股份跌2.39%，收报5.31港元；中国石油股份跌0.66%，收报9.1港 元；中国海洋石油跌0.42%，收报23.58港元。 【纠错】 【责任编辑:邱丽芳】 ...

Investment Rating - The industry is rated as "Add" [6] Core Insights - In January 2026, the top 10 real estate companies showed a relatively better sales performance compared to the broader market, with a year-on-year sales decline of 12% for the top 10 and 25% for the top 100 companies [1][9] - The sales figures for January 2026 indicate that the top 10 companies had total sales of 89.4 billion yuan, with a year-on-year decrease of 11.9%, while the top 100 companies had total sales of 182.2 billion yuan, down 24.7% year-on-year [1][36] - The report highlights a significant disparity in sales performance among different tiers of real estate companies, with the top 10 companies outperforming others [1][5] Summary by Sections Sales Performance - In January 2026, the total sales amount for the top 10 real estate companies was 89.4 billion yuan, with equity sales of 63 billion yuan and a sales area of 4.21 million square meters, reflecting year-on-year changes of -11.9%, -16.2%, and -18.8% respectively [1][9] - The top 100 companies reported total sales of 182.2 billion yuan, equity sales of 128.6 billion yuan, and a sales area of 8.6 million square meters, with year-on-year declines of -24.7%, -28.5%, and -29.5% respectively [1][36] Market Concentration - The market share of the top 100 real estate companies in 2025 was 29.4%, a decrease of 2.5 percentage points year-on-year [3] - The sales concentration ratios for the top 10, 20, 50, and 100 companies were 14.4%, 19.2%, 25.2%, and 29.4% respectively, all showing a decline compared to the previous year [3][51] Notable Performers - Among the 20 mainstream real estate companies, 6 reported positive year-on-year sales growth in January 2026, with notable performances from China State Construction (320.3% increase) and China Overseas Property (20.5% increase) [4][57] - The report indicates that 44 out of 50 top companies had a median year-on-year sales decline of 17.0% in January 2026, with 38.6% of these companies experiencing declines of over 30% [2][44] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Real estate companies with strong regional development capabilities and high product reputation, such as China Merchants Shekou and China Jinmao [5][65] 2. Public REITs with rich existing resources and strong operational brands, such as China Resources Land and Shanghai Lingang [5][65] 3. Long-term growth potential in property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [5][65]