Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1] Core Insights - New home sales in January showed a narrowing year-on-year decline, while second-hand home sales turned positive year-on-year [1][21] - The central bank has released favorable policies, including lowering the re-lending rate and reducing the down payment ratio for commercial properties [1][4] New Home Sales - In January, the new home sales area in 40 cities decreased by 42.3% month-on-month and by 22.0% year-on-year, with the year-on-year decline narrowing by 10.1 percentage points compared to the previous month [5][14] - First-tier cities saw a year-on-year decline of 14.0%, while second-tier cities experienced an 18.1% decline, and third and fourth-tier cities had a 41.1% decline [15][20] Second-Hand Home Sales - The second-hand home sales area in 18 cities decreased by 2.0% month-on-month but increased by 9.0% year-on-year, with the year-on-year growth rate improving by 41.3 percentage points compared to the previous month [21][25] - All city tiers showed positive year-on-year growth in second-hand home sales, with first-tier cities growing by 15.0% year-on-year [21][30] Inventory and Absorption - As of the end of January, the new home inventory area in 12 cities was 112.91 million square meters, down 0.4% month-on-month and down 6.3% year-on-year, with an overall absorption cycle of 18.1 months [28][29] - The absorption cycle for first-tier cities increased by 4.3 months year-on-year, while third and fourth-tier cities saw a decrease of 8.2 months [28] Land Market - The land market in January saw a transaction area decrease of 76.5% month-on-month and a 20.2% year-on-year decline, with an average land premium rate of 2.87% [1][12] - The average land price per square meter decreased by 36.8% month-on-month and by 20.9% year-on-year [13] Real Estate Companies - The top 100 real estate companies saw a 49.5% year-on-year decline in land acquisition amounts, with a land acquisition intensity of 32% [1][12] - The financing scale for the real estate industry in January was 39.6 billion yuan, down 26% year-on-year but up 7% month-on-month [1][14] Policy Developments - The central bank's policy changes include lowering the re-lending rate to 1.25% and reducing the minimum down payment ratio for commercial properties from 50% to 30% [1][4] - The first batch of commercial real estate REITs has been submitted for approval, with a total expected fundraising of 31.47 billion yuan [1][4] Sector Performance - The real estate sector outperformed the CSI 300 index in January, with an absolute return of 4.3% and a relative return of 2.7% [1][12] - The report anticipates two potential turning points in 2026: a policy turning point around the end of Q1 and a fundamental turning point around Q4 [1][12]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Investment Rating - The report rates the real estate sector as "Outperform" [6] Core Insights - The real estate market is experiencing significant year-on-year growth due to a low base from the previous year, particularly during the Spring Festival period, but there is a month-on-month decline in transactions [1][6] - The Shanghai pilot program for purchasing second-hand homes for rental housing is expected to positively influence market expectations and confidence if implemented effectively [2][6] - The new housing transaction area has shifted from positive to negative month-on-month, with a narrowing year-on-year growth rate [6][17] - The inventory of new homes is decreasing both month-on-month and year-on-year, while the de-stocking cycle has decreased month-on-month but increased year-on-year [6][46] Summary by Sections New Housing Market Tracking - In the week of January 31 to February 6, 2026, new housing transaction volume in 40 cities was 17,000 units, a month-on-month decrease of 4.3% and a year-on-year increase of 225.1% [18][19] - The new housing transaction area was 163.1 million square meters, with a month-on-month decline of 9.6% and a year-on-year increase of 203.0% [18][27] - The transaction volume and area for first, second, and third/fourth-tier cities showed varying month-on-month and year-on-year growth rates [20][21][22] Second-Hand Housing Market Tracking - The transaction area for second-hand homes in 18 cities was 174.1 million square meters, with a month-on-month decline of 4.7% and a year-on-year increase of 349.7% [6][19] - The month-on-month decline in transaction volume for second-hand homes is more pronounced in first-tier cities compared to second and third/fourth-tier cities [6][19] Inventory and De-stocking Cycle - The inventory of new homes in 12 cities was 11,235 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 6.4% [46][47] - The de-stocking cycle for new homes is 17.4 months, showing a month-on-month decrease but a year-on-year increase [46][47] Land Market Tracking - The total area of land transactions across 100 cities was 1,188.4 million square meters, with a month-on-month increase of 74.1% and a year-on-year increase of 582.1% [6][14] - The average land price per square meter decreased month-on-month and year-on-year, indicating a cooling in land prices [6][14] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, those that have made significant breakthroughs in sales and land acquisition, and commercial real estate companies exploring new consumption scenarios [7][6]

2025年1—12月，保利置业累计实现合同销售金额约人民币502亿元。累计合同销售面积约162.4万平方 米，合同销售均价约人民币30917元/平方米。 2026年1月，保利置业实现合同销售金额约人民币37亿元，合同销售面积约15.1万平方米，合同销售均 价约人民币24774元/平方米。 央广网北京2月9日消息（记者门庭婷）2月6日，保利置业集团发布2026年1月未经审核销售数据。 ...

｜2026年2月9日 星期一｜ NO.1鹿客科技递表港交所 点评：在市场调整期，保利置业集团1月合同销售金额承压，后续仍需借政策红利优化推盘节奏以提振 销售。 NO.2港股1月IPO集资金额较去年同期上升555% 港交所披露数据显示，截至2026年1月底，香港证券市场市价总值为50.8万亿港元，较去年同期的35.4万 亿港元上升44%。1月份，港交所共迎来13家新上市公司，较去年同期的8家上升63%；1月IPO（首次公 开招股）集资金额为393亿港元，较去年同期的60亿港元上升555%。2026年1月的总集资金额为531亿港 元，较去年同期的127亿港元上升318%。 点评：港股开年市场规模与IPO数据大幅攀升，是资金回流、政策利好与硬科技上市潮共振的结果，南 向资金与国际长线资金成核心推手。 NO.3佳鑫国际资源发布正面盈利预告 2月6日晚间，佳鑫国际资源（HK03858）于港交所发布正面盈利预告。公告称，预期集团将转亏为盈， 由截至2024年12月31日止年度的公司权益持有人应占亏损净额1.73亿港元，转为截至2025年12月31日止 年度（本年度）的公司权益持有人应占利润净额约3亿港元至3.4亿港元。公 ...

5日下午3时，尽管是工作日，位于洪山区和平街道铁机路的保利琅誉项目售楼大厅内，依然有不少市民前来了解楼盘信息。沙盘旁、 洽谈桌前围满了人，讲解声此起彼伏。记者观察发现，看房者多以年轻情侣和携家带口的家庭为主。 Gr C H 1 看房的市民络绎不绝。 "元旦之后，很多在外工作的武汉人回乡，带来新一波看房潮。"项目销售负责人曹川介绍，近一个月，项目日均接待客户超过40组， 周末可达70组以上，8个置业顾问经常忙不过来。其中，返乡置业客户占比超过一半。 当天，曾先生和未婚妻来签购房合同，他们选定了一套165平方米的住房作为婚房。两人一个住汉口、一个在武昌工作，对比多个改 善型楼盘后，最终决定在这里安家。"保利琅誉地段好，一直卖得不错。"曾先生说，门口地铁12号线团结大道站即将开通，加上正在建设 的二七路过江通道，今后无论开车还是乘地铁都很方便。从看房到决定，他们只用了不到一周时间，"趁着政策利好，就赶紧定下来了。小 区的园林设计有格调，公共空间也充满艺术氛围，以后下楼运动、朋友聚会都合适。" "该项目是保利置业集团在华中首个'誉系'准四代住宅，高得房率、下沉式庭院、主卧270度飘窗等设计，很受市场欢迎。"曹川介绍， ...

保利置业集团(00119)公布，2026年1月，置业集团实现合同销售金额约人民币37亿元，同比减少22.92%; 合同销售面积约15.1万平方米，合同销售均价约人民币24,774元/平方米。 ...

格隆汇2月6日丨保利置业集团(00119.HK)公告，2026年1月，置业集团实现合同销售金额约人民币37亿 元，合同销售面积约15.1万平方米，合同销售均价约人民币24,774元/平方米。 ...

智通财经APP讯，保利置业集团(00119)公布，2026年1月，置业集团实现合同销售金额约人民币37亿 元，同比减少22.92%;合同销售面积约15.1万平方米，合同销售均价约人民币24,774元/平方米。 ...

（股份代號：00119） 二零二六年一月未經審核銷售數據 保利置業集團有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司連同其合 營及聯營公司（「置業集團」）2026年1月的若干未經審核銷售數據。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Poly Property Group Co., Limited 保 利 置 業 集 團 有 限 公 司 （於香港註冊成立之有限公司） 承董事會命 保利置業集團有限公司 主席 萬宇清 香港，二零二六年二月六日 於本公告日期，本公司執行董事為萬宇清先生及胡在新先生；非執行董事為張毅先生、耿躍華 先生及鄧歡先生；獨立非執行董事為馮志堅先生、梁秀芬女士、黃家倫先生及吳劍林先生。 2026年1月，置業集團實現合同銷售金額約人民幣37億元，合同銷售面積約15.1萬平方 米，合同銷售均價約人民幣24,774元/平方米。 上述銷售數據未經審核，乃根據本集團內部管理紀錄編製。鑒於收集該等銷售數據過程 中存在各種不確定因 ...