现金流仍然吃紧的房企，正在花式找钱"补血"。 现金流仍然吃紧的房企，正在花式找钱"补血"。 近期，多家房企出现融资新动作，比如华发股份拟向股东定向增发募资不超30亿元，新城发展拟折价配 股融资4.69亿港元，大连万达商管还发行了一笔高息美元债。 业内专家表示，当前能通过配股、增发等方式融资的房企，要么具有央国企背景、稳定的现金流业务， 要么是持有运营型资产的民营企业；部分企业重启海外债发行，显示融资环境"点状改善"，但是并未整 体回暖，融资代价依然很高。 房企接连大额"找钱" 2026年以来，房地产企业正加紧找钱，且方式越发多样，其中有增发、配股等上市公司再融资动作，也 有民营房企海外高息发债。 2月6日，华发股份表示，控股股东华发集团计划以30亿元现金，认购公司向特定对象发行的A股股票， 价格不低于定价基准日前20个交易日均价的80%。 同策研究院联席院长宋红卫告诉第一财经，当前能通过配股、增发等方式融资的房企，要么具有央国企 背景、稳定的现金流业务，需要强资方的支持，要么是持有型运营资产的民营企业；从融资目的看，主 要用于在建项目再投资，或用于未来偿债要求、避免债务违约，与当前防风险的基调一致。 除了这两 ...

[Table_Page] 行业专题研究|房地产 2026 年 2 月 10 日 证券研究报告 | [Table_Title] | 房地产行业"以旧换新"专题报告 | | | --- | --- | --- | | | | 上海重启试点，逻辑顺、预期效果强、值得期待 | | 分析师： [Tabl | 郭镇 | 分析师： 李怡慧 | | e_Author] | SAC 执证号：S0260514080003 | SAC 执证号：S0260524040001 | | | SFC CE.no: BNN906 | SFC CE.no: BVI219 | | | 021-38003639 | 021-38003636 | | | guoz@gf.com.cn | liyihui@gf.com.cn | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] | （全文字体：楷体_GB2312，Arial） 房地产开发与服务 26 年第 6 周:政策方向步入正轨，板块热度持续走强 | 2026-02-08 | | --- | --- | | 房地产开发与服务 26 年第 5 周:坚定看好地产 ...

岁末年初房企调整架构不算新鲜事，但今年开年以来，主角是清一色的头部央国企。近日，中海地产撤 销了4大区域公司，从原有的"总部-区域-城市"三级架构调整为"总部-城市"两级架构。 不止中海，1月以来，中建八局、保利发展、华发股份、建发房产、华润置地等房企轮番出手，要么砍 区域、要么合职能、要么重组合并，大方向是"精简+聚焦"，背后的逻辑耐人寻味。 房地产深度调整期，央国企这种"行业压舱石"也被业绩和行业格局双重倒逼，只能主动"动刀"，谋求变 化。 做"减法"：从"三级"到"两级"，区域层级继续"瘦身" 据市场消息显示，中海集团董事长颜建国在1月底的内部会议上宣布了这一组织架构调整。这意味着， 中海地产沿用多年的区域管控模式，退出历史舞台。 此前中海长期维持四大区域布局，中间曾加过西部区域，后来又合并回去，如今直接全部裁撤，足以看 出行业迭代的大势所趋。 中海地产这波操作，看似突然，实则早有铺垫。据了解，去年，中海沈阳与大连、重庆与贵阳等城市公 司完成了合并。 早在去年，中国金茂就率先砍了5大区域公司，把近20个城市公司整合优化成14个城市公司+6个事业 部；招商蛇口直接取消五大区域公司，总部直管城市公司，一步到 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 02 月 09 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 上海三区启动收储二手房，关注地产板块配置价值 投资评级： 看好（维持） ——房地产行业周报（26/1/31-26/2/6） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期。 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 1.3%、深证成指下跌 2.1%、创业板指下跌 3.3%、沪深 300 下 跌 1.3%、房地产（申万）上升 0.0%。个股方面，涨跌幅前五的分别为：京投发展(+23.7%)、 荣安地产(+13.7%)、皇庭国际(+13.4%)、珠免集团(+12.1%)、ST 中迪(+11.1%)，涨跌幅后五 的分别为：南山控股(-10.6%)、先导基电(-8.9%)、三湘印象(-8.8%)、*ST 中地 ...

2月9日，华发股份涨5.41%，截至发稿，报4.68元/股，成交2.50亿元，换手率2.00%，总市值128.80亿 元。 数据显示，南方基金旗下1只基金位居华发股份十大流通股东。南方中证500ETF（510500）三季度减持 74.87万股，持有股数3207.45万股，占流通股的比例为1.17%。根据测算，今日浮盈赚取约769.79万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益9.15%，同类排 名454/5579；近一年收益44.18%，同类排名1155/4289；成立以来收益174.67%。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年297天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 187.93%， 任职期间最差基金回报-47.6%。 资料显示，珠海华发实业股份有限公司位于广东省珠海市昌盛路155号，成立日期1992年8月18日，上市 日期2004年2月25日，公司主营业务涉及房地产开发与经营。主营业务收入构成为：房地产开发 90.32%，其他7.23%，物业服务2.45%。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2月9日，A股市场房地产（核心股）股走强，其中，沙河股份涨停，珠免集团涨超6%，新城控股涨超 5%，盈新发展、金地集团、京投发展、滨江集团、绿地控股、黑牡丹、华发股份涨超4%，深振业A、 招商蛇口、华联控股、万科A、京能置业、北辰实业涨超3%。 消息面上，1）江苏省政府召开房地产（核心股）从业人员座谈会，研究稳定提振房地产市场政策举 措；2）全国两会政策前瞻闭门研讨会：建议增发国债、降息、稳楼市；3）福建印发《关于推动城市高 质量发展的实施意见》提出，稳步推进城中村和危旧房改造，支持老旧住房自主更新、原拆原建；4） 深圳市2月5日举行城市更新工作现场推进会指出，因地制宜推进城市有机更新，加快建设安全、舒适、 绿色、智慧的"好房子"。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000014 | 沙河股份 | 1 | 66.6 | 35.17亿 | 8.03 | | 600185 | 珠免集团 | 1 | 6.64 | 151亿 | 17. ...

格隆汇2月9日｜A股市场房地产股走强，其中，沙河股份涨停，珠免集团（维权）涨超6%，新城控股 涨超5%，盈新发展（维权）、金地集团、京投发展、滨江集团、绿地控股、黑牡丹（维权）、华发股 份涨超4%，深振业A、招商蛇口、华联控股、万科A、京能置业、北辰实业涨超3%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000014 | 沙河股份 | 1 | 9.99 | 35.17亿 | 8.03 | | 600185 | 珠免集团 | 1 | 6.64 | 151亿 | 17.91 | | 601155 | 新城控股 | | 5.46 | 410亿 | 30.18 | | 000620 | 盈新发展 | | 4.98 | 198亿 | 25.75 | | 000609 | ST中调 | + | 4.98 | 25.86 乙 | -2.92 | | 600383 | 金地集团 | | 4.82 | 157亿 | 13.73 | | 600683 | 京投发展 | 1 | 4.79 | 46.97亿 | 48 ...

[Table_IndustryInfo] 2026 年 02 月 07 日 证券研究报告•行业研究•房地产 房地产行业周报（2.2-2.6） 一二手成交受春节错位影响同比跃升，环比强劲回暖 投资要点 西南证券研究院 [Table_Author] 分析师：李垚 执业证号：S1250525060001 电话：15618507501 邮箱：liyao@swsc.com.cn 分析师：李艾莼 执业证号：S1250525070004 电话：17396222897 邮箱：liac@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -8% -1% 5% 12% 18% 25% 25/2 25/4 25/6 25/8 25/10 25/12 26/2 房地产 沪深300 本周[Table_Summary 房地产行业表现较 ] 强。本周（2.2-2.6），申万房地产板块上涨 0%，跑赢 沪深 300指数 1.3pp（沪深 300下跌 1.3%）；交易额 1205.2亿元，环比-23.7%。 从个股涨跌幅来看，本周京投发展、荣安地产、皇庭国际等个股涨幅显著。南 山控股、万业企业、三湘印象等个股跌幅显著。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].