房地产行业 | 证券研究报告 — 行业周报 2026 年 2 月 10 日 房地产行业第 6 周周报（2026 年 1 月 31 日-2026 年 2 月 6 日） 受去年同期为春节的低基数影响，楼市成交同比大幅增长，但环 比负增长；上海三区试点收购二手房用作保租房 新房成交面积环比由正转负，同比增幅收窄；二手房成交面积环比降幅扩大，同比增幅收窄；新房库存 面积同环比均下降；去化周期环比下降、同比上升。 核心观点 政策 ◼ 2 月 2 日，上海收购二手住房用于保租房正式启动，浦东、静安、徐汇区将作为首批试点区域率先 推进相关工作，由各区公租房公司作为收购主体，由中国建设银行提供金融支持。1）浦东新区： 收购优先聚焦内环内、2000 年以前、70 平以下，且总价不超过 400 万元的产权清晰的个人二手房 源，面向有置换需求的产权人，特别是租售比相对较高、保租房房源供需矛盾较大、居住配套成 熟的区域。2）静安区：确立了"政府统筹、国企实施、专业运作"的原则。房源筛选核心聚焦产权 人有置换本区商品房意愿、总价适中、产权清晰的成套小户型二手住房，优先布局重点产业园区、 核心商圈及轨道交通站点 3 公里辐射圈，采取"片 ...

证券日报网讯2月6日，百联股份（600827）在互动平台回答投资者提问时表示，公司高度重视投资者回 报与信任，自2016年度至今连续九年实施稳健的分红政策，持续以现金分红回报广大投资者。公司上市 以来经历多轮吸收合并，不同的第三方交易软件对于融资金额的计算口径不同。未来如有股份回购计 划，将会依据相关法律法规及时履行信息披露义务。 ...

证券日报网讯 2月6日，百联股份在互动平台回答投资者提问时表示，公司高度重视投资者回报与信 任，自2016年度至今连续九年实施稳健的分红政策，持续以现金分红回报广大投资者。公司上市以来经 历多轮吸收合并，不同的第三方交易软件对于融资金额的计算口径不同。请投资者以公司信息披露为 准。公司始终坚持开放透明的沟通原则，所有合法合规的投资者意见均可通过法定渠道顺畅传递。 （编辑 任世碧） ...

证券日报网讯2月6日，百联股份（600827）在互动平台回答投资者提问时表示，公司高度重视市值管理 相关工作，始终以提升经营质量作为市值管理的核心。公司通过积极打造商业地标，推进重大标杆项 目；推进空间与内容创新；拓展供应链建设；推进资产证券化，发行上海首单消费基础设施REIT等各 项措施提升资产价值。 ...

（文章来源：证券日报） 证券日报网讯 2月6日，百联股份在互动平台回答投资者提问时表示，公司重视并记录投资者的合理意 见与反馈，并及时向公司董事会及管理层反馈。未来，公司将继续提升沟通效率与效果，认真听取各方 建议，并将结合公司实际情况，审慎研究相关事项的可行性。 ...

每经AI快讯，2月5日，A股退税商店板块持续走高，茂业商业直线拉升触达涨停，杭州解百此前涨停， 百大集团涨超5%，广百股份、合百集团、豫园股份、百联股份、新世界等个股跟涨。 （文章来源：每日经济新闻） ...

Core Insights - The consumer index data from Worldpanel indicates that the sales of China's urban fast-moving consumer goods market will grow by 1.5% year-on-year in 2025, maintaining a stable development trend [1] - The contribution rate of final consumption expenditure to economic growth has reached 52.0%, an increase of 5.0 percentage points compared to 2024, making it the main driver of economic growth [2] - The retail market is experiencing a dual trend of "acceleration" and "braking," with retailers focusing on high-potential areas while optimizing existing resources [13][15] Market Performance - In 2025, the sales growth rate in the eastern and northern regions will exceed the overall growth rate, with lower-tier cities showing a sales growth rate of 1.9%, indicating ongoing potential in the sinking market [1] - The beverage and food categories are leading growth, with annual sales increasing by 3.6% and 3.1% respectively [1] - The modern channel sales in urban areas will see a slight decline of 0.3% in 2025, with small supermarkets capturing the demand for daily household consumption [4] Retailer Dynamics - Walmart has surpassed the Gao Xin Retail Group, with its Sam's Club maintaining rapid sales growth, increasing its market share in modern channels by 1 percentage point compared to the previous year [4] - The top ten retailers are experiencing a continuous decline in market share, with a 0.7 percentage point drop in modern channels [5] - Local retailers like Anhui Hejiafu and Hubei Huangshang are maintaining their market share in modern channels, showcasing their competitive edge [8] Consumer Behavior Trends - The consumer demand is diversifying, with new consumption scenarios emerging, particularly in out-of-home dining, which is expected to see a 6% year-on-year increase in customer flow in 2025 [2] - The penetration rate of the pre-positioned warehouse model has reached 9%, a year-on-year increase of 2.2 percentage points, indicating a shift in consumer shopping habits towards instant delivery [10] - The retail industry is evolving towards a "near-field optimization and far-field expansion" model, focusing on precise consumer engagement and comprehensive coverage [9] Strategic Shifts - Retailers are increasingly focusing on developing private labels, with the penetration rate of private brands reaching 56.8%, up over 11 percentage points from the previous year [14] - The discount retail format remains popular among consumers, with penetration rates for bulk snack stores and discount stores increasing by 4.8 and 2.9 percentage points respectively [14] - The integration of online and offline channels is deepening, with platforms like Taobao and JD.com transforming into comprehensive service platforms [17][18] Future Outlook - The retail market is expected to continue its dual path of "acceleration" and "braking," with ongoing adjustments and optimizations [15] - The focus will shift towards building emotional connections with consumers and enhancing demand response efficiency, moving from merely meeting needs to anticipating them [11][12] - The competition in the retail sector will become more complex and diverse, requiring brands and retailers to innovate and enhance service experiences to maintain competitive advantages [20][21]

百联繁花里一百天，服务经济在"盛开" 去年10月底，百联繁花里在第一百货7楼开业，这个总面积超7000平方米的空间，也是百联股份在上海打造的首个银发经济品牌，围绕社交拓 圈、健康管理、科技体验等6个核心新场景，打造"无龄生活场"。 明天，繁花里将迎来开业100天。在"盛开"的首个100天，这个物理场域里发生着怎样的化学反应？百联股份副总经理、银发消费创新项目负 责人江申观察认为，精神富足正成为新银发群体的核心追求，体验型消费将是银发经济发力的"蓝海"。 图：穿着时髦的阿姨爷叔正在体验香道课程。 文汇报记者：徐晶卉摄 ·年会的情感链接 上个星期，一场特别的"踏马寻花 繁花盛典"新春会员年会在繁花里"绽放"。年会仪式感满满，提前发送精美的电子邀请函，安排了非遗拓 片、写对联、捏面人等年味十足的市集活动，也准备了长长的节目单——表演的主角，都是繁花里的会员。 年逾花甲的许阿姨担当沪语歌曲《上海谣》的主力歌手。她一头短发，戴一副金丝边框眼镜，打扮精致时髦。为了这个节目，12位表演者排 练了很久，走位、配合严丝合缝。一出场，就博得台下满堂彩。 这12位表演者，100天前还互不相识，他们因繁花里的课程而相遇。"我原来在事 ...

证券日报网讯 2月2日，百联股份在互动平台回答投资者提问时表示，公司已于第十届董事会第十次会 议通过《关于制定的议案》，将持续推进标杆商业打造、重点项目转型升级、供应链建设、提升营运质 量、深化产融协同等工作。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article is that Bailian Co., Ltd. (600827) is currently operating normally and is making steady progress in its various businesses [1] - The company has no plans for privatization or delisting [1]