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]

无需跨城奔波，北京市广电局"超现场"让2026年2月14日在国家大剧院上演的《新春华尔兹》精品音乐 会直抵家门口。这是北京市委宣传部统筹指导，北京市广电局联合北京市经济和信息化局、国家大剧 院、中影集团、中联超清等单位倾力打造的春节系列"超现场"活动之一。 国家大剧院《新春华尔兹》将在京西大悦城直播 时间：2026年2月14日19:30 地点：北京市石景山区阜石路173号院京西大悦城4层寰映影城 影厅：8号厅-CINITY厅 寰映影城(京西大悦城)北京市石景山区阜石路173号院1号楼京西大悦城4F 购票二维码 《新春华尔兹》精品音乐会由国家大剧院音乐艺术总监吕嘉亲自执棒国家大剧院管弦乐团，奏响《春节 序曲》《南国玫瑰圆舞曲》《卡门四对舞》《快乐火车波尔卡》等欢快悠扬的旋律。此次演出通过乐舞 相融的多元呈现方式，观众不但能听到动人的舞曲、更能直观地看到舞者的优雅身姿，以民族艺术为纽 带联结世界，紧扣新春佳节这一主题，为北京及全国观众精心打造了一场年节文化盛宴，在春节期间丰 富群众精神文化生活，通过精心策划的曲目安排，营造欢乐祥和、优雅欢愉的年节氛围。 京西大悦城4层寰映影城8号厅-CINITY厅 10年国家大剧 ...

Core Viewpoint - The real estate industry is experiencing significant executive turnover at the beginning of 2026, with over ten companies undergoing management changes, reflecting a broader trend of organizational restructuring and strategic realignment in response to market pressures [3][5]. Group 1: Executive Changes - In early 2026, companies such as Diyi City Holdings, Zhongliang Holdings, and New World Development have reported executive resignations, with reasons ranging from retirement to personal choices [3][6]. - Zhongliang Holdings saw the resignation of He Jian, who had been with the company since 2015, and the appointment of Zhao Peng as the new executive director and co-president [6]. - Other companies like Rongsheng Development and Guangming Real Estate have also experienced frequent executive changes, indicating a trend across the industry [7]. Group 2: Organizational Restructuring - The beginning of the year is a critical period for real estate companies to implement reforms, with 21 companies making 31 organizational adjustments since January 2025 [9]. - Major firms such as Poly, China Overseas, and Longfor have initiated new rounds of optimization adjustments, indicating ongoing efforts to refine their operational structures [9][10]. - The restructuring aims to enhance resource allocation and core business management, reflecting a shift towards quality-focused survival strategies in the industry [10]. Group 3: Industry Trends and Challenges - The frequent changes in management are symptomatic of the broader challenges facing the real estate sector, including sales pressure and ongoing financial losses since 2022 [11]. - The shift from large-scale development to refined operations and asset-light models necessitates new leadership capable of navigating these changes [11]. - Companies are urged to focus on financial safety, operational efficiency, and precise investment strategies to adapt to the evolving market landscape [11].

Group 1 - Over ten real estate companies have experienced executive changes within just over a month since the beginning of 2026 [2][3] - Notable companies undergoing changes include Joy City Holdings, Zhongliang Holdings, New World Development, Rongsheng Development, Bright Realty, and others, with reasons ranging from retirement to personal resignations [2][3] - The adjustments in management are closely aligned with the companies' business development and strategic needs, indicating a trend of organizational restructuring within the industry [2][3] Group 2 - The trend of executive turnover in real estate companies has been ongoing since last year and continues into 2026, with significant changes reported [3][4] - For instance, Joy City Holdings announced the resignation of director Chen Lang due to retirement, while Zhongliang Holdings saw the resignation of He Jian and the appointment of Zhao Peng as new executive director [3][4] - Other companies like Rongsheng Development and Bright Realty have also reported multiple executive resignations for personal reasons, reflecting a broader pattern of leadership changes across the sector [3][4] Group 3 - A new wave of organizational restructuring is occurring, with 21 real estate companies implementing 31 adjustments since January 2025 [5][6] - Major firms such as Poly, China Overseas, and Longfor are undergoing multiple rounds of restructuring, indicating a shift towards optimizing organizational efficiency [5][6] - The adjustments aim to enhance resource allocation and core business management, reflecting a transition towards quality-focused operations in the real estate sector [6][7] Group 4 - The frequent changes in management are indicative of the broader challenges faced by the real estate industry, including sales pressure and financial losses since 2022 [7] - The need for management adjustments is driven by the shift from large-scale development to refined operations and asset-light models, necessitating new leadership with different skill sets [7] - Companies are now focusing on financial security, operational efficiency, and precise investment strategies to adapt to the evolving market landscape [7]

Core Viewpoint - The real estate industry is experiencing significant executive turnover, with over ten companies undergoing leadership changes within a month, reflecting a broader trend of organizational restructuring and strategic realignment in response to market pressures [2][3][7]. Group 1: Executive Changes - More than ten real estate companies, including Joy City Holdings, Zhongliang Holdings, and New World Development, have reported executive changes since the beginning of 2026, with reasons ranging from retirement to personal resignations [2][3]. - Joy City Holdings announced the resignation of director Chen Lang due to reaching retirement age, while Zhongliang Holdings saw the departure of executive director He Jian and the appointment of Zhao Peng as his successor [3]. - Other companies like Rongsheng Development and Guangming Real Estate have also experienced frequent executive changes, indicating a trend of leadership turnover across the sector [4][5]. Group 2: Organizational Restructuring - The beginning of the year is a critical period for real estate companies to implement reforms, with 21 companies undergoing 31 organizational adjustments since January 2025 [5]. - Major firms such as Poly, China Overseas, and Longfor have initiated new rounds of optimization adjustments, with China Overseas restructuring its management model from a three-tier to a two-tier system [6]. - The adjustments aim to enhance resource allocation and core business management, reflecting a shift towards quality-focused operations in response to market challenges [6][7]. Group 3: Industry Trends and Challenges - The frequent changes in leadership are indicative of the industry's response to ongoing sales pressures and financial losses experienced by publicly listed real estate companies since 2022 [7]. - The shift from large-scale development to refined operations and asset-light models necessitates new leadership capable of navigating these changes [7]. - Companies are urged to focus on financial security, operational efficiency, and precise investment strategies to adapt to the evolving economic landscape [7].

Group 1 - The core announcement is regarding the fourth dividend distribution for the year 2025 by Huaxia Fund Management Co., Ltd. for the Huaxia Joy City Shopping Center Closed-End Infrastructure Securities Investment Fund [1] - The dividend distribution base date is set for December 12, with a cash dividend of 0.46 yuan per 10 shares for the Huaxia Joy City Commercial REIT (code: 180603) [1] - The beneficiaries of the dividend are all fund shareholders registered with the fund's registration agency as of the equity registration date, which is February 13, and the cash dividend will be distributed on February 25 [1] Group 2 - The fund's profit distribution will be conducted in cash, and reinvestment of dividends is not supported [1] - According to relevant tax regulations, the fund's profit distributed to investors is exempt from income tax, and no dividend handling fees will be charged for this distribution [1]

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]

北京商报讯2月9日，大悦城发布公告显示，公司董事陈朗因已达退休年龄，申请辞去公司董事职务。 至本公告日，陈朗未持有公司股份，亦不存在应履行而未履行的承诺事项。公司将按照有关规定尽快完 成董事的补选工作。 （文章来源：北京商报） ...

（记者 王晓波） 每经AI快讯，大悦城2月9日晚间发布公告称，公司董事会于近日收到公司董事陈朗先生提交的书面辞 职报告。陈朗先生因已达退休年龄，申请辞去公司董事职务。陈朗先生原定任职期间为2023年8月14日 至2026年8月13日。鉴于陈朗先生的辞职未导致公司董事会成员低于法定最低人数，根据《公司法》及 《公司章程》规定，陈朗先生的辞职自辞职报告送达董事会时生效。 每经头条（nbdtoutiao）——美国名校毕业刚回国，26岁"金少"空降成董事长和总经理，父母隐退！A股 多位"00后"执掌要职，"不负投资者"成重大考验 ...

大悦城控股集团股份有限公司第十一届董事会公告 陈朗先生在担任公司董事期间，认真履职、勤勉尽责、恪尽职守，为公司规 范运作和健康发展做出了积极贡献，公司及董事会对陈朗先生表示衷心感谢！ 大悦城控股集团股份有限公司 关于董事退休离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 大悦城控股集团股份有限公司（以下简称"公司"）董事会于近日收到公司 董事陈朗先生提交的书面辞职报告。陈朗先生因已达退休年龄，申请辞去公司董 事职务。陈朗先生原定任职期间为 2023 年 8 月 14 日至 2026 年 8 月 13 日。鉴于 陈朗先生的辞职未导致公司董事会成员低于法定最低人数，根据《公司法》及《公 司章程》规定，陈朗先生的辞职自辞职报告送达董事会时生效。至本公告日，陈 朗先生未持有公司股份，亦不存在应履行而未履行的承诺事项。公司将按照有关 规定尽快完成董事的补选工作。 证券代码：000031 证券简称：大悦城 公告编号：2026-005 特此公告。 大悦城控股集团股份有限公司董事会 二〇二六年二月九日 1 ...