证券日报网讯2月11日，招商积余（001914）在互动平台回答投资者提问时表示，截至2026年2月10日， 公司合并融资融券信用账户股东总户数为21600户，未合并融资融券信用账户股东总户数为19941户。 ...

（文章来源：证券日报） 证券日报网讯 2月11日，招商积余在互动平台回答投资者提问时表示，公司目前正在依据交易合同的约 定，办理国有资产产权变更审批及相关交割手续。 ...

Investment Rating - The report maintains a "Buy" rating for the real estate sector, indicating a positive outlook for investment opportunities in this area [4]. Core Insights - The "old-for-new" policy is being reintroduced in Shanghai, which is expected to effectively stabilize housing prices and stimulate market activity [10][26]. - The policy focuses on acquiring second-hand homes to address inventory issues and enhance market liquidity, with specific criteria for eligible properties [10][26]. - The anticipated financial impact includes a potential market transaction increase of approximately 1,080 billion yuan, representing a 9% boost to total market transactions and a 24% increase in new home sales [3][10]. Summary by Sections 1. Background of the "Old-for-New" Policy - The central government has emphasized the need for policies that control inventory and improve supply, with the "old-for-new" initiative aligning closely with these goals [10][11]. 2. Historical Experience of "Old-for-New" - The "old-for-new" model is categorized into acquisition and assistance types, with the acquisition model being more effective in driving sales [16][21]. - The acquisition model has been implemented in over 20 cities, with a total of 14,520 units identified for trial [16][21]. 3. Shanghai's "Old-for-New" Policy - The policy aims to stabilize housing prices by focusing on second-hand homes, with specific requirements for properties built before 2000 and under 400 million yuan [3][10]. - The estimated funding requirement for the acquisition of 27,000 units is approximately 54 billion yuan, leveraging a 1:2 replacement ratio to maximize market impact [3][10]. 4. Feasibility of the Latest "Old-for-New" Policy - Shanghai is positioned as a key city for the implementation of this policy due to its strong government credibility and market stability [3][10]. - The second-hand housing market in Shanghai has shown signs of stabilization, with a reduction in the average transaction cycle to 22.2 months and a 2% month-on-month price rebound [3][10]. 5. Investment Recommendations - The report suggests that the current environment, characterized by improving transaction volumes and prices in the second-hand market, presents significant investment opportunities [3][10].

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].

（文章来源：证券日报） 证券日报网讯 2月6日，招商积余在互动平台回答投资者提问时表示，截至2026年1月30日，公司合并融 资融券信用账户股东总户数为20334户，未合并融资融券信用账户股东总户数为18731户。 ...

以管理革新激发组织活力 面对行业竞争加剧与转型升级的双重挑战，招商积余从机构、人才、文化三个重点领域入手激活企业内生动力。 为宣传展示招商局集团在国企改革深化提升行动中的进展成效，现推出"改革先锋"之基层优秀实践案例报道，供相互借鉴交流。 招商蛇口旗下招商积余作为招商局集团"双百企业"，坚持以改革创新为关键动力，锚定"中国领先的物业资产管理运营商"发展目标，加快向现代智慧物业 管理企业转型升级。 截至2025年末，招商积余稳居"中国物业服务企业综合实力500强TOP3""中国物业服务力百强企业TOP3"，孵化培育了5户国家高新技术企业。 组织机构"瘦身健体"，部门数由13个减少至10个，加强所属企业分级分类管控，裁撤低效专业公司余味餐饮，精简整合华东地区等高潜区域市场职能后 台。 深化三项制度改革，构建"短期有动力、中期有保障、长期有盼头"的差异化收入分配机制，持续推动干部能上能下，2025年完成72个关键岗位负责人调 整。 完善人才培养体系改革，构建面向应届毕业生的"积优生"全职业生命周期人才培养体系，培育"积优生"600余人，打造"招闻道·积余学苑"线上学习平台， 开办管家学堂，储备关键岗位人才800余人 ...

Core Insights - The real estate service sector experienced a significant increase of 3.94% on February 4, with "I Love My Home" leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Group 1: Stock Performance - "I Love My Home" (code: 000560) closed at 3.61, with a rise of 10.06% and a trading volume of 4.1629 million shares [1] - "Te Fa Service" (code: 300917) saw a closing price of 42.50, increasing by 6.52% with a trading volume of 166,900 shares [1] - "World Union" (code: 002285) closed at 2.87, up 5.90%, with a trading volume of 984,700 shares [1] - "Huangting International" (code: 000056) closed at 1.88, increasing by 5.03% with a trading volume of 944,200 shares [1] - "Zhongshan Service" (code: 002188) closed at 7.24, up 1.69%, with a trading volume of 250,600 shares [1] Group 2: Capital Flow - The real estate service sector saw a net inflow of 335 million yuan from institutional investors, while retail investors experienced a net outflow of 155 million yuan [2] - "I Love My Home" had a net inflow of 254 million yuan from institutional investors, but a net outflow of 168 million yuan from retail investors [3] - "Te Fa Service" recorded a net inflow of 46.64 million yuan from institutional investors, with a net outflow of 23.48 million yuan from retail investors [3]

Group 1 - The core point of the news is that招商积余 has seen a stock price increase of 5.08%, reaching 12.00 yuan per share, with a total market capitalization of 12.645 billion yuan as of the report date [1] - 招商积余's main business involves property asset management, with revenue composition as follows: property management 35.11%, basic property management 27.33%, non-residential property management 19.61%, residential property management 7.71%, professional value-added services 6.88%, asset management 1.22%, platform value-added services 0.91%, rental and operation of held properties 0.85%, commercial operations 0.37%, and other businesses 0.00% [1] Group 2 - From the perspective of fund holdings, 广发基金 has one fund heavily invested in 招商积余, specifically the 广发金融地产精选股票A (012244), which held 312,600 shares, accounting for 6.89% of the fund's net value, making it the second-largest holding [2] - The fund has a total scale of 20.6596 million yuan and has achieved a year-to-date return of 8.17%, ranking 1415 out of 5562 in its category, and a one-year return of 25.74%, ranking 2768 out of 4285 [2]

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]