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]

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].

方大炭素：拟3.19亿元收购天津通达环宇物流有限公司100%股权 2月10日，方大炭素(600516)发布公告称，公司拟以自有资金收购天津一商集团有限公司持有的天津通 达环宇物流有限公司100%股权。本次交易以资产评估机构出具的评估报告确认的标的公司评估值作为 定价依据，经交易双方协商确定交易价格为3.19亿元。 宣泰医药：股东Finer拟减持不超2%公司股份 2月10日，宣泰医药(688247)发布公告称，持股15.54%的股东Finer Pharma Inc.（简称"Finer"）拟通过集 中竞价或大宗交易的方式减持其所持有的公司股份数量合计不超过906.68万股，拟减持股份数量占公司 总股本的比例不超过2%。 长春高新：子公司注射用GenSci136临床试验申请获批 2月10日，长春高新(000661)发布公告称，公司子公司金赛药业收到国家药监局核准签发的《药物临床 试验批准通知书》，金赛药业注射用GenSci136境内生产药品注册临床试验申请获得批准。注射用 GenSci136是金赛药业自主研发的一款治疗用生物制品1类药物，拟用于治疗免疫球蛋白A肾病 （IgAN）。 远东股份：股东拟减持不超1.5%公 ...

Market Performance - The real estate sector (CITIC) had a weekly performance of 0.0%, while the CSI 300 and Wind All A indices decreased by -1.3% and -1.5% respectively, resulting in excess returns of 1.3% and 1.4%[5] - Among 29 CITIC industry sectors, real estate ranked 15th in performance[5] New Housing Market - In the week from January 31 to February 6, 2026, the new housing transaction area in 36 cities was 1.392 million square meters, down 2.9% week-on-week but up 175.7% year-on-year[10] - Cumulative transactions from February 1 to February 6 reached 1.204 million square meters, a year-on-year increase of 257.9%[10] - Year-to-date transactions as of February 6 totaled 6.798 million square meters, down 16.2% year-on-year[10] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 1.644 million square meters, down 3.6% week-on-week but up 245.8% year-on-year[16] - Cumulative transactions from February 1 to February 6 were 1.535 million square meters, a year-on-year increase of 423.1%[16] - Year-to-date transactions as of February 6 totaled 8.383 million square meters, up 37.1% year-on-year[16] Inventory and Depletion Cycle - Cumulative new housing inventory in 13 cities was 77.165 million square meters, down 0.7% week-on-week and down 4.6% year-on-year[24] - The new housing depletion cycle for these cities is 22.9 months, with a week-on-week change of -0.1 months and a year-on-year change of +6.2 months[24] Land Market - The land transaction area from February 2 to February 8 was 1.1863 million square meters, down 44.9% week-on-week and down 36.0% year-on-year[43] - The average land price was 1,552 RMB per square meter, up 42.8% week-on-week and up 71.5% year-on-year[43] - Year-to-date land transactions as of February 8 totaled 10.556 million square meters, down 15.8% year-on-year[43] Investment Recommendations - Recommended mainland developers include A-shares: Binhai Group, China Merchants Shekou; Hong Kong stocks: China Overseas Development, Greentown China, China Resources Land, Jianfa International Group[9] - For light asset operation companies, recommended property management companies include Greentown Service and commercial management companies like China Resources Vientiane Life[9] Risk Factors - Risks include potential delays in the relaxation of real estate control policies, continued industry downturns, and ongoing credit risks leading to liquidity deterioration[5]

阳光电源：暂不涉及太空光伏产品 【电池】 2月9日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在光伏、商业航天等 方面最新情况： 【机器人】 萤石网络：智能服务机器人业务收入占比较小 【光伏】 南玻A：青海南玻具备生产9-11N多晶硅的能力 目前主要用于太阳能光伏产业 中利集团（维权）：公司光伏业务暂未涉及太空光伏领域 双环科技：钠离子电池正极材料中试基地近期产出首批产品 【商业航天】 炬光科技：公司没有产品应用于商业航天领域 丰茂股份：目前公司在商业航天领域业务拓展暂无实质进展 【其他】 新易盛：1.6T光模块产品已实现批量交付并处于产能持续提升过程中 招商蛇口：前期已介入免税业务并已获得积极成果，目前业务涵盖港澳航线高速客船免税、港口出境免 税 万达电影：投资出品影片《飞驰人生3》等已定于春节档上映 大连电瓷：大莲电瓷江西公司2026年生产计划基本排满 科大讯飞：脑科学当前尚处于前瞻性研究阶段，公司会保持关注和适当投入 精研科技：越南精研目前已投入运营 接到首批订单 昊华科技：公司并未量产三氟甲磺酸锂 (本文来自第一财经) 海光信息：公司业务布局暂未涉及TPU芯片 ...

格隆汇2月9日丨招商蛇口(001979.SZ)在投资者互动平台表示，公司积极应用自身和招商局业务资源， 前期已介入免税业务并已获得积极成果。通过旗下企业与深圳免税集团合作，成立合资公司开展业务， 目前业务涵盖港澳航线高速客船免税、港口出境免税。 ...

今日晚间重要公告抢先看——金徽股份：拟2.1亿元收购福圣矿业100%股权；盟固利：拟9.29亿元投建 年产3万吨锂离子电池正极材料项目；厦门钨业：拟收购九江大地39%股权。 【重大事项】 金徽股份：拟2.1亿元收购福圣矿业100%股权 金徽股份(603132)2月9日公告，公司以现金方式收购徽县福圣矿业开发有限公司（简称"福圣矿业"） 100%股权，收购对价为2.1亿元，交易完成后，福圣矿业将成为公司全资子公司，纳入公司合并报表范 围。 盟固利：拟9.29亿元投建年产3万吨锂离子电池正极材料项目 盟固利(301487)2月9日公告，公司拟投资建设年产3万吨锂离子电池正极材料项目，项目拟投资9.29亿 元。项目整体建成后，预计将实现年产0.5万吨高电压钴酸锂、1万吨NCA材料以及1.5万吨超高镍三元 材料。 安达维尔：子公司收到欧洲航空安全局颁发的欧洲技术标准规定批准书 雅戈尔(600177)2月9日公告，公司董事会提出以下2025年第三季度利润分配方案：以2025年第三季度权 益分派实施公告确定的股权登记日的总股本（扣减当日公司回购账户股份数量）为基数，每股派发现金 红利0.08元（含税）；截至审议本次利润分 ...

（文章来源：证券日报） 证券日报网讯 2月9日，招商蛇口在互动平台回答投资者提问时表示，公司股东人数可以查询公司定期 报告中相关信息，或联系公司核实股东身份后进行查询。 ...

2、三元生物：美国对中国赤藓糖醇反倾销、反补贴调查终裁结果公布 公司通过特定单独税率渠道出口 美国的综合执行税率达93.58% 三元生物2月9日公告，美国商务部于2026年2月4日公布对原产于中国的赤藓糖醇产品反倾销、反补贴调 查的最终裁定结果。公司作为强制应诉企业，最终裁定反补贴税率为8.63%。中国其他生产商/出口商适 用的反补贴税率为4.54%-8.12%。反倾销方面，公司作为出口商未能获得分别税率资格，直接向美国出 口时适用184.26%的中国全国统一税率，较初裁(450.64%)降低266.38%。公司作为生产商通过特定单独 税率渠道向美国出口时，可适用84.95%的反倾销现金保证金率。鉴于公司通过前述特定渠道(SRA)出口 美国的综合执行税率(反倾销现金保证金率84.95%+反补贴税率8.63%)仍达到93.58%，该税率水平预计将 削弱公司相关产品在美市场的成本竞争优势，公司面临涉案产品订单缩减及市场份额流失的风险。 今日聚焦 1、浙江龙盛：分散染料部分品种2月8日再度调价 其中分散黑报价近期累计上涨5000元/吨 浙江龙盛2月9日发布机构调研公告，公司是全球染料与纺织化学品龙头，制造业主要为国 ...

（文章来源：北京商报） 北京商报讯2月9日，招商蛇口披露1月销售简报。简报显示，1月招商蛇口实现签约销售面积27.22万平 方米，实现签约销售金额76.74亿元。 ...