Market Performance - The Hong Kong stock market opened lower and closed with a slight rebound, with the Hang Seng Index down 1.17% at 26,149.31 points, the Hang Seng Tech Index down 1.05% at 5,678.34 points, and the National Enterprises Index down 1.09% at 9,039.34 points [1] - Major tech stocks declined, with Alibaba down 2.26%, Tencent down 1.36%, JD.com down 2.02%, and Meituan down 3.35% [1] - The semiconductor sector saw gains, with Shanghai Fudan up over 5% and Huahong Semiconductor up over 2% [1] - Coal stocks led the gains, with Jinma Energy up over 11% [1] Company News - Xinyi International (00732.HK) reported a cumulative net operating revenue of approximately HKD 16.534 billion for 2025, a decrease of about 7.3% year-on-year [2] - China Overseas Development (00688.HK) reported a cumulative contract property sales amount of approximately RMB 251.231 billion for 2025, down 19.1% year-on-year [2] - Greentown China (03900.HK) reported a total contract sales amount of approximately RMB 251.9 billion for 2025, a decrease of 9% [2] - China Overseas Hongyang Group (00081.HK) achieved a contract sales amount of RMB 2.57 billion for December 2025, down 43.9% year-on-year [3] Strategic Developments - China Carbon Neutrality (01372.HK) signed a tripartite strategic cooperation agreement with China Tower and China Recycled Resources to jointly create a lithium battery circular economy ecosystem [4] - Guofu Hydrogen Energy (02582.HK) entered into a pre-purchase order agreement for hydrogen energy project equipment in Tasmania, Australia [4] - Lijun Pharmaceutical (01513.HK) had its Lecanemab injection included in the priority review and approval process [4] Stock Buybacks - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 149 million at prices between HKD 38.12 and HKD 38.20 [9] - Tencent Holdings (00700.HK) repurchased 1.023 million shares for HKD 636 million at prices between HKD 615.5 and HKD 628 [9] - Geely Automobile (00175.HK) repurchased 3.388 million shares for HKD 59.156 million at prices between HKD 17.38 and HKD 17.65 [10] Institutional Insights - Guolian Securities remains optimistic about the AI value reassessment trend in China, suggesting a focus on platform-based internet companies with computational resources and model capabilities [12] - Guoyuan International notes that the Hong Kong stock market is currently in a relatively flat period, awaiting further catalysts, with potential inflows of new capital following the announcement of the new Federal Reserve Chairman [13] - Qianhai Open Source's Yang Delong predicts that the Hong Kong stock market, including the Hang Seng Index and Hang Seng Tech Index, may regain upward momentum in 2026, driven by capital inflows [13]

消息面上，据星岛援引报道称，万科已与包括中国银行在内的国内贷款机构达成协议，将原季度付息调 整为按年付息，同时未来数月的同类应付利息可推迟至2026年9月支付。值得一提的是，1月1日《求 是》杂志刊发特约评论员文章《改善和稳定房地产市场预期》，强调要切实改善和稳定房地产市场预 期。 内房股多数上扬，截至发稿，万科企业(02202)涨4.18%，报3.49港元；新城发展(01030)涨2.29%，报2.23 港元；富力地产(02777)涨1.96%，报0.52港元；中国海外宏洋集团(00081)涨1.95%，报2.09港元。 财通证券（601108）指出，预计2026年商品房销售额降幅有望继续收窄，而市场恢复后的销售增长预期 是驱动未来房企估值提升的重要因素，土储结构直接决定销售表现，布局较高房地产市场价值城市且减 值计提充分的房企有望率先修复估值。 ...

消息面上，据星岛援引报道称，万科已与包括中国银行在内的国内贷款机构达成协议，将原季度付息调 整为按年付息，同时未来数月的同类应付利息可推迟至2026年9月支付。值得一提的是，1月1日《求 是》杂志刊发特约评论员文章《改善和稳定房地产市场预期》，强调要切实改善和稳定房地产市场预 期。 财通证券指出，预计2026年商品房销售额降幅有望继续收窄，而市场恢复后的销售增长预期是驱动未来 房企估值提升的重要因素，土储结构直接决定销售表现，布局较高房地产市场价值城市且减值计提充分 的房企有望率先修复估值。 内房股多数上扬，截至发稿，万科企业(02202)涨4.18%，报3.49港元；新城发展(01030)涨2.29%，报2.23 港元；富力地产(02777)涨1.96%，报0.52港元；中国海外宏洋集团(00081)涨1.95%，报2.09港元。 ...

Core Viewpoint - China Overseas Macro Yang Group (00081) reported a significant decline in contract sales and area for December 2025, indicating challenges in the real estate market [1] Group 1: Sales Performance - In December 2025, the company achieved contract sales of RMB 2.57 billion and a contract sales area of 267,400 square meters, representing year-on-year declines of 43.9% and 30.7% respectively [1] - For the entire year of 2025, the cumulative contract sales amounted to RMB 32.185 billion and a sales area of 2,937,900 square meters, reflecting year-on-year decreases of 19.8% and 15.7% [1] Group 2: Uncontracted Sales - As of December 31, 2025, the total amount of uncontracted sales reached RMB 956 million, with an uncontracted area of 76,500 square meters [1] Group 3: New Projects - In December 2025, the company added five new projects in various regions, including Yinchuan, Hefei, Jining, Quanzhou, and Lanzhou, with a total floor area of 836,429 square meters and a total land cost of RMB 2.906 billion [1] - From January 1 to December 31, 2025, the company accumulated a total new floor area of 2,928,781 square meters and a total land cost of RMB 11.708 billion, with an equity floor area of 2,622,107.58 square meters and an equity land cost of RMB 10.225 billion [1]

格隆汇1月7日丨中国海外宏洋集团(00081.HK)发布公告，2025年12月份，中海宏洋系列公司实现合约销 售额人民币25.70亿元及合约销售面积26.74万平方米，分别按年下跌43.9%及30.7%。2025年1至12月 份，累计合约销售额人民币321.85亿元及合约销售面积293.79万平方米，分别按年下跌19.8%及15.7%。 截至2025年12月底，累计认购未签约额人民币9.56亿元及认购未签约面积7.65万平方米。 2025年12月份，集团于宁夏回族自治区银川市金凤区、安徽省合肥市包河区、山东省济宁市高新区、福 建省泉州市晋江市和甘肃省兰州市城关区新增项目5个，总楼面面积83.64万平方米，总土地成本人民币 29.06亿元。2025年1月1日至12月31日期间，集团累计新增总楼面面积292.88万平方米，总土地成本人民 币117.08亿元，权益楼面面积262.21万平方米，权益土地成本人民币102.25亿元。 ...

智通财经APP讯，中国海外宏洋集团(00081)发布公告，在2025年12月份，中海宏洋系列公司实现合约销 售额人民币25.7亿元及合约销售面积 26.74万平方米，分别按年下跌43.9%及30.7%。在2025年1至12月 份，累计合约销售额人民币321.85亿元及合约销售面积293.79万平方米，分别按年下跌19.8%及15.7%。 截至2025年12月底，累计认购未签约额人民币9.56亿元及认购未签约面积7.65万平方米。 在2025年12月份，集团于宁夏回族自治区银川市金凤区、安徽省合肥市包河区、山东省济宁市高新区、 福建省泉州市晋江市和甘肃省兰州市城关区新增项目5个，总楼面面积836,429平方米，总土地成本人民 币2,906,050,000元。从2025年1月1日至12月31日期间，集团累计新增总楼面面积2,928,781平方米，总土 地成本人民币11,708,420,000元，权益楼面面积2,622,107.58平方米，权益土地成本人民币10,225,100,000 元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （在香港註冊成立之有限公司） （股份代號：81） 二零二五年十二月份的未經審核營運數據 中國海外宏洋集團有限公司（「本公司」）董事局（「董事局」）欣然宣佈本公司及其附屬 公司（「本集團」）及本集團之聯營公司和合營公司（統稱「中海宏洋系列公司」）若干未 經審核營運數據如下： 在2025年12月份，中海宏洋系列公司實現合約銷售額人民幣2,570,000,000元及合約銷售面積 267,400平方米，分別按年下跌43.9%及30.7%。在2025年1至12月份，累計合約銷售額人民幣 32,185,000,000元及合約銷售面積2,937,900平方米，分別按年下跌19.8%及15.7%。截至2025 年12月底，累計認購未簽約額人民幣956,000,000元及認購未簽約面積76,500平方米。 在2025年12月份，本集團於寧夏回族自治區銀川市金鳳區、安徽省合肥市包河區、山東省濟 寧市高新區、福建省泉州市晉江 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Views - The report emphasizes the importance of stabilizing real estate market expectations and highlights the sector's significant role in the national economy and as a source of household wealth [3][50] - The report suggests that the real estate market's healthy development is crucial for overall economic stability and calls for decisive policy measures rather than piecemeal approaches [50] Market Performance - The Shanghai Composite Index rose by 0.1%, while the Shenzhen Component Index fell by 0.6%, and the real estate sector (Shenwan) declined by 0.7% during the week [5][8] - Notable stock performances included Chengjian Development (+13.2%) and Sanzhong Impression (+10.7%), while Hualian Holdings (-15.5%) and Yatong Shares (-6.8%) saw significant declines [5][8] Data Tracking New Housing Transactions - In the week of December 27 to January 2, new housing transactions in 42 key cities totaled 2.56 million square meters, a 2.0% decrease from the previous week [16] - For December, new housing transactions reached 10.63 million square meters, a 35.7% increase month-on-month but a 40.5% decrease year-on-year [21] Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 1.64 million square meters, a 21.5% decrease from the previous week [34] - For December, second-hand housing transactions amounted to 9.22 million square meters, an 11.1% increase month-on-month but a 27.9% decrease year-on-year [37] Industry News - The Ministry of Housing and Urban-Rural Development aims for significant progress in housing quality improvement by 2030, focusing on standards, design, materials, and construction [50] - New tax policies were introduced, reducing the value-added tax rate for second-hand housing transactions to 3% for properties held for less than two years, while properties held for two years or more are exempt from VAT [50] - The China Securities Regulatory Commission announced the launch of a pilot program for commercial real estate investment trusts (REITs) to promote high-quality market development [50] Company Announcements - China Resources Land secured a sustainable development-linked loan of 2 billion yuan with a term of 36 months [54] - Huafa Group elected Guo Lingyong as the chairman of its board and Liu Yingzhe as vice chairman [54]

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance. Among typical real estate companies, 24% reported year-on-year growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to focus on improving their internal capabilities and product quality [1] - Recent meetings held by various ministries, including the National Development and Reform Commission and the Ministry of Finance, have outlined key work for 2026, focusing on expanding domestic demand, promoting high-quality industrial development, and stabilizing the real estate market [1] Group 2 - Recent policy adjustments, such as the announcement from the Ministry of Finance regarding the value-added tax on personal housing sales and changes to purchase and loan restrictions in Beijing, are expected to enhance market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments in policy, necessitating ongoing observation of the interaction between policy and fundamentals. Short to medium-term patience is advised for the real estate development sector, with a focus on core assets in commercial real estate [2] - Recommendations include real estate stocks with "good credit, good city, good product," companies that manage cash flow effectively during market adjustments, local Hong Kong real estate firms benefiting from market recovery, and property management companies with stable cash flow and dividend advantages [2] Group 3 - Relevant companies in the real estate industry chain listed on the Hong Kong stock market include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance [1] - Among typical real estate companies, 24% reported year-on-year performance growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to enhance their internal capabilities and product quality [1] Group 2 - Recent policies, including adjustments to housing purchase restrictions and the announcement of a new value-added tax policy on personal housing sales, are expected to boost market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments on the policy front that warrant ongoing observation of the interaction between policy and fundamentals [2] - Recommendations include focusing on real estate stocks with good credit, good cities, and good products, as well as companies that can manage cash flow effectively during market adjustments [2] Group 3 - Relevant Hong Kong-listed real estate companies include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]