Core Viewpoint - In 2025, the real estate industry is transitioning from quantity expansion to quality enhancement, with the concept of "good housing" becoming a national strategy, marking a new development stage focused on product strength as the core competitive advantage [2]. Group 1: Rankings Release - The "Top 100 Real Estate Companies by Product Strength" list has been published, highlighting leading companies in the industry [4][5]. - The list includes prominent companies such as Greentown China, Poly Developments, and China Overseas Land & Investment, among others [5][6]. Group 2: Product Series and Works - The "Top 10 Product Series" and "Top 10 Works" lists have been introduced, showcasing the best residential product series and projects in the industry [8][12]. - The top luxury product series include offerings from companies like New Hope Real Estate and China Overseas Land & Investment [8]. - The top high-end works feature projects such as Beijing Run Garden and Chengdu China Merchants Xi [13][15]. Group 3: Good Housing Strategy Characteristics - Major real estate companies like Poly, China Resources, and Yuexiu have launched "good housing" strategies focusing on safety, comfort, green living, and smart technology [29]. - These strategies extend to refined values such as craftsmanship, service, low carbon, and health, implemented through quantifiable technical standards [29][33]. - Companies are establishing comprehensive technical standard systems that cover physical space and service ecology, reflecting a meticulous management approach [33]. Group 4: Trends in Residential Projects - There is a trend towards high aesthetic appeal and high performance in residential projects, with a focus on features like full-house water purification, noise reduction, and safety [37][50]. - The use of environmentally friendly materials is emphasized, with projects achieving near-zero pollution standards [51]. - Different project tiers exhibit unique characteristics, with high-end projects focusing on cultural integration and personalized services [52][63].

Investment Rating - The report recommends a positive investment outlook for the real estate sector, highlighting specific stocks in various categories such as development, commercial residential, property management, and cultural tourism [1]. Core Insights - The report emphasizes the shift in the real estate industry from a focus on quantity to a focus on quality, driven by the new requirements set forth during the "15th Five-Year Plan" period, which aims for high-quality development [1][13]. - It identifies six key tasks to achieve high-quality development, including optimizing affordable housing supply and enhancing property service quality [1][61]. Summary by Sections 1. High-Quality Development as a New Requirement - The report discusses the significant changes in the real estate market, transitioning from a supply-demand imbalance to a potential oversupply situation, necessitating a focus on high-quality development [3][6]. - It outlines the central government's shift in policy from reducing leverage and total volume to stabilizing the real estate market and promoting quality [6][7]. 2. Understanding High-Quality Development - The report defines high-quality development as essential for meeting the people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [22][24]. - It presents three major significances, four key requirements, and six essential tasks for high-quality development [21][28]. 3. Policy Expectations for the 15th Five-Year Plan - The report anticipates that future policies will focus on risk prevention, quality improvement, and transformation in the development sector [62]. - It emphasizes the need for a balanced approach between short-term market stabilization and long-term structural reforms [36][60]. 4. Six Key Tasks for High-Quality Development - The report outlines six tasks: optimizing affordable housing supply, promoting sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a safety management system for the entire lifecycle of housing [61][62].

Market Overview - The Hong Kong stock market opened lower on January 7, with the Hang Seng Index down 1.01% at 26,439.68 points, the Hang Seng Tech Index down 1.65% at 5,729.41 points, the National Enterprises Index down 1.11% at 9,141.25 points, and the Red Chip Index down 0.64% at 4,114.5 points [1] - Major technology stocks experienced declines, with Alibaba down 4.05%, Tencent down 1.98%, JD.com down 1.47%, Xiaomi down 1.34%, NetEase down 2.18%, Meituan down 2.17%, Kuaishou down 2.78%, and Bilibili down 3.54% [1] - The biopharmaceutical sector continued to rise, with Kangfang Biopharmaceutical up over 6% [1] - The metals sector showed strength, with Luoyang Molybdenum up over 5% [1] - Oil stocks weakened, with PetroChina down over 3% [1] - Automotive stocks faced significant declines, with NIO down over 3% [1] Company News - Yadea Holdings (01585.HK) expects a net profit of no less than RMB 2.9 billion for 2025, up from RMB 1.27 billion in the previous year, driven by increased sales of electric two-wheelers and optimized product structure [2] - Poly Property Group (00119.HK) anticipates a cumulative contract sales amount of approximately RMB 50.2 billion for 2025, a decrease of 7.38% year-on-year [3] - Sunac China (01918.HK) expects a cumulative contract sales amount of approximately RMB 36.84 billion for 2025, down 21.85% year-on-year [4] - Gemdale Corporation (00535.HK) projects a cumulative contract sales total of approximately RMB 10.696 billion for 2025, a decrease of 47.33% year-on-year [5] - Greentown Management Holdings (09979.HK) estimates new project management fees for 2025 to be RMB 9.35 billion, an increase of approximately 0.4% [6] - Yuexiu Property (00123.HK) acquired a land parcel in Shanghai's Pudong New Area for RMB 2.561 billion [7] - Jiufang Zhitu Holdings (09636.HK) completed the acquisition of 100% equity in JF Financial and its core information system [8] - Weimob Group (02013.HK) partnered with Taobao Flash Sale to enhance local retail solutions [8] - Dali Pu Holdings (01921.HK) became a qualified supplier for Saudi Aramco [9] - Xiehe New Energy (00182.HK) successfully completed a secondary listing on the Singapore Stock Exchange [10] - Bokan Vision Cloud-B (02592.HK) submitted a clinical trial application for the new drug CBT-009 [11] - Yingtong Holdings (06883.HK) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its distribution network in China [11] Institutional Insights - Guosen Securities believes that the Hong Kong stock market's recovery has begun, driven by a weaker US dollar and improved domestic liquidity, suggesting a focus on AI and PPI [12] - CITIC Securities anticipates a second round of valuation recovery and performance revival in the Hong Kong market in 2026, recommending attention to technology, healthcare, resource products, essential consumer goods, paper, and aviation sectors [12] - Everbright Securities notes that domestic policy support and a weaker dollar may lead to continued upward movement in the Hong Kong market, highlighting the relative strength of overall profitability [12] - Dongwu Securities indicates that the Hong Kong market is entering a period of upward volatility, emphasizing the importance of dividends and technology growth in the first half of the year [12] - Industrial Securities recommends a bullish stance, predicting a spring rally led by the Hang Seng Tech Index, with a continued bull market expected in 2026 [13]

Core Insights - The first land auction of 2026 in Shanghai concluded with two plots sold in the Pudong New Area and Minhang District, totaling approximately 4.57 billion yuan, with both plots sold at their reserve prices, aligning with current market expectations [1][2] Group 1: Pudong New Area Plot - The Pudong plot, with a planned residential area of about 67,300 square meters, was acquired by Yuexiu Property Co., Ltd. for 2.56 billion yuan, resulting in a floor price of approximately 38,000 yuan per square meter [1] - This acquisition is expected to strengthen Yuexiu's product recognition and influence in Shanghai's core areas, as the company ranked seventh among Shanghai real estate firms in total sales in 2025 [1] Group 2: Minhang District Plot - The Minhang plot, packaged for sale, has a total construction area of about 60,100 square meters, with residential space of approximately 54,800 square meters. It was won by Shanghai Zhijiang Group for a total price of 2.009 billion yuan, translating to a floor price of about 33,400 yuan per square meter [2] - The Minhang plot benefits from significant integration of industry and city, with strong demand for residential services driven by nearby educational and healthcare facilities, enhancing the area's livability [2] Group 3: Market Trends - The overall participation of real estate companies in the auction reflects a rational approach, focusing on certainty and controlled investment pace, with a preference for core and quality areas [2][3] - The recent land transactions indicate a stable trend in residential land sales in Shanghai since 2025, with developers favoring areas with controllable products and strong sales certainty rather than broad expansion [2]

Major Events - Brain动极光-B (06681) signed important business cooperation agreements with Peking University Sixth Hospital and Shandong Mental Health Center [1] - Cohere New Energy (00182) successfully completed a secondary listing on the Singapore Stock Exchange [1] - Bole康视云-B (02592) submitted a clinical trial application for the new drug CBT-009 to the Drug Evaluation Center [1] - Yingtong Holdings (06883) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its high-end fragrance distribution network in China [1] - Weimeng Group (02013) initiated a business cooperation with Taobao Flash Purchase [1] - Dali普控股 (01921) officially became a qualified supplier for Saudi Aramco [1] - Yiming Anke-B (01541) regained global rights for IMM2510 and IMM27M [1] - Yuexiu Property (00123) subsidiary Shanghai Yuheng won a land parcel in Shanghai's Pudong New District [1] Operating Performance - Jinxin Reproductive (01951) reported a further narrowing of the overall decline in IVF egg retrieval cycles to -1.4% for 2025 [1] - Poly Real Estate Group (00119) achieved a cumulative contract sales amount of approximately 50.2 billion yuan for 2025, a year-on-year decrease of 7.38% [1] - Yadea Holdings (01585) issued a profit warning, expecting annual net profit to be no less than 2.9 billion yuan [1] - Jindi Commercial Real Estate (00535) reported a cumulative contract sales total of approximately 10.696 billion yuan for 2025, a year-on-year decrease of 47.33% [1] - Greentown Management Holdings (09979) estimated the construction fee for newly developed projects in 2025 to be 9.35 billion yuan, a year-on-year increase of approximately 0.4% [1] - Sunac China (01918) achieved a cumulative contract sales amount of approximately 36.84 billion yuan for 2025, a year-on-year decrease of 21.85% [1]

Core Viewpoint - The company successfully acquired a land parcel in Shanghai's Pudong New District for RMB 2,560,860,000, enhancing its land reserves and strategic position in Shanghai [1][2] Group 1: Acquisition Details - The company, through its subsidiary Shanghai Yueheng, won the bid for the land parcel located in Pudong New District on January 6, 2026, for RMB 2,560,860,000 [1] - The land covers approximately 26,931.62 square meters with a total construction area of about 108,957.9 square meters, of which the buildable area is approximately 67,329.05 square meters [1] - The intended use of the land is for residential development, with the residential properties planned for sale [1] Group 2: Location and Surrounding Environment - The land is situated between the inner and outer ring roads in the Pudong Gao Xing area, adjacent to the Jinqiao and Waigaoqiao industrial zones, and is part of the Senlan International Community expansion [2] - The ecological environment is favorable, with nearby Senlan Green Space being a large urban green area [2] - The site is approximately 700 meters from the Zhouhai Road Station on Metro Line 6, providing convenient access to key areas such as Lujiazui, Jinqiao, and Yangpu [2] Group 3: Educational and Commercial Infrastructure - Nearby educational institutions include Shanghai No. 6 Normal University Affiliated Primary School, Pudong New District Jincai Senlan Experimental Middle School, and Shanghai Harrow International School [2] - The area is expected to see the completion and opening of more large-scale commercial complexes, further enhancing the commercial infrastructure [2] Group 4: Strategic Implications - The board believes that acquiring the land at a reasonable cost will increase the company's quality land reserves and further solidify its strategic position in Shanghai [2]

Core Viewpoint - The company, Yuexiu Property (00123), successfully acquired a land parcel in Shanghai's Pudong New Area for RMB 2,560,860,000 through its subsidiary, Shanghai Yueheng, enhancing its land reserves and strategic position in Shanghai [1][2]. Group 1: Acquisition Details - The land parcel in Pudong covers approximately 26,931.62 square meters with a total buildable area of about 108,957.9 square meters, of which the saleable area is approximately 67,329.05 square meters [1]. - The land is designated for residential use, with plans for the constructed properties to be sold [1]. - The site will include public service facilities with a buildable area of about 1,260 square meters, which will be handed over to government-designated departments upon completion [1]. Group 2: Location and Surroundings - The land is located in the Pudong Gao Xing area, near the Jinqiao and Waigaoqiao industrial zones, and is part of the expansion area for the Senlan International Community [2]. - The ecological environment around the site is favorable, with the nearby Senlan Green Space being a large and scarce urban green area [2]. - The site is approximately 700 meters from the Zhouhai Road Station on Metro Line 6, providing convenient access to key areas such as Lujiazui, Jinqiao, and Yangpu [2]. - Educational resources in the vicinity include several schools, such as Shanghai Sixth Normal School's Fangfei Campus and Shanghai Harrow International School [2]. - The area is expected to see the completion and opening of more large commercial complexes, further enhancing the commercial infrastructure [2]. Group 3: Strategic Implications - The board believes that acquiring the land at a reasonable cost will increase the company's quality land reserves and further solidify its strategic position in Shanghai [2].

Core Viewpoint - Yuexiu Property (00123.HK) successfully acquired a land parcel in Shanghai's Pudong New District for RMB 2.561 billion, intended for residential development [1] Group 1: Acquisition Details - The land parcel, located in Pudong New District, covers an area of approximately 26,931.62 square meters with a total buildable area of about 108,957.9 square meters, including a planned residential area of approximately 67,329.05 square meters [1] - The acquisition was made through Shanghai Yueheng Enterprise Management Co., a subsidiary in which the company holds a 95% stake [1] Group 2: Development Plans - The residential properties built on the land are intended for sale [1] - The development will include public service facilities with a buildable area of approximately 1,260 square meters, which will be transferred to government-designated departments upon completion [1] Group 3: Location and Surroundings - The land is situated between the inner and outer ring roads in the Pudong Gao Xing area, adjacent to the Jinqiao and Waigaoqiao industrial zones, and is part of the Senlan International Community expansion [2] - The area boasts superior ecological resources, with the nearby Senlan Green Space being a rare large green area in the city [2] - The site is approximately 700 meters from the Zhouhai Road Station on Metro Line 6, providing convenient access to key areas such as Lujiazui, Jinqiao, and Yangpu [2] - Educational resources in the vicinity include several schools, such as Shanghai Sixth Normal School Affiliated Primary School and Shanghai Harrow International School [2] - The area is expected to see the completion and opening of more large commercial complexes, enhancing the commercial infrastructure [2]

公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二六年一月六日，透 過上海樾恒企業管理有限公司（本公司實際擁有 95%權益的附屬公司）（「上海樾恒」），通過公 開掛牌方式以人民幣2,560,860,000元成功競得上海市浦東新區Y00-0402單元E04B-10地塊 （「上海市浦東新區地塊」）。 上海市浦東新區地塊 本公司透過上海樾恒，通過公開掛牌方式以人民幣2,560,860,000元成功競得上海市浦東新區 地塊。 上海市浦東新區地塊佔地面積約26,931.62平方米，總可建築面積約108,957.9平方米，其中計 容建築面積約67,329.05平方米。上海市浦東新區地塊擬為住宅用地。上海市浦東新區地塊所 建住宅物業擬用於出售。 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，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） – 1 – 上海市浦東新區地塊位於中外環間，浦東高行板塊，緊鄰金橋及外高橋產業 ...

Group 1 - The core point of the article is the recent land auction in Shanghai, where two residential land parcels were offered, with a total starting price of 4.57 billion yuan [1] - The total area of the land parcels is approximately 89,200 square meters [1] - Yuexiu Property successfully acquired the Pudong New District land parcel for a base price of 2.561 billion yuan, resulting in a floor price of 38,035 yuan per square meter [1] Group 2 - The acquired land parcel covers an area of about 2.69 hectares and has a planned residential construction area of approximately 67,300 square meters [1] - The land has a plot ratio of 2.5 and is located near the intersection of Laiyang Road and Fangfei Road, approximately 800 meters from the Line 6 Zhuhai Road Station [1] - The surrounding area is well-equipped with commercial facilities, including the Senlan Shopping Center, and boasts a favorable ecological environment [1]