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的內容概不負責，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份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。 LONGFOR GROUP HOLDINGS LIMITED 上述數據未經審核，乃根據本集團初步內部資料編製，鑒於收集該等數據過程中存在各種不確定 因素，該等數據與本公司按年度或半年度刊發的經審核或未經審核綜合財務報表中披露的數字 可能存在差異，因此上述數據僅供投資者參考。投資者買賣本公司證券時務須謹慎行事，避免不 恰當地依賴該等資料。如有任何疑問，投資者應尋求專業人士或財務顧問的專業意見。 龍湖集團控股有限公司 於二零二六年一月，本集團實現經營性收入約人民幣22.7億元（含稅金額約人民幣24.3億元）；其中 運營收入約人民幣12.5億 元（含 稅 金 額 約 人 民 幣13.5億 元），服 務 收 入 約 人 民 幣10.2億 元（含 稅 金 額 約人民幣10.8億 元）。 於二零二六年一月，本集團新增兩塊土地儲備，總建築面積和權益建築面積均為14.29萬平方米， 權益地價人民幣8.65億元。 二零二 ...

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].

Core Insights - The total managed housing units by the top 30 centralized long-term rental apartment companies in China decreased to 2.027 million in January 2026, down by 6,000 units compared to the end of 2025 [1] - The total operational housing units for these companies remained stable at 1.425 million, with some private rental companies shutting down projects in certain cities, while local state-owned enterprises continued to see growth, increasing their market share to 24% [1] Management Scale Rankings - The top three companies by management scale are Vanke Boyu with 263,200 units, Longfor Guanyu with 164,000 units, and Xinyu International with 153,050 units [2] - Other notable companies include Meiyu with 151,083 units and Mofang Living Service Group with 111,387 units [2] Operational Scale Rankings - The top three companies by operational scale are Vanke Boyu with 192,899 units, Longfor Guanyu with 127,000 units, and Xinyu International with 95,352 units [5] - Other significant players include Lehu Group with 82,937 units and Mofang Living Service Group with 78,266 units [5] Rental Market Overview - In January 2026, the average rental price across 50 cities in China was 34.00 yuan per square meter per month, reflecting a month-on-month decrease of 0.45% and a year-on-year decrease of 3.67% [7] - Out of the 50 cities, 49 experienced a month-on-month decline in rental prices, with Xi'an and Beijing showing significant drops [10]

Group 1 - The core viewpoint of the report is that it is too early to assert that the mainland property market has stabilized, with expectations of resilience in the sector before the Central Political Bureau meeting in late April, but high volatility is still anticipated [1] - The preferred stocks are China Resources Land, China Resources Mixc Lifestyle, and China Jinmao, all rated "Buy" with target prices of HKD 35, HKD 46.5, and HKD 1.75 respectively, indicating confidence in their fundamentals to outperform the market [1] - The report suggests that Longfor is expected to provide the best risk-reward ratio in a potential rebound driven by policy, also rated "Buy" with a target price of HKD 13 [1]

Core Viewpoint - Longfor Longzhizao has signed a contract with Qingdao Haichuang Real Estate to provide comprehensive development management services for three residential land plots in Huishui Road, Licang District, Qingdao, marking a significant investment opportunity in the region [1] Group 1: Project Details - The total area of the three plots is 158,000 square meters, with a floor area ratio of 1.11-1.25, resulting in a total construction area of 189,600 square meters [1] - The total transaction price for the land is 2.019 billion yuan, with a floor price ranging from 10,520 to 10,940 yuan per square meter, which is referred to as the "total price king" of Qingdao for 2025 [1] Group 2: Development Requirements - The plots must be purchased as a whole, and the winning bidder is required to construct and donate over ten public service facilities, including a community health station, childcare center, and farmers' market, to the Licang District government upon completion [1] Group 3: Land Background - The land was originally acquired by Haichuang in July 2020 for 2.1 billion yuan as a mixed-use commercial and residential site, which was later adjusted in May 2026 to a purely residential designation with a reduced floor area ratio, enhancing its low-density attributes [1] - The project aligns with Longfor's high-end villa and apartment product lines, with construction expected to commence within the year [1]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The report highlights a strategic shift among mainland real estate companies from development to commercial operations, with firms like China Resources Land and Joy City expected to benefit from this transition [9][41]. - The report categorizes real estate companies based on their rental income performance, identifying three distinct groups: those with stable growth, those with slight fluctuations, and those experiencing significant declines [21][34]. Summary by Sections 1. Differences in Commercial and Development Ratios Among Companies - Mainland real estate firms are adopting a "development + commercial" dual-driven model, with companies like New Town Holdings and Longfor Group transitioning towards commercial operations [14]. - Hong Kong-backed firms prefer a purer commercial operation model, focusing on quality over quantity in their projects [14]. 2. Comparison of Commercial Real Estate Operational Efficiency - Hong Kong-backed firms generally have fewer but higher-quality commercial projects, leading to better rental yields and resilience in occupancy rates compared to mainland firms [35]. - China Resources Land leads in shopping center rental efficiency due to its strategic positioning in major cities [35]. 3. Investment Recommendations - The report suggests focusing on mainland firms that are transitioning to commercial operations, particularly those benefiting from the rollout of commercial real estate REITs, such as China Resources Land and Joy City [41]. - It also recommends defensive stocks with high asset quality and competitive dividend yields, including Swire Properties, Kerry Properties, and Hang Lung Properties [41].

Group 1 - The Hong Kong stock market saw a collective rise in property stocks, with Sunac China increasing by over 6%, Longfor Group and China Resources Land rising by over 5%, and Yuexiu Property increasing by over 4% [1] - Other notable increases include New City Development, China Overseas Development, Vanke, Greentown China, CIFI Holdings, and China Jinmao, all rising by over 3% [1] - The rise in property stocks is attributed to the substantial launch of a project in Shanghai aimed at acquiring second-hand housing for affordable rental housing, targeting new citizens, young people, university graduates, and various talent groups [1] Group 2 - Specific stock performance includes: - Sunac China (01918) up 6.14% to 1.210 with a market cap of 19.593 billion, down 7.63% year-to-date - Longfor Group (03380) up 5.93% to 1.430 with a market cap of 8.13 billion, down 20.11% year-to-date - China Resources Land (01109) up 5.21% to 31.880 with a market cap of 227.334 billion, up 17.21% year-to-date - Yuexiu Property (00123) up 4.68% to 4.700 with a market cap of 18.919 billion, up 18.69% year-to-date [2] - Other companies with notable performance include New City Development (up 3.92%), China Overseas Development (up 3.79%), and Vanke (up 3.37%) [2]

Group 1 - The Hong Kong stock market saw a collective rise in property stocks on February 4, with notable increases including Sunac China up over 6%, Longfor Group and China Resources Land up over 5%, and Yuexiu Property up over 4% [1] - The Shanghai government has initiated a program to acquire second-hand housing for the purpose of providing affordable rental housing, targeting new citizens, young people, university graduates, and various talent groups [1] - The signing event for this initiative included cooperation agreements between the Shanghai branch of China Construction Bank and public rental housing companies in three districts, providing financial support for the acquisition work [1] Group 2 - Sunac China (01918) increased by 6.14% to a price of 1.210 with a total market value of 195.93 billion, showing a year-to-date decline of 7.63% [2] - Longfor Group (03380) rose by 5.93% to 1.430 with a market cap of 81.3 billion, reflecting a year-to-date drop of 20.11% [2] - China Resources Land (01109) saw a 5.21% increase to 31.880, with a market value of 2273.34 billion and a year-to-date gain of 17.21% [2] - Yuexiu Property (00123) increased by 4.68% to 4.700, with a market cap of 189.19 billion and a year-to-date rise of 18.69% [2] - New City Development (01030) rose by 3.92% to 2.650, with a market value of 187.24 billion and a year-to-date increase of 29.27% [2] - China Overseas Development (00688) increased by 3.79% to 14.520, with a market cap of 1589.2 billion and a year-to-date rise of 18.53% [2] - Vanke Enterprise (02202) saw a 3.37% increase to 3.680, with a market value of 439.05 billion and a year-to-date gain of 12.20% [2] - Greentown China (03900) rose by 3.27% to 11.370, with a market cap of 288.75 billion and a year-to-date increase of 34.24% [2] - CIFI Holdings (00884) increased by 3.19% to 0.097, with a market value of 16.61 billion and a year-to-date decline of 39.75% [2] - China Jinmao (00817) rose by 3.55% to 1.750, with a market cap of 236.47 billion and a year-to-date increase of 44.63% [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]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 重新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00960 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 FF301 致：香港交易及結算所有限公 ...