Core Viewpoint - China Resources Land (01109) reported a total contract sales amount of approximately RMB 11.65 billion for the month ending January 31, 2026, reflecting a year-on-year growth of 0.4% and a decrease in total contract sales area by 24.6% [1] Group 1 - The total contract sales area achieved by the company and its subsidiaries was approximately 368,000 square meters [1] - The company's recurring revenue for January 2026 was approximately RMB 4.51 billion, representing a year-on-year growth of 8.7% [1] - Rental income from the operational real estate business was approximately RMB 3.11 billion, showing a year-on-year increase of 13.7% [1]

Core Viewpoint - China Resources Land (01109) reported a total contract sales amount of approximately RMB 11.65 billion for January 2026, reflecting a year-on-year growth of 0.4%, while the total contracted sales area decreased by 24.6% [1] Group 1: Sales Performance - The total contract sales for the company and its subsidiaries reached approximately RMB 11.65 billion for the month ending January 31, 2026 [1] - The total contracted sales area was about 368,000 square meters, showing a year-on-year decrease of 24.6% [1] Group 2: Revenue Generation - The company's recurring revenue for January 2026 was approximately RMB 4.51 billion, representing a year-on-year growth of 8.7% [1] - Rental income from the operational real estate business amounted to approximately RMB 3.11 billion, with a year-on-year increase of 13.7% [1]

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。 承董事會命 華潤置地有限公司 主席 截至2026年1月31日止一個月未經審核營運數據 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2026年1月31日止一個月，本公 司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣116.5億元，總合同銷售建築面積約36.8 萬平方米，分別按年增長0.4%及減少24.6%。 2026年1月，本集團經常性收入約人民幣45.1億元，按年增長8.7%，其中，經營性不動產業務租金 收入約人民幣31.1億元，按年增長13.7%。 上述已披露初步數據取自本集團內部管理記錄，或會變更並可能與本集團按年度或半年度刊發的 經審核或未經審核綜合財務報表所呈現的數字存在差異。這些數據不應被視為本集團過往或將來 的經營或財務表現的指標或測量依據。據此，有關數據僅供參閱而不作其他目的。投資者在買賣 本公司證券時務須小心謹慎，不可依賴前述已披露信息。投資者如有任何疑問應向 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Core Insights - The article discusses the significant organizational restructuring at China Resources Land, which has become a trend among leading real estate companies at the end of the year and the beginning of the new year [2][46] - The restructuring aims to establish three main business lines, creating a value closed loop of investment, development, and operation [2][46] - The number of city companies has been reduced from 28 to 18, streamlining operations and enhancing efficiency [2][46] Group 1: Leadership Changes - Two prominent executives from Tsinghua and Peking University have joined China Resources Land to strengthen its operations in Shandong [3][47] - Liao Xinkuang, former Vice President of Vanke's Beijing region, has been appointed as the Deputy General Manager of the Shandong company [3][48] - Yin Ziqi, who has a strong background in digital marketing and customer operations, has also been transferred to lead the marketing department in Shandong [5][52] Group 2: Strategic Developments in Shandong - The arrival of Liao Xinkuang is expected to enhance product capabilities and operational strengths in Shandong, signaling an aggressive market approach [5][52] - China Resources Land has made significant land acquisitions in Shandong, including a plot in Qingdao for approximately 1.015 billion yuan and a prime land in Jinan for 1.108 billion yuan, setting a record for land prices in the area [14][61] - The newly formed Shandong company will focus on key cities such as Qingdao, Jinan, and Taiyuan, with plans for major project launches in 2026 [10][64] Group 3: Expansion in Core Cities - The company is also strengthening its presence in other key cities like Wuhan, Xi'an, Nanjing, and Xiamen, with strategic appointments and project developments [17][64] - In Xi'an, the company has made significant strides, including acquiring land for high-end projects and establishing itself as a key player in the luxury market [18][65] - In Wuhan, China Resources Land has achieved top sales rankings and continues to expand its footprint with major land acquisitions [24][74] Group 4: Performance Metrics - In 2022, China Resources Land ranked second in total sales in Wuhan, with a total sales amount of 81.79 billion yuan, just behind Wuhan Urban Construction Group [28][75] - The company has also made notable sales achievements in Nanjing, with a project that generated 2.3 billion yuan in sales within two hours of launch [31][78] - In the Greater Bay Area, the company has maintained a top-five position in sales in both Guangzhou and Foshan, indicating strong market performance [37][84]

Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

Core Viewpoint - The real estate market in China is experiencing a seasonal slowdown in January 2026, but there are signs of recovery in the second-hand housing market in key cities, which may stabilize market expectations and lead to a potential "small spring" after the Spring Festival, especially with supportive policies in place [1][12]. Group 1: Sales Performance - The top 100 real estate companies achieved a total sales amount of 165.45 billion yuan in January 2026 [2][8]. - 32 companies among the top 100 reported year-on-year sales growth, with 10 companies experiencing growth rates exceeding 100% [8][10]. - Notably, companies like Junyi Holdings and Bangtai Group saw significant increases in sales, with Junyi Holdings reporting a staggering growth of 757.4% [10]. Group 2: Market Dynamics - The new housing market showed weak performance with a transaction area of approximately 8.1 million square meters, while the second-hand housing market saw a 16% month-on-month increase and a 33% year-on-year increase in transaction area [12]. - The central government has introduced various supportive policies focusing on urban renewal, financing optimization, and tax incentives to stimulate the real estate market [12][13]. Group 3: New Entrants and Rankings - In January 2026, seven new companies entered the top 100 list, with CITIC City Opening making a notable entry into the top 30 [5][6]. - The sales performance of new entrants indicates that some small and medium-sized private enterprises are managing to maintain stable operations and achieve growth despite market challenges [5][8].

Summary of China Resources Land Conference Call Company Overview - **Company**: China Resources Land - **Industry**: Commercial Real Estate Key Points Industry and Company Insights - **Valuation Reassessment**: China Resources Land is experiencing a valuation reassessment in commercial real estate, driven by internal growth and external expansion, particularly in high-end luxury brands [2][4] - **Rental Growth Performance**: Historical data indicates that the same-store rental growth of China Resources Land has significantly outperformed the growth of social retail sales by 4.3% to 8% from 2017 to 2022 [2][4][6] - **Interest Rate Impact**: The decline in interest rates is expected to lower capitalization rates, enhancing the overall valuation of China Resources Land's real estate assets [2][4] Financial Performance and Valuation - **Market Capitalization**: The current market capitalization of China Resources Land is approximately RMB 200 billion, which is considered undervalued. The reasonable market cap range is estimated to be between RMB 230 billion and RMB 250 billion, with potential to exceed RMB 300 billion in three to five years [4][5][9] - **Development Business Potential**: If the real estate market rebounds, the development business could provide additional valuation growth, supporting the overall market cap increase [2][4] Operational Advantages - **Shopping Center Operations**: China Resources Land has demonstrated exceptional operational capabilities in shopping center management through strategic site selection, flexible adjustment strategies, and an efficient management team [2][6][7] - **Site Selection Advantage**: Early entry into core urban areas has allowed China Resources Land to secure prime locations, contributing to long-term stable development [6] - **High Adjustment Rates**: The company has achieved a high adjustment rate of over 30% in its Shenzhen shopping center, compared to the typical 10% to 15% in the industry, indicating strong adaptability to consumer trends [6][7] Valuation Multiples - **Undervalued Valuation Multiples**: The commercial real estate valuation multiples of China Resources Land are significantly lower compared to REITs and Hong Kong-listed Swire Properties, suggesting a substantial revaluation opportunity [2][8] - **EBITDA Valuation Comparison**: The EBITDA valuation for China Resources Land is estimated at 10-13 times, while comparable REITs have valuations around 25 times, indicating a clear undervaluation [8][9] Market Trends - **Real Estate Stock Performance**: Since January, the real estate sector has seen stock price increases due to liquidity easing and inflation expectations, with actual interest rates declining, which may stabilize and rebound housing prices [3][10] - **Future Monitoring**: Attention should be paid to policy implementations and asset price stability post the Chinese New Year, which could influence the direction of real estate stock performance [10][11]

Core Viewpoint - Zhu Yong, a key figure in the recent executive adjustment at China Resources Land, has been appointed as the Deputy General Manager of the Group's Operations Management Department, overseeing the marketing of the entire development and sales business channel [1] Group 1: Background and Experience - Zhu Yong, born in the 1980s, currently serves as the Deputy General Manager of the Operations Management Department at China Resources Land, responsible for marketing [1] - He previously held marketing positions at Vanke in Southern Jiangsu and joined China Resources Land in 2014, where he has progressed through various roles including Assistant Manager of Marketing in East China and Deputy Director of the Regional Marketing Management Department [1] Group 2: Achievements - In 2025, Zhu led the Hangzhou marketing team to achieve a year-on-year increase in equity sales amount exceeding 100%, propelling the Hangzhou company from outside the top 20 to the 6th position in the market [1] - The project he spearheaded, Yunjing Wenhua Xuan, won three sales championships in the Xihu District [1] Group 3: Recent Developments - In February 2026, Zhu Yong was promoted to Deputy General Manager of the Group's Operations Management Department, marking him as a central figure in the recent executive restructuring [1]

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]