Major Events - Fuhong Hanlin (02696) received NMPA approval for the Phase I clinical trial application of HLX15-SC for the treatment of multiple myeloma [1] - Kangzheng Pharmaceutical (00867) signed an exclusive distribution agreement for the original drug Lidoderm® lidocaine gel patch [1] - MicroPort Robotics-B (02252) surpassed 200 global commercial orders for the Tumai® laparoscopic surgical robot [1] - BGO Group (08220) plans to acquire a proposal from Stephen Chow at a discount of approximately 91.79% [1] - Kogee Pharmaceuticals-B (02171) signed a strategic cooperation agreement with Shanghai Jinguang Enterprise Development to build a commercial production base for CAR-T cell therapy products in Jinshan [1] Operating Performance - China Resources Land (01109) reported total contract sales of approximately 11.65 billion yuan in January, a year-on-year increase of 0.4% [1] - Hua Hong Semiconductor (01347) announced a profit attributable to the parent company of 54.881 million USD for 2025, a year-on-year decrease of 5.6% [1] - China Coal Energy (01898) reported coal sales of 20.05 million tons in January, a year-on-year decrease of 7.3% [1] - China Metallurgical Group (01618) signed new contracts worth 73.65 billion yuan in January [1] - China Communications Construction (01800) reported new contracts worth 1.883672 trillion yuan for 2025, a year-on-year increase of 0.13% [1]

Group 1 - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a reduced urgency for a short-term reserve requirement ratio cut [1] - Analysts suggest that the large liquidity injection allows for observation of effects before implementing broader monetary tools like a reserve requirement ratio cut, which remains an important option in the central bank's toolkit [1] Group 2 - Shenzhen's Industrial and Information Technology Bureau released an action plan for "Artificial Intelligence + Advanced Manufacturing" aimed at enhancing the semiconductor industry through AI applications [2] - The plan focuses on optimizing chip design and software code efficiency, and developing high-performance AI chips to meet the demands of various AI terminals [2] Group 3 - The Ministry of Industry and Information Technology is soliciting public opinions on mandatory national standards for the safety requirements of autonomous driving systems in intelligent connected vehicles [6] Group 4 - The Shanghai Stock Exchange plans to reduce market operating costs, expecting to return approximately 1.113 billion yuan to the market in 2026 through various initiatives [8] - The initiatives include optimizing information disclosure channels and enhancing regulatory service quality [8] Group 5 - The Ministry of Commerce proposed to impose countervailing duties on imported dairy products from the European Union, effective February 13, 2026 [9] Group 6 - The National Development and Reform Commission aims to establish a mandatory insurance system for unmanned aerial vehicles by 2027, enhancing the safety framework for low-altitude economic activities [10] Group 7 - The film industry is being targeted for consumption growth through a "Film +" initiative, with expectations for significant box office performance during the upcoming Spring Festival holiday [12] - Analysts highlight potential investment opportunities in film content producers, leading cinema companies, and firms with strong film production and marketing capabilities [12] Group 8 - A list of undervalued media stocks with projected earnings growth of over 100% has been compiled, indicating potential investment opportunities in the film and media sector [13]

Core Viewpoint - China Resources Land reported its January unaudited operating brief, indicating a total contract sales amount of approximately 11.65 billion yuan, with a year-on-year growth of 0.4% [1] Group 1: Sales Performance - In January, the total contract sales amount reached approximately 11.65 billion yuan [1] - The total contract sales area was about 368,000 square meters, reflecting a year-on-year decrease of 24.6% [1]

（原标题：华润置地(01109)1月总合同销售金额约116.5亿元 同比增长0.4%） 2026年1月，集团经常性收入约人民币45.1亿元，按年增长8.7%，其中，经营性不动产业务租金收入约 人民币31.1亿元，按年增长13.7%。 智通财经APP讯，华润置地(01109)发布公告，截至2026年1月31日止1个月，公司及其附属公司实现总合 同销售金额约人民币116.5亿元，总合同销售建筑面积约36.8万平方米，分别按年增长0.4%及减少 24.6%。 ...

华润置地公告，截至2026年1月31日止一个月，公司及其附属公司实现总合同销售金额约人民币116.5亿 元，总合同销售 建筑面积约36.8万平方米，分别按年增长0.4%及减少24.6%。2026年1月，集团经常性 收入约人民币45.1亿元，增长8.7%，其中，经营性不动产业务租金收入约人民币31.1亿元，增长 13.7%。 ...

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]

华润置地(01109)发布公告，截至20261月31日止1个月，公司及其附属公司实现总合同销售额约人民币 116.5亿元，总合同销售建筑面积约36.8万平方米，分别按年增长0.4%及减少24.6%。 20261月，集团经常性收入约人民币45.1亿元，按年增长8.7%，其中，经营性不动产业务租金收入约人 民币31.1亿元，按年增长13.7%。 ...

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]

岁末年初，头部房企大刀阔斧的组织架构变革几乎已成近几年的惯例，也成为行业观察的重磅看点。 前几天，艳姐刚针对华润置地重构治理结构的战略改革做了深度解读 一方面，确立了三大业务航道，"三条业务曲线"同构成了华润置地"投资-开发-运营"的价值闭环。 另一方面，城市公司再收缩，继华东区域城市公司"6变4"后，华润置地城市公司从两年前的28个，精简为18个。砍掉中间层，一头"专总部"，一头"强一 线"，华润置地标志性的哑铃型组织全面成型！ 战略落地，人事紧随，战鼓已响，强将频动。 近期艳姐了解到，华润山东地区不少战将已集结，既有总部管理人员奔赴一线，也有标杆房企高管重磅加盟。 与此同时，在武汉、西安、南京、福州等核心区域重点城市，华润置地亦同步落子，暗蓄火力。 01 两大清北系战将就位 华润置地补强山东区域 最近，艳姐得到消息，华润置地山东公司的高管阵容中也出现了一个新面孔——前万科北京区域副总经理廖心旷。 消息显示，这位万科"产品大神"，已于今日走马上任，出任山东公司副总经理。 廖心旷2006年自清华大学建筑系本科毕业，随后赴美国密歇根大学深造城市设计，随后以万科新动力身份加盟万科，从操盘北京市场项目干起。 201 ...