报告指，虽然整体化妆品行业因线上获客成本持续上升、渠道转型红利减弱以及税负增加，盈利能力可 能面临挑战，但预期毛戈平能够持续跑赢大市，预计2025至2027年期间销售额与净利润复合年增长率分 别达到23%和22%。 高盛发布研报称，列出最新亚太区"确信买入"(精选版)(Directors'Cut)名单，新纳入毛戈平(01318)。移除 DISCO(6146.JP)、华润置地(01109)、Reliance Industries(RELIANCE.US)。 ...

报告指，虽然整体化妆品行业因线上获客成本持续上升、渠道转型红利减弱以及税负增加，盈利能力可 能面临挑战，但预期毛戈平能够持续跑赢大市，预计2025至2027年期间销售额与净利润复合年增长率分 别达到23%和22%。 智通财经APP获悉，高盛发布研报称，列出最新亚太区"确信买入"(精选版)(Directors' Cut)名单，新纳入 毛戈平(01318)。移除DISCO (6146.JP) 、华润置地(01109) 、Reliance Industries (RELIANCE.US)。 ...

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]

Summary of Key Points from Conference Call Industry Overview Real Estate Market - The liquidity in the real estate market is constrained by sales rather than financing, with residents holding a pessimistic view on leveraging and housing prices. The cancellation of the "three red lines" has limited impact [1][3] - Recent increases in the real estate sector are primarily driven by market sentiment and capital rotation, with expectations of a pullback in February and March due to decreased transaction volumes during the Spring Festival and a generally poor outlook for 2025 [1][5] - Companies like Longfor, Greentown, and Jinmao may issue profit warnings due to expected underperformance [5] Recommendations - Companies to watch include China Resources Land and Xincheng Holdings, which are expected to benefit from commercial real estate operations and domestic demand stimulus policies. China Resources' performance in 2025 may not meet expectations, but growth in 2026 and 2027 is anticipated [1][6] Banking and Insurance Sector - The banking sector is starting the year rationally, with reasonable GDP growth across provinces supporting stable development. Strong sales in funds and insurance are beneficial for the market environment [1][7] - The insurance sector is expected to continue its growth trajectory, driven by strong sales, high profit margins, and good investment returns. Ping An Group aims for a mid-term ROE of over 15% through asset management loss reduction and improved life insurance profitability [1][8][10] Future Outlook for Insurance - The insurance industry is projected to maintain rapid growth in 2026, supported by expanded distribution networks and favorable regulatory policies [9] Chemical Industry - Recent stock performance in the chemical sector has exceeded expectations, with price increases driven by capital rotation rather than fundamental improvements. Current valuations are at high percentiles within a 10-year range, while product prices remain low [1][21] - Downgrades for companies like Xinghecheng and Wanhua are warranted due to valuations exceeding reasonable levels, with expectations of a market correction in the short term [1][22][23] Specific Company Insights - Xinghecheng faces significant pressure in 2026 due to intense competition in the methionine market and low vitamin prices, while Wanhua's MDI prices are weaker than expected [23] Additional Insights - Futu Holdings is accelerating the integration of Tianxing Bank, increasing its stake to 68%, and plans to launch more integrated banking and securities products in 2026 [1][14] - AIA (AIA Group) is expected to perform strongly in 2025, with a positive outlook for 2026, supported by a rebound in the Chinese market and ongoing share buyback plans [1][15] - Futu is also making strides in the cryptocurrency space, with applications for licenses in multiple regions, including Hong Kong, to enhance customer experience [1][16] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the real estate, banking, insurance, and chemical industries, along with specific company insights and recommendations.

Group 1: Sales Performance of Real Estate Companies - In January 2026, the top three real estate companies in Shenzhen by sales were China Overseas Land & Investment with 22.2 billion yuan, China Resources Land with 16.0 billion yuan, and Excellence Group with 9.6 billion yuan [2][5][18] - The sales threshold for the top 5 companies reached 6.1 billion yuan, while the top 10 and top 20 thresholds were 3.2 billion yuan and 1.2 billion yuan, respectively [5][18] Group 2: Policy Dynamics - Shenzhen introduced a management method for allocated affordable housing, effective from March 1, 2026, which prohibits any conversion of allocated affordable housing into commercial housing [5][19] - The application conditions for allocated affordable housing include having Shenzhen household registration, no self-owned housing in Shenzhen, and at least five years of social insurance contributions [6][23] Group 3: Market Performance - In January 2026, the number of new residential units signed in Shenzhen was 2,579, a decrease of 10.7% month-on-month and 49.3% year-on-year, attributed to a slowdown in new project launches [9][24] - The second-hand residential transactions saw an increase, with 5,281 units transferred, marking a year-on-year growth of 15.96% and a month-on-month increase of 6.88% [11][26] - As of the end of January, the inventory of new residential units in Shenzhen was 29,950, a decrease of 380 units from the previous month, due to a reduction in new launches and some inventory being converted to sales [13][28] Group 4: Market Outlook - The Shenzhen real estate market continued to show signs of recovery in January, with strong sales performance from quality projects indicating a gradual increase in market confidence [15][30] - The market is expected to maintain a "steady progress with quality first" trend as the traditional peak season for property transactions approaches after the Spring Festival [30]

Group 1: Office Rental Market Overview - The average office rental price in eight major cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Nanjing, and Wuhan) decreased by 7.35% month-on-month to 2.3 yuan/square meter/day in December 2025, with the decline accelerating compared to November's 6.28% [4] - Year-on-year, the average rental price dropped by 19.37%, with all cities except Shenzhen experiencing double-digit declines, particularly in Guangzhou, Beijing, and Nanjing [4] - The imbalance between supply and demand in the office market is evident, with a 6.7% year-on-year increase in new office space completed in 2025, while demand remains weak, primarily supported by sectors like technology and finance [4] Group 2: Supply and Demand Dynamics - A significant influx of high-quality office projects is expected in major cities like Shanghai, Beijing, Guangzhou, Hangzhou, Xi'an, and Changchun from late 2025 to early 2026 [5] - The first-tier cities' Grade A office rental prices continued to decline in Q4 2025, with varying degrees of decrease across the four cities [4] - The vacancy rate in Beijing decreased due to no new supply, while Shanghai, Guangzhou, and Shenzhen saw high vacancy rates due to new supply or high existing stock [4] Group 3: Project Developments and Market Activity - Major commercial real estate companies like China Resources Land, Oceanwide Holdings, and Hang Lung Properties are actively developing new projects and revitalizing existing assets through urban renewal [7][9] - The Shanghai China Resources Center, a key project, has a total construction area of approximately 125,000 square meters and has completed its construction registration, allowing for immediate tenant entry [8] - The operational capabilities of office space operators are crucial, with projects like the Shanghai China Resources Center attracting luxury brands like LV, indicating strong foreign investment confidence in the Shanghai market [11] Group 4: Market Expansion and Trends - The office space service sector is witnessing a gradual recovery in expansion confidence, with 12 new projects signed or opened during the reporting period, reflecting a positive trend [16] - IWG Group leads with four new openings in cities like Shenzhen and Hefei, emphasizing its deep penetration into core cities [16] - The concentration of projects in core cities and key areas is notable, with Shenzhen being the most active city, followed by Shanghai, indicating a strong demand for office space driven by small and medium enterprises [17]

作者：观察君 2月4日，港股收盘，恒生指数收涨0.05%，报26847.32点；恒生科技指数收跌1.84%，报5366.44点。 板块方面，煤炭股涨幅居前，兖矿能源涨超10%，中国神华涨超5%；芯片股走势疲软，上海复旦跌超 5%，华虹半导体跌近5%；科网股整体表现低迷，腾讯控股跌近4%，哔哩哔哩跌超3%；内房股集体走 高，世茂集团涨超14%，融创中国涨超8%。恒生指数成分股中，信义玻璃、中国神华、华润置地涨幅 靠前；携程集团-S、腾讯控股、网易-S跌幅居前。恒生科技指数成分股中，理想汽车-W、零跑汽车、 海尔智家涨幅靠前；金蝶国际、携程集团-S、同程旅行跌幅居前。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 ...

格隆汇2月4日丨华润置地(01109.HK)公布，公司订于2026年3月27日(星期五)举行董事会会议，旨在(其 中包括)考虑及批准公司及其附属公司截至2025年12月31日止年度的全年业绩及其发布，及考虑建议宣 派末期股息(如有)。 ...

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依賴該等內容而引致的任何損失承擔任何責任。 魏偉峰 承董事會命 華潤置地有限公司 公司秘書 （於開曼群島註冊成立的有限公司） （股份代號：1109） 董事會會議召開日期 華 潤 置 地 有 限 公 司（「 本 公 司 」）謹 此 公 佈 ， 本 公 司 訂 於 二 零 二 六 年 三 月 二 十 七 日 （ 星期五 ）舉行董事（「董事」）會（「董事會」）會議，旨在（ 其中包括 ）考慮及批准本公 司及其附屬公司截至二零二五年十二月三十一日止年度之全年業績及其發佈，及 考慮建議宣派末期股息（ 如有 ）。 香港，二零二六年二月四日 於本公告日期，本公司執行董事為李欣先生、張大為先生、徐榮先生、郝忠明先 生、趙偉先生及陳偉先生；本公司非執行董事為黃挺先生、魏成林先生及王宇航 先生；以及本公司獨立非執行董事為鐘偉先生、孫哲先生、陳帆先生、梁國權先 生及秦虹女士。 ...

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].