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。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建發國際投資集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1908） 代 表 建 發 國 際 投 資 集 團 有 限 公 司 主 席 兼 執 行 董 事 林 偉 國 香 港，二 零 二 六 年 一 月 七 日 於本公告日期，本公司的執行董事為林偉國先生（主席）、田美坦先生（行政總裁）、 趙 呈 閩 女 士 及 許 伊 旋 先 生；非 執 行 董 事 為 許 曉 曦 先 生 及 葉 衍 榴 女 士；以 及 本 公 司 的 獨 立 非 執 行 董 事 為 黃 㭝 維 先 生、黃 達 仁 先 生、陳 振 宜 先 生 及 戴 亦 一 ...

摩根士丹利发布研报称，去年12月内地主要城市二手房价格持续环比下跌，但跌幅有所放缓，同期销售 额同比降幅也趋于温和;该行认为未来数月住房政策可能保持低调，而二手房挂牌量居高不下仍可能抑 制买家情绪，从而对房屋销售和价格构成压力。 大摩重申其观点，认为随着居民信心进一步减弱，预计实体房地产市场的下行趋势将延续至今年，但步 伐会较为放缓，二手房价格预期同比跌幅为高个位数，相对于2025年跌13.7%。若宏观环境保持韧性， 一线及主要二线城市的房价可能在2027年下半年趋于稳定。 尽管大摩对房地产实体市场复苏保持谨慎看法，但预见今年的整体行业与具备可靠自救能力的优质企业 之间的股价表现将进一步分化。该行看好稳健的商场营运商华润置地(01109)和新城控股（601155） (601155.SH)，相信其受益于"十五五"规划对消费的重视及REITs政策的强劲顺风。 大摩亦看好建发国际集团(01908)和中国海外发展(00688)，其优化的土储将支持利润，并推动盈利恢复 正增长。 ...

大摩重申其观点，认为随着居民信心进一步减弱，预计实体房地产市场的下行趋势将延续至今年，但步 伐会较为放缓，二手房价格预期同比跌幅为高个位数，相对于2025年跌13.7%。若宏观环境保持韧性， 一线及主要二线城市的房价可能在2027年下半年趋于稳定。 尽管大摩对房地产实体市场复苏保持谨慎看法，但预见今年的整体行业与具备可靠自救能力的优质企业 之间的股价表现将进一步分化。该行看好稳健的商场营运商华润置地(01109)和新城控股(601155.SH)， 相信其受益于"十五五"规划对消费的重视及REITs政策的强劲顺风。 智通财经APP获悉，摩根士丹利发布研报称，去年12月内地主要城市二手房价格持续环比下跌，但跌幅 有所放缓，同期销售额同比降幅也趋于温和;该行认为未来数月住房政策可能保持低调，而二手房挂牌 量居高不下仍可能抑制买家情绪，从而对房屋销售和价格构成压力。 大摩亦看好建发国际集团(01908)和中国海外发展(00688)，其优化的土储将支持利润，并推动盈利恢复 正增长。 ...

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: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 建發國際投資集團有限公司 呈交日期: 2026年1月5日 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) | 01908 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD 300 ...

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong property stocks, driven by recent policy adjustments that are expected to enhance market activity [1] - Key property stocks such as Agile Group, Shimao Group, and Ronshine China saw increases of 9%, while Greentown China rose nearly 8% and China Jinmao increased by 6.5% [2] - The latest report from CICC indicates that the Ministry of Finance announced a new policy on the value-added tax for personal housing sales, and Beijing adjusted its purchase and loan restrictions, which are seen as positive developments for the market [1] Group 2 - Despite the recent policy improvements, the fundamental trends in the real estate market remain weak, necessitating ongoing observation of the interaction between policy and market fundamentals [1] - CICC suggests a cautious approach towards the real estate development sector in the short to medium term, while prioritizing investment in core assets within the commercial real estate sector that offer absolute returns [1] - If policy measures exceed expectations, there may be a more positive outlook for the real estate development sector, particularly for companies with high profit certainty and strong operational trends [1]

Core Viewpoint - Morgan Stanley's report indicates that if the macro environment remains stable and resilient, housing prices in first-tier and major second-tier cities are expected to stabilize in the second half of 2027 [1] Group 1: Company Insights - Morgan Stanley is optimistic about China Resources Land (01109) and New City Holdings (601155.SH) as stable mall operators, benefiting from the emphasis on consumption in the 14th Five-Year Plan and strong policy support for Real Estate Investment Trusts (REITs) [1] - The report also highlights that C&D International (01908) and China Overseas Development (00688) have land reserves that will support their profit margins, driving earnings back to positive growth [1]

Group 1 - The core viewpoint of the article indicates that if the macro environment remains stable and resilient, property prices in first-tier and major second-tier cities are expected to stabilize in the second half of 2027 [1] - Morgan Stanley is optimistic about China Resources Land (01109) and New World Development (601155.SH) as stable mall operators benefiting from the emphasis on consumption in the 14th Five-Year Plan and strong policy support for Real Estate Investment Trusts (REITs) [1] - The report also favors C&D International (01908) and China Overseas Land & Investment (00688), noting that their land reserves will support profit margins and drive earnings back to positive growth [1]

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance. Among typical real estate companies, 24% reported year-on-year growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to focus on improving their internal capabilities and product quality [1] - Recent meetings held by various ministries, including the National Development and Reform Commission and the Ministry of Finance, have outlined key work for 2026, focusing on expanding domestic demand, promoting high-quality industrial development, and stabilizing the real estate market [1] Group 2 - Recent policy adjustments, such as the announcement from the Ministry of Finance regarding the value-added tax on personal housing sales and changes to purchase and loan restrictions in Beijing, are expected to enhance market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments in policy, necessitating ongoing observation of the interaction between policy and fundamentals. Short to medium-term patience is advised for the real estate development sector, with a focus on core assets in commercial real estate [2] - Recommendations include real estate stocks with "good credit, good city, good product," companies that manage cash flow effectively during market adjustments, local Hong Kong real estate firms benefiting from market recovery, and property management companies with stable cash flow and dividend advantages [2] Group 3 - Relevant companies in the real estate industry chain listed on the Hong Kong stock market include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance [1] - Among typical real estate companies, 24% reported year-on-year performance growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to enhance their internal capabilities and product quality [1] Group 2 - Recent policies, including adjustments to housing purchase restrictions and the announcement of a new value-added tax policy on personal housing sales, are expected to boost market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments on the policy front that warrant ongoing observation of the interaction between policy and fundamentals [2] - Recommendations include focusing on real estate stocks with good credit, good cities, and good products, as well as companies that can manage cash flow effectively during market adjustments [2] Group 3 - Relevant Hong Kong-listed real estate companies include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Views - The real estate market in 2025 is expected to remain sluggish, with new home transactions down by 15.8% year-on-year, while second-hand home transactions show a slight increase of 3.9% [11][22] - The report emphasizes that the policy environment is expected to become more stringent, similar to the conditions seen in 2008 and 2014, indicating that the current policy adjustments are still in progress [4] - The report suggests that the real estate sector serves as an early economic indicator, making it a valuable asset class for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to perform better in land acquisition and sales [4] - The report highlights a focus on first-tier and select second-tier cities for investment, as these areas are likely to see better performance during market rebounds [4] Summary by Sections New Home Transactions - In 2025, the cumulative new home transaction volume in 30 sample cities reached 98.217 million square meters, a decrease of 15.8% year-on-year [11] - First-tier cities accounted for 26.191 million square meters, down 12.0%, while second-tier cities saw a decline of 15.6% to 49.040 million square meters [11] - December 2025 saw a significant drop in new home transactions, with a total of 9.679 million square meters, reflecting a year-on-year decrease of 40.0% [2][11] Second-Hand Home Transactions - The total area of second-hand home transactions in 2025 was 103.989 million square meters, marking a year-on-year increase of 3.9% [22] - First-tier cities recorded a total of 43.287 million square meters in second-hand home transactions, up 4.4% year-on-year [22] Market Performance - The report notes that the real estate index decreased by 0.7% this week, lagging behind the CSI 300 index by 0.10 percentage points, ranking 19th among 31 sectors [34] - The report identifies a total of 28 stocks that increased in value this week, while 82 stocks experienced declines [34] Credit Bond Issuance - In the week of December 29 to January 4, only one credit bond was issued by real estate companies, totaling 250 million yuan, a decrease of 44.82 million yuan from the previous week [45]