Group 1 - Anta Sports-R (82020), JD Health-R (86618), and Geely Automobile-R (80175) have the highest short-selling ratios at 100.00%, 100.00%, and 95.46% respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Meituan-W (03690) lead in short-selling amounts, with 2.193 billion, 1.867 billion, and 1.658 billion respectively [1] - Geely Automobile-R (80175), Tencent Holdings-R (80700), and Blue Moon Group (06993) have the highest deviation values at 56.09%, 35.57%, and 33.29% respectively [1] Group 2 - The top short-selling ratio rankings show Anta Sports-R (82020) at 100.00% with a short-selling amount of 29.79 thousand, followed by JD Health-R (86618) at 100.00% with 9.88 thousand, and Geely Automobile-R (80175) at 95.46% with 31.09 thousand [2] - The top short-selling amounts are led by Tencent Holdings (00700) at 2.193 billion, Alibaba-W (09988) at 1.867 billion, and Meituan-W (03690) at 1.658 billion [2] - The highest short-selling deviation values are led by Geely Automobile-R (80175) at 56.09%, followed by Tencent Holdings-R (80700) at 35.57%, and Blue Moon Group (06993) at 33.29% [2]

行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-02 2025-06 2025-10 房地产 沪深300 相关研究报告 《上海三区启动住房以旧换新，推动 新房去库存 — 行 业 点 评 报 告 》 -2026.2.4 行 业 研 究 2026 年 02 月 24 日 投资评级：看好（维持） 《2025Q4 公募基金延续低配，持股集 中度进一步提升—行业点评报告》 -2026.1.27 《销售延续调整态势，期待政策显效 与市场筑底 — 行 业 点 评 报 告 》 -2026.1.19 楼市延续筑底行情，政策宽松下布局时点已至 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | huyaowen@kysec.cn 证书编号：S0790524070001 春节市场成交量：一手房网签偏弱，二手房基本持平 一手房方面，2026 年除夕前一周 40 城市合计一手房成交 133.68 ...

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。 C&D Property Management Group Co., Ltd 建 發 物 業 管 理 集 團 有 限 公 司 （於英屬處女群島註冊成立的有限公司） （股份代號：2156） 補充公告 有關收購 廈門兆慧25%股權的 如該公告所披露，代價經利馳香港與益悅公平磋商後釐定，經參考（ 其中包括 ）基 於估值報告的廈門兆慧於基準日的評估價值。 本公司謹此就估值進一步提供以下資料。 （ 一 ）確定折現率 – 1 – 1. 評估基準日的10年期國債預期收益率為無風險收益率(rf )，即1.8616 %。 2. 上證綜合指數自1992年5月21日至評估基準日期間的指數平均收益率為市 場期望報酬率(rm)，即9.59 %。 3. 取 上 證 上 市 公 司 根 據 中 國 上 市 公 司 協 會 分 類 的 軟 件 和 信 息 技 術 服 務 ...

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 FF301 截至月份: 2026年1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: 建發物業管理集團有限公司 呈交日期: 2026年2月4日 第 1 頁 共 10 頁 v 1.2.0 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) | 02156 | 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 | | 0.01 | HKD | | 30,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.01 ...

Core Viewpoint - The acquisition of a 25% stake in Xiamen Zhaohui by Jianfa Property is not merely a financial maneuver but a strategic move to integrate technology capabilities into its operational framework, reflecting a broader trend in the property industry towards digitalization and efficiency [1][3][9] Group 1: Acquisition Details - Jianfa Property's indirect subsidiary, Lichi Hong Kong, acquired a 25% stake in Xiamen Zhaohui for approximately 14.89 million yuan, transitioning it from a subsidiary to a wholly-owned entity [2][3] - Prior to this acquisition, Jianfa Property held 75% of Xiamen Zhaohui, making this a "complementary" acquisition aimed at achieving 100% control [2] - The valuation of Xiamen Zhaohui has increased significantly, with the price for the same stake rising from 3.39 million yuan in December 2022 to 14.89 million yuan in 2025, indicating a fourfold increase in three years [2] Group 2: Financial Performance - Xiamen Zhaohui's audited after-tax profit for 2024 is projected to reach 16.89 million yuan, with the overall valuation of the company estimated at approximately 59.57 million yuan, corresponding to a price-to-earnings ratio of about 35 times [2] - Jianfa Property reported a revenue of 1.823 billion yuan in the first half of the year, a year-on-year increase of 13.8%, with a net profit of 221 million yuan, also reflecting a 13.8% growth [2] Group 3: Strategic Implications - The acquisition is seen as a stable recovery of internal quality assets rather than a capital expansion, aiming to consolidate technology resources within the company's unified framework [3][9] - Jianfa Property has previously emphasized its commitment to technology development, planning to enhance operational efficiency through the adoption of smart devices and digital systems [4][5] - The integration of Xiamen Zhaohui is a key execution step in Jianfa Property's technology empowerment strategy, which is expected to improve decision-making efficiency in technology investment and resource allocation [6][9] Group 4: Industry Context - The move to fully acquire external technology resources is not unique to Jianfa Property, as other companies in the industry, such as Jiangshan Zhili Property and Vanke's Wanwu Cloud, have also pursued similar strategies to enhance their technological capabilities [7][8] - The property technology sector is transitioning from a phase of storytelling to one focused on returns and efficiency, with leading companies building their technological frameworks through self-development and acquisitions [8][9]

Core Viewpoint - The company, Jianfa Property (02156), has announced a share transfer agreement to acquire a 25% stake in Xiamen Zhaohui Network Technology Co., Ltd. for RMB 14.8918 million, which will result in Xiamen Zhaohui becoming a wholly-owned subsidiary of the company [1]. Group 1 - The share transfer agreement is between the company's indirect wholly-owned subsidiary, Lichi (Hong Kong) Co., Ltd., and Xiamen Yiyue Real Estate Co., Ltd. [1] - Upon completion of the acquisition, the company will indirectly hold 100% of Xiamen Zhaohui, enhancing its operational efficiency and resource allocation [1]. - Xiamen Zhaohui specializes in smart community services, including smart design, engineering, and home services, and has been expanding its business scope and scale in recent years [1]. Group 2 - The acquisition is expected to improve decision-making efficiency, reduce management costs, and optimize resource allocation for both Xiamen Zhaohui and the company [1]. - The business and management of Xiamen Zhaohui will remain consistent and stable post-acquisition, supporting the long-term development of both entities [1].

Core Viewpoint - Jianfa Property (02156.HK) announced the acquisition of a 25% stake in Xiamen Zhaohui for RMB 14.8918 million, enhancing its smart community service capabilities and operational efficiency [1]. Group 1: Acquisition Details - Jianfa Property's indirect wholly-owned subsidiary, Lichi Hong Kong, entered into a share transfer agreement with Yiyue for the purchase of a 25% stake in Xiamen Zhaohui [1]. - The consideration for the share transfer is RMB 14.8918 million [1]. Group 2: Business Implications - Xiamen Zhaohui specializes in smart community services, including smart design, engineering, and home services [1]. - The acquisition will allow Jianfa Property to improve decision-making efficiency, reduce management costs, and optimize resource allocation for Xiamen Zhaohui [1]. - The business and management of Xiamen Zhaohui will remain consistent and stable post-acquisition, supporting long-term development for both Xiamen Zhaohui and Jianfa Property [1].

建 發 物 業 管 理 集 團 有 限 公 司 （於英屬處女群島註冊成立的有限公司） （股份代號：2156） 有關收購廈門兆慧25%股權的關連交易 股權轉讓協議 董事會欣然宣佈，於二零二六年一月二十七日（ 交易時段後 ），本公司間接全資 附屬公司利馳香港與益悅訂立股權轉讓協議，據此（ 其中包括 ）益悅同意出售及 利 馳 香 港 同 意 購 買 廈 門 兆 慧 的 25 % 股 權 。 股 權 轉 讓 協 議 項 下 的 代 價 為 人 民 幣 1,489.18萬元。 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。 C&D Property Management Group Co., Ltd 董事會欣然宣佈，於二零二六年一月二十七日（ 交易時段後 ），本公司間接全資附 屬公司利馳香港與益悅訂立股權轉讓協議，據此（ 其中包括 ）益悅同意出售及利馳 香港同意購買廈門兆慧的25 %股權。股權轉 ...

Core Insights - Jianfa Property (2156.HK) was awarded the "Outstanding Value Creation Award" at the "Fusion" 2026 Investor Relations Innovation Summit, recognizing its significant contributions to market value management and investor returns in 2025 [1] Financial Performance: Revenue and Profit Growth - Jianfa Property has shown steady revenue growth since its listing in 2020, with revenue increasing from 1.029 billion to 3.269 billion by 2024, reflecting a compound annual growth rate (CAGR) of approximately 34% [2][3] - The net profit attributable to the parent company also grew from 106 million to 326 million during the same period, with a CAGR of about 32%, maintaining strong profitability despite industry pressures [2][3] Financial Stability: Cash Management and Asset Structure - The company maintains a collection rate above 90% since its listing, indicating strong service quality and trust from property owners [5] - As of the end of 2024, cash accounted for 75% of total assets, showcasing a healthy asset structure and ensuring stable cash flow for operations [5] Service Quality: Customer-Centric Approach - Jianfa Property prioritizes customer satisfaction, implementing the "Good Day" service system, which focuses on five key service areas to enhance service quality and customer loyalty [7][10] - The company has ranked in the top five for customer satisfaction in property services for eight consecutive years, reflecting its commitment to high-quality service [7] Technological Innovation: Smart Services - The company is embracing technological advancements to improve service efficiency and reduce operational costs, utilizing IoT, big data, and AI [11][13] - Smart service initiatives include the deployment of various cleaning robots and a community brain system for real-time management, enhancing service quality and operational efficiency [11][13] Corporate Culture: Market Mechanism and State-Owned Advantages - Jianfa Property benefits from the market-oriented mechanisms inherited from its parent company, Jianfa Group, which has been implementing market reforms since 1987 [14] - The company employs a flexible management system that incentivizes employee performance, fostering a motivated workforce [14] Long-Term Investment Value - Jianfa Property's strong performance has attracted international long-term funds, with Fidelity International increasing its stake to over 7%, indicating the company's long-term investment potential [15]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The real estate market has shown a significant decline in sales, with a year-on-year decrease in sales area of 8.7% and sales amount down by 12.6% for the year 2025 [4][13] - The trend of "price for volume" is evident, with the average selling price of commercial housing dropping by 4.3% year-on-year [4][13] - New construction area has decreased for four consecutive years, with a decline of 20.4% in 2025 [5][20] - The total investment in real estate development has also seen a significant drop of 17.2% year-on-year [6][24] - The cash flow pressure on real estate companies remains high, with a 13.4% year-on-year decrease in funds available to developers [6][26] Summary by Sections Sales Data - In 2025, the total sales area of commercial housing was 881 million square meters, with a year-on-year decline of 8.7% [4][13] - The sales amount reached 8.39 trillion yuan, down 12.6% year-on-year [4][13] - December 2025 saw a sharp decline in sales area and amount, with year-on-year decreases of 15.6% and 23.6%, respectively [4][13] Construction Data - The new construction area for 2025 was 588 million square meters, reflecting a 20.4% decrease [5][20] - The completion area was 603 million square meters, down 18.1% year-on-year [5][20] Investment Data - Real estate development investment totaled 8.28 trillion yuan in 2025, a decrease of 17.2% [6][24] - The funds available to real estate developers were 9.31 trillion yuan, down 13.4% year-on-year [6][26] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Overseas Development, and China Resources Land [7][34] - Companies benefiting from both residential and commercial real estate recovery are also highlighted, such as Longfor Group and New City Holdings [7][34] - Quality property management firms with strong service standards are recommended, including China Resources Mixc Life and Greentown Service [7][34]