Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a significant reduction in the minimum down payment ratio for commercial property loans to 30%, aimed at stimulating the commercial real estate market and facilitating inventory reduction [5][6] - The current inventory of commercial properties is high, with 141 million square meters of commercial space available for sale as of November 2025, including 52 million square meters of office space [6] - The report anticipates further policy easing to support the commercial real estate sector, as the current measures may have limited impact due to existing disadvantages in loan terms compared to residential mortgages [7][8] Summary by Sections Market Trends - The report indicates a downward trend in the commercial real estate market, with rising vacancy rates and declining rental prices [7] Policy Changes - The People's Bank of China has introduced measures to lower the down payment ratio for commercial property loans, which is expected to ease initial funding pressures for buyers [5][8] Investment Recommendations - Recommended stocks include: 1. Companies benefiting from both residential and commercial real estate recovery: China Resources Land, New World Development, Longfor Group [8] 2. Firms with strong credit profiles and good understanding of customer demand: Greentown China, China Merchants Shekou, China Overseas Land & Investment [8] 3. High-quality property management companies under the "Good House, Good Service" policy: China Resources Mixc Lifestyle, Greentown Service, Poly Property [8]

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: 建發物業管理集團有限公司 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) | 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 | HKD | | 30,000,000 | 本月底 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

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） 除益能及建發國際須在股東特別大會上就決議案放棄表決並已放棄表決外，根據 上市規則第14A .36條，概無股份賦予股東權利出席股東特別大會並須放棄表決贊 成，亦無其他人士已在通函中表明其有意在股東特別大會上就任何決議案表決反 對或放棄表決。 由於過半票數贊成上述決議案，故該決議案已獲正式通過為本公司普通決議案。 全體董事均已親身或透過電子方式出席股東特別大會。 本公司香港股份過戶登記分處卓佳證券登記有限公司獲委任為股東特別大會點票 的監票人。 於二零二五年十二月三十日舉行的 股東特別大會投票表決結果 茲提述本公司日期為二零二五年十二月九日的股東特別大會通告 ...

Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Group 1: Top Short-Selling Ratios - Sun Hung Kai Properties (80016), BYD Company (81211), and JD Health (86618) have the highest short-selling ratios at 100.00% [1][2]. - SenseTime (80020) follows with a short-selling ratio of 87.67%, while Xiaomi Group (81810) has a ratio of 84.37% [2]. Group 2: Top Short-Selling Amounts - Xiaomi Group leads in short-selling amount with HKD 1.43 billion, followed by Alibaba (09988) at HKD 1.368 billion and Tencent Holdings (00700) at HKD 1.251 billion [1][2]. - China Ping An (02318) and Meituan (03690) also feature prominently with short-selling amounts of HKD 1.115 billion and HKD 956 million, respectively [2]. Group 3: Top Short-Selling Deviation Values - Xiaomi Group (81810) has the highest deviation value at 41.14%, indicating a significant difference from its average short-selling ratio [1][2]. - BYD Company (81211) follows closely with a deviation value of 40.41%, while Far East Consortium (00035) has a deviation of 33.08% [2].

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） 上市規則的涵義 廈門建發為本公司的控股股東，因而為本公司的關連人士。因此，經重續租賃 框 架 協 議 項 下 擬 進 行 的 交 易 構 成 上 市 規 則 第 14A 章 項 下 的 本 公 司 持 續 關 連 交 易。 由於根據上市規則經重續租賃框架協議項下擬進行交易的年度上限涉及的一項 或 多 項 適 用 百 分 比 率 預 期 按 年 計 將 超 過 0.1 % 但 低 於 5 % ， 故 經 重 續 租 賃 框 架 協 議 項 下 擬 進 行 交 易 須 遵 守 上 市 規 則 第 14A 章 項 下 的 申 報 、 年 度 審 閱 及 公 告 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

Group 1 - The top short-selling stocks include Sun Hung Kai Properties-R (80016), China Resources Beer-R (80291), and AIA Group-R (81299), all with a short-selling ratio of 100.00% [1][2] - The highest short-selling amounts are from Xiaomi Group-W (01810) at 2.161 billion, Alibaba-SW (09988) at 793 million, and Tencent Holdings (00700) at 733 million [1][2] - The highest deviation values are from China Resources Beer-R (80291) at 39.83%, followed by Jianfa Property (02156) at 37.09%, and AIA Group-R (81299) at 35.65% [1][2] Group 2 - The top ten short-selling ratio rankings show that all stocks listed have significant short-selling activity, with Anta Sports-R (82020) also at 100.00% [2] - The top ten short-selling amounts highlight Xiaomi Group-W leading significantly, with a short-selling ratio of 28.48% [2] - The top ten deviation values indicate that China Resources Beer-R (80291) has the highest deviation, suggesting a notable difference from its historical short-selling average [2]

建发房地产集团有限公司 建发国际投资集团有限公司 建发物业管理集团有限公司 服务框架协议 1 服务框架协议 甲方:建发房地产集团有限公司（以下简称甲方） 住所地:厦门市思明区环岛东路 1699 号建发国际大厦 38 楼 乙方:建发国际投资集团有限公司(以下简称乙方) 住所地:厦门市思明区环岛东路 1699 号建发国际大厦 35 楼 丙方:建发物业管理集团有限公司(以下简称丙方) 住所地:厦门市思明区环岛东路 1699 号建发国际大厦 7 楼 丙方(及其附属公司和其拥有 30%或以上股权的联营公司,下同)主要在中国从事 物业管理服务、社区增值及协同服务、非业主增值服务及商业物业运营管理服务,在中 国物业管理行业拥有丰富经验,并一直为甲方(及其关联公司(但不包括乙方（如下定 义）和丙方），下同）及乙方（及其附属公司和其拥有 30%或以上股权的联营公司(但 不包括丙方）,下同)提供物业管理服务、社区增值及协同服务、非业主增值服务,据 此： (1)甲方、乙方及丙方于二零二零年十二月二十三日订立《服务框架协议》及于 二零二一年十月四日订立《补充协议》,约定丙方向甲方及乙方提供物业管理服务、社 区增值及协同服务、非业主增 ...

C&D Property Management Group Co., Ltd | 批 准、確 認 及 追 認 經 重 續 業 務 框 架 協 議（定 義 見 本 公 司 日 期 為 二 零 二 五 年 十 二 | | | | | --- | --- | --- | --- | | （附 註d） 普 通 決 議 案 月 九 日 的 通 函）及 其 項 下 擬 進 行 交 易（包 括 其 建 議 年 度 上 限）。 | （附 註e） 贊 成 | 反 對 | （附 註e） | 日 期：二 零 二 五 年 月 日 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） 股 東 特 別 大 會 代 表 委 任 表 格 供 股 東 在 謹 訂 於 二 零 二 五 年 十 二 月 三 十 日(星 期 二)上 午 十 時 正 假 座 香 港 灣 仔 皇 后 大 道 東213號 胡 忠 大 廈35樓3517室 舉 行 的 股 東 特 別 大 會（或 其 任 何 續 會）上 使 用 的 代 表 委 任 表 格 本人╱吾等 （附註a） （名稱） ， 地址為 （地址） ， 為建發物業管理集團有限公司（ ...