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。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 董事會召開日期 萬科企業股份有限公司（「本公司」）謹此公佈，本公司訂於2026年3月31日（星期二）舉 行本公司董事會（「董事會」）會議，藉以（其中包括）(i) 考慮及批准本公司及其附屬公 司截至2025年12月31日止之年度業績及其發佈；以及 (ii) 考慮及派付末期股息的建議（如有）。 萬科企業股份有限公司 董事會 中國，深圳，2026年3月17日 於本公告日期，董事會成員包括：非執行董事黃力平先生、胡國斌先生及雷江松先生； 執行董事王蘊女士；以及獨立非執行董事廖子彬先生、林明彥先生、沈向洋博士及張 懿宸先生。 * 僅供識別 ...

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Core Insights - The report highlights a tightening of urban construction planning, which is expected to increase attention on the real estate sector [4] - The market is showing signs of improvement in transaction performance, with new home sales and second-hand home transactions experiencing fluctuations [4][19] - The report suggests a growing capital attraction to the real estate sector, indicating potential for upward movement in the market [4] Policy Overview - Central policies emphasize urban development that prioritizes public welfare projects, limiting new construction land for commercial real estate [14][15] - Local policies include adjustments in housing subsidies and public fund loan relaxations in cities like Dongguan and Chengdu [18][20] Transaction Performance - New home sales in 49 cities decreased by 4.5% week-on-week and 12.9% year-on-year, with a notable decline of 6.5% when aligned with the Spring Festival [19][21] - Second-hand home transactions showed a week-on-week increase of 8.2%, indicating a positive trend despite ongoing challenges [19][21] Market Sentiment - The report notes a gradual increase in new home launches, with a 54% week-on-week rise, while second-hand listings have not kept pace with seasonal expectations [4] - The real estate sector's performance is improving, with the SW real estate index showing a relative recovery compared to the broader market [4] Land Market Dynamics - Land supply has increased, with a total of 170 billion yuan in land sales recorded, reflecting an 8.3% week-on-week increase [4][12] - The report indicates a significant drop in year-to-date land sales compared to the previous year, highlighting ongoing challenges in the land market [4] Company Valuation and Financial Analysis - Key companies in the real estate sector, such as Vanke A and China Overseas Development, are rated as "Buy" with projected reasonable values indicating potential upside [5] - The report provides detailed financial metrics for various companies, including EPS, PE ratios, and ROE, suggesting a focus on fundamental analysis for investment decisions [5]

Investment Rating - The industry rating is "Buy" [5] Core Insights - The report highlights significant progress in commercial real estate REITs, with various local governments actively supporting the expansion of REITs pilot programs and encouraging public REIT financing models for urban renewal projects [5][16] - As of the end of February, the total number of C-REITs listed reached 79, with a total scale of 227.38 billion yuan, reflecting a slight decrease of 0.58% month-on-month [5][18] - The report notes a decline in the comprehensive yield of C-REITs, with an average turnover rate dropping to 0.38%, indicating a cooling market [5][18] Summary by Sections 1. C-REITs Policy Environment and Event Review - In February, local governments released signals to support the development of REITs, including expanding project libraries and encouraging participation from social capital [16][17] - Specific initiatives include the expansion of provincial REITs project libraries in Shaanxi and the encouragement of public REIT financing in Fujian [16][17] 2. C-REITs Market Scale Changes and Primary Market Issuance - The total scale of the C-REITs market reached 227.38 billion yuan by the end of February, with a slight month-on-month decrease [18] - In February, only one REIT was listed, raising 1.505 billion yuan, marking a 70.68% decline compared to the previous quarter [18][19] 3. February REITs Market Performance Review - The overall market performance did not continue the upward trend from January, with the index remaining flat [5][18] - Only three sectors saw gains in February, with data centers, hydropower, and highways increasing by 1.94%, 1.12%, and 0.32% respectively [5][18] 4. Valuation and Performance Comparison - The report provides a detailed valuation and financial analysis of key companies in the sector, indicating a generally favorable outlook for major players like Vanke A and China Overseas Development, all rated as "Buy" [6][5]

Group 1 - Zhaoyi Innovation (03986) saw an intraday increase of 1.72% amid rising shipping risks in the Hormuz Strait affecting the supply chain of key raw materials like helium [1] - Rongchang Bio (09995) rose over 3.6% after its RC288 injection application was accepted by NMPA, showing excellent anti-tumor activity and safety in preclinical studies [1] - Swire Properties (01972) increased by over 2.2% following the release of its 2025 full-year results, reporting revenue of HKD 16.041 billion, a year-on-year increase of 11%, and a basic earnings per share of HKD 1.49 [1] Group 2 - Health 160 (02656) surged over 10%, reaching a new high of HKD 140.5, with a nearly doubled stock price since March 9, despite a previous drop of about 30% on February 11 [2] - Gaming stocks collectively rose, with notable increases in companies like Boyaa Interactive (00434) up 4.44% and Tencent (00700) up 1.1%, following Apple's announcement of a commission rate adjustment for the App Store in mainland China [2] - Qidian Guofeng (01280) experienced a significant rise of over 26% after announcing a sales contract for AI servers with an independent third party [2] Group 3 - Hong Kong bank stocks fell again, with Standard Chartered (02888) down 4.67% and HSBC Holdings (00005) down 3.8%, amid ongoing tensions in the Middle East affecting transactions involving Asian balance sheets [3] - Cement stocks saw a general increase, with China National Building Material (03323) up 2.62%, as construction activity picked up post-Lantern Festival, leading to a steady recovery in cement market demand [3] - Domestic property stocks rebounded, with CIFI Holdings (00884) up 2.9% and Sunac China (01918) up 5.45%, as recent data indicated a 3.3% year-on-year decline in second-hand housing listings in Shenzhen [4] Group 4 - Yao Cai Securities (01428) saw a significant rise of over 39% after extending the acquisition offer deadline with Ant Group to March 25, 2026 [4] - PayPay (PAYP.US), a digital wallet operator backed by SoftBank, debuted on the US stock market with a 13.5% increase, achieving a market cap of nearly USD 12 billion [5] - Chinese electric vehicle companies NIO (NIO.US) and Xpeng Motors (XPEV.US) saw stock increases of 1.46% and 3.58%, respectively, amid discussions of potential collaborations with European automotive giant Stellantis [5] Group 5 - Storage stocks collectively declined, with SanDisk (SNDK.US) down 5.59% and Micron Technology (MU.US) down 3.19%, following negative sentiment from short-seller Citron Capital [6] - Optical communication stocks fell, with Applied Optoelectronics (AAOI.US) down 16.39%, despite securing a bulk order for a new data center transceiver [6] - Agricultural input stocks continued to rise, with CF Industries Holdings (CF.US) up 13.21%, driven by supply chain disruptions in the Middle East affecting fertilizer transportation [7] Group 6 - Oil stocks rose sharply, with Battalion Oil (BATL.US) up 15.48% as international oil prices surged, with WTI crude rising over 8% to USD 94.66 [8] - EHang Intelligent (EH.US) reported total revenue of RMB 509.5 million (approximately USD 72.9 million) for the fiscal year 2025, marking an 11.7% year-on-year increase, despite a net loss of RMB 231 million [8]

Core Viewpoint - Vanke A's recent performance shows a slight decline in stock price, with a focus on its rental housing and property management business, which continues to expand and adapt to market demands [1][11]. Group 1: Financial Performance - For the period ending September 30, 2025, Vanke A reported a revenue of 161.39 billion yuan, a year-on-year decrease of 26.61%, and a net profit attributable to shareholders of -28.02 billion yuan, down 56.14% year-on-year [9][18]. - The company has distributed a total of 103.03 billion yuan in dividends since its listing, with 8.06 billion yuan distributed over the last three years [19]. Group 2: Business Operations - The rental housing business, including non-consolidated projects, achieved a revenue of 3.70 billion yuan, reflecting a 7% year-on-year growth, with the expansion of 40,600 new rental units and 11,100 newly opened units during the reporting period [2][11]. - Vanke's property service segment operates in 100 cities, managing 3,051 projects, and focuses on high-quality residential property services [3][12]. Group 3: Strategic Initiatives - The company is actively responding to national policies on affordable housing, with 125,700 units included in the affordable rental housing category [2][11]. - Vanke's subsidiary, Wanwu Cloud, has launched the "Wanwu Cloud City" brand, aiming to enhance urban service efficiency through digital and mechanized operations [3][12]. Group 4: Market Position - Vanke has been recognized in the Fortune Global 500 list, ranking 356th in 2016 and 307th in 2017, indicating its strong position in the urban construction and living services sector [3][13]. - The company is focused on the most dynamic economic regions in China, including the three major economic circles and key cities in the central and western regions [3][13].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - According to Wind data, among the bonds traded at a discount, "24 Chanrong 08" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "H2 Vanke 04" had a relatively high degree of deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 Chongqing Three Gorges Bank Perpetual Bond 01" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Xiamen International Bank Bond 02" had a relatively high degree of deviation in valuation price. Among the bonds with a trading yield higher than 5%, real estate bonds ranked high. The changes in credit bond valuation yields were mainly distributed in the [-5,0) range. The trading terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted trades; the trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the variety with a term of less than 1 year having the highest proportion of discounted trades. By industry, the bonds in the commercial and retail industry had the largest average deviation in valuation price [3]. Summary by Relevant Catalogs 1. Discounted Bond Trading Tracking - Bonds such as "24 Chanrong 08", "24 Chanrong 06", "24 Chanrong 04" in the non - banking financial industry and "24 Puzhi 03", "26 Puzhi 01" in the urban investment industry had relatively large deviations in valuation price and were traded at a discount. The trading scale of "23 AVIC Chanrong MTN001 (Sci - tech Innovation Note)" was 64.08 million yuan, which was relatively large among the discounted bonds [5]. 2. Tracking of Bonds with Rising Net Prices - "H2 Vanke 04", "H2 Vanke 06", "H2 Vanke 02" in the real estate industry and "26 Runtou V1" in the commercial and retail industry had relatively large positive deviations in valuation price and rising net prices. The trading scale of "26 Runtou V1" was 362.83 million yuan, which was relatively large among the bonds with rising net prices [6]. 3. Tracking of Tier 2 and Perpetual Bond Trading - "25 Chongqing Three Gorges Bank Perpetual Bond 01", "25 Luzhou Bank Perpetual Bond", "25 Beibu Gulf Bank Perpetual Bond 01" and other Tier 2 and perpetual bonds had a certain degree of deviation in valuation price. The trading scale of "25 Zhonghang Secondary Capital Bond 03A(BC)" was 433.483 million yuan, which was relatively large among the Tier 2 and perpetual bonds [7]. 4. Tracking of Commercial Financial Bond Trading - "25 Xiamen International Bank Bond 02", "25 CITIC Bank Green Bond 01BC", "25 Zheshang Bank Green Bond 01BC" and other commercial financial bonds had a certain degree of deviation in valuation price. The trading scale of "24 Nanjing Bank 02" was 613.72 million yuan, which was relatively large among the commercial financial bonds [8]. 5. Tracking of Bonds with a Trading Yield Higher than 5% - Bonds such as "H2 Vanke 04", "H2 Vanke 06", "H2 Vanke 02" in the real estate industry and "24 Chanrong 05", "23 Chanrong 10" in the non - banking financial industry had a trading yield higher than 5%. The trading scale of "23 AVIC Chanrong MTN001 (Sci - tech Innovation Note)" was 64.08 million yuan, which was relatively large among the high - yield bonds [9]. 6. Distribution of Credit Bond Valuation Deviations - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range [3]. 7. Distribution of Non - financial Credit Bond Trading Terms - The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted trades [3]. 8. Distribution of Tier 2 and Perpetual Bond Trading Terms - The trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the variety with a term of less than 1 year having the highest proportion of discounted trades [3]. 9. Discounted Trading Proportion and Trading Scale of Non - financial Credit Bonds by Industry - The bonds in the commercial and retail industry had the largest average deviation in valuation price [3].

Core Insights - The report emphasizes the government's focus on stabilizing the real estate market, with a shift from risk prevention to supporting people's livelihoods, particularly for newly married and newborn families [5][16][17] - The "small spring" recovery trend in the real estate market continues, with significant increases in new and second-hand housing transactions across various cities [5][9] - The report indicates a notable improvement in new housing supply, although the overall supply levels have not yet returned to normal [5][9] Policy Overview - The central government has reiterated its commitment to stabilizing the real estate market, with a target economic growth rate adjusted to 4.5%-5% for 2026 and a budget deficit maintained at 4% [16][18] - The government aims to enhance fiscal efficiency by allocating 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds [16][18] - There is a clear intention to support the housing needs of new citizens and young families, with policies expected to strengthen throughout the year [17][19] Market Performance - New housing transactions in 50 cities increased by 183% week-on-week, with a year-on-year growth of 20.7% [5][9] - Second-hand housing transactions also saw a significant rise, with an increase of 189% week-on-week in 11 cities and a year-on-year growth of 13% [5][9] - The report notes that the transaction volume for second-hand homes has maintained a positive trend, with a cumulative year-on-year increase of 36.1% since the beginning of the "small spring" [5][9] Supply and Demand Dynamics - New housing launches improved significantly, with a week-on-week increase of 557%, although the supply remains below normal levels [5][9] - The report highlights a slight increase in second-hand housing listings, with a 0.2% week-on-week rise in 140 cities, indicating a slow recovery in the market [5][9] - The land supply has increased, but transaction performance has been poor, with a total land sale revenue of 6.95 billion yuan, down 73.2% week-on-week [5][9] Capital Market Insights - The real estate sector underperformed in the capital market, with a decline of 4.1% compared to the Shanghai and Shenzhen 300 index [5][9] - Major real estate companies experienced varying degrees of decline, with some companies like China Overseas Land and Investment showing smaller declines compared to others [5][9] - The report notes that the C-REITs sector continues to develop, with 14 applications currently under review, indicating a proactive approach to commercial real estate investment trusts [5][9]

Report Summary 1. Core View - Among the top 50 AA-rated urban investment bonds (by issuer rating) with the highest discount margins, "25 Tengchong 01" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net price declines, "23 Development 01" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net price increases, "23 Vanke MTN001" has the largest deviation in valuation price. Among the top 50 Tier 2 and perpetual bonds with the largest net price increases, "24 Bank of Communications Tier 2 Capital Bond 02B" has the largest deviation in valuation price [3]. 2. Summary by Directory 2.1 Chart 1: Top 50 AA-rated Urban Investment Bonds with the Highest Discount Margins - The table shows detailed information of 25 AA-rated urban investment bonds, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "25 Tengchong 01" has a remaining term of 4.31 years, a valuation price deviation of -0.17%, a valuation net price of 103.83 yuan, and a valuation yield of 3.81% [5]. 2.2 Chart 2: Top 50 Individual Bonds with the Largest Net Price Declines - The table presents information on 50 individual bonds with large net price declines, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "23 Development 01" has a remaining term of 0.00 years, a valuation price deviation of -19.73%, a valuation net price of 80.27 yuan, and a valuation yield of 1.94% [6][9]. 2.3 Chart 3: Top 50 Individual Bonds with the Largest Net Price Increases - The table lists 50 individual bonds with significant net price increases, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "23 Vanke MTN001" has a remaining term of 0.14 years, a valuation price deviation of 6.23%, a valuation net price of 48.23 yuan, and a valuation yield of 719.99% [11][13]. 2.4 Chart 4: Top 50 Tier 2 and Perpetual Bonds with the Largest Net Price Increases - The table shows information on 50 Tier 2 and perpetual bonds with large net price increases, including bond name, remaining term, valuation price deviation, valuation net price, valuation yield, daily valuation, coupon rate, implied rating, issuer rating, and transaction date. "24 Bank of Communications Tier 2 Capital Bond 02B" has a remaining term of 8.41 years, a valuation price deviation of 0.35%, a valuation net price of 100.54 yuan, and a valuation yield of 2.30% [14][17].

Core Insights - The release of GPT-5.4 by OpenAI is set to revolutionize white-collar jobs, with capabilities that could replace many knowledge-based roles, including those in consulting and investment banking [2][7][11] - The model features a 1 million token context and native computer use, significantly enhancing its performance and applicability in various tasks [2][12][13] Group 1: Technological Advancements - GPT-5.4 has demonstrated a remarkable increase in performance, with its Excel plugin achieving a benchmark score of 87.3%, up from 43.7% [4][8] - The model's ability to handle complex operations in Excel through natural language processing transforms it into a conversational data analysis platform [4][5] - The integration of reasoning and coding within a single model can reduce context switching by approximately 80%, enhancing productivity [12] Group 2: Impact on Employment - The technology sector has seen a net reduction of 12,000 jobs in the last month, with a total of 57,000 jobs lost over the past year, indicating a significant shift in employment dynamics due to AI [26][31] - Despite the overall decline in tech jobs, demand for AI-related positions is rising, suggesting a transition rather than a contraction in the workforce [31] - The current job market reflects a trend where companies are replacing multiple employees with a single individual and AI, leading to a lack of alternative employment options for those displaced [31][33] Group 3: Economic Implications - Joseph Stiglitz warns that without proper management of AI, it could exacerbate existing inequalities, as profits become concentrated at the top while risks are offloaded onto workers [33][37] - The perception of human labor as a cost center is reinforced by the capabilities of AI, which promises to eliminate the need for human employees [36][37] - The rapid advancements in AI capabilities signal that the replacement of white-collar jobs is not a distant possibility but an ongoing reality [40][41]