Investment Rating - The report maintains an "Buy" rating for the real estate industry, consistent with the previous rating [2]. Core Insights - The real estate market is showing signs of recovery, with a notable increase in second-hand home subscriptions and a strengthening of transaction confidence [7][15]. - The average daily subscription for second-hand homes in 79 cities reached 3,404 units from January 1 to January 22, 2026, representing a year-on-year increase of 33.1% compared to the same period in 2025 [16][27]. - The report highlights that the market is experiencing a self-driven recovery without significant large-scale stimulus policies being implemented [16]. Summary by Sections 1. Second-Hand Homes: Significant Growth in Subscriptions and Record High Conversion Rates - Overall transactions show a recovery in lower-tier cities, although this has not yet fully translated into net signing [15]. - In key cities, second-hand home subscriptions in first-tier cities like Guangzhou are relatively stable, while many lower-tier cities are experiencing growth [31]. - The conversion rate of visits to transactions has reached a new high, with a 5.6% conversion rate in 70 cities, up from the previous quarter [35]. 2. New Homes: Low Net Signing Levels Across All Tiers - The average daily net signing for new homes in 45 cities was 250,000 square meters, a year-on-year decrease of 42.1% [29]. - All tiers of cities are experiencing varying degrees of decline in new home net signing, with first-tier cities seeing the most significant drops [29]. 3. Price Trends and Market Dynamics - As of January 22, 2026, the average price of second-hand homes in 33 cities has decreased by 17.9% year-on-year compared to 2025 [41]. - The report indicates that the price adjustments in lower-tier cities are more pronounced, aligning closer to residents' psychological expectations, which has led to increased subscriptions [42]. - The report notes a decline in the number of second-hand listings, particularly in key cities, due to factors such as the removal of ineffective listings by agents and homeowners withdrawing listings amid falling prices [41].

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core View of the Report - The bond market has recovered, and credit has followed the decline in interest rates. The credit spreads in the 3 - 7Y period have all converged. The yields of various - term credit bonds have also significantly declined, and the credit spreads of different - term and - grade bonds have shown different changes [3][10] - The spreads of urban investment bonds have generally decreased by 2BP, with spreads of different - rated and - level platforms showing varying degrees of decline [4][15][19] - The spreads of real - estate bonds have generally continued to widen, but the spread of Vanke has been significantly compressed. The spreads of other industrial bonds have slightly declined [4][25] - The yields of secondary - tier and perpetual bonds have continued to decline, with the largest decline in spreads in the 3Y period [5][33] - The excess spreads of industrial perpetual bonds have widened, while the excess spreads of urban investment perpetual bonds have shown differentiation [5][36] 3. Summary According to Relevant Catalogs 3.1 Bond Market and Credit Spreads Convergence - This week, the bond market recovered, and the interest - rate curve steeply declined. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y CDB bonds decreased by 2BP, 1BP, 2BP, 3BP, and 4BP respectively. The yields of various - term credit bonds also dropped significantly. From the perspective of credit spreads, the 3 - 7Y credit spreads all narrowed [3][10] 3.2 Urban Investment Bond Spreads - The spreads of urban investment bonds decreased by 2BP overall. The credit spreads of external - rated AAA, AA +, and AA platforms all decreased by 2BP compared to last week. By administrative level, the credit spreads of provincial, municipal, and district - county platforms decreased by 2BP compared to last week [4][15][19] 3.3 Real - Estate and Other Industrial Bond Spreads - The spreads of real - estate bonds continued to widen overall, but the spread of Vanke was greatly compressed. The spreads of other industrial bonds slightly declined. The spreads of central - state - owned real - estate bonds widened by 4BP, state - owned real - estate bonds by 1BP, private real - estate bonds by 17BP, and mixed - ownership real - estate bonds converged by 103BP [4][25] 3.4 Secondary - Tier and Perpetual Bond Yields and Spreads - This week, the yields of secondary - tier and perpetual bonds continued to decline, with the largest decline in spreads in the 3Y period. The yields of different - grade 1Y secondary - tier capital bonds decreased by 1 - 2BP, and perpetual bonds by 2BP; 3Y secondary - tier capital bonds by 3BP, and perpetual bonds by 4BP; 5Y secondary - tier capital bonds by 2 - 4BP, and perpetual bonds by 1 - 2BP; 10Y secondary - tier capital bonds by 5BP, and perpetual bonds by 4BP [5][33] 3.5 Excess Spreads of Industrial and Urban Investment Perpetual Bonds - This week, the excess spread of 3Y industrial AAA - grade perpetual bonds widened by 0.26BP to 14.67BP, and the 5Y by 0.01BP to 13.21BP. The 3Y urban - investment AAA - grade perpetual - bond excess spread decreased by 0.48BP to 4.03BP, and the 5Y increased by 3.21BP to 13.34BP [5][36] 3.6 Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial - bank secondary - tier spreads, and urban - investment/industrial perpetual - bond credit spreads are based on ChinaBond medium - and short - term note and ChinaBond perpetual - bond data. The historical quantiles are since the beginning of 2015. The credit spreads related to urban - investment and industrial bonds are compiled and statistically analyzed by the Huafu Securities Research Institute, and the historical quantiles are also since the beginning of 2015 [38][40]

Group 1 - The company announced the withdrawal of its application for the listing of the Huaxia Wanwei Warehousing Logistics Closed-End Infrastructure Securities Investment Fund and the transfer of the asset-backed securities of the CITIC Securities-Wanwei Logistics Phase 1 Asset-Backed Special Plan [1] - In response to national policy, the company initiated the application process for a real estate investment trust (REIT) based on three warehousing logistics park projects owned by its subsidiary, Shenzhen Wanwei Logistics Investment Co., Ltd. [3] - The application for the REIT was accepted by the China Securities Regulatory Commission (CSRC) on March 1, 2024, but was later withdrawn on January 14, 2026, due to various external factors [3] Group 2 - The withdrawal of the application will not have a significant adverse impact on the company's daily operations [3] - The company plans to restart the application process when conditions are favorable [3]

Core Viewpoint - Vanke Enterprise Co., Ltd. announced the withdrawal of its public REITs listing application for its logistics infrastructure project, indicating a strategic adjustment in response to external market conditions [1] Group 1: Project Details - The REITs project was initiated by Vanke's subsidiary, Shenzhen Vanke Logistics Investment Co., Ltd., based on three logistics parks as underlying assets [1] - The project was managed by Huaxia Fund and supported by CITIC Securities as the asset-backed securities manager, with the application initially accepted by the China Securities Regulatory Commission on March 1, 2024 [1] Group 2: Decision Rationale - The decision to withdraw the application was made after comprehensive consideration of various external factors and thorough communication among relevant parties [1] - The company stated that this withdrawal will not significantly impact its daily operations and that it plans to restart the application process when conditions are favorable [1] Group 3: Strategic Implications - This move reflects a phase adjustment in Vanke's strategy to utilize financial tools for asset optimization and to expand financing channels [1]

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。 並通過公開募集基礎設施證券投資基金 於深圳證券交易所獨立上市的申請並獲准的公告 兹提述萬科企業股份有限公司（「本公司」）日期為2024年3月1日的公告，內容有關（其中包括）本公司 建議以萬緯物流擁有的部分高標準倉儲物流園開展不動產投資信託基金（「本項目」）申報發行工作， 並於2024年3月1日收到中國證監會的申請受理通知書（「首次公告」）。除非另有所指，本公告所用詞 彙與首次公告界定者具有相同涵義。 經綜合考慮外部客觀環境、市場環境等多種因素，並經相關各方充分溝通和審慎論證分析，公募基 金管理人及資產支持證券管理人已於2026年1月14日向中國證監會、深圳證券交易所申請撤回本項目 的申請文件。截至2026年1月23日，本項目在中國證監會和深圳證券交易所的申報流程已經終止。 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 ...

为积极响应国家政策号召，2024 年万科企业股份有限公司（以下简称"公 司"）以控股子公司深圳市万纬物流投资有限公司拥有的 3 个仓储物流园项目开 展不动产投资信托基金（以下简称"本项目"）申报发行工作，基金管理人和资 产支持证券管理人分别为华夏基金管理有限公司和中信证券股份有限公司。本项 目于 2024 年 3 月 1 日收到中国证监会的申请受理通知书。具体内容详见公司于 2024 年 3 月 2 日在巨潮资讯网（www.cninfo.com.cn）上披露的公告（公告编号： 〈万〉2024-008）。 经综合考虑外部客观环境、市场环境等多种因素，并经相关各方充分沟通和 审慎论证分析，2026 年 1 月 14 日，基金管理人和资产支持证券管理人向中国证 券监督管理委员会、深圳证券交易所申请撤回申请文件。 万科企业股份有限公司 关于撤回华夏万纬仓储物流封闭式基础设施证券投资基金上市及中 信证券-万纬物流 1 期资产支持专项计划资产支持证券挂牌转让申请 文件的申请并获准的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-010 本公司及董事会全体成员保证公告 ...

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.* 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。茲載列該公告如下，僅供參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2026年1月23日 於本公告日期，本公司董事會成員包括：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 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） 万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-009 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）之控 ...

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-009 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）之控股子公司 前期已向银行申请贷款，公司之控股子公司将继续通过保证、质押、抵押分别为相应的贷款提 供担保。 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子公司对外提供 担保的议案》，同意在授权有效期内提供的新增担保总额须不超过人民币 1,500 亿元，有效期 为自 2024 年度股东大会决议之日起至 2025 年度股东大会决议之日止。董事会在取得股东大会 授权之同时，已进一步转授权公司指定高管人员对于单笔对外担保金额低于人民币 50 亿元进 行审批，并签署相关法律文件。 本次担保事项在上述担保额度范围内，被转授权人员已在上述授权范围内决策同意本次担 保事项，具体情况如下： 一、已有担保事项进展 （一）担保事项概述 2021 年，公司之控股子公司沃尔玛亚洲商业管理（惠州）有限公司 ...

Group 1 - The majority of Vanke's domestic bonds saw an increase, with "23 Vanke 01" rising over 14%, "21 Vanke 06" and "22 Vanke 04" increasing over 10%, and "22 Vanke 06" up over 9% [1] - In contrast, "22 Vanke 02" fell over 1% and "21 Vanke 04" decreased by 0.90% [1] - In the local bond market, "21 Hunan Bond 75" rose over 7%, while "25 Beijing 92", "25 Shandong Bond 04", and "25 Qingdao Bond 66" increased by over 1% [1] Group 2 - Special government bonds showed slight increases, with "24 Special Bond 01" up 0.18%, "24 Special Bond 02" up 0.13%, "24 Special Bond 03" up 0.14%, and "24 Special Bond 04" up 0.21% [1] - "Special Bond 2401" rose by 0.27%, "Special Bond 2402" increased by 0.04%, and "Special Bond 2403" went up by 0.08%, while "Special Bond 2404" had no transactions [1] Group 3 - Wind power bonds experienced declines, with "24 Wind Power K1" dropping over 3% and "24 Wind Power G2" falling over 2% [1] - In the local bond market, "24 Guizhou Bond 26" decreased by over 7%, and "23 Shanxi Bond 37" and "21 Jilin Bond 62" fell by over 3% [1]

Core Viewpoint - Vanke has responded to inquiries regarding the lawsuit against Wanda, stating that the assets of Wanda Group have been legally sealed and frozen, but the ability to realize these assets through auction remains uncertain. The company asserts that this case will not have a significant impact on its performance in 2025 or 2026 [1]. Group 1 - The lawsuit against Wanda involves the legal sealing and freezing of Wanda Group's equity assets [1]. - There is uncertainty regarding the potential for these assets to be auctioned off and converted into cash [1]. - Vanke believes that the lawsuit will not materially affect its financial performance in the upcoming years [1].