来源：第一财经 碧桂园涨超6%，建发国际集团涨超5%，龙湖集团、旭辉控股集团涨近5%，融创中国涨超4%，富力地 产、华润置地涨超3%。 (本文来自第一财经) ...

Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

Group 1 - The core point of the article is that R&F Properties (02777.HK) reported a total sales revenue of approximately RMB 720 million in January 2026, with a sales area of about 65,100 square meters [1]

Company News - China Power (02380.HK) signed three independent general contracting agreements with State Nuclear Power Technology Corporation and Shandong Institute, involving a total investment of 768 million yuan [1] - Huitongda Network (09878.HK) completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - CGN New Energy (01811.HK) reported a power generation of 1,647.8 GWh in January, an increase of 7.9% year-on-year [1] - R&F Properties (02777.HK) recorded a contract sales revenue of approximately 720 million yuan in January, a decrease of 8.05% year-on-year [1] - Hopson Development (00754.HK) reported a contract sales amount of approximately 591 million yuan in January, an increase of 24.95% year-on-year [1] - Aoyuan Group (01813.HK) reported contract sales of 325 million yuan in January, a decrease of 35.3% year-on-year [1] - Jianye Real Estate (00832.HK) reported a contract sales amount of 398 million yuan in January, a decrease of 31.1% year-on-year [1] Financial Performance - Shanghai Fudan (01385.HK) projected total revenue of approximately 3.982 billion yuan for 2025, a year-on-year increase of 10.92%, while net profit is expected to be around 232 million yuan, a decrease of 59.42% year-on-year [2] - Ruian Real Estate (00272.HK) issued a profit warning, expecting a net loss attributable to shareholders between 1.7 billion yuan and 1.8 billion yuan for the 2025 fiscal year [2] - YTO Express (06123.HK) issued a profit warning, anticipating a net loss of approximately 145 million to 154 million HKD for the 2025 fiscal year [3] - Baisheng Group (03368.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 186 million yuan for the 2025 fiscal year [3] - IFBH (06603.HK) expects a year-on-year decrease in net profit of approximately 27% to 32% for 2025 [4] Strategic Developments - Yingxing Holdings (01440.HK) is exploring the establishment of its AI infrastructure and Software as a Service (SaaS) capabilities to support its AI-driven business plans [5] - Yinger International (08379.HK) has decided to focus on new business in artificial intelligence and industrial digital transformation, concentrating on technology research and commercial applications in the field of digital finance [5] - Samsonite (01910.HK) is seeking shareholder approval for a dual listing share issuance authorization [5] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.7 million shares for a total of approximately 98.36 million HKD, with a buyback price ranging from 36.30 to 36.48 HKD [6] - Geely Automobile (00175.HK) repurchased 1.595 million shares for approximately 26.91 million HKD, with a buyback price ranging from 16.71 to 16.98 HKD [6] - NetEase Cloud Music (09899.HK) repurchased 92,000 shares for approximately 14.96 million HKD, with a buyback price ranging from 160.3 to 166.5 HKD [6] - Kingsoft (03888.HK) repurchased 725,000 shares for approximately 19.99 million HKD, with a buyback price ranging from 27.38 to 27.76 HKD [6] Industry Performance - China Shenhua (01088.HK) reported coal sales of 33.2 million tons in January, an increase of 9.9% year-on-year, and total electricity sales of 20.96 billion kWh, an increase of 34.4% year-on-year [7] - China Southern Airlines (01055.HK) reported a year-on-year decrease of 1.10% in passenger capacity input and a decrease of 2.86% in passenger turnover, with a seat occupancy rate of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines (00670.HK) reported a year-on-year decrease of 3.54% in passenger capacity input and a decrease of 1.03% in passenger turnover, with a seat occupancy rate of 85.01%, up 2.16 percentage points year-on-year [7]

Group 1 - The core point of the article is that R&F Properties reported its January unaudited operating brief, indicating a sales revenue of 720 million yuan and a sales area of approximately 65,100 square meters [1] Group 2 - In January, R&F Properties and its subsidiaries achieved a sales revenue of 720 million yuan [1] - The total sales area for the month was about 65,100 square meters [1]

Group 1 - The core point of the article is that R&F Properties (02777) reported a total sales revenue of approximately RMB 720 million in January 2026, representing a year-on-year decrease of 8.05% [1] - The total sales area for the month reached approximately 65,100 square meters [1]

Group 1 - The core point of the article is that R&F Properties (02777) reported a total sales revenue of approximately RMB 720 million in January 2026, representing a year-on-year decrease of 8.05% [1] - The total sales area for the month reached approximately 65,100 square meters [1]

Core Viewpoint - R&F Properties (02777.HK) reported a total sales revenue of approximately RMB 720 million in January 2026, with a sales area of about 65,100 square meters [1] Group 1 - The total sales revenue for R&F Properties in January 2026 was approximately RMB 720 million [1] - The total sales area for the same period reached around 65,100 square meters [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。 （於中華人民共和國註冊成立的股份有限公司） 承董事會命 廣州富力地產股份有限公司 公司秘書 李啓明 香港，二零二六年二月十三日 於本公告日期，本公司的執行董事為李思廉博士、張輝先生、相立軍先生及趙渢先生；非執行董事為張 琳女士及李海倫女士；及獨立非執行董事為鄭爾城先生、吳又華先生及王振邦先生。 * 僅供識別 （股份代號：2777） 二零二六年一月的未經審核營運數據 廣州富力地產股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈，本集團於二零二六年一月的月內總銷售收入共約人民幣 7.2 億 元，銷售面積達約 65,100 平方米。 上述銷售數據未經審核，乃根據本集團初步內部資料編製，鑒於收集該等銷售資料過程 中存在各種不確定因素，該等銷售數據與本公司按年度或半年度刊發的經審核或未經審 核綜合財務報表中披露的數字可能存在差異，因此上述數據僅供投資者參考。投資者買 賣本公司 ...

Core Viewpoint - R&F Properties is facing multiple critical events in 2026, including debt restructuring, sales collection, asset optimization, and internal management restructuring, which will impact its operational status and market performance [1] Recent Events - The company is in a crucial phase of overseas debt restructuring, with a principal amount of approximately $5 billion. It has obtained the necessary creditor consent for the restructuring plan and is currently advancing the legal approval process. Domestic bond restructuring has also made progress, involving a plan for approximately 12.5 billion yuan in domestic bonds that is under discussion with creditors. Successful completion of these restructurings will optimize the company's financial statements [2] Operational Status - R&F Properties has designated 2026 as a "key year," setting a sales target of approximately 18.6 billion yuan. The company plans to accelerate inventory turnover and enhance product quality (such as mandatory finished decoration delivery) to strengthen cash flow, supporting debt resolution efforts. In 2025, the total sales revenue was approximately 14.2 billion yuan, reflecting a year-on-year growth of 26.5%, although it did not meet the initial target [3] Company Status - The company has unsold land reserves with a total value of approximately 510 billion yuan, primarily located in first- and second-tier cities. It has successfully retained core commercial properties like the Guangzhou R&F Center to enhance rental income and asset liquidity. The next steps will focus on revitalizing vacant properties to increase occupancy rates. The group has mandated strict cost control, standardized bidding, and asset revitalization across regions to improve operational efficiency, including controlling project budgets and optimizing settlement processes [4] Financial Status - As of December 31, 2025, the company had overdue interest-bearing debt principal of 36.81 billion yuan, including credit bonds and bank loans. The company is actively working to resolve this through sales and asset disposals [5] Recent Stock Performance - R&F Properties' stock price experienced volatility in January 2026, with a single-day drop of over 9% on January 30. Institutions such as Bank of China International and JPMorgan noted that the market's reaction to policy easing was excessive, emphasizing that liquidity remains a core challenge. These events reflect that the company is in a critical period of debt resolution and operational transformation [6]