Group 1 - Lee & Man Paper Manufacturing (02314) rose nearly 6% after Nine Dragons Paper announced a profit forecast of approximately 2.15 billion to 2.25 billion yuan for the six months ending December 31, 2025, representing a year-on-year increase of 216.0% to 230.7% [1] - New Oriental Education (09901) increased nearly 4% following the release of its financial results for the second quarter of fiscal year 2026, showing a 14.7% year-on-year increase in net revenue and a 244.4% rise in operating profit [1] - Jolywood (06680) surged nearly 7% as rare earth prices continued to rise, with neodymium and praseodymium oxide prices increasing by over 120,000 yuan per ton [1] Group 2 - Chinese property management stocks saw a significant rise, with Sunac Services (01516) up 5.67% and Greentown Services (02869) up 5.81%, as a report predicted an average revenue growth of 6% for property management companies by 2025 [2] - Valiant Pharmaceuticals (09887) gained nearly 4% after receiving FDA fast track designation for its dual-specific antibody LBL-034 for treating relapsed/refractory multiple myeloma [2] - The commercial aerospace sector showed signs of recovery, with Junda Co. (02865) rising 12.1% as the China Aerospace Science and Technology Corporation emphasized the importance of the next decade for developing a strong aerospace industry [2] Group 3 - Aigo Group (00328) experienced a dramatic drop, falling over 88% at one point, with a total market value dropping below 35 million HKD [3] - China Overseas Development (00688) rose over 4.2% as Citigroup's report indicated that the Chinese real estate sector would face significant impairment and margin decline challenges in fiscal year 2025 [3] - Yuegangwan Holdings (01396) increased by 8% after announcing a share placement to raise 108 million yuan, with about 70% allocated for AI computing power cloud service projects [3] Group 4 - Junda Co. (02865) saw a rise of 11.99% as the China Aerospace Science and Technology Corporation held a meeting emphasizing the need to overcome challenges in commercial rocket launches and reusable technology [4] Group 5 - In the US market, New Oriental (EDU.US) rose 5.32% after reporting a net revenue of 1.191 billion USD for the second quarter of fiscal year 2026, a 14.7% year-on-year increase [5][6] - Semiconductor equipment and materials sector saw gains, with Texas Instruments (TXN.US) up 9.94% as it projected first-quarter revenue between 4.32 billion and 4.68 billion USD, slightly above analyst expectations [5] - Storage sector stocks surged, with Seagate Technology (STX.US) up 19.14% as it projected third-quarter revenue of 2.9 billion USD, significantly higher than analyst estimates [5]

每经AI快讯，港股内房股早盘爆发，物管股跟随走高。截至发稿，融创服务(01516.HK)涨5.67%，报 1.49港元；金茂服务(00816.HK)涨4.67%，报2.69港元；绿城服务(02869.HK)涨4.88%，报4.51港元；万 物云(02602.HK)涨4.01%，报19.44港元。 ...

摩根士丹利预计，所覆盖内地物管公司去年业绩总体应符合预期，盈利增长为低单位数，但分化加剧。 大摩认为，物管及服务公司短期利润率仍承压，但随着领先的专案管理公司会退出低品质和非核心项目 以优化业务组合，全年经营现金流应维持在利润的1倍左右。 中金发布研报称，预计主要覆盖物管企业2025年收入平均同比增长6%，整体利润率维持大体稳定，核 心净利润平均同比增长4%。预计各家企业的全年派息比例为30%-75%，对应平均股息收益率5.5%。 内房股早盘爆发，物管股跟随走高。截至发稿，融创服务(01516)涨5.67%，报1.49港元；金茂服务 (00816)涨4.67%，报2.69港元；绿城服务(02869)涨4.88%，报4.51港元；万物云(02602)涨4.01%，报19.44 港元。 ...

中金发布研报称，预计主要覆盖物管企业2025 年收入平均同比增长6%，整体利润率维持大体稳定，核 心净利润平均同比增长4%。预计各家企业的全年派息比例为30%-75%，对应平均股息收益率5.5%。 摩根士丹利预计，所覆盖内地物管公司去年业绩总体应符合预期，盈利增长为低单位数，但分化加剧。 大摩认为，物管及服务公司短期利润率仍承压，但随着领先的专案管理公司会退出低品质和非核心项目 以优化业务组合，全年经营现金流应维持在利润的1倍左右。 智通财经APP获悉，内房股早盘爆发，物管股跟随走高。截至发稿，融创服务(01516)涨5.67%，报1.49 港元；金茂服务(00816)涨4.67%，报2.69港元；绿城服务(02869)涨4.88%，报4.51港元；万物云(02602) 涨4.01%，报19.44港元。 ...

瑞银发布研报称，以加权平均值计算，2025年中国物管公司盈利预计同比增10%，相对于市场预期升 12%，另较2024年及2025年上半年增长15%及12%有所放缓，相信主要是由于现金收款比率下降、增值 服务收入与利润率下滑。 在主要物业管理公司中，该行预期绿城服务(02869)表现将会领先，其次为华润万象生活(01209)、保利 物业(06049)、中海物业(02669)、万物云(02602)及碧桂园服务(06098)，当中首选华润万象生活和绿城服 务。 ...

Group 1 - The core viewpoint of the report indicates that the profitability of Chinese property management companies is expected to increase by 10% year-on-year in 2025, which is 12% higher than market expectations, but shows a slowdown compared to growth rates of 15% and 12% in 2024 and the first half of 2025 respectively [1] - The anticipated slowdown in growth is attributed to a decline in cash collection ratios and a decrease in revenue and profit margins from value-added services [1] Group 2 - Among major property management companies, Greentown Service (02869) is expected to outperform, followed by China Resources Mixc Lifestyle (01209), Poly Property (06049), China Overseas Property (02669), Wanwu Cloud (02602), and Country Garden Services (06098) [1] - The report favors China Resources Mixc Lifestyle and Greentown Service as top picks in the sector [1]

智通财经APP获悉，瑞银发布研报称，以加权平均值计算，2025年中国物管公司盈利预计同比增10%， 相对于市场预期升12%，另较2024年及2025年上半年增长15%及12%有所放缓，相信主要是由于现金收 款比率下降、增值服务收入与利润率下滑。 在主要物业管理公司中，该行预期绿城服务(02869)表现将会领先，其次为华润万象生活(01209)、保利 物业(06049)、中海物业(02669)、万物云(02602)及碧桂园服务(06098)，当中首选华润万象生活和绿城服 务。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for quality real estate companies and commercial properties [3][29]. Core Insights - The report indicates that the real estate sector in China has undergone significant adjustments, with recent central government directives emphasizing the stabilization of the real estate market. The report notes a positive shift in industry sentiment and anticipates favorable policy developments in the future [3][29]. - The report identifies attractive valuation levels for quality companies, with some firms' price-to-book (PB) ratios at historical lows, making them appealing investment opportunities [3][29]. Industry Data Summary New Home Transactions - In the week of January 17-23, 2026, new home transactions in 34 key cities totaled 1.727 million square meters, reflecting a week-on-week increase of 0.6%. However, year-on-year comparisons show a decline of 38.2% for January [4][7]. - The report notes that first and second-tier cities experienced a 0.6% decrease in transactions, while third and fourth-tier cities saw a 17.7% increase [4][7]. Second-Hand Home Transactions - For the same week, second-hand home transactions in 13 cities totaled 1.32 million square meters, down 0.2% week-on-week. Year-to-date figures show a 9.6% decline compared to the previous January [13][29]. Inventory and Supply - In the week of January 17-23, 2026, 15 cities saw a total of 260,000 square meters of new supply, with a sales-to-supply ratio of 2.69 times. The total available residential area in these cities was 88.964 million square meters, down 0.5% from the previous week [23][29]. Policy and News Tracking - The report highlights ongoing government efforts to promote urban renewal, with various cities actively developing urban renewal plans. The Ministry of Housing and Urban-Rural Development emphasizes the importance of high-quality real estate development and the need for tailored policies [29][33]. - Recent data from the National Bureau of Statistics indicates a 17.2% year-on-year decline in real estate development investment for 2025, with new residential sales area down 8.7% [29][33]. Company Announcements - Several real estate companies have released their expected net profit for 2025, with notable losses projected for companies like Jianfa Holdings and Jindi Group, while Poly Development anticipates a profit of 1.03 billion yuan [37][29]. - Financing activities are active among various firms, with China Overseas Development issuing bonds totaling 25 billion yuan, and Vanke's bond extension proposal receiving approval [37][29].

摩根士丹利发布研报称，预计所覆盖内地物管公司去年业绩总体应符合预期，盈利增长为低单位数，但 分化加剧。在其覆盖的公司中，预计绿城服务（02869）与华润万象生活（01209）将实现最高利润增长 （同比增10%至15%），其次为保利物业（06049）与中海物业（02669）（中单位数增长）。融创服务 （01516）可能仍面临核心利润下滑，受过往项目应收款问题及非核心业务拖累。然而，除万物云 （02602）外，来自关联方的减损风险已大致清除。 大摩认为，内地物管及服务公司短期利润率仍承压，但随着领先的项目管理公司会退出低质量和非核心 项目以优化业务组合，全年经营现金流应维持在利润的1倍左右。而第三方应收帐款的减损仍持续成为 各物管公司盈利分化的关键驱动因素。 大摩表示，领先企业持续受益于第三方市场整合，但现金回款疲弱仍是主要阻力，尽管竞争加剧，多数 物管公司仍达成全年扩张目标，凸显了巨大的长期市场潜力。但受居民预付款减少及2022年后交付的高 空置率项目占比上升，去年现金回款比率仍同比降1至2个百分点。 大摩认为，内地物管及服务公司短期利润率仍承压，但随着领先的项目管理公司会退出低质量和非核心 项目以优化业务组合 ...

大摩认为，内地物管及服务公司短期利润率仍承压，但随着领先的项目管理公司会退出低质量和非核心 项目以优化业务组合，全年经营现金流应维持在利润的1倍左右。而第三方应收帐款的减损仍持续成为 各物管公司盈利分化的关键驱动因素。 智通财经APP获悉，摩根士丹利发布研报称，预计所覆盖内地物管公司去年业绩总体应符合预期，盈利 增长为低单位数，但分化加剧。在其覆盖的公司中，预计绿城服务(02869)与华润万象生活(01209)将实 现最高利润增长(同比增10%至15%)，其次为保利物业(06049)与中海物业(02669)(中单位数增长)。融创 服务(01516)可能仍面临核心利润下滑，受过往项目应收款问题及非核心业务拖累。然而，除万物云 (02602)外，来自关联方的减损风险已大致清除。 大摩表示，领先企业持续受益于第三方市场整合，但现金回款疲弱仍是主要阻力，尽管竞争加剧，多数 物管公司仍达成全年扩张目标，凸显了巨大的长期市场潜力。但受居民预付款减少及2022年后交付的高 空置率项目占比上升，去年现金回款比率仍同比降1至2个百分点。 ...