FF301 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: 2026年1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: 美的置業控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年2月2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) | 03990 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 1 HKD | | 2,000,000,000 | 本月底法定 ...

导 读 核心城市二手房市场实现开门红 百强房企1月实现销售操盘金额1654.5亿元。 | ☉ 文／克而瑞 | | --- | | 19 | 碧桂园 | 24.6 | 19 | 美的置业 | 9.7 | | --- | --- | --- | --- | --- | --- | | 20 | 金地集团 | 22.2 | 20 | 越秀地产 | 9.3 | | 21 | 中信城开 | 21.7 | 21 | 华发股份 | 9.1 | | 22 | 融创中国 | 21.0 | 22 | 远洋集团 | 8.8 | | 23 | 陆家嘴 | 18.5 | 23 | 电建地产 | 8.3 8 | | 24 | 国贸地产 | 17.2 C | 24 | 融创中国 | 8.2 | | 25 | 中国中铁 | 17.1 | 25 | 新城控股 | 8.1 | | 26 | 大华集团 | 16.3 | 26 | 滨江集团 | 7.7 | | 27 | 象屿地产 | 15.1 | 27 | 大华集团 | 7.5 | | 28 | 君一控股 | 13.2 L | 28 | 联发集团 | 7.3 | | 29 | 电建地产 | 13. ...

Group 1: Report Industry Investment Rating - No information provided in the given content. Group 2: Core Viewpoints of the Report - In 2026, focus on provinces with large maturity scales of industrial bonds, such as Inner Mongolia, Heilongjiang, and Jilin, and avoid entities with industry downturns, weakened profitability, and financing channels, or those with non - bond debt risks [2]. - The broad private real estate developers still face challenges, and other industries have a low probability of concentrated risks, but entities with weak competitiveness, significant profit decline, cash - flow pressure, and concentrated debt maturities should be focused on [2]. - For convertible bonds, weak - quality entities with low - priced underlying stocks and high conversion premiums may face difficulties in exiting through conversion, and potential losses should be watched out for [2]. Group 3: Summary by Relevant Catalogs 1. Overall Bond Market Situation - As of January 6, 2026, the national credit bond balance was 36.18 trillion yuan, with urban investment bonds at 17.73 trillion yuan (49.00%) and industrial bonds at 18.45 trillion yuan (51.00%, down from 54.57% last year) [5]. - Beijing has the largest bond balance, followed by Jiangsu, Guangdong, Zhejiang, and Shandong. Inner Mongolia has the highest short - term bond maturity ratio at 81.09%, followed by Heilongjiang at 40.39% [5]. 2. Urban Investment Bonds - Since 2023, with a series of policies and measures, the debt pressure of urban investment platforms has been relieved, the issuance cost and credit spread of urban investment bonds have decreased, the financing cost is generally below 3%, and the debt term has been significantly extended [10]. 3. Industrial Bonds Provincial - level Analysis - Excluding urban investment bonds, Beijing has the largest industrial bond scale at over 7 trillion yuan, mainly central - enterprise bonds. Inner Mongolia has the highest short - term industrial bond maturity ratio at 82.64%, followed by Tibet, Heilongjiang, Tianjin, and Jilin [11]. - Inner Mongolia, Heilongjiang, and Jilin have a bond issuance coverage ratio of less than 1 for the next - year's maturity scale, indicating weak refinancing ability [14]. Industry - level Analysis - In 2025, default industries included 12 sectors such as automobile services and real estate development. The industrial holding and power industries have the largest bond balances, over 2 trillion yuan each [15]. - The paper - making, automobile services, medical devices, medical services, and publishing media industries have a short - term debt ratio of over 50%, with poor debt term structures [15]. - Industries with large short - term debt repayment pressures include rail transit, packaging, heating, furniture and home appliances, textiles, automobile services, and information technology [15]. 4. Real Estate Industry - In 2025, the default rate of real estate development entities remained high, with Vanke and Zhengxinglong defaulting. As of January 6, 2026, the real estate development enterprise bond balance was 11,528.76 billion yuan, mainly held by local and central state - owned enterprises [18]. - The short - term bond maturity pressure of public, Sino - foreign joint - venture, and private enterprises is over 40%. The broad private enterprises still face pressure, with an issuance amount of only 234.38 billion yuan in the past year, 76.93% of the next - year's maturity amount [20]. - In 2026, private real estate enterprises to focus on are Longfor and Yida Development [23]. 5. Loss - making Industrial Entities - Large - loss entities (losses over 10 billion yuan in 2024 and still in losses in the first three quarters of 2025) are mainly in the real estate development industry, including state - owned enterprises such as Overseas Chinese Town Group and financial street - related companies, as well as steel giant Ansteel Group [24]. - Entities with losses between 5 and 10 billion yuan involve industries such as electrical equipment, chemical, steel, and airport [26]. 6. ABS Market - From 2023 - 2025, the default rate of CSRC - regulated ABS was 1.10%, 0.77%, and 0.88% respectively. As of January 6, 2026, the ABS balance was 25,021.96 billion yuan, with a one - year maturity amount of 3,541.59 billion yuan (14.15%). The 2025 issuance amount covered the next - year's maturity amount 3.97 times, with good continuation [32]. 7. Convertible Bond Market - Since 2024, the convertible bond repayment risk has increased. As of January 6, 2026, the convertible bond balance was 5553.51 billion yuan, a 22.89% year - on - year decrease. The broad private enterprises accounted for 64.73%, with a relatively large proportion [33]. - Entities such as Anhui Honglu Steel Structure, Shenzhen Huayang International Engineering Design, and Shanghai Kehua Bio - Engineering face large convertible bond repayment pressures, but the conversion mechanism can reduce credit risks to some extent [35]. - Entities such as Dongfang Fashion Driving School, Hainan Pulili Pharmaceutical, and Jiangsu Fumiao Technology, although not facing immediate repayment pressures, have negative information such as business fluctuations, financial fraud, and equity freezes, and their dynamic changes should be continuously monitored [36].

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 core viewpoint of the articles highlights a significant rebound in Hong Kong's property stocks, driven by recent financial measures from mainland China aimed at stabilizing the real estate market [1] - Notable stock performances include Greentown China rising nearly 6%, Jianfa International Group up nearly 5%, and China Overseas Hong Kong Group increasing by 4.4% [2] - Recent financial measures include a 25 basis point reduction in the People's Bank of China's re-lending rate and a decrease in the minimum down payment ratio for commercial real estate from 50% to 30% [1] Group 2 - Shenwan Hongyuan believes that the fundamentals of China's real estate sector have undergone a deep adjustment, with a positive shift in policy expectations following central government directives to stabilize the market [1] - Ping An Securities forecasts a narrowing decline in the housing market by 2025, with signs of recovery expected by 2026, emphasizing that quality properties will be key to boosting new home sales [1]

FF301 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: 美的置業控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 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) | 03990 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | ...

格隆汇12月16日丨美的置业(03990.HK)发布公告，自2025年12月16日起，公司非执行董事任凌艳及独立 非执行董事欧阳伟立已获委任为提名委员会成员。 ...

美的置业(03990)发布公告，自2025年12月16日起，本公司非执行董事任凌艳女士及本公司独立非执行 董事欧阳伟立先生已获委任为董事会的提名委员会成员。 ...

智通财经APP讯，美的置业(03990)发布公告，自2025年12月16日起，本公司非执行董事任凌艳女士及本 公司独立非执行董事欧阳伟立先生已获委任为董事会的提名委员会成员。 ...

MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3990） 董事名單與其角色和職能 美的置業控股有限公司董事會（「董事會」）成員載列如下： | 王大在先生 | （聯席主席、執行董事兼總裁） | | --- | --- | | 郝恒樂先生 | （聯席主席兼執行董事） | | 劉敏女士 | （執行董事） | | 何劍鋒先生 | （非執行董事） | | 趙軍先生 | （非執行董事） | | 任凌艷女士 | （非執行董事） | | 譚勁松先生 | （獨立非執行董事） | | 歐陽偉立先生 | （獨立非執行董事） | | 陸琦先生 | （獨立非執行董事） | | | 委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 王大在先生 | | — | 成員 | 主席 | | 郝恒樂先生 | | — | — | — | | 劉敏女士 | | — | — | — | | 何劍鋒先生 | | — | — | — | | 趙軍先生 | | 成 ...