Summary of Key Points from Conference Call Records Industry Overview Financial Industry - The financial industry is expected to gradually return to a positive cycle by 2026, with economic sustainability improving despite not entering a significant upturn [2] - The central bank has implemented flexible interest rate cuts and reserve requirement ratio reductions, with a total of 7 trillion yuan in special re-loans to support small and micro technology enterprises [2][3] - December social financing data shows stable loan issuance, with a slight rebound in medium- and long-term loan growth, supporting infrastructure and helping to exit deflation [2] Automotive Industry - The automotive market in early 2026 is experiencing a downturn, with retail and wholesale sales significantly declining due to overdrawn demand for new energy vehicles and consumer hesitance regarding promotional subsidies [7][9] - A forecasted decline of 5-7% in passenger vehicle sales for Q1 2026, with an expected overall wholesale decline of 3% for the year [9] - The cost pressure in the automotive sector is increasing due to rising raw material prices, with an estimated increase in single vehicle costs by 6,000 to 8,000 yuan, impacting gross margins by 4-5 percentage points [11] Wind Power Industry - The wind power sector is expected to maintain a positive growth trajectory during the 14th Five-Year Plan, with annual new installations projected between 100-120 GW [15] Property Management Industry - The property management sector is anticipated to maintain low growth, with increasing differentiation among companies [16] - Major players like China Resources Mixc Life, Greentown Service, and Country Garden Service are expected to show strong performance due to stable cash flow and favorable dividend policies [17] Company-Specific Insights SF Express and Jitu - SF Express and Jitu have entered into a cross-shareholding agreement, with SF acquiring 10% of Jitu and Jitu acquiring 4.3% of SF, which is expected to have limited short-term EPS impact but potential long-term benefits due to resource synergy [4] - The collaboration is expected to enhance market presence in both domestic and overseas markets, particularly in cross-border logistics [5] China Resources Mixc Life - Recent stock price fluctuations for China Resources Mixc Life are attributed to slightly lower-than-expected earnings forecasts, but long-term growth potential remains intact with a projected EPS growth rate of 5-6% [18] Greentown Service and Country Garden Service - Greentown Service is expected to maintain a stable cash return due to its high-quality project structure, while Country Garden Service is anticipated to exceed shareholder return expectations with strong cash flow [17] Additional Considerations - The financial sector is benefiting from a shift in household financial asset allocation, with an annual growth rate of approximately 12% expected [3] - The automotive industry faces challenges from rising costs and cautious promotional strategies, with a need for adaptation to new policies impacting sales [8][12] - The property management sector is seeing a healthier profit structure as major companies release impairment pressures and rationalize non-core business operations [16]

Group 1 - The core point of the article is that Country Garden Services (06098.HK) has conducted share buybacks, indicating a strategy to enhance shareholder value [1] - On January 21, the company spent HKD 1.125 million to repurchase 180,000 shares at a price of HKD 6.25 per share [1] - On January 20, the company also repurchased 400,000 shares for HKD 2.48 million, reflecting ongoing efforts to manage its capital structure [1]

Group 1 - The company, Country Garden Services (06098), announced a share buyback plan, intending to repurchase 180,000 shares at a cost of HKD 1.125 million [1]

Group 1 - The company, Country Garden Services (06098), announced a share buyback plan, intending to repurchase 180,000 shares at a cost of HKD 1.125 million [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期： 2026年1月21日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06098 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不 ...

于2026年1月20日根据本公司于2024年7月9日采纳的购股权计划因其他合资格参与者行使所授予的购股 权而配发及发行43万股新股份。 碧桂园服务(06098)发布公告，于2026年1月20日，该公司斥资248万港元回购40万股股份，每股回购价 6.2港元。 ...

Group 1 - The company, Country Garden Services (06098.HK), announced a share buyback on January 20, spending HKD 2.48 million to repurchase 400,000 shares at a price of HKD 6.2 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期： 2026年1月20日 | 2). | 其他 (請註明) | | % | | | | | --- | --- | --- | --- | --- | --- | --- | | 見B部分 | | | | | | | | 變動日期 | 2026年1月20日 | | | | | | | | 於下列日期結束時的結存 (註5及6) 2026年1月20日 | 3,344,173,516 | | 0 | | 3,344,173,516 | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 1). | 已購回作註銷但尚未註銷的股份 | 146,000 | 0.0044 % | HKD | 6.76 | | | | 變動日期 2025年5月19日 | | | | | | | 2). | 已購回作註銷但尚未註銷的股份 | 1,300,000 | 0. ...

Core Viewpoint - Morgan Stanley's report indicates that while the profit drag from related parties for mainland property management companies has largely dissipated, challenges such as weakened collections and rising vacancy fees persist, alongside a soft macro environment and subpar service quality, leading to fee pressure [1] Industry Summary - The firm expects industry profits to grow by 3%, 5%, and 7% year-on-year from 2025 to 2027, with revenue growth around 5%, but profit margins are under pressure due to weakened collections [1] - Property management services are anticipated to be the main growth driver in the industry, while value-added services are expected to remain sluggish [1] Stock Selection - The firm recommends high-quality companies with robust asset bases, highlighting China Resources Mixc Lifestyle (01209) which is expected to achieve mid-teens growth driven by mall consumption, with a dividend yield of 4% to 5%, and a target price raised from HKD 46.38 to HKD 48.93, maintaining an "Overweight" rating [1] - Greentown Service (02869) is noted for high earnings visibility and margin expansion, also receiving an "Overweight" rating, with a target price slightly decreased from HKD 5.78 to HKD 5.54 [1] - Country Garden Services (06098) is viewed as a tactical choice, rated "In Line with Market," with a target price increased from HKD 6.07 to HKD 7.04, supported by stable cash flow, improved shareholder returns, and ongoing share buybacks yielding approximately 8% [1]

摩根士丹利发布研报称，虽然内地物管企业的关联方盈利拖累已大致消退，但公司持续面对收款转弱及 空置费上升的挑战，同时宏观环境疲软及服务质素未如理想，亦带来收费压力。该行预期2025至27年行 业盈利将分别同比增长3%、5%及7%，收入增长约5%，但利润率因收款转弱而承压。行业中，该行料 物业管理服务将成为主要增长动力，相反增值服务将持续低迷。 选股方面，该行建议具稳健资产基础的高质素企业，当中华润万象生活(01209)受商场消费带动，料有 中十位数增长，股息率达4%至5%，目标价由46.38港元微升至48.93港元，予"增持"评级。而绿城服务 (02869)盈利能见度高，且利润率扩张，同获"增持"评级，目标价由5.78港元微降至5.54港元。 另外，该行认为碧桂园服务(06098)可作为战术性选择，评级"与大市同步"，目标价由6.07港元升至7.04 港元，支持因素包括稳健现金流、股东回报改善，以及持续股份回购下约8%收益率。 ...