Market Overview - On January 13, 2026, the equity market saw a majority of sectors decline, with the Shanghai Composite Index and Shenzhen Composite Index falling by 0.64% and 1.42% respectively. The CSI 300 and CSI 500 indices decreased by 0.60% and 1.28% respectively. The Shenwan Real Estate Index dropped by 1.67% [1] Individual Stock Performance - The top five gainers in the real estate sector were Daming City, Tibet Urban Investment, Rongfeng Holdings, Huali Family, and Nandu Property, with increases of 4.37%, 2.20%, 1.91%, 1.80%, and 1.79% respectively. Conversely, the largest decliners included Chengjian Development, Suzhou High-tech, Rongsheng Development, Hefei Urban Construction, and China Wuyi, with declines of -9.93%, -6.61%, -6.59%, -5.49%, and -5.46% respectively [2] Industry News - In Yinchuan, Ningxia, a dynamic adjustment mechanism for newly transferred commercial housing land has been implemented. The measures, effective from January 13, aim to promote stable and healthy development in the real estate market. They include linking residential land assessment prices to surrounding property sales prices, allowing installment payments for land transfer fees, and enhancing land use efficiency. Additional benefits for families with multiple children include increased public housing loan limits [3] - On January 13, three residential land parcels in Chengdu Tianfu New Area were successfully auctioned for a total of 9.27 billion yuan. The total land area was 55,000 square meters (approximately 82.55 acres), with a total planned construction area of 110,000 square meters. The Sichuan Urban Renewal Group won the auction at the starting price [4] Company Announcements - Xiamen C&D Inc. announced the issuance of its second short-term financing bond for 2026, amounting to 1 billion yuan with a term of 180 days. The bond will be used to supplement working capital for trade-related expenditures. The issuance date is set for January 14, 2026, with interest payments commencing on July 14, 2026 [5] - China Merchants Shekou Industrial Zone Holdings Co., Ltd. announced the interest payment arrangement for its first medium-term note of 2022, totaling 645 million yuan with an interest rate of 3.3%. The interest payment date is scheduled for January 26, 2026, with maturity on January 26, 2027 [5]

Core Viewpoint - The marathon symbolizes the victory of civilization and urban development, reflecting the sustainable future of cities and the importance of ecological coexistence in modern urban marathons [1][10]. Group 1: Marathon as a Symbol of Urban Civilization - The marathon originated from the historical victory of Athens, representing not just a race but a defense of independence and civilization [1]. - Modern marathons serve as a grand exhibition and stress test of urban civilization, emphasizing sustainability and ecological coexistence [1][10]. Group 2: Xiamen Marathon's Unique Features - The 2026 Xiamen Marathon, as the first World Athletics Platinum Label event of the year, showcases a beautiful running route that embodies the "City-Enterprise-Race" symbiosis [3][5]. - The marathon has evolved into a significant urban asset, enhancing city infrastructure and governance while promoting tourism and local culture [5][6]. Group 3: Long-term Partnership and Economic Impact - The partnership between Jianfa Group and the Xiamen Marathon has lasted for 24 years, creating a unique brand that promotes sustainable urban growth [6][7]. - The economic benefits of the Xiamen Marathon reached 1.98 billion yuan in 2025, highlighting its role as a catalyst for urban branding and economic development [7]. Group 4: Comprehensive Urban System Testing - Marathons test a city's collaborative capabilities, public service efficiency, and emergency management, reflecting the overall health of urban civilization [10]. - Jianfa Group's involvement in the marathon exemplifies its commitment to sustainable development and community engagement across various sectors [10][12]. Group 5: Commitment to Sustainable Development - Jianfa Group prioritizes green and low-carbon development, integrating sustainability into its operational blueprint and supporting a resilient ecological system [12]. - The group's initiatives include clean energy investments and environmental restoration projects, contributing to a sustainable urban ecosystem [12]. Group 6: The Future of Marathon Cities - The Xiamen Marathon represents a continuous journey towards urban civilization, merging the spirit of the marathon with the city's development [15]. - The event not only celebrates athletic achievement but also embodies the long-term vision of a sustainable and thriving "Marathon City" [15].

Group 1: Real Estate Market Policies - Yinchuan has implemented eight measures to promote the stable and healthy development of the real estate market, focusing on land security, planning, housing quality, policy support, supply guarantees, promotional incentives, rights protection, and market regulation [1] - The new policy includes a dynamic adjustment mechanism for newly sold residential land, allowing for staggered payment of land transfer fees, and increases in public housing loan limits for families with two or more children [1] Group 2: Land Auction Results - Chengdu held its first land auction of 2026, selling five plots of residential and commercial land with a total area of approximately 141 acres, with the total transaction price around 910 million yuan [2] - The auction reflects a trend of bottom-price transactions and state-owned enterprise leadership, indicating a stable land market during the current adjustment period [2] Group 3: Regulatory Actions - The Hong Kong Stock Exchange has taken disciplinary actions against Xingyue Kanglv and China Aoyuan, citing violations of multiple listing rules and issues related to internal controls and benefit transfers [3] - The actions serve as a warning to the industry about the importance of improving corporate governance and compliance to navigate through market cycles [3] Group 4: Financial Forecasts - Huaxia Happiness has projected a net loss of 16 billion to 24 billion yuan for 2025, with potential negative equity by year-end, raising concerns about possible delisting from the Shanghai Stock Exchange [4] - The company needs to expedite its pre-restructuring process and debt restructuring to avoid severe consequences for stakeholders [4] Group 5: Financing Activities - Jianda Co. plans to issue 1 billion yuan in ultra-short-term financing bonds with a maturity of 180 days, aimed at supplementing operational funding for trade-related activities [5][6] - This move demonstrates the company's financial resilience and strategic determination amid the current challenges in the real estate sector and private enterprise financing [6]

Core Insights - The current stock of housing that meets the "good house" standard is less than 5%, with an annual demand for housing improvement projected to reach 700 million to 1 billion square meters, indicating a shift towards a "product certainty era" in the industry [1] - The real estate sector is transitioning from quantity expansion to quality enhancement, making product strength the core competitive advantage for companies in this new development phase [1] - The current housing prices are at a low point, while product standards have reached historical highs, presenting an optimal time for buying and upgrading homes, with expectations for the next five years to be the "year of products" in Chinese real estate [1] Industry Trends - According to the latest report by CRIC, leading real estate companies are excelling in product strength by focusing on safety, comfort, sustainability, and intelligence, as reflected in the "2025 China Real Estate Enterprise Product Strength TOP 100" rankings [2] - The rankings include traditional categories such as top enterprises and products, along with new categories like "Top 10 Good House Enterprises" and "Top 20 Good House Works," showcasing the industry's focus on quality [2] - Despite challenges such as market saturation and structural declines in purchasing power, the relationship between good products and sales is not direct, necessitating a deep integration of market analysis, customer insights, and product refinement to overcome these challenges [2] Product Development - CRIC's CEO highlighted the importance of selecting unique market opportunities, with projects like Shenzhen Bay and Shanghai Gao Fu achieving strong sales due to their prime locations [3] - Emphasizing product uniqueness and differentiation is crucial, as seen in projects like Zhengzhou Jinmao and Puyang Zhuyou, which have achieved competitive advantages through differentiated offerings [3] - The industry is expected to evolve by 2026 from a focus on individual product competition to a more integrated approach involving product, customer research, and operational strategies [3]

Market Overview - On January 8, the logistics sector rose by 0.1% compared to the previous trading day, with ST Xuefa leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - ST Xuefa (002485) closed at 4.41, up 5.00% with a trading volume of 56,500 shares and a turnover of 24.14 million yuan [1] - Longzhou Co., Ltd. (002682) closed at 8.36, up 4.11% with a trading volume of 1.2365 million shares and a turnover of 1.03 billion yuan [1] - Yuanda Holdings (000626) closed at 8.12, up 2.65% with a trading volume of 98,400 shares and a turnover of 7.91 million yuan [1] - Other notable performers include *ST Yuanshang (603813) up 2.32% and *ST Haiqin (600753) up 1.83% [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 137 million yuan from institutional investors, while retail investors saw a net inflow of 89.95 million yuan [2] - The main funds showed a significant net inflow in stocks like SF Holding (002352) with 67.10 million yuan, while Longzhou Co., Ltd. (002682) had a net inflow of 61.06 million yuan [3] - Conversely, stocks like Xiamen Xiangyu (600057) and Xiamen Guomao (600755) faced declines of 2.68% and 1.93% respectively, indicating a mixed sentiment in the sector [2]

Core Viewpoint - The company, Jianfa Co., Ltd. (600153), has developed a comprehensive supply chain operation capability in the mining sector, focusing on various core categories including non-ferrous metals, ferrous metals, new energy minerals, and non-metallic minerals [1] Group 1: Business Operations - The company has established an integrated and diversified business model for mineral supply chain operations [1] - In the copper industry chain, the company operates with an annual handling volume of over 2.3 million tons of copper concentrate [1] - The subsidiary, Xiangguang Copper Industry, is performing well, with a cumulative output of over 350,000 tons of cathode copper expected from January to November 2025 [1]

证券日报网讯 1月6日，建发股份在互动平台回答投资者提问时表示，公司相关福利政策的制定与执 行，均严格遵循国家、员工所在省市及对应国家/地区的法律法规要求，确保政策合规性与适用性。在 法律法规框架基础上，公司也会结合实际运营情况与员工需求，尽可能为有生育、育儿需求的员工提供 便利支持，比如在工作安排上灵活协调等情况，力求为员工平衡工作与育儿提供力所能及的帮助。员工 福利的相关内容可参见公司披露的《2024年可持续发展报告》。 （编辑 丛可心） ...

Core Viewpoint - Meikailong stated that the restructuring of Hongxing Holdings primarily involves debt restructuring at the shareholder level and does not have a direct significant impact on the daily operations and financial status of Meikailong [1] Group 1: Company Operations - Meikailong and Hongxing Holdings operate independently in terms of business, personnel, assets, institutions, and finances [1] - The largest shareholder and controlling shareholder of Meikailong remains Xiamen Jianfa Co., Ltd., indicating a stable governance structure [1] Group 2: Strategic Development - The development strategy of Meikailong is primarily led by Jianfa Co., and the company is currently progressing steadily [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Views - The real estate market in 2025 is expected to remain sluggish, with new home transactions down by 15.8% year-on-year, while second-hand home transactions show a slight increase of 3.9% [11][22] - The report emphasizes that the policy environment is expected to become more stringent, similar to the conditions seen in 2008 and 2014, indicating that the current policy adjustments are still in progress [4] - The report suggests that the real estate sector serves as an early economic indicator, making it a valuable asset class for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to perform better in land acquisition and sales [4] - The report highlights a focus on first-tier and select second-tier cities for investment, as these areas are likely to see better performance during market rebounds [4] Summary by Sections New Home Transactions - In 2025, the cumulative new home transaction volume in 30 sample cities reached 98.217 million square meters, a decrease of 15.8% year-on-year [11] - First-tier cities accounted for 26.191 million square meters, down 12.0%, while second-tier cities saw a decline of 15.6% to 49.040 million square meters [11] - December 2025 saw a significant drop in new home transactions, with a total of 9.679 million square meters, reflecting a year-on-year decrease of 40.0% [2][11] Second-Hand Home Transactions - The total area of second-hand home transactions in 2025 was 103.989 million square meters, marking a year-on-year increase of 3.9% [22] - First-tier cities recorded a total of 43.287 million square meters in second-hand home transactions, up 4.4% year-on-year [22] Market Performance - The report notes that the real estate index decreased by 0.7% this week, lagging behind the CSI 300 index by 0.10 percentage points, ranking 19th among 31 sectors [34] - The report identifies a total of 28 stocks that increased in value this week, while 82 stocks experienced declines [34] Credit Bond Issuance - In the week of December 29 to January 4, only one credit bond was issued by real estate companies, totaling 250 million yuan, a decrease of 44.82 million yuan from the previous week [45]

Core Insights - The report emphasizes the importance of stabilizing expectations in the real estate market, highlighting the need for proactive measures to shorten adjustment periods and smooth market fluctuations [5][14][17] - The article from "Qiushi" magazine outlines the critical role of real estate in the national economy and stresses the necessity of maintaining policy strength to align with market expectations [5][14][16] Section Summaries 1. Policy Environment During New Year - The article in "Qiushi" magazine discusses the current phase of the real estate market, indicating a shift from housing shortages to a balance in supply, with a focus on quality over quantity in housing demand [13][15] - It highlights the financial asset nature of real estate, emphasizing its significance in stabilizing the economy and the need for effective expectation management [14][15] 2. Transaction Performance: New and Second-Hand Housing - New housing transactions during the New Year period saw a significant decline, with a daily average of 15.66 million square meters sold across 32 cities, down 44.8% year-on-year [19][21] - In contrast, second-hand housing transactions showed relative stability, with an average of 2,676 units sold daily across 80 cities, a slight decrease of 1.1% year-on-year [26][28] 3. Market Trends and Insights - The real estate sector's performance was weak, with the SW real estate index down 0.7%, underperforming the CSI 300 index by 0.1 percentage points [5][19] - The report notes that the PB valuation for major developers is at 0.45x, indicating low market expectations for price recovery [5][19] 4. Company Valuation and Financial Analysis - The report provides a detailed valuation analysis of key companies in the real estate sector, indicating a "Buy" rating for several firms based on their projected earnings and valuation metrics [6][19] - Companies like Vanke A and China Overseas Development are highlighted for their potential upside based on current market conditions and valuations [6][19] 5. Future Outlook - The report suggests that despite current challenges, there remains significant potential for growth in housing services, second-hand transactions, and real estate asset management, with estimates indicating a need for 10 to 14.9 million new homes annually [16][18] - It emphasizes the importance of maintaining policy strength and aligning it with market expectations to foster recovery in the real estate sector [16][18]