Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook for investment opportunities in this sector [4][6]. Core Insights - The report highlights that the new home prices in 70 cities decreased by 3.0% year-on-year, while second-hand home prices fell by 6.1% in 2025, with core cities experiencing a significant decline [1][2]. - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investments in this area can reflect broader economic trends [4]. - It notes that the competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms performing well in land acquisition and sales [4]. Summary by Sections New Home Market - In December 2025, new home prices in 70 cities decreased by 0.4% month-on-month and 3.0% year-on-year, with first, second, and third-tier cities showing price changes of -1.7%, -2.5%, and -3.7% respectively [1][11]. - The report indicates that new home prices increased in 5 cities while decreasing in 65 cities throughout the year, with Shanghai showing a consistent month-on-month increase [1]. Second-Hand Home Market - The second-hand home prices in 70 cities fell by 0.7% month-on-month and 6.1% year-on-year, with all cities experiencing a decline [2][12]. - The report notes that after a brief stabilization in some cities post-September 2024, the second-hand home prices resumed their downward trend starting in the second quarter of 2025 [2]. Transaction Volume - For new homes, the transaction volume in 30 cities was 117.7 million square meters, reflecting a 1.3% decrease month-on-month and a 38.1% decrease year-on-year [3][25]. - In the second-hand market, the transaction volume in 15 cities totaled 213.9 million square meters, showing a 3.9% increase month-on-month but a 4.0% decrease year-on-year [3][36]. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly in first-tier and select second-tier cities, as these areas are expected to benefit from policy changes and market dynamics [4]. - Specific companies recommended for investment include Green Town China, China Resources Land, and Poly Developments among others [4].

Core Insights - The report indicates a sustained optimistic sentiment in the real estate sector, suggesting that the market performance is likely to continue positively throughout the year [1]. Group 1: Policy Environment - Central policies have seen few new measures, maintaining a loose stance towards the real estate sector. Recent actions include the extension of tax incentives for public rental housing and a reduction in the minimum down payment for commercial properties from 50% to 30% [5][16]. - Local policies focus on long-term strategies in major cities, with initiatives aimed at urban renewal and optimizing land use policies [5][16]. Group 2: Transaction Performance - New home transactions remain low, with a year-on-year decline of 31.3% in the first 22 days of January, while second-hand home transactions have shown a year-on-year increase of 14.1% [5][9]. - The number of second-hand home subscriptions has increased significantly, with a year-on-year growth of 59.8% in the same period [5][9]. Group 3: Market Conditions - The new housing supply is in a seasonal downturn, with a 12% decrease in new home launches week-on-week. However, the transaction volume slightly exceeds the supply, indicating a market adjustment [5][9]. - The land supply and transaction scale have contracted sharply, with a 67% year-on-year decrease in land transaction value [5][9]. Group 4: Sector Performance - The real estate sector has shown strong performance, with a 5.2% increase in the SW real estate index, outperforming the CSI 300 index by 5.8 percentage points [5][9]. - Major real estate companies have experienced notable stock price increases, with leading firms like Greentown and China Merchants Shekou seeing significant gains [5][9]. Group 5: C-REITs Overview - The C-REITs sector has seen a 2.29% increase in the comprehensive return index, with 68 out of 78 REITs reporting gains this week [5][9].

Investment Rating - The report maintains an "Buy" rating for the real estate industry, consistent with the previous rating [2]. Core Insights - The real estate market is showing signs of recovery, with a notable increase in second-hand home subscriptions and a strengthening of transaction confidence [7][15]. - The average daily subscription for second-hand homes in 79 cities reached 3,404 units from January 1 to January 22, 2026, representing a year-on-year increase of 33.1% compared to the same period in 2025 [16][27]. - The report highlights that the market is experiencing a self-driven recovery without significant large-scale stimulus policies being implemented [16]. Summary by Sections 1. Second-Hand Homes: Significant Growth in Subscriptions and Record High Conversion Rates - Overall transactions show a recovery in lower-tier cities, although this has not yet fully translated into net signing [15]. - In key cities, second-hand home subscriptions in first-tier cities like Guangzhou are relatively stable, while many lower-tier cities are experiencing growth [31]. - The conversion rate of visits to transactions has reached a new high, with a 5.6% conversion rate in 70 cities, up from the previous quarter [35]. 2. New Homes: Low Net Signing Levels Across All Tiers - The average daily net signing for new homes in 45 cities was 250,000 square meters, a year-on-year decrease of 42.1% [29]. - All tiers of cities are experiencing varying degrees of decline in new home net signing, with first-tier cities seeing the most significant drops [29]. 3. Price Trends and Market Dynamics - As of January 22, 2026, the average price of second-hand homes in 33 cities has decreased by 17.9% year-on-year compared to 2025 [41]. - The report indicates that the price adjustments in lower-tier cities are more pronounced, aligning closer to residents' psychological expectations, which has led to increased subscriptions [42]. - The report notes a decline in the number of second-hand listings, particularly in key cities, due to factors such as the removal of ineffective listings by agents and homeowners withdrawing listings amid falling prices [41].

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]

Core Viewpoint - The negotiation for the equity buyback of Shenzhen Qianhai Ice and Snow World by Sunac has encountered obstacles, with both parties struggling to reach an agreement in the short term [2] Group 1: Negotiation Status - Huafa Co., Ltd. announced that both parties have not reached an agreement on the fulfillment of the preconditions for the buyback [2] - The negotiation has been ongoing for two months and is currently at a standstill [2] - Future discussions will focus on the settlement of the buyback agreement and other outstanding matters [2] Group 2: Project Background - Shenzhen Qianhai Ice and Snow World is located in Bao'an District, Shenzhen, covering an area of 436,800 square meters with a total construction area of 1,310,700 square meters [3] - Huafa's subsidiary holds a 49% stake in the project, while Sunac holds 51% [3] - In January 2023, Sunac transferred its 51% stake and debt for approximately 3.58 billion yuan to Huafa to recover funds [3] Group 3: Financial Dynamics - Sunac's financial situation has improved following the approval of a $9.6 billion debt restructuring plan, allowing for a reassessment of its valuable assets [4] - The project has transformed from a "liability" to a "cash cow," with predictions of generating approximately 650 million yuan in annual revenue and 130 million yuan in net profit once it matures [4] - The main disagreement in the buyback negotiations likely revolves around the current valuation of the project and the calculation of risk costs [4] Group 4: Buyback Agreement Details - The buyback agreement allows Sunac to repurchase the equity and debt by November 23, 2025, but the terms need to be renegotiated due to changing circumstances [5] - Huafa has stated that if the preconditions for the buyback are not met, it will be considered a definitive non-repurchase [5] - The negotiations have evolved from executing an existing contract to a complex restructuring of commercial interests based on current conditions [6] Group 5: Financial Pressure on Huafa - Huafa is facing financial pressure, with a projected negative net profit for 2025, marking its first annual loss since its listing in 2004 [7] - The company has seen a significant decline in net profit over the past three years, with a 90% year-on-year drop in the first three quarters of 2025 [7] - The willingness to negotiate reflects a balance between short-term cash flow needs and long-term asset holding aspirations [7] Group 6: Sunac's Transformation Strategy - Despite high debt levels, Sunac is pursuing a transformation from a heavy asset model to a diversified approach focusing on light asset operations and innovation [8] - The revenue from Sunac's cultural tourism business is expected to reach 10.9% of total revenue by the first half of 2025, indicating growth in this sector [8] - Sunac is also expanding its international presence, with plans to develop an indoor ski resort in Australia, which could enhance its overseas output capabilities [8]

Core Viewpoint - The company, Weiye Co., Ltd. (维业股份), has confirmed its commitment to performance guarantees for its subsidiaries following a significant asset restructuring in 2021, with specific profit targets set for 2025 [1] Group 1: Performance Guarantees - Weiye Co., Ltd. announced that its subsidiary, Hualong Decoration (铧龙装饰), is guaranteed to achieve a net profit of no less than 59.80 million yuan by 2025 [1] - Another subsidiary, Jiantai Construction (建泰建设), is guaranteed to achieve a net profit of no less than 28.70 million yuan by 2025 [1] - The completion of these performance commitments will be subject to the results of a special audit by an accounting firm [1]

Core Insights - The report highlights a continuous improvement in the real estate sector, driven by favorable policies and a strengthening of the second-hand housing market [1] - The overall industry rating remains at "Buy," consistent with previous assessments [2] Group 1: Policy Developments - Central government policies are increasingly supportive, with the Ministry of Finance announcing an extension of the tax exemption policy for second-hand housing transactions until the end of 2027 [5][14] - The People's Bank of China has introduced measures including a 0.25 percentage point reduction in various structural monetary policy tool rates and a decrease in the minimum down payment for commercial properties from 50% to 30% [5][15] - The publication of multiple articles in "Qiushi" magazine indicates a heightened focus on real estate and urban development, suggesting a strong policy commitment [5][17] Group 2: Market Performance - The second-hand housing market has shown significant improvement, with a 40.3% year-on-year increase in transactions for the first 15 days of January, despite a 10% decline compared to the previous week [5][23] - New housing transactions remain low, with a 29.7% year-on-year decrease in sales volume, although there was a 9.9% week-on-week increase [5][23][26] - The average transaction price for second-hand homes in 33 cities increased by 0.6% week-on-week, indicating a stabilization in prices [5][25] Group 3: Land Market Dynamics - The total land transfer revenue remains low, with a 25.2% week-on-week decline and a 54.3% year-on-year decrease, reflecting weak market conditions [5][24] - There are localized instances of structural premiums in third and fourth-tier cities, suggesting potential opportunities despite overall market weakness [5][24] Group 4: Company Valuations and Financial Analysis - Key companies in the real estate sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable valuations projected for 2025 and 2026 [6] - The report includes detailed financial metrics for various companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios, which suggest potential for growth in the sector [6][30]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - The report highlights ongoing government support for the real estate sector through tax policies aimed at reducing transaction costs and promoting housing demand, particularly for first-time buyers and those looking to upgrade [10][11] - The real estate market is currently experiencing a significant decline in new home sales, with a year-on-year decrease of 38.1% in new home transactions across 30 cities [2][23] - The report emphasizes that the current policies are extensions of previous measures and suggests that more substantial policy interventions may be necessary to stimulate the market [11] Summary by Sections Policy Review - The government has extended the personal income tax refund policy for residents purchasing new homes after selling their existing properties, effective from January 1, 2026, to December 31, 2027 [10] - The minimum down payment ratio for commercial property loans has been reduced to 30% to support the commercial real estate market [11] Market Performance - The real estate index decreased by 3.5% this week, underperforming the CSI 300 index by 2.95 percentage points, ranking 30th among 31 sectors [2][12] - New home sales in 30 cities totaled 119.1 million square meters this week, reflecting a 2.4% increase from the previous week but a 38.1% decrease year-on-year [23][25] - In the secondary housing market, transactions in 15 cities totaled 205.8 million square meters, showing a 3.8% increase week-on-week but a 7.6% decline year-on-year [31] Credit Market - A total of 14 corporate bonds were issued by real estate companies this week, with a total issuance of 12.11 billion yuan, marking a 54.8% increase from the previous week [3][40] - The net financing amount for the week was -2.7 billion yuan, indicating a decrease in net financing compared to the previous week [40] Investment Recommendations - The report suggests focusing on real estate stocks, particularly those of leading state-owned enterprises and quality private firms, as they are expected to benefit from the improving competitive landscape [3] - Recommended stocks include Green Town China, China Resources Land, and Poly Developments among others [3]

Core Viewpoint - The continuous supervision inspection of Zhuhai Huafa Industrial Co., Ltd. by Huajin Securities shows that the company operates in compliance with relevant regulations and maintains sound governance and internal controls [1] Group 1: Company Governance and Compliance - The governance and internal control systems of Huafa Co. are well-established and effectively implemented [1] - Information disclosure is truthful, accurate, and complete [1] - The company maintains independence in business, personnel, assets, institutions, and finances, with no violations of fund occupation by controlling shareholders or related parties [1] Group 2: Fund Utilization and Transactions - The storage and use of raised funds are compliant, with no violations identified [1] - The decision-making processes for related transactions, external guarantees, and major external investments are compliant [1] Group 3: Operational Status - There have been no significant changes in the company's business model or environment, and the operational status is normal [1] - The sponsor, Huajin Securities, found no abnormal matters that need to be reported to the China Securities Regulatory Commission and the Shanghai Stock Exchange [1]

华金证券股份有限公司 2、保荐代表人 李琼娟、袁庆亮 华金证券股份有限公司 关于珠海华发实业股份有限公司 2025 年度持续督导现场检查报告 华金证券股份有限公司（以下简称"华金证券"）作为珠海华发实业股份有 限公司（以下简称"华发股份"或"公司"）向特定对象发行可转换公司债券的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、法规和规范性文件的要求，本着审慎和勤勉尽责 的原则，华金证券对华发股份本次向特定对象发行可转换公司债券挂牌转让日期 至 2025 年 12 月 31 日（本持续督导期间）的规范运作等情况进行了现场检查， 报告如下： 一、本次现场检查的基本情况 （一）检查人员、日程安排 1、保荐机构 3、现场检查时间 2026 年 1 月 6 日至 2026 年 1 月 9 日 4、现场检查人员 李琼娟、王兵 （二）现场检查方案及内容 为履行好持续督导职责，华金证券根据华发股份的具体情况，制定了现场检 查计划，确定本次现场检查需要关注的事项范围，以及本次现场检查的工作进度 ...