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 company is currently focused on three main business areas: real estate development, rental housing operations, and financial investment services, and has not yet commenced significant expansion into the supercharging station business [1] Group 1 - The company emphasizes its commitment to exploring potential investment opportunities within the urban investment industry chain [1] - The company will fulfill its information disclosure obligations promptly if there are any major investment actions or business adjustments in the future [1]

证券日报网讯1月16日，城投控股（600649）在互动平台回答投资者提问时表示，公司产业投资围绕主 业布局。具体投资详情请以公司定期报告及官方公告为准。 ...

Group 1 - The company has launched a WeChat public account and mini-program named "Chengtou Kuan Ting" to enhance its rental housing services [1] - The "Chengtou Kuan Ting" brand has been integrated into the "Weishenban - I Want to Rent" project, focusing on affordable rental housing [1] - Tenants can view VR models of housing units through the "Chengtou Kuan Ting" WeChat mini-program and can also obtain rental service information via a hotline [1]

证券日报网讯 1月16日，城投控股在互动平台回答投资者提问时表示，公司保持稳健经营，积极开展市 值管理，制定并披露了《估值提升计划暨提质增效重回报行动方案》，各项举措正按计划稳步落地执 行。 （编辑 任世碧） ...

Group 1 - Zhongyuan Neipei plans to acquire 59% stake in Zhongyuan Jikean for 143 million yuan, making it a wholly-owned subsidiary [1] - HNA Holding reports a 2.8% year-on-year increase in passenger transport volume for December 2025, with international passenger transport volume up by 21.95% [2] - Haolai Ke expects a net profit decrease of 75.16% to 83.23% for 2025, projecting a profit of 13.5 million to 20 million yuan [3] Group 2 - Chengdu Investment Holdings reports a 71.41% year-on-year decrease in signed sales amount for Q4 2025, totaling 2.318 billion yuan [4] - Zhong Rare Metals signs a strategic cooperation agreement with Xian Dao Group to enhance market share in rare metals [5] - Bofei Electric plans to invest 23.38 million yuan in Haining Qiyuan alongside its controlling shareholder [6] Group 3 - Rongchang Bio plans to increase the maximum repurchase price to 116 yuan per share [7] - Filihua's controlling shareholders and executives plan to reduce their holdings by up to 1.05% of the company's shares [8] - Jiu Zhi Tang's general manager plans to reduce holdings by up to 2% of the company's shares [10] Group 4 - Aerospace Development's controlling shareholder reduced 12.26 million shares during stock trading fluctuations [11] - Nong Shang Environment's subsidiary faces delays in a computing infrastructure project due to funding issues [12] - Xinhua Department Store denies rumors of injecting semiconductor assets into the company [13] Group 5 - Jin Ao Bo expects a net profit increase of 40.24% to 59.58% for 2025, projecting a profit of 174 million to 198 million yuan [21] - Zhejing Pharmaceutical receives approval for clinical trials of ZGGS18 and ZG005 for advanced solid tumors [22] - Guangdong Hongtu anticipates a net profit decrease of 7.99% to 17.87% for 2025, projecting a profit of 341 million to 382 million yuan [23] Group 6 - Aijian Group expects to report a net loss for 2025 [24] - Shuangliang Energy also anticipates a net loss for 2025 [25] - Jia Mei Packaging announces early redemption of convertible bonds due to stock price conditions [26] Group 7 - Jindao Technology plans to issue convertible bonds to raise up to 306 million yuan for various projects [27] - Xinlei Co. extends the lock-up period for shares held by its controlling shareholder and actual controllers until January 19, 2027 [28] - Genesis expects a net profit decrease of 30% to 45% for 2025, projecting a profit of 131 million to 166 million yuan [29] Group 8 - Defu Technology plans to repurchase shares for employee stock ownership plans, with a budget of 75 million to 150 million yuan [30] - Huasheng Tiancheng states that AI-related revenue is currently a small portion of overall revenue [32] - Hongchuan Wisdom's shareholder plans to reduce holdings by up to 2% of the company's shares [33] Group 9 - Century Huatong's subsidiary plans to invest 50 million yuan in a financial development fund [34] - Liou shares will be suspended for trading due to significant stock price fluctuations [35] - Golden Dragon Fish plans to transfer stakes in two subsidiaries to Mars China for a total of 60 million USD [36] Group 10 - Mountain Outside Mountain's shareholder plans to reduce holdings by up to 1% of the company's shares [37] - Keheng Co. plans to sign a cooperation framework agreement with Gree Supply Chain for procurement [38] - Tian Sheng New Materials announces a change in actual controller and resumes trading [40] Group 11 - Xinghua New Materials plans to acquire at least 51% of Tian Kuan Technology for cash [41] - Rongbai Technology continues to delay responses to the Shanghai Stock Exchange's inquiries, leading to ongoing stock suspension [42] - Longxin Zhongke's shareholders plan to reduce holdings by up to 3.03% of the company's shares [43]

Group 1 - The company reported a new completion area of 169,592 square meters in Q4 2025, with no new construction area added [1] - The company achieved a signed sales area of 18,487 square meters in Q4 2025, a year-on-year decrease of 67.45%, and a signed sales amount of 231.83 million yuan, a year-on-year decrease of 71.41% [2] - The company’s rental projects included approximately 579,800 square meters of rental real estate, with about 388,300 square meters leased, generating rental cash inflow of approximately 12.97 million yuan [3]

Core Viewpoint - The announcement from Chengdu Investment Holdings (600649.SH) indicates a significant decline in both sales area and sales amount for the fourth quarter of 2025 compared to the previous year [1] Group 1: Sales Performance - The total signed sales area for major projects, including Luxiangyuan Phase II, Jingyunli Phase II, Fugongguan, Hongshengli, and Shuishanghuating, reached 18,487 square meters, representing a year-on-year decrease of 67.45% [1] - The total signed sales amount was 2.318 billion yuan, reflecting a year-on-year decline of 71.41% [1] - It is noted that the sales area does not include parking spaces, while the sales amount does include parking spaces [1]

Core Viewpoint - The announcement from Chengdu Investment Holdings (600649.SH) indicates a significant decline in both sales area and sales amount for the fourth quarter of 2025 compared to the previous year [1] Sales Performance - The total signed sales area for the reported projects was 18,487 square meters, representing a year-on-year decrease of 67.45% [1] - The total signed sales amount reached 2.318 billion yuan, which is a year-on-year decrease of 71.41% [1] - It is noted that the sales area does not include parking spaces, while the sales amount does include parking spaces [1]

城投控股1月15日公告，2025年第四季度，公司新增竣工面积16.96万平方米，无新增开工面积。2025年 第四季度，公司实现签约销售面积1.85万平方米，同比减少67.45%；实现签约销售金额23.18亿元，同 比减少71.41%。其中，销售面积不包含车位，销售金额包含车位。 ...