Core Viewpoint - Vanke A has been actively coordinating with financial institutions to optimize financing conditions and reduce interest costs, showing a trend of decreasing financing rates over the years [1] Financing Situation - The company has made some progress in its financing situation, as indicated in its regular reports [1]

Core Viewpoint - Vanke A announced that its subsidiaries, Xi'an Yajian and Yecheng Investment, have a combined loan balance of approximately RMB 3.2277 billion, which is part of a total loan of about RMB 3.48 billion that is due in February 2026. The bank has agreed to extend the loan for one year under the same guarantee conditions [1] Group 1 - The total loan amount applied for by Xi'an Yajian and Yecheng Investment from Dahua Bank is approximately RMB 3.48 billion, with a current outstanding balance of RMB 3.2277 billion [1] - The bank has agreed to renew the loan for an additional year, maintaining the original guarantee methods [1] - The guarantees for the renewed loan include entities such as Inry Group, Xi'an Yajian, and related overseas parties, utilizing methods like guarantees, equity pledges, and asset mortgages [1] Group 2 - As of the end of January 2026, the total guarantee balance for Vanke and its subsidiaries is RMB 954.58 billion, which represents 47.1% of the audited net assets attributable to shareholders of the listed company as of the end of 2024 [1] - There are no overdue guarantee matters reported [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - According to Wind data, among the bonds traded at a discount, "23 Development 01" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "H3 Vanke 01" had a relatively high degree of deviation in valuation price. Among the secondary and perpetual bonds with rising net prices, "25 Changsha Bank Secondary Capital Bond 01" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Jiangsu Bank Bond 04BC" had a relatively high degree of deviation in valuation price. Among the bonds with a trading yield higher than 5%, real estate bonds ranked high. The changes in credit bond valuation yields were mainly distributed in the [-5,0) range. The trading terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted transactions; the trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, with the 4 - 5 year term variety having the highest proportion of discounted transactions. By industry, the bonds in the building decoration industry had the largest average deviation in valuation price [3]. 3. Summary According to Relevant Catalogs 3.1 Discounted Transaction Tracking - The report listed 30 bonds with discounted transactions, including "23 Development 01", "23 Industrial Finance 09", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. The building decoration and non - bank finance industries had more bonds in this list [5]. 3.2 Tracking of Bonds with Rising Net Prices - The report listed 38 bonds with rising net prices, including "H3 Vanke 01", "H1 Vanke 04", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. Real estate, non - bank finance, and urban investment industries had more bonds in this list [6]. 3.3 Tracking of Secondary and Perpetual Bond Transactions - The report listed 40 secondary and perpetual bonds, including "25 Changsha Bank Secondary Capital Bond 01", "25 Tangshan Bank Secondary Capital Bond 01", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. The bonds were mainly from city commercial banks, rural commercial banks, and state - owned banks [7]. 3.4 Tracking of Commercial Financial Bond Transactions - The report listed 29 commercial financial bonds, including "25 Jiangsu Bank Bond 04BC", "25 Everbright Bank Science and Technology Innovation Bond 01", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. The bonds were mainly from city commercial banks, joint - stock banks, and rural commercial banks [8]. 3.5 Bonds with a Trading Yield Higher than 5% - The report listed 15 bonds with a trading yield higher than 5%, including "H3 Vanke 01", "H1 Vanke 04", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. Real estate and non - bank finance industries had more bonds in this list [9]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range [3]. 3.7 Distribution of Trading Terms of Non - Financial Credit Bonds on the Day - The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted transactions [3]. 3.8 Distribution of Trading Terms of Secondary and Perpetual Bonds on the Day - The trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, with the 4 - 5 year term variety having the highest proportion of discounted transactions [3]. 3.9 Discounted Transaction Proportion and Trading Volume of Non - Financial Credit Bonds in Each Industry - By industry, the bonds in the building decoration industry had the largest average deviation in valuation price [3].

Summary of Greater China Property and Conglomerates Conference Call Industry Overview - **Industry**: Greater China Property Sector - **Current Trend**: The sector is expected to experience another two years of downcycle, particularly in China, while Hong Kong shows signs of selective recovery [6][12]. Key Insights - **New Home Sales**: Continued decline in new home sales was reported in January 2026, with top 100 developers' attributable contract sales down by 25% year-over-year [11][12]. - **Secondary Market Activity**: There was an acceleration in secondary residential transactions in January 2026, indicating some market activity despite overall declines [14]. - **Inventory Levels**: Primary inventory months remain high across various city tiers, with lower-tier cities reaching historical highs [20][22]. Company Performance - **CR Land (1109.HK)**: Rated as "Buy" with a target price of 36.00, representing a 13% upside. The company has a market cap of 29.1 billion [7]. - **COLI (0688.HK)**: Rated as "Neutral" with a target price of 13.80, showing a potential decline of 5% [7]. - **Longfor (0960.HK)**: Rated as "Neutral" with a target price of 10.20, indicating a slight upside of 2% [7]. - **Vanke (2202.HK)**: Rated as "Sell" with a target price of 2.60, indicating a significant potential decline of 31% [7]. - **C&D International (1908.HK)**: Rated as "Buy" with a target price of 17.00, indicating an 11% upside [7]. - **Greentown China (3900.HK)**: Rated as "Buy" with a target price of 15.00, indicating a substantial upside of 41% [7]. Market Dynamics - **Rental Market**: Rental yield in tier 1 cities was reported to be 1.22 percentage points below the average mortgage rate as of December 2025, indicating a challenging environment for landlords [30]. - **Land Sales**: Land sales value in 300 cities declined by 48% year-over-year in January 2026, with tier 1 cities showing a 77% decline [36][37]. - **Social Rental Housing**: The supply of social rental housing has started to cannibalize private residential housing rental, affecting rental dynamics [32]. Additional Observations - **Market Sentiment**: The overall sentiment in the property sector remains cautious, with analysts highlighting the need for strategic positioning in a declining market [6][12]. - **Future Outlook**: The report suggests that investors should remain vigilant and consider the potential for selective recovery in certain markets, particularly in Hong Kong [6][12]. This summary encapsulates the key points from the conference call regarding the Greater China property sector, highlighting both challenges and opportunities within the market.

Investment Rating - The report maintains an "Accumulate" rating for the real estate sector [5][23]. Core Insights - The report highlights that February, being a month of the Spring Festival, saw a seasonal decline in sales for new homes, second-hand homes, and land markets, with a focus on the upcoming "small spring" in March [2][5]. - The top 100 real estate companies reported a significant year-on-year sales decline of 30.5% in February 2026, with total sales amounting to 288.81 billion CNY [7][11]. - The report emphasizes the ongoing efforts in various cities to relax restrictive policies, promote urban renewal, and acquire second-hand homes, indicating potential market recovery [2][5]. Summary by Sections Sales Performance - In February 2026, the top 100 real estate companies achieved a sales amount of 123.29 billion CNY, reflecting a month-on-month decline of 25.5% and a year-on-year decline of 34.5% [7][11]. - The top 50 companies recorded a sales amount of 253.42 billion CNY, down 28.9% year-on-year [7][11]. - The report notes that the sales threshold for the top 21-30 companies decreased by 17.1% year-on-year, while the threshold for the top 31-50 companies saw a more significant drop of 41.4% [13][12]. Company Recommendations - Recommended companies for investment include: 1. Development: Vanke A, Poly Development, China Overseas Development, and others [5][23]. 2. Commercial and Residential: China Resources Land, Longfor Group [5][23]. 3. Property Management: Wanwu Cloud, China Resources Vientiane Life, and others [5][23]. 4. Cultural Tourism: Overseas Chinese Town A [5][23]. Market Outlook - The report anticipates a recovery in the market driven by stronger policy interventions aimed at rebalancing supply and demand [4][5]. - The report suggests that the current market has the capacity to absorb the 8 trillion CNY new housing market sales, with a focus on the timing of fiscal stimulus and the emergence of blue-chip competitive dynamics [23].

CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。茲載列該公告如下，僅供參 閱。 萬科企業股份有限公司 董事會 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 中國，深圳，2026年3月2日 於本公告日期，本公司董事會成員包括：非執行董事黃力平先生、胡國斌先生及雷江松先生；執行 董事王蘊女士；以及獨立非執行董事廖子彬先生、林明彥先生、沈向洋博士及張懿宸先生。 * 僅供識別 万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-022 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 2023 年，公司之控股子公司西安亚建商业运营管理有限公司（以下简"西安 ...

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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬科企業股份有限公司 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 02202 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 2,206,512,938 0 2,206,512,938 增加 / 減少 (-) 0 0 本月底結存 2,206,512,938 0 2,206,512,938 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02202 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,206 ...

万科企业股份有限公司 关于按照《香港上市规则》公布 2026 年 2 月证券变动月报表的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-023 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 根据《香港联合交易所有限公司证券上市规则》（简称"《香港上市规则》"） 13.25B 条关于披露股份发行人的证券变动月报表的要求，及《深圳证券交易所股 票上市规则》11.2.1 条关于境内外同步披露的要求，特披露万科企业股份有限公 司在香港联合交易所有限公司披露易网站（www.hkexnews.hk）刊登的《万科企 业股份有限公司截至 2026 年 2 月 28 日的月报表》，供参阅。 特此公告。 万科企业股份有限公司 董事会 二〇二六年三月二日 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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬科企業股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普 ...

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-022 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）之控股子公司 前期已向银行申请贷款，公司之控股子公司将继续通过保证、质押、抵押分别为相应的贷款提 供担保。 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子公司对外提供 担保的议案》，同意在授权有效期内提供的新增担保总额须不超过人民币 1,500 亿元，有效期 为自 2024 年度股东大会决议之日起至 2025 年度股东大会决议之日止。董事会在取得股东大会 授权之同时，已进一步转授权公司指定高管人员对于单笔对外担保金额低于人民币 50 亿元进 行审批，并签署相关法律文件。 本次担保事项在上述担保额度范围内，被转授权人员已在上述授权范围内决策同意本次担 保事项，具体情况如下： 一、已有担保事项进展 （一）担保事项概述 2023 年，公司之控股子公司西安亚建商业运营管理有限公司（以下 ...

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [11] Core Insights - Housing inherently possesses three attributes: residential, asset, and social. From a residential perspective, the cost of buying a home for self-use includes interest rates, transaction and maintenance costs, depreciation, and the difference in expected price appreciation. From an asset perspective, the return on holding housing includes net rental yield, expected price appreciation, and depreciation. Before rental prices recover, buying a home is less favorable than renting, and investing in real estate is less attractive than financial products. From a social perspective, buying a home is not purely an economic calculation; it includes emotional value related to stability and social circles, as well as school district premiums. There is always a fundamental consumption demand, with low-priced housing and significantly scarce high-priced projects being affordable and desirable, which may differ from broader trends [2][5][9]. Market Performance - This week, the Yangtze River Real Estate Index increased by 0.85%, with an excess return of -0.23% relative to the CSI 300, ranking 23rd out of 32 industries. Year-to-date, the index has risen by 5.83%, with an excess return of +4.09% relative to the CSI 300, ranking 19th out of 32. The real estate sector performed poorly this week, with declines across development, rental, and property management categories [6][15]. Policy Updates - Shanghai has optimized purchase restrictions, allowing non-local residents to buy homes with reduced social security requirements. The maximum public housing loan limit has been raised from 1.6 million to 2.4 million yuan. In Foshan, guidelines for "good housing" construction have been released, and in Hefei, public rental housing management measures have been revised to broaden eligibility [7][17]. Sales Data - In the sample cities, new and second-hand housing registrations saw double-digit year-on-year growth after the Spring Festival. For the 12 days following the Lunar New Year in 2026, new housing registration in 37 cities totaled 833,000 square meters, a year-on-year increase of 12%. Second-hand housing registration reached 845,000 square meters, a year-on-year increase of 19% [8][18].