1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The Chinese/HK properties performed strongly overall, especially VNKRLE bonds due to the reported SZ government rescue plan for Vanke. The deflationary pressure in China continued to ease in early 2026, and mild price reflation is expected in 2026, which should improve corporate profitability and support the capital - market performance of materials and cyclical sectors [2][3][12]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new CHIFEN 7.4 02/13/29 lowered by up to 1.0pt from RO at par. Chinese AMC space was firm, while HK bank T2s BNKEA/NANYAN widened 5 - 6bps, and Chinese TMTs KUAISH/MEITUA widened 2 - 5bps. Higher - beta names FRESHK 26 - 29s/ZHOSHK 28 closed 7 - 13bps wider. EHICAR 27 dropped 2.1pts, and EHICAR 26 closed 0.3pt lower. VNKRLE 27' and 29' surged 8.0 - 8.8pts on the SZ government rescue plan report. LNGFOR 27 - 32s/FUTLAN 28/FTLNHD 26 - 27 edged 0.1 - 0.4pt higher. Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement. LASUDE 26 rose 1.5pts, NWDEVL/VDNWDL complex gained 0.2 - 0.9pt, and FAEACO 12.814 Perp closed 0.8pt higher. In SE Asian space, PTTGC 31 - 52s widened 1 - 5bps, PTTGC Perps leaked 0.1 - 0.2pt, VLLPM 27 - 29 were down 1.0 - 1.8pts, and SMCGL Perps were 0.1pt higher. In KR space, POHANG/SKBTAM/HYNMTR/LGENSO stabilized. In JP space, there were selling flows on 10yr bank papers, Japanese insurance subs edged 0.1pt firmer, and Yankee AT1s leaked 0.1 - 0.3pt. In the Middle East, BSFRs were 0.1pt lower to 0.1pt higher, and long - end KSAs traded up to 0.4pt higher [2]. - This morning, MEITUA/KUAISH recovered to 3 - 5bps tighter. There was better selling on FRESHKs, FAEACO 12.814 Perp gained 1.6pts higher, EHICAR 26 dropped 2.3pts, and ACPM 4.85 Perp/HYSAN 4.85 Perp were 0.6 - 0.8pt lower. VNKRLE 27' and 29' edged 0.1 - 0.2pt higher after yesterday's jump [3]. - In the LGFV space, there was deployment demand from institutions, lifting offers and driving yields tighter. Non - LGFV CNH papers remained afloat due to cross - border account demand [4]. Last Trading Day's Top Movers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | VNKRLE 3.975 11/09/27 | 43.4 | 8.8 | EHICAR 12 09/26/27 | 53.3 | - 2.1 | | VNKRLE 3 1/2 11/12/29 | 41.5 | 8.0 | VLLPM 7 1/4 07/20/27 | 51.9 | - 1.8 | | TTMTIN 4.35 06/09/26 | 99.4 | 1.9 | NICAU 9 09/30/30 | 103.4 | - 1.2 | | LASUDE 5 07/28/26 | 78.4 | 1.5 | HAOHUA 5 1/2 03/14/48 | 99.9 | - 1.0 | | NWDEVL 10.131 PERP | 80.9 | 0.9 | VLLPM 9 3/8 07/29/29 | 41.5 | - 1.0 | [5] Marco News Recap - On Wednesday, S&P (-0.00%), Dow (-0.13%), and Nasdaq (-0.16%) were lower. The US Jan'26 Nonfarm Payrolls were +130k (higher than the market expectation of +66k), the Unemployment Rate was 4.3% (lower than the forecast of 4.4%), the Average Hourly Earnings in Jan'26 was +0.4% mom (a touch higher than the forecast of +0.3%), and the Crude Oil Inventories was +8.53mn (higher than the market expectation of -0.2mn). UST yield was higher, with 2/5/10/30 - year yield at 3.52%/3.75%/4.18%/4.82% [6]. Desk Analyst Comments - VNKRLE 27' and 29' jumped 8.0 - 8.8pts yesterday and edged 0.1 - 0.2pt higher this morning on the media reports of the SZ government's RMB80bn rescue plan for Vanke, including a RMB20bn share placement. Whether the equity injection is sufficient is under discussion, and the new share issue for a loss - making company needs special regulatory approval. The rescue plan is in line with the view that the central government doesn't want another high - profile default in the property sector. The SZ government, through SZ Metro, has been incentivized to support Vanke's refinancing and maturity extension [7]. - In late Jan'26, Vanke secured consents on onshore bonds. SZ Metro provided a 3 - year loan of up to RMB2.4bn to Vanke. Fitch upgraded China Vanke to CC from RD and affirmed Vanke HK's CC rating [8]. - Vanke can turn to alternative funding channels like long - term operating loans or CBICL - guaranteed bonds secured by IPs. As of Jun'25, the book value of Vanke's IPs was cRMB152bn, and c48% of IPs remained unencumbered, which could secure additional financing of cRMB36bn. The total o/s onshore and offshore bonds of Vanke is cRMB27bn [9][10]. - There are hold recommendations on VNKRLEs. The total outstanding amount of Vanke's USD bonds is USD1.3bn, and the next offshore maturity is VNKRLE 3.975 11/09/27 in Nov'27. Estimated NPVs for VNKRLEs are low - 60 to high - 70 and high - 50 to low - 70, respectively [11]. China Economy - China's deflationary pressure continued to ease in early 2026. CPI slowed to 0.2% YoY in Jan due to a high base effect and volatile food pricing. Core inflation remained robust driven by durable goods, tourism, and jewellery prices. PPI beat market expectation as price relation in upstream sectors passed through, while PPI of consumer goods remained subdued. Mild price reflation is expected in 2026, and CPI and PPI are expected to reflate from 0.1% and - 2.6% in 2025 to 0.9% and 0.5% in 2026. Further demand - side policies are expected to address the imbalance [12]. - Food price dynamics and base effects drove the shift in headline CPI. CPI YoY moderated to 0.2% in Jan from 0.8% in Dec, slightly below the market expectation. Sequentially, CPI remained flat at 0.2% MoM. Food prices showed weaker - than - normal seasonality, pork prices had 1.2% MoM growth, fresh vegetable prices dropped - 4.8% MoM, and vehicle fuel prices declined 1.2% MoM. Headline CPI is expected to rebound to 1.1% in Feb [13]. - Core CPI remained robust as durable goods price reflated. Core inflation edged down to 0.8% YoY in Jan from 1.2% in Dec due to the base effect, while its MoM expanded to 0.3%. Durable goods saw notable price reflation, other supplies and services including gold jewellery surged 2.7% MoM, service price growth edged up to 0.2% MoM, medical services continued reflation, and housing rent dropped 0.1% MoM [14]. - PPI sustained its recovery momentum. The YoY contraction of PPI narrowed to - 1.4% in Jan from - 1.9% in Dec, beating market expectations. The MoM growth reached 0.4%, the highest in 28 months. The extraction sector dropped 1.7% MoM, raw materials and processing sectors rose 0.7% and 0.5% MoM, AI - related and anti - involution sectors saw price increases, while downstream sectors remained subdued [15][16]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [19][20]. News and Market Color - Yesterday, 72 credit bonds were issued onshore with an amount of RMB50bn. Month - to - date, 858 credit bonds were issued with a total amount of RMB690bn, a 615.7% yoy increase. Sales of New Energy Vehicles (NEVs) in China slumped 18.9% yoy in Jan'26. First Pacific's Meralco will spend USD4.65bn on network upgrades and service expansion. Fosun - owned insurer weighs Lisbon listing at more than USD3.6bn valuation [21]. Company - Specific News - Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement to help repay FTLNHD 4.5 05/02/26 [26]. - Medco Energi Internasional's arm was awarded the operatorship of Cendramas offshore field in Malaysia by Petronas [26]. - Moody's affirmed Meituan's Baa1 ratings and revised outlook to negative from stable due to competition in the food delivery business [26]. - Petron Malaysian unit flagged a potential financial hit due to tropical storm Senyar [26]. - Petronas launched a bidding round for nine exploration blocks across Malaysia [26]. - Samsung Heavy won a USD321mn deal to build two containerships for an African buyer [26]. - AIIB will provide up to USD250mn on - lending facility to Shriram Finance [26]. - Santos flagged a USD137mn impairment loss in 2025 [26]. - West China Cement settled tender offer for WESCHI 4.95 07/08/26, with USD51.976mn remaining outstanding [26].

Group 1 - The core point of the article highlights the performance of the Basic Fundamental 120 ETF managed by Harvest Fund Management, which opened at 2.504 yuan with a slight increase of 0.08% [1] - The ETF's performance benchmark is the Shenzhen Basic Fundamental 120 Index, and it has achieved a return of 150.22% since its inception on August 1, 2011, with a recent one-month return of 1.30% [1] Group 2 - Major holdings in the ETF include companies such as CATL, which increased by 0.54%, and Midea Group, which decreased by 0.29% [1] - Other notable stock performances include Gree Electric Appliances down by 0.21%, BOE Technology Group unchanged, Ping An Bank unchanged, Luxshare Precision up by 0.22%, Vanke A up by 0.82%, TCL Technology down by 0.21%, Wuliangye down by 0.13%, and Weichai Power up by 1.62% [1]

Core Insights - The Dongguan government has initiated two "City Steward" projects with a total contract value of approximately 130 million yuan, awarded to Vanke Property and Dongshi Environment [1] - The projects expand traditional sanitation services to include maintenance of lighting facilities, municipal facilities, and irrigation systems, along with seasonal flower planting [1] Group 1: Center Square City Steward Project - Procurement budget is 64,350,359.80 yuan for three years [2] - The winning supplier is Shenzhen Vanke Property Service Co., Ltd. in a consortium with Zhuhai Dahengqin City Public Resource Management Co., Ltd. and Meijuting Environmental Technology Group Co., Ltd. [2] - Services include sanitation, green maintenance, seasonal flower planting, municipal facility maintenance, irrigation system operation, night lighting maintenance, and outdoor public advertising [2] Group 2: Ring City Road City Steward Project - Procurement budget is 68,740,979.29 yuan for three years [4] - The winning supplier is Dongguan Dongshi Urban Environment Service Co., Ltd. in a consortium with Dongguan Guansui Engineering Construction Co., Ltd. [4] - Services include sanitation, green maintenance, lighting facility maintenance, municipal facility maintenance, and irrigation system operation [4] Group 3: Previous Tender Information - The previous tender for the Center Square and Ring City Road projects had a total contract value of 89.6 million yuan for three years, with five suppliers not appearing in the current winning list [4]

Core Viewpoint - The real estate market in China is experiencing a seasonal slowdown in January 2026, but there are signs of recovery in the second-hand housing market in key cities, which may stabilize market expectations and lead to a potential "small spring" after the Spring Festival, especially with supportive policies in place [1][12]. Group 1: Sales Performance - The top 100 real estate companies achieved a total sales amount of 165.45 billion yuan in January 2026 [2][8]. - 32 companies among the top 100 reported year-on-year sales growth, with 10 companies experiencing growth rates exceeding 100% [8][10]. - Notably, companies like Junyi Holdings and Bangtai Group saw significant increases in sales, with Junyi Holdings reporting a staggering growth of 757.4% [10]. Group 2: Market Dynamics - The new housing market showed weak performance with a transaction area of approximately 8.1 million square meters, while the second-hand housing market saw a 16% month-on-month increase and a 33% year-on-year increase in transaction area [12]. - The central government has introduced various supportive policies focusing on urban renewal, financing optimization, and tax incentives to stimulate the real estate market [12][13]. Group 3: New Entrants and Rankings - In January 2026, seven new companies entered the top 100 list, with CITIC City Opening making a notable entry into the top 30 [5][6]. - The sales performance of new entrants indicates that some small and medium-sized private enterprises are managing to maintain stable operations and achieve growth despite market challenges [5][8].

Core Viewpoint - In January 2026, the top 100 real estate companies in China achieved a total sales amount of 165.45 billion yuan, indicating a stable market despite the traditional off-season impact, with signs of recovery in the second-hand housing market in key cities [1][14]. Group 1: Sales Performance - Poly Developments ranked first with a total sales amount of 156.0 billion yuan and a sales area of 701,000 square meters [6][21]. - China Overseas Land & Investment followed closely with a sales amount of 144.8 billion yuan [2][23]. - Among the top 100 companies, 32 reported year-on-year growth, with 10 companies experiencing growth rates exceeding 100% [7][22]. Group 2: Market Trends - The new housing market showed weak performance due to seasonal factors, while the second-hand housing market began to show signs of recovery [1][14]. - Policy measures from the central government are aimed at urban renewal, financing optimization, and tax incentives, which are expected to support the revitalization of existing resources and alleviate financial pressures on real estate companies [13]. Group 3: Company Rankings - The top five companies by sales amount in January 2026 were: 1. Poly Developments: 156.0 billion yuan 2. China Overseas Land & Investment: 144.8 billion yuan 3. China Vanke: 116.5 billion yuan 4. China Resources Land: 86.9 billion yuan 5. China Merchants Shekou: 76.7 billion yuan [2][6][23]. Group 4: Sales Data Overview - The sales data reflects the total sales amount and sales area for the top companies, with Poly Developments leading in both metrics [6][21]. - The data is based on contract signing figures, excluding deposits or subscription data, and covers the period from January 1 to January 31, 2026 [6].

Group 1 - The core viewpoint of the article highlights a significant rise in the stock prices of major Chinese real estate companies, including Vanke, Country Garden, Longfor Group, and Sunac China, indicating a positive market sentiment [1] - As of the latest update, Vanke's stock increased by 3.76% to HKD 3.86, Country Garden rose by 3.57% to HKD 0.29, Longfor Group gained 3.05% to HKD 1.35, and Sunac China went up by 1.6% to HKD 1.27 [1] - Vanke's dollar bonds maturing in November 2029 experienced their largest increase since January 27, 2025, with a 5.7 cents rise to 38.7 cents per dollar for the 3.5% bond, and a 3.3 cents rise to 37.5 cents per dollar for the 3.975% bond maturing in November 2027 [1] Group 2 - Shanghai is advancing the acquisition of second-hand homes, which is seen as a measure to stabilize price expectations in the real estate market [1] - According to a report by Dongfang Securities, the market-oriented acquisition of "old, broken, and small" properties provides an exit channel for specific assets and helps reshape the "price anchor," potentially improving market confidence [1] - The article suggests that if the scope of acquisition expands, it could form a credit support leverage, significantly enhancing market sentiment, with a focus on the timing and intensity of related policy announcements throughout the year [1]

消息面上，2月11日，万科2029年11月到期美元债势创2025年1月27日以来最大涨幅。截至北京时间下午 2:30，该公司3.5%债券每1美元涨5.7美分，至38.7美分。2027年11月到期的3.975%债券每1美元涨3.3美 分，至37.5美分。 智通财经APP获悉，内房股尾盘快速拉升，截至发稿，万科企业(02202)涨3.76%，报3.86港元；碧桂园 (02007)涨3.57%，报0.29港元；龙光集团(03380)涨3.05%，报1.35港元；融创中国(01918)涨1.6%，报1.27 港元。 值得注意的是，上海近期推进收储二手房。东方证券发布研报称，在房价经历深度调整的当下，上海试 点市场化收购"老破小"，相当于为特定资产提供退出渠道，并重塑"价格锚"，有助于稳定价格预期；若 收储范围未来继续扩大，有望形成信用托底杠杆，显著改善市场信心。2026开年稳预期信号持续强化， 建议重点关注今年相关政策出台的节奏与力度。具体节奏观察基本面走弱的程度，逆周期出台。 ...

【#万科2029年到期美元债势创1年最大涨幅#】万科2029年11月到期3.5%债券每1美元涨5.7美分，至 38.7美分；2027年11月到期的3.975%债券每1美元涨3.3美分，至37.5美分。（新浪财经） ...

万科2029年11月到期3.5%债券每1美元涨5.7美分，至38.7美分；2027年11月到期的3.975%债券每1美元 涨3.3美分，至37.5美分。 ...

Core Viewpoint - The real estate market in core cities has shown signs of recovery, with the top 100 real estate companies achieving a sales amount of 165.45 billion yuan in January 2026 [1][14][16]. Group 1: Sales Performance - In January 2026, the top 100 real estate companies achieved a total sales amount of 165.45 billion yuan [14][16]. - The sales performance threshold for the top 100 real estate companies has decreased compared to January 2025 [17]. - Seven companies entered the top 100 list for the first time, with CITIC City Opening making it into the top 30 [21]. Group 2: Year-on-Year Growth - A total of 32 companies among the top 100 experienced year-on-year growth in January 2026, with 10 companies seeing growth rates exceeding 100% [25]. - Notable performers include Junyi Holdings with a growth rate of 757.4% and Haian Group with 488.2% [27]. Group 3: Market Trends - The new housing market showed weak performance in January, with a transaction area of approximately 8.1 million square meters in 50 key cities [27]. - The second-hand housing market, however, saw a recovery with a transaction area of approximately 8.1 million square meters, reflecting a 16% month-on-month increase and a 33% year-on-year increase [27]. Group 4: Policy Support - In January 2026, the central government released various policies focusing on urban renewal, financing optimization, and tax incentives to support the real estate market [28]. - Financial support measures include a reduction in the re-lending rate by 0.25 percentage points to 1.25% and a decrease in the minimum down payment ratio for commercial properties to 30% [28].