里昂发布研报称，中国房地产市场政策走向正呈现分化趋势，上海出乎预期推出多项宽松措施，而香港 则在新一份财政预算案中收紧楼市政策。里昂认为上海的宽松措施较以往数轮更为有效，应有助于为二 手楼市带来支持，而香港上调1亿元以上豪宅印花税，是2018年以来首次收紧政策，则可能反映香港楼 市已进入收紧周期。 里昂指出，根据往绩，香港地产股股价在反弹后往往会出现调整，因此预期今年余下时间内房发展商将 跑赢香港地产股，首选股为华润置地(01109)及领展房产基金(00823)，预期前者将受惠于政策环境，后 者则受惠于潜在的房托基金互联互通措施，均予"跑赢大市"评级，目标价分别为35.4港元及51港元。 ...

Core Viewpoint - The report from Credit Lyonnais indicates a divergence in the policy direction of China's real estate market, with Shanghai implementing unexpected easing measures while Hong Kong tightens its property policies in the latest budget [1] Group 1: Shanghai's Easing Measures - Shanghai has introduced multiple easing measures that are considered more effective than previous rounds, which is expected to support the secondary housing market [1] Group 2: Hong Kong's Tightening Policies - Hong Kong has raised the stamp duty on luxury properties over HKD 10 million, marking the first tightening of policies since 2018, suggesting that the Hong Kong property market has entered a tightening cycle [1] Group 3: Investment Recommendations - Based on historical performance, it is anticipated that property developers will outperform Hong Kong real estate stocks for the remainder of the year, with a preference for China Resources Land and Link REIT, both rated "outperform" with target prices of HKD 35.4 and HKD 51 respectively [1]

里昂发表研报指，中国房地产市场政策走向正呈现分化趋势，上海出乎预期推出多项宽松措施，而香港 则在新一份财政预算案中收紧楼市政策。里昂认为上海的宽松措施较以往数轮更为有效，应有助于为二 手楼市带来支持，而香港上调1亿港元以上豪宅印花税，是2018年以来首次收紧政策，则可能反映香港 楼市已进入收紧周期。 里昂指出，根据往绩，香港地产股股价在反弹后往往会出现调整，因此预期今年余下时间内房发展商将 跑赢香港地产股，首选股为华润置地及领展，预期前者将受惠于政策环境，后者则受惠于潜在的房托基 金互联互通措施，均予"跑赢大市"评级，目标价分别为35.4港元及51港元。 ...

執 行 委 員 會 （根 據 董 事 會 於2017年4月18日 通 過 之 決 議 案 成 立） 之 華 潤 置 地 有 限 公 司 （「公 司」或「本 公 司」） 職 權 範 圍 書 （經 董 事 會 於2017年4月18日 採 納 並 於2026年2月13日 修 訂） 釋 義 成 立 成 員 秘 書 公 司 的 公 司 秘 書 應 擔 任 委 員 會 秘 書（「秘 書」）。董 事 會 可 不 時 委 任 任 何 其 他 具 備 適 當 資 格 及 經 驗 的 人 士 擔 任 秘 書。 – 1 – 「交 易」 指 具 有 上 市 規 則 賦 予 的 涵 義。 「附 屬 公 司」 指 具 有 上 市 規 則 賦 予 的 涵 義。 「上 市 規 則」 指 聯 交 所 證 券 上 市 規 則（經 不 時 修 訂）。 「聯 交 所」 指 香 港 聯 合 交 易 所 有 限 公 司。 會 議 次 數 委 員 會 每 年 至 少 召 開 一 次 會 議。 會 議 程 序 會 議 通 過 的 決 議 案 權 力 – 2 – 1. 為 有 效 及 時 管 理 公 司 的 日 常 運 作，公 司 董 事 會（「董 事 會」 ...

Group 1 - The article is currently only available to subscribed users and does not provide specific content for analysis [1]

Major Events - Fuhong Hanlin (02696) received NMPA approval for the Phase I clinical trial application of HLX15-SC for the treatment of multiple myeloma [1] - Kangzheng Pharmaceutical (00867) signed an exclusive distribution agreement for the original drug Lidoderm® lidocaine gel patch [1] - MicroPort Robotics-B (02252) surpassed 200 global commercial orders for the Tumai® laparoscopic surgical robot [1] - BGO Group (08220) plans to acquire a proposal from Stephen Chow at a discount of approximately 91.79% [1] - Kogee Pharmaceuticals-B (02171) signed a strategic cooperation agreement with Shanghai Jinguang Enterprise Development to build a commercial production base for CAR-T cell therapy products in Jinshan [1] Operating Performance - China Resources Land (01109) reported total contract sales of approximately 11.65 billion yuan in January, a year-on-year increase of 0.4% [1] - Hua Hong Semiconductor (01347) announced a profit attributable to the parent company of 54.881 million USD for 2025, a year-on-year decrease of 5.6% [1] - China Coal Energy (01898) reported coal sales of 20.05 million tons in January, a year-on-year decrease of 7.3% [1] - China Metallurgical Group (01618) signed new contracts worth 73.65 billion yuan in January [1] - China Communications Construction (01800) reported new contracts worth 1.883672 trillion yuan for 2025, a year-on-year increase of 0.13% [1]

Core Viewpoint - China Resources Land reported its January unaudited operating brief, indicating a total contract sales amount of approximately 11.65 billion yuan, with a year-on-year growth of 0.4% [1] Group 1: Sales Performance - In January, the total contract sales amount reached approximately 11.65 billion yuan [1] - The total contract sales area was about 368,000 square meters, reflecting a year-on-year decrease of 24.6% [1]

Group 1 - The core viewpoint of the article is that China Resources Land (01109) reported a total contract sales amount of approximately RMB 11.65 billion for January, reflecting a year-on-year increase of 0.4% [1] - The total contract sales area for January was approximately 368,000 square meters, which represents a year-on-year decrease of 24.6% [1] - The company's recurring revenue for January was approximately RMB 4.51 billion, showing a year-on-year growth of 8.7% [1] Group 2 - The rental income from the property management business was approximately RMB 3.11 billion, marking a year-on-year increase of 13.7% [1]

华润置地公告，截至2026年1月31日止一个月，公司及其附属公司实现总合同销售金额约人民币116.5亿 元，总合同销售 建筑面积约36.8万平方米，分别按年增长0.4%及减少24.6%。2026年1月，集团经常性 收入约人民币45.1亿元，增长8.7%，其中，经营性不动产业务租金收入约人民币31.1亿元，增长 13.7%。 ...

Core Viewpoint - China Resources Land (01109) reported a total contract sales amount of approximately RMB 11.65 billion for the month ending January 31, 2026, reflecting a year-on-year growth of 0.4% and a decrease in total contract sales area by 24.6% [1] Group 1 - The total contract sales area achieved by the company and its subsidiaries was approximately 368,000 square meters [1] - The company's recurring revenue for January 2026 was approximately RMB 4.51 billion, representing a year-on-year growth of 8.7% [1] - Rental income from the operational real estate business was approximately RMB 3.11 billion, showing a year-on-year increase of 13.7% [1]