华泰证券今日早参-20260114

Group 1: Macroeconomic Insights - In December, the core CPI in the US increased by 0.2% month-on-month, which was below the expected 0.3%, indicating a weaker inflation rebound than anticipated [2] - The overall CPI for December also rose by 0.3% month-on-month, aligning with expectations, while the year-on-year CPI remained steady at 2.7% [2] Group 2: Real Estate Industry Analysis - The C-REIT market in China is entering a full-category development era, with significant potential for commercial real estate REITs due to ample stock, high adaptability for securitization, and strong market recognition [3] - The land market in 2025 is showing signs of marginal improvement in supply and demand, with a reduction in the year-on-year decline in both supply and transaction volume [3] - The focus on quality over quantity in land supply is becoming mainstream, and leading real estate companies are expected to strengthen their advantages in a competitive environment [3] Group 3: Company-Specific Insights - Longfor Group (960 HK) reported continued growth in commercial operations, with a focus on quality land acquisition, indicating potential undervaluation due to the repricing of commercial real estate and growth in service business driven by technology [4] - Rongchang Biopharmaceutical (688331 CH) announced a significant deal for its PD-1/VEGF dual antibody RC148, with an upfront payment of $650 million, highlighting its potential as a global blockbuster [4]