Market Overview - The Hang Seng Index rose by 467 points or 1.76%, closing at 27,027 points, after reaching a high of 27,111 points during the day [3][4] - The total market turnover was 255.14 billion HKD, with a net outflow of 1.887 billion HKD from northbound trading [3] Key Stock Performances - Among the 88 blue-chip stocks, 70 saw an increase, with notable gains from Alibaba (up 1.9% to 157.9 HKD), Tencent (up 2.3% to 560 HKD), and Baidu (up 3.2% to 142.2 HKD) [4] - Kuaishou experienced a decline of 2.7%, closing at 69.3 HKD, while China Mobile fell by 2.1% to 78.5 HKD, marking it as one of the weaker performers [4] Real Estate Market Insights - DBS Bank indicated that the commercial real estate market in Hong Kong is under pressure, with office and retail sectors still finding their floor, and transactions occurring at discounted prices [8] - The bank noted that despite some ongoing transactions, the influx of new developments continues to exert pressure on office inventory [8] Employment Regulations - The Ministry of Human Resources and Social Security in China has initiated administrative guidance for 16 major platform companies, including Meituan and JD, to ensure compliance with labor management and protect workers' rights [9] Entertainment Industry Projections - The domestic box office for the upcoming Spring Festival is expected to reach between 7 billion to 8 billion RMB, with optimistic forecasts suggesting it could exceed 8 billion RMB [10] - Eight films have been scheduled for release during this period, with "Fast Life 3" anticipated to perform well based on its previous popularity [10] Company-Specific Developments - Pop Mart reported global sales of over 400 million units across all IP categories in 2025, with the "THE MONSTERS" category alone exceeding 100 million units [11] - China Resources Pharmaceutical is initiating the sale of a 17.87% stake in Hefei Tianmai Biotechnology, with a starting price of approximately 1.42 billion RMB [12] - Yingda Real Estate reported a 51% increase in revenue, with total income from continuing operations reaching 1.046 billion HKD [13] - Hong Kong Telecom is establishing a new AI data center in the Lok Ma Chau area, aiming to enhance cross-border connectivity and meet the growing demand for fiber optics [14]

港股點評 2026年2月10日9:30 a.m 金管局向銀行提供的隔夜借款為三個月最多，金管局透過貼現窗口借出 11.8 億 元，為 11 月 10 日以來最高。 中國物流與採購聯合會公布數據顯示，2025 年全國社會物流總額 368.2 萬億元 人民幣，按可比價格計算，按年增長 5.1%。全年各季度物流需求增速保持穩定 增長。從長期趨勢顯示，「十四五」時期社會物流總額年均增長 5.7%，增速均高 於同期 GDP，物流對實體經濟的拉動作用強勁。 龍湖集團(00960.HK) 公布，1 月份，實現總合同銷售額 24.5 億人民幣，按年減 少 45.1%，合同銷售面積 30 萬平方米；歸屬公司股東權益合同銷售金額 16.6 億 元，涉及銷售面積 23.1 萬平方米。月內，實現經營性收入 22.7 億元，增長 5.1%。 香港電訊－SS(06823.HK) 公布截至去年 12 月底止全年業績，股份合訂單位持 有人純利 52.86 億元，按年升 4.3%；每股盈利 69.76 仙。每個股份合訂單位末期 派 47.97 仙，上年同期派 45.88 仙。全年計總分派為 81.77 分，相當於全數分派 年度的經調整資金流。 ...

Core Insights - Longfor Group reported January 2026 unaudited operational data and new land reserves, indicating a strong performance in contract sales and revenue generation [1] Group Performance - In January 2026, the company achieved a contract sales amount of RMB 2.45 billion, with a contract sales area of 300,000 square meters [1] - The contract sales amount attributable to shareholders was RMB 1.66 billion, with a corresponding area of 231,000 square meters [1] - The company generated operational revenue of approximately RMB 2.27 billion (tax-inclusive amount of approximately RMB 2.43 billion) [1] - Operational revenue was approximately RMB 1.25 billion (tax-inclusive amount of approximately RMB 1.35 billion), while service revenue was approximately RMB 1.02 billion (tax-inclusive amount of approximately RMB 1.08 billion) [1] Land Reserves - In January 2026, the company added two new land reserves, with a total construction area and equity construction area of 142,900 square meters [1] - The equity land price for the new reserves was RMB 865 million [1]

Group 1 - China Jinmao has announced a significant personnel change with the appointment of Yan Long as the Deputy General Manager of the Headquarters Resource Expansion Center [1][3] - Yan Long, born in 1985 and a graduate of Peking University, has a strong background in real estate, starting his career at Longfor Group and later holding key positions at Sunshine City Group and China Communications Construction Company [3] - Since 2025, China Jinmao has increased its investment expansion efforts, with a total land acquisition amount reaching 33.9 billion yuan, ranking eighth in the industry, and focusing on core first- and second-tier cities [3] Group 2 - In the fourth quarter of 2025, China Jinmao successfully acquired two quality residential land parcels in Baoshan District, Shanghai, enhancing its core land reserves for the "Golden Abundance" product line [3] - The company has multiple key projects laid out in core cities across the country, indicating a strategic focus on urban investment opportunities [3]

Group 1 - Longfor Group reported a contract sales amount of 2.45 billion yuan in January 2026, along with the acquisition of two premium land parcels totaling 142,900 square meters at a land cost of 865 million yuan [1] - The company's operating revenue for January 2026 reached 2.43 billion yuan (including tax), reflecting a year-on-year growth of 5.1%, indicating sustained growth in its operational business [1] - Longfor Group's management emphasized that the continuous development of its operational and service business will be a key growth driver to navigate the challenges of the current market environment [1] Group 2 - The real estate industry is expected to shift towards high-quality development in residential projects and an increased focus on operational real estate as a mainstream trend [2] - Companies are anticipated to balance risks by investing in relatively stable operational real estate, enhancing their ability to withstand market cycles [2] - Major state-owned enterprises are likely to strategically increase their investments in operational real estate, transitioning towards a "development + holding" model [2]

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 1 / 14 请务必阅读文末免责条款 期货研究报告 期货研究报告 资讯早班车-2026-02-10 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-1 ...

Major Events - Xian Dao Intelligent (00470) has set the offer price for H-shares at HKD 45.80, with the sale volume adjustment rights fully exercised [1] - Lexin Outdoor (02720) has seen a public offering subscription rate of 3654.23 times, with a per share pricing of HKD 12.25 [1] - Aixin Yuan Zhi (00600) has achieved a public offering subscription rate of 104.82 times, with a final offer price of HKD 28.2 per share [1] - Shandong Xinhua Pharmaceutical (00719) has obtained the registration certificate for glucosamine sulfate capsules [1] - United Pharmaceutical (03933) has passed the consistency evaluation for roxithromycin capsules [1] - InnoCare Pharma (03696) has reached several drug development projects in the central nervous system and autoimmune disease fields with Kangzhi Pharmaceutical, valued at tens of millions of HKD [1] - Sunshine Insurance (06963) subsidiary plans to increase capital to Sunshine Asset Management (Hong Kong) for a total of no more than HKD 1 billion [1] - Crystal Tech Holdings (02228) has established a robotics laboratory in BASF, receiving top endorsement from the chemical industry for global technological leadership [1] - Youjia Innovation (02431) has newly secured designated projects in intelligent driving and intelligent cockpit [1] - China Resources Pharmaceutical (03320) is considering the potential sale of approximately 17.87% equity in Tianmai Biotechnology [1] Operating Performance - Hong Kong Telecom-SS (06823) reported a profit attributable to shareholders of HKD 5.286 billion for 2025 [1] - Pop Mart (09992) has achieved global sales of over 400 million units across all IP and product categories in 2025 [1] - Longfor Group (00960) reported a contract sales amount of HKD 2.45 billion in January [1] - China Jinmao (00817) recorded a signed sales amount of HKD 7.603 billion in January, an increase of 13.56% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of 1.7393 million MWh in January, a year-on-year increase of 15.25% [1] - Dekang Agriculture and Animal Husbandry (02419) sold 1.04236 million pigs in January [1] - China Oriental Education (00667) has issued a profit warning, expecting a year-on-year profit increase of 46% to 51% for the 2025 fiscal year [1] - China Nuclear International (02302) has issued a profit warning, expecting gross profit for 2025 to reach no less than approximately HKD 260 million [1] - Mingyuan Cloud (00909) has issued a profit warning, expecting net profit attributable to shareholders for 2025 to be approximately HKD 26.9 million to HKD 32.8 million, turning from loss to profit year-on-year [1]

Core Viewpoint - Longfor Group Holdings Limited reported its operational data for January 2026, highlighting significant contract sales and new land reserves [2] Group 1: Contract Sales - In January 2026, Longfor Group achieved a contract sales amount of RMB 2.45 billion, with a contract sales area of 300,000 square meters [2] - The contract sales amount attributable to shareholders was RMB 1.66 billion, with a corresponding area of 231,000 square meters [2] Group 2: Revenue - The company reported operational revenue of approximately RMB 2.27 billion (tax-inclusive amount of about RMB 2.43 billion) for January 2026 [2] - Operational revenue was around RMB 1.25 billion (tax-inclusive amount of about RMB 1.35 billion), while service revenue was approximately RMB 1.02 billion (tax-inclusive amount of about RMB 1.08 billion) [2] Group 3: Land Reserves - In January, Longfor Group added two new land reserves, located in Qingdao Jiaozhou and Wuxi Xinwu District, with a 100% equity interest in all three subplots [2] - The total area of the newly acquired land is 65,900 square meters, with a total building area and equity building area of 142,900 square meters [2] - The equity land price for the new land reserves is RMB 865 million, with an average price of RMB 6,050 per square meter [2]

Group 1 - Longfor Group reported a contract sales amount of 2.45 billion yuan in January 2026, along with the acquisition of two premium land parcels totaling 142,900 square meters, with a land cost of 865 million yuan [1] - The company's operating revenue for January 2026 reached 2.43 billion yuan (including tax), reflecting a year-on-year growth of 5.1%, indicating sustained growth in its operational business [1] - Longfor Group's management emphasized that the continuous development of operational and service businesses will be a key growth driver to navigate the challenges of the current market environment [1] Group 2 - Industry experts believe that the future trend will focus on high-quality development in residential projects and an increased emphasis on operational real estate businesses [1] - According to CICC, companies can achieve risk balance and enhance their ability to navigate market cycles by investing in relatively stable operational real estate [1] - It is anticipated that several large state-owned enterprises will strategically increase their focus on operational real estate, transitioning towards a "development + holding" model [1]

Group 1 - Longfor Group (00960.HK) achieved a contract sales amount of RMB 2.45 billion in January 2026, with a contract sales area of 300,000 square meters [1] - The contract sales amount attributable to shareholders was RMB 1.66 billion, with a sales area of 231,000 square meters [1] - As of February 9, 2026, Longfor Group's stock closed at HKD 10.5, up 2.24%, with a trading volume of 35.04 million shares and a turnover of HKD 373 million [1] Group 2 - Longfor Group's market capitalization is HKD 72.318 billion, ranking 11th in the real estate development II industry [2] - The company's return on equity (ROE) is 4.78%, significantly higher than the industry average of -17.15% [2] - Longfor Group's net profit margin is 6.72%, compared to the industry's -75.83% [2] - The company's gross profit margin stands at 12.63%, while the industry average is 22.87% [2] - Longfor Group's debt ratio is 61.3%, lower than the industry average of 66.76% [2]