Core Viewpoint - China Overseas Development (00688.HK) reported a year-on-year increase of 20.4% in contract property sales amounting to approximately RMB 14.478 billion for January 2026, despite a 12.9% year-on-year decrease in sales area to about 516,600 square meters [1] Group 1: Sales Performance - The contract property sales for January 2026 reached approximately RMB 14.478 billion, reflecting a 20.4% increase compared to the previous year [1] - The corresponding sales area for the same period was approximately 516,600 square meters, which represents a 12.9% decrease year-on-year [1] - As of January 31, 2026, the company recorded recognized property sales of about RMB 11.146 billion, which is expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In January 2026, the company and/or its subsidiaries did not acquire any new land parcels [1] - China Overseas Hongyang Group added a new land parcel in Taizhou, Jiangsu Province, with a gross floor area of approximately 86,700 square meters and a land price of about RMB 287 million [1]

（於香港註冊成立之有限公司） 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份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 一、物業銷售更新 （股份代號：688） 截至二零二六年一月三十一日止一個月 物業銷售和新增土地更新 於二零二六年一月，中國海外系列公司的合約物業銷售金額約人民幣144.78億元，按年 上升20.4%；而相應的銷售面積約為516,600平方米，按年下跌12.9%。合約物業銷售金額 和相應的銷售面積的詳情如下列表1所示。 此外，截至二零二六年一月三十一日，中國海外系列公司錄得已認購物業銷售約人民幣 111.46億元，預期將於往後數月內轉化為合約物業銷售。 1 | | 合約物業銷售 | 銷售面積 | | --- | --- | --- | | | （人民幣億元） | （萬平方米） | | 本公司及其附屬公司 | | | | 地區明細（附註一） | | | | 南部大區 | 30.70 | 5.80 | | 東部大區 | 10.46 | 4.85 | | 中西部大區 | 7.12 ...

2026 年 2 月 5 日 星期四 昨日港股窄幅波动。恒生指数及国企指数分别收报 26,847 点及 9,048 点，前者上升 0.1%，后者下跌 0.1%。港股成交合共 2,854 亿港元，较前日的 3,352 亿港元，下跌 14.9%，或反映投资者观望情绪增加。分类指数方面，能源、地产建筑、原 材料业指数分别上升 3.0%、2.1%、1.4%；资讯科技、非必需性消费则分别下跌 3.4%、0.4%。蓝筹个股方面，信义玻璃 (868 HK)及中国神华(1088 HK)领涨，分别上升 5.9%及 5.7%；携程集团(9961 HK)及腾讯控股(700 HK)领跌，分别下跌 6.1%及 4.0%。 主要内房港股明显上升，例如华润置地(1109 HK)、中国海外发展(688 HK)、越秀地产(123 HK)、万科企业(2202 HK)上涨 3.9%-6.2%。近期部分投资机构预期政府在短中期未来将公布更积极推动房地产政策。至目前为止,房地产销售数字仍需 突围，存销比率也较高。我们盼望推动政策的力度可较大。 ➢ 每日大市点评 昨晚美股表现分化，科技股受到抛售，例如 AMD(AMD US)下跌 17.3%，光伏股则上 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2026年1月TOP10房企全口径销售额同比-12%，TOP100房企全口径销售额同比-25%，各梯队房企销售表 现分化，TOP10房企表现相对较好 1）2026年1月，TOP10房企的全口径销售金额、权益销售金额、全口径销售面积分别为894 亿元、630亿 元、421万平，同比分别为-11.9%、-16.2%、-18.8%，较2025年全年累计同比变化为+4.6pcts、+1.5 pcts、 +5.6 pcts。 2）2026年1月，TOP100房企的全口径销售金额、权益销售金额、全口径销售面积分别为1,822亿元、1,286 亿元、860万平，同比分别为-24.7%、-28.5%、-29.5%，较2025年全年累计同比变化为-4.9 pcts、-8.5 pcts、 ...

2026 年 02 月 05 日 开源晨会 0205 ——晨会纪要 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | 7.583 | | 建筑材料 | 3.481 | | 房地产 | 2.966 | | 交通运输 | 2.818 | | 食品饮料 | 2.333 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | -3.122 | | 通信 | -2.735 | | 计算机 | -1.696 | | 电子 | -1.550 | | 商贸零售 | 0.140 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【金融工程】港股量化：2026 开年恒指强劲，2 月组合维持低估值配置——金融 工程定期-20260204 港股 CCASS 优选 20 组合的绩效表现：组 ...

Group 1: Sales Performance of Real Estate Companies - In January 2026, the top three real estate companies in Shenzhen by sales were China Overseas Land & Investment with 22.2 billion yuan, China Resources Land with 16.0 billion yuan, and Excellence Group with 9.6 billion yuan [2][5][18] - The sales threshold for the top 5 companies reached 6.1 billion yuan, while the top 10 and top 20 thresholds were 3.2 billion yuan and 1.2 billion yuan, respectively [5][18] Group 2: Policy Dynamics - Shenzhen introduced a management method for allocated affordable housing, effective from March 1, 2026, which prohibits any conversion of allocated affordable housing into commercial housing [5][19] - The application conditions for allocated affordable housing include having Shenzhen household registration, no self-owned housing in Shenzhen, and at least five years of social insurance contributions [6][23] Group 3: Market Performance - In January 2026, the number of new residential units signed in Shenzhen was 2,579, a decrease of 10.7% month-on-month and 49.3% year-on-year, attributed to a slowdown in new project launches [9][24] - The second-hand residential transactions saw an increase, with 5,281 units transferred, marking a year-on-year growth of 15.96% and a month-on-month increase of 6.88% [11][26] - As of the end of January, the inventory of new residential units in Shenzhen was 29,950, a decrease of 380 units from the previous month, due to a reduction in new launches and some inventory being converted to sales [13][28] Group 4: Market Outlook - The Shenzhen real estate market continued to show signs of recovery in January, with strong sales performance from quality projects indicating a gradual increase in market confidence [15][30] - The market is expected to maintain a "steady progress with quality first" trend as the traditional peak season for property transactions approaches after the Spring Festival [30]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the Shanghai government's initiative to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and university graduates [5] - The first batch of purchased second-hand homes will focus on properties that are well-located, have clear ownership, and are small-sized, with a strong willingness from owners to sell [6] - The report indicates a marginal recovery in Shanghai's housing market, with January 2026 seeing a year-on-year increase of 35.8% in new residential sales and 24.2% in second-hand home transactions [7] Summary by Sections Government Initiatives - Shanghai has launched a program to acquire second-hand homes for affordable rental housing, with three districts (Pudong, Jing'an, and Xuhui) as pilot areas [5] - The acquisition focuses on properties that match housing needs, are reasonably laid out, and are in well-equipped areas, ensuring affordability and sustainability [10] Market Trends - The report notes that the Shanghai housing market is showing signs of recovery, with a significant increase in both new and second-hand home sales in January 2026 [7] - The second-hand home listing index in Shanghai has decreased by 12.2% compared to early 2025, indicating a reduction in market supply [7] Investment Recommendations - The report recommends several companies that are well-positioned to benefit from the housing market recovery, including major real estate firms and property management companies that excel in service quality [8]

Group 1 - The article highlights a general increase in the stock prices of Chinese property companies in the afternoon trading session [1] - Longfor Group (03380) saw a rise of 6.67%, reaching HKD 1.44 [1] - China Resources Land (01109) increased by 5.41%, trading at HKD 31.94 [1] - Yuexiu Property (00123) experienced a 4.90% increase, with shares priced at HKD 4.71 [1] - China Overseas Macro Group (00081) rose by 3.60%, with a stock price of HKD 2.59 [1] - China Overseas Development (00688) saw a 4.72% increase, trading at HKD 14.65 [1]

Group 1 - The core viewpoint of the report emphasizes that the second-hand housing acquisition initiative directly addresses the supply pressure in Shanghai, particularly focusing on older small-sized second-hand homes in districts with a willingness for new home replacements [1] - The report estimates that there are approximately 9.7 million tradable stock housing units in Shanghai, with the pilot districts accounting for about 32% of this total, and homes built before 2000 making up around 15% [1] - The report suggests that the ongoing inventory issues in Shanghai and Beijing may lead to an earlier cyclical turning point, with positive policies aiding in inventory reduction [1] Group 2 - The new land supply scheme is crucial for sustaining expectations of improvement in the real estate market, with a focus on maintaining a reasonable internal funding loop within districts [2] - The report indicates that from Q2 2025, the price trends in high-energy cities are expected to weaken compared to mid-low energy cities, largely due to the land supply increase during the first half of 2025 [2] - It highlights that controlling short-term land supply is essential for stabilizing price expectations, and any strong measures to limit supply could shift local market expectations to a more positive outlook [2] Group 3 - The report anticipates that if local real estate market inventory signals improve, the real estate stock market in 2026 may be primarily driven by beta factors [3] - Recommended mainstream investment targets include A-share companies such as Binjiang Group, New Town Holdings, and China Merchants Shekou, as well as Hong Kong-listed firms like China Resources Land and China Overseas Development [3] - The report notes that for investors with a higher risk tolerance and liquidity requirements, some quality private enterprises in the Hong Kong market undergoing debt restructuring may present rare investment opportunities [3]

点击蓝字，关注我们 今日上午港股 1 . 加密货币概念股早盘再度下跌，截至发稿， 迷策略(02440)跌4.76%，雄岸科技(01647)跌1.37%，欧 科云链(01499)跌0.58% 。 消息面上，周二，比特币一度跌破7.3万美元，跌破了2025年4月7日特朗普 公布对等关税后所创的年内低点。"大空头"巴里警告称，若比特币价格进一步下跌可能会迅速加剧主 要持有者的资产负债表压力，迫使整个加密货币生态系统进行抛售，并引发大范围的价值崩盘。 2 . AI新技术冲击软件股， 聚水潭(06687)今早一度跌近13%，创上市以来新低，截至发稿跌9.27% 。 消息面上，周二，由AI初创巨头Anthropic推出的新型自动化工具引发了市场对软件股的恐慌性抛售， 创下去年4月以来跌幅最大的一天。分析师指出，AI进展的预期已发生质变：从最初认为AI能"助力增 长"，转向质疑AI是否会"彻底取代"传统订阅模式。 3 . 高地股份(01676)盘中跌近40% 。消息面上，香港联交所最新资料显示，1月15日，高地股份股东将 股票由凯基证券亚洲转入富途证券国际香港，转仓市值2095.26万港元，占比13.51%。高地股份发布 ...