Core Viewpoint - China Poly Group Corporation has issued a statement warning the public about fraudulent activities conducted under its name, urging caution in investment collaborations and reporting any illegal actions to the police [1][5][6]. Group 1 - China Poly Group emphasizes that Poly Yong'an Museum Co., Ltd. (registered in Macau), China Food Fermentation Industry Research Institute (registered in Hong Kong), and Hubei Zhongqing Wushe Environmental Engineering Co., Ltd. have no affiliation or equity relationship with the group [4][7]. - The company clarifies that its previously invested entity, Zhongshi Kecai (Beijing) Enterprise Management Development Co., Ltd., has completed its exit from the shareholding, and its actions are not authorized by Poly Group [4][7].

14日，中国保利集团有限公司在其官方公众号发布严正声明： 近日，中国保利集团有限公司（以下简称"保利集团"）关注到，部分市场主体以保利集团及下属企业名义开展经营、宣传活动，涉及假冒注 册及市场混淆行为，为保障社会公众合法权益，保利集团现声明如下： 保利集团提醒社会各界提高警惕，注意甄别，谨慎开展投资合作，如发现违法犯罪行为，请尽快到公安机关报案。 1. 保利永安博物館有限公司 （注册地澳门）、 中國食品發酵工業研究院(香港)有限公司 （注册地香港，商业登记号码73217163）、 湖北 中轻武设环境工程有限公司 （统一社会信用代码为91420106594530366L）与保利集团及所属公司无任何隶属与股权关系，也不存在任 何投资、合作、业务等关系，其一切行为均与保利集团无关。 2. 我司下属公司曾参股的 中食科创（北京）企业管理发展有限公司 （统一社会信用代码91110302686902884C）股权已经上海联合产权交 易所公开挂牌转让完成退出，该公司及其下属 华祯控股集团有限公司 （统一社会信用代码91110109MACGDWDJXH）等未获得保利集 团及下属公司任何有关业务、投资、合作等授权、授意，其一切 ...

Core Viewpoint - Poly Developments plans to issue 5 billion yuan in convertible bonds to fund nine ongoing real estate projects, aligning with the "guarantee housing delivery, ensure people's livelihood" policy [1][3]. Group 1: Company Performance - As of February 13, 2026, Poly Developments' stock closed at 6.74 yuan, down 3.44% from the previous week's 6.98 yuan [1]. - The company's total market capitalization is 80.681 billion yuan, ranking 2nd out of 89 in the real estate development sector and 235th out of 5,189 in the A-share market [1]. Group 2: Bond Issuance Details - The company received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds on January 19, 2026, and has completed the necessary responses and document revisions [1][2]. - The bond issuance aims to raise a total of no more than 500 million yuan, with a term of six years and no collateral provided [1][2]. - The funds will be allocated to projects in Shanghai, Hangzhou, Guangzhou, Foshan, and Shijiazhuang, all of which have obtained necessary approvals and pre-sale licenses [1][3]. Group 3: Legal and Financial Assurance - Beijing Deheng Law Firm confirmed that the project implementation entities possess the necessary qualifications and that there are no significant delivery risks [2]. - China International Capital Corporation, as the sponsor, issued a sponsorship letter affirming that the bond issuance complies with legal requirements and is eligible for listing on the Shanghai Stock Exchange [2]. - Lixin Accounting Firm verified the accuracy of financial disclosures and confirmed that the use of raised funds complies with regulations, ensuring dedicated management of the funds [2].

Group 1 - The stock price of China National Trade (600007) has shown volatility, closing at 20.56 yuan on February 13, 2026, down 1.44% with a trading volume of 32.34 million yuan [1] - Over the past five trading days, the stock has experienced a decline of 1.06% with a price range fluctuation of 2.02%, reaching a high of 20.95 yuan and a low of 20.53 yuan [1] - Technical indicators suggest the stock price is between the 20-day Bollinger Bands resistance level of 21.14 yuan and the support level of 19.53 yuan, with a weak MACD indicator and a neutral KDJ indicator [1] Group 2 - Institutional views on China National Trade are generally neutral, with a composite target price of 25.78 yuan, indicating a potential upside of approximately 29.48% from the latest price [2] - Profit forecasts from 13 institutions predict a 2.01% year-on-year increase in net profit and a 1.20% increase in operating revenue for 2026 [2] - In the past 90 days, two institutions have issued "buy" or "hold" ratings, but overall market sentiment remains subdued, with a low fund holding ratio of 0.02% [2] Group 3 - The real estate industry is undergoing structural adjustments among leading companies, which may indirectly impact the commercial real estate sector [3] - Major real estate firms like Poly and China Resources are pushing for regional mergers and streamlined management to cope with declining sales, with a reported 18.9% year-on-year drop in sales for the top 100 firms in January 2026 [3] - Despite China National Trade's focus on investment property leasing and non-residential development, the overall pressure on the industry could affect demand and valuations in the commercial real estate market [3]

你有没有想过，你三年前存进银行的那笔钱，可能正在悄悄改变楼市的命运？ 这不是危言耸听。 综合多家券商测算，2026年，全国将有超过50万亿的定期存款集中到期。 其中，光是居民手里的中长期存款，规模就高达37.9万亿到67万亿。 这笔钱，相当于2025年全国商品房销售总额的6到8倍。 当这笔巨款在2026年，尤其是第一季度，从银行的保险柜里涌出时，它会流向哪里？ 楼市，这个沉 寂了五年的市场，会不会成为它的下一个目的地？ 这背后是一个简单的算术题。 2020到2023年，很多人出于对未来不确定性的担忧，把钱锁进了三年期、利率超过3%的定期存款里。 如今，这些存款陆续到期，但银行能给的续存利率，已经跌到了1.3?.8%。 一边是曾经的高息诱惑，一边是当下的微薄收益，巨大的利差会让储户们坐立不 安。 他们中的大多数，是有房或有能力购房的中高收入群体。 这笔钱的再配置，就像一颗投入湖面的巨石，涟漪注定会波及房地产。 就在2026年1月，国家统计局发布了最新的房价数据。 乍一看，形势依然严峻：70个大中城市的新房价格同比还在下降，一线城市二手房价格同比跌了 7.6%。 但如果你仔细看环比数据，会发现一些微妙的变化。 市 ...

Core Viewpoint - The real estate market in Jinan is experiencing a continued adjustment in 2025, with new residential sales prices declining and a shift in market structure towards larger, improvement-oriented housing types [1][11]. Group 1: Market Trends - In 2025, the average sales price index for new residential properties in Jinan decreased by 2.6% year-on-year, while the second-hand residential price index fell by 4.4% [1]. - The average transaction area for new residential properties reached a historical high of 137.05 square meters, with 44.89% of transactions being for improvement-type units between 120-144 square meters, and 29.73% for units larger than 144 square meters [1][7]. - The market is seeing a strong demand for improvement-type housing, with over 94% of new homes sold being larger than 100 square meters [11]. Group 2: Marketing Strategies - During the 2026 Spring Festival, many real estate companies in Jinan launched promotional activities, offering significant discounts and incentives to attract buyers [2][4]. - Various projects provided substantial subsidies, with some offering up to 300,000 yuan in discounts, alongside promotional events like appliance giveaways and themed activities to enhance customer engagement [4][5]. Group 3: Consumer Behavior - There has been a notable increase in customer visits and transactions, with some projects reporting over 800 groups of visitors in a month, indicating a robust demand for improvement-type housing [5][7]. - The majority of new home sales are concentrated in the 120 square meters and above category, with a significant preference for small high-rise, villa, and large flat products [7][8]. Group 4: Industry Dynamics - The Jinan real estate market is shifting from "incremental expansion" to "stock optimization," with a focus on product innovation and service enhancement [8][10]. - The industry is witnessing an increase in concentration, with leading firms focusing on high-quality developments and innovative designs to meet evolving consumer demands [10][12]. Group 5: Future Outlook - The market is expected to stabilize in 2026, with continued improvement in the matching of supply and demand for quality housing, particularly in core areas [11][12]. - Policies such as the optimization of housing provident funds are anticipated to further support the real estate market, making it easier for families to purchase high-quality homes [12].

Group 1 - During the Spring Festival, several quality real estate companies in Shenzhen launched promotional activities to attract consumers, including special gifts for those staying in the city or visiting [1] - In 2025, over 10,000 new residential units are expected to be purchased by non-Shenzhen residents, with sales amounting to nearly 60 billion yuan, indicating a growing interest in Shenzhen as a place to live and work [2] - The "iShenzhen" platform will provide personalized online viewing services during the Spring Festival, allowing potential buyers to filter properties based on their preferences and access virtual tours [4] Group 2 - Real estate projects such as Jindi Huanwan City and China Overseas Deyun Jiu Chapter will offer special discounts and gifts during the Spring Festival to enhance the buying experience [3] - More than 30 real estate projects in Shenzhen will remain open during the Spring Festival, utilizing both online and offline marketing strategies to serve buyers [3] - Real estate agencies like Le You Jia will also provide various promotional activities for second-hand housing during the holiday period [3]

Core Insights - The market response to the pilot program for commercial real estate REITs initiated by the China Securities Regulatory Commission (CSRC) at the end of 2025 has exceeded expectations, with 12 commercial real estate REITs products submitted for approval within half a month, and 11 of them quickly accepted [1][6]. Group 1: Market Activity - As of February 12, 2023, the Shanghai Stock Exchange has received 11 applications for commercial real estate REITs, with 10 accepted, including the recent acceptance of the Guotai Haitong Chongbang Fund, which is backed by the Shanghai Jiatinhui City Life Plaza project [2]. - The Shenzhen Stock Exchange has also joined the trend, with its first commercial real estate REIT, "Huatai Zijin Huazhu Anzhu Fund," being accepted on February 5, 2023, focusing on hotel properties in Guangzhou and Shanghai [3]. Group 2: Company Initiatives - Shoukai Co. plans to package three projects, including Songjiazhuang Fumao, for submission to the REITs market, indicating a proactive approach to asset management and financing [4]. - Shoukai Co. emphasizes that the funds raised from the REITs will be used for business-related acquisitions, investments, debt repayment, and liquidity, explicitly stating that they will not be used for purchasing residential land [5]. Group 3: Industry Trends - The rapid submission of 12 REITs in a short period reflects the urgent demand from original equity holders for asset revitalization and the efficient operation of the regulatory acceptance process [6]. - Industry experts suggest that 2026 may become a pivotal year for the large-scale development of commercial real estate REITs in China, as more companies are expected to utilize this method to revitalize assets and broaden financing channels [6].

www.ccxi.com.cn 其他联络人 2026 年 2 月 联络人 作者 企业评级部 蒋 螣 027-87339288 tjiang@ccxi.com.cn 刘旭冉 027-87339288 xrliu@ccxi.com.cn 黎小琳 027-87339288 xlli@ccxi.com.cn | 目录 | | | --- | --- | | 摘要 | 1 | | 分析思路 | 2 | | 行业基本面 | 2 | | 样本企业表现 | 8 | | 结论 | 12 | | 附表 | 13 | 贺文俊 027-87339288 wjhe@ccxi.com.cn 中诚信国际 行业展望 房地产行业 中国房地产行业展望，2026 年 2 月 2025 年房地产行业政策力度同比减弱，但全年销售规模降幅收窄， 去库存亦取得一定进展，在商品房销售额尚未完全企稳的背景下， 供求平衡的修复仍面临挑战；2026 年预计行业销售及投资下行压力 仍存但节奏放缓，政策端或将进入常态化实施阶段，待售面积有望 出现拐点性下降，为"十五五"房地产市场触底企稳打下基础，预 计未来短期内头部房企的市场地位稳固，但行业颈部及腰部企业的 排序或 ...

Group 1 - Pei Mingshan appointed as Deputy Secretary and Director of China Railway Construction Group Co., Ltd., nominated as General Manager candidate, relieved of his position as Standing Committee member of China Communications Construction Group Co., Ltd., and no longer serves as Deputy General Manager of China Communications Construction Group Co., Ltd. [1] - Hou Xiao appointed as Deputy Secretary and Director of China Guoxin Holdings Co., Ltd., nominated as General Manager candidate. [2] - Dong Baoliang appointed as Deputy Secretary and Director of China Railway Communication Signal Group Co., Ltd., nominated as General Manager candidate, and no longer serves as External Director of China Automotive Technology Research Center Co., Ltd. [3] Group 2 - Zheng Weili appointed as Standing Committee member of China Coal Technology and Engineering Group Co., Ltd., nominated as Chief Accountant candidate. [4] - Zhang Deyong appointed as Standing Committee member of China Electrical Equipment Group Co., Ltd., nominated as Chief Accountant candidate. [5] - Qu Xiaoli appointed as Standing Committee member of China CNR Corporation Limited, relieved of his position as Standing Committee member of China National Building Material Group Corporation, and no longer serves as Deputy General Manager of China National Building Material Group Corporation. [6] Group 3 - Hu Naimin relieved of his position as Standing Committee member of China Energy Conservation and Environmental Protection Group Co., Ltd., no longer serves as Deputy General Manager, and is retiring. [7] - Ma Shizhi relieved of his position as Standing Committee member of China Coal Energy Group Co., Ltd., no longer serves as Deputy General Manager, and is retiring. [8] - Wu Xiangong relieved of his position as Standing Committee member of China Chemical Engineering Group Co., Ltd. and is retiring. [9] - Wang Shiqi relieved of his positions as Deputy Secretary and Standing Committee member of China Railway Engineering Group Co., Ltd. and is retiring. [10] - Sun Lixia relieved of her positions as Standing Committee member and Discipline Inspection Secretary of China Poly Group Co., Ltd. and is retiring. [11]