今年，雨花台聚焦城市发展和民生改善需求，推出了位于数字城、新滨江等重点功能片区的多幅重点土地资源，地块指标设置坚持"差异化定位、精准化 匹配"原则。既有在雨核片区挖潜推出的"小而美"地块，也有秦淮河边的低密宅地，还有学校边的高层住宅用地，可满足多元化的住房需求。推介会上， 雨花台区同步推出了雨花新村二化机厂、粮仓π.数字文旅产业园、三山片区等一批待更新项目，涵盖了城镇老旧居住区域改造、老旧街区(厂区)更新改造 等多个类型，将进一步推动存量空间提质增效。 座谈交流环节，与会企业围绕土地指标、片区建设、合作模式、审批服务等话题展开深入交流，并就地块出让策略等提出了意见建议。区领导及相关部门 负责人现场回应企业关切，表示将全程做好服务保障，进一步提档工程审批的"雨花速度"。通讯员喻华轩扬子晚报/紫牛新闻记者张昊 1月29日下午，2026年南京首场土地招商推介活动在雨花台区智慧城市软件产业基地召开。活动以"数字赋能智造兴城"为主题，聚焦雨花台区的产业发展 优势和土地资源价值，现场集中推介了多幅优质地块，并发布了雨花台区城市更新机会清单。 本次活动上，雨花台区倾听企业诉求、共商发展合作。华润置地、保利发展（600048 ...

还多了一些新面孔，比如东亚新华、远东宏信等。 另外，久未在广州土拍市场露面的和记黄埔、天健地产、时代、金融街、首开等房企，此次也集中亮 相。 还有中建几个局也来了，中建八局、中建二局、中建三局、中建四局以及中建五局。 粤进深 严明会1月28日，白云区2026年土地推介会在广州设计之都举行，39家品牌房企到场。 白云区此次重点推介的地块有16宗，主要分布在白云新城-设计之都等板块，地块容积率最低仅1.1。 除了大家熟悉的保利、越秀、华润、中海、招商、金茂等国央企，以及龙湖、绿城、星河、贝好家等民 营房企。 | | 自云计划出让1· | | | | | --- | --- | --- | --- | --- | | 曲块序号 | 项目名称 | 所属街道 | 宗地面积 (日) | 園筑面积 (平方米) | | 1 | For and and the count of the seen | 鹤龙街 | 70 | 114838 | | 2 | SEST PROPERTY AND AND AND | 鹤龙街 | 30 | 50115 | | ਤੇ | --- AR2110029181 | 永平街 | 58 | 79200 ...

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - In 2025, the issuance volume and scale of Asset - Backed Notes (ABN) increased year - on - year, with personal consumer finance and micro - loans being active. The issuance rate was low and declining, and the secondary market was active. Policy support promoted product innovation. In 2026, ABN will continue to play an important role in serving the real economy [5][59] 3. Summary by Relevant Catalogs 3.1 Issuance - In 2025, 610 ABN products were issued, with a total issuance scale of 571.836 billion yuan, a 9.07% increase from 2024. Among them, 184 Asset - Backed Commercial Paper (ABCP) products were issued, with a scale of 172.173 billion yuan, accounting for 30.11% of the ABN issuance scale. The issuance was mainly private placement [5][6] - By major underlying asset categories, debt - related products led with an issuance scale of 500.701 billion yuan, a 12.88% increase, and a scale share of 87.56%. Other categories had different trends [8] - By detailed underlying asset types, personal consumer finance and micro - loans were active, with 343 products issued and a scale of 307.277 billion yuan, accounting for 53.74% of all ABN products [11] - The top four sponsoring institutions were trust companies, with a combined issuance scale of 182.871 billion yuan, accounting for 31.98% of all ABN products. The market had a high concentration of sponsoring institutions [19] - The single - product highest issuance scale in 2025 was 8.72 billion yuan, and the lowest was 0.25 billion yuan. Products with a single - issuance scale in the (5, 10] billion yuan range had the largest number and scale share [21] - The shortest - term product was 0.17 years, and the longest was 23.41 years. Products with a term in the (1, 2] - year range had the largest issuance number and scale [24] - By rating level, AAAsf - rated notes accounted for 90.34% of the issuance scale [25] 3.2 ABCP Product Issuance - In 2025, 184 ABCP products were issued, with a scale of 172.173 billion yuan, a 5.53% year - on - year decrease, accounting for 30.11% of the ABN issuance scale. The detailed underlying asset types mainly included personal consumer finance, subsidy payments, accounts receivable, etc. [27] 3.3 Product Innovation - In 2025, multiple first - of - its - kind products were successfully issued, such as the first science - and - technology supply - chain bill ABN, the first science - and - technology innovation - type REITs in the inter - bank bond market, etc., providing experience for financing and asset revitalization [29] 3.4 Issuance Rate - In 2025, due to the stable and loose monetary policy, the ABN issuance rate remained low and continued to decline compared to the previous year. The spreads of 1 - year and 3 - year AAAsf - rated ABN products compared to Treasury bonds narrowed [30] 3.5 Secondary Market - As of the end of 2025, the ABN product stock scale was 653.621 billion yuan, a 4.31% year - on - year increase. The secondary - market trading volume was 539.205 billion yuan, a 13.15% year - on - year decrease; the number of transactions was 6,224, an 8.24% year - on - year increase, with an average transaction amount of 0.87 billion yuan and a turnover rate of 84.24%. The active underlying asset types in trading were personal consumer finance, class REITs, accounts receivable, and micro - loans [37] 3.6 Public Offering ABN Products - Accounts Receivable ABN: In 2025, 5 publicly - issued accounts receivable ABN products were issued, with a scale of 6.873 billion yuan, a 56.54% year - on - year decrease. All products had difference - making commitments or liquidity support [42] - Lease Receivables ABN: In 2025, 5 lease receivables ABN products were publicly issued, with a scale of 26.555 billion yuan, a 162.50% year - on - year increase. Some products had low default and early - repayment rates [46] - Supply - Chain ABN: In 2025, 22 publicly - issued supply - chain ABN products were issued, with a scale of 12.771 billion yuan, a 49.56% year - on - year increase. The core debtors/credit enhancers were large real - estate enterprises with high credit quality [50] 3.7 ABN Product Tracking - In 2025, the credit ratings of 3 outstanding public - offering ABN products were upgraded because the credit support for the mezzanine notes increased as the senior notes were redeemed [54] 3.8 Policy - In March 2025, the NAFMII issued the "Action Plan for Further Supporting the High - Quality Development of Private Enterprises in the Inter - bank Bond Market", promoting product innovation and optimizing the financing environment for private enterprises [57] - In May 2025, the NAFMII issued the "Notice on Launching Science and Technology Innovation Bonds and Building the 'Science and Technology Board' in the Bond Market", promoting the construction of the "science and technology board" in the bond market and guiding funds into the science and technology innovation field [58]

证券研究报告 | 2026年1月30日 债海观潮，大势研判 逆风中震荡 投资策略 · 固定收益 2026年第二期 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 证券分析师：赵婧 0755-22940745 zhaojing@guosen.com.cn S0980513080004 证券分析师：李智能 0755-22940456 lizn@guosen.com.cn S0980516060001 证券分析师：田地 0755-81982035 tiandi2@guosen.com.cn S0980524090003 证券分析师：季家辉 021-61761056 jijiahui@guosen.com.cn S0980522010002 证券分析师：陈笑楠 021-60375421 chenxiaonan@guosen.com.cn S0980524080001 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 Ø 行情回顾：1月多数债券品种收益率下行；利率债方面，长期限利率债品种收益率下行；信用 ...

证券研究报告 | 2026年1月30日 债海观潮，大势研判 逆风中震荡 投资策略 · 固定收益 2026年第二期 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 证券分析师：赵婧 0755-22940745 zhaojing@guosen.com.cn S0980513080004 证券分析师：李智能 0755-22940456 lizn@guosen.com.cn S0980516060001 证券分析师：田地 0755-81982035 tiandi2@guosen.com.cn S0980524090003 证券分析师：季家辉 021-61761056 jijiahui@guosen.com.cn S0980522010002 证券分析师：陈笑楠 021-60375421 chenxiaonan@guosen.com.cn S0980524080001 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 Ø 行情回顾：1月多数债券品种收益率下行；利率债方面，长期限利率债品种收益率下行；信用 ...

Group 1 - The first land promotion conference in Nanjing for 2026 was held on January 29, focusing on key areas such as Digital City and New Binjiang, and released an urban renewal opportunity list for Yuhuatai District [1][3] - The event attracted 15 major real estate companies, including China Resources Land and Poly Developments, as well as 10 urban renewal operators, showing strong interest in the promoted land resources and urban renewal list [3] - The promoted land resources include various types of plots, such as "small but beautiful" plots in the Yuhua core area, low-density residential land along the Qinhuai River, and high-rise residential land near schools, catering to diverse housing needs [3] Group 2 - Yuhuatai District has gathered 381 AI companies and 50,000 AI talents, aiming to create an AI and software integration zone with a target of attracting 1,000 AI companies and 100,000 AI talents, striving for a core output value of 100 billion [5] - During the discussion, participating companies engaged in in-depth exchanges regarding land indicators, area construction, cooperation models, and approval services, indicating a favorable residential supply-demand relationship in areas like Yuhua core, marking a good investment window for land [5] - Officials responded to companies' concerns, committing to enhance service guarantees and improve the "Yuhua speed" of project approvals [5]

Summary of Key Points from the Conference Call on China Property Industry Industry Overview - The China property industry has shown an 11% year-to-date performance, outperforming the MSCI China index which is at 7% [1] - The current sentiment-driven rally is viewed as likely unsustainable due to a fragile housing market and high sector valuations [1] Core Insights - The rally is attributed to improved investor sentiment from positive policy news and a recent uptick in housing sales, influenced by a later Chinese New Year and mild policy easing [9] - However, there are multiple near-term headwinds anticipated, including: - Over-optimism regarding the physical market recovery [3] - Potential earnings misses for key developers in 2025, with profit warnings expected from Greentown, Longfor, and Vanke [4] - A decline in contracted sales in Q1 due to reduced saleable resources and a high base effect [4] - High valuations across the sector [4] Company-Specific Insights - Companies expected to face challenges include: - **Greentown**, **Jinmao**, **Longfor**, and **Vanke A/H** due to potential earnings misses and high valuations [4] - In contrast, companies favored for their fundamentals include: - **CR Land** and **Seazen A/H**, which are robust mall operators benefiting from consumption-boosting initiatives [5] - **C&D**, recognized as residential market consolidators with optimized landbanks supporting margins and positive earnings growth [5] Market Outlook - A potential sector pullback is anticipated as the results season approaches, with cautious guidance expected from developers regarding property sales, development margins, and earnings recovery [9] - The likelihood of further policy stimulus is seen as diminishing, especially before the Chinese New Year, given the recent improvement in home sales volume in tier 1 cities [9] - Analysts maintain a cautious outlook, predicting continued home price declines in top-tier cities over the next two years [9] Stock Ratings and Price Targets - The report includes a summary of stock ratings and price targets for various companies in the sector: - **C&D International** (OW, PT: HKD 20.62) - **CR Land** (OW, PT: HKD 39.20) - **Seazen A** (OW, PT: RMB 19.70) - **Greentown** (UW, PT: HKD 7.86) - **Vanke A** (UW, PT: RMB 2.70) [6] Additional Considerations - The report emphasizes the importance of considering the broader market context and potential conflicts of interest in investment decisions [7][8] - Analysts express skepticism about the sustainability of fund flows into the sector, given the bearish outlook for the China housing market [9] This summary encapsulates the key insights and outlook for the China property industry as discussed in the conference call, highlighting both risks and opportunities within the sector.

Summary of Conference Call on Real Estate Industry Industry Overview - The conference call focuses on the real estate industry in China, particularly the impact of policies and market dynamics on the sector's performance and future outlook [1][2][4]. Core Insights and Arguments - The issuance of real estate REITs by the China Securities Regulatory Commission (CSRC) is expected to significantly change the real estate industry by improving liquidity, reducing financing costs (expected at 3.6%), and re-evaluating land assets [1][5]. - The "14th Five-Year Plan" emphasizes high-quality development in real estate, requiring state-owned enterprises to avoid large-scale losses and high debt levels, with real estate investment growth expected to align with GDP growth (projected at least 4.5%) [1][6][7]. - The secondary market is anticipated to focus on fundamentals in March and April, with a potential stabilization in the second half of the year, particularly for leading companies and core cities [1][8]. - Despite a general pessimism in the real estate sector, the disclosure of risk performance has been thorough, leading to a valuation recovery and an upward trend in the overall market index [1][9]. Important but Overlooked Content - The real estate sector's stock performance has been in line with expectations, with stock prices typically leading transaction volumes, which in turn precede property prices [3]. - The property sector's dividend and special dividend rates remain strong, with an expected rise in CPI to around 1.5%, enhancing price stability and service trade elasticity for property companies [3][11]. - Companies benefiting from supply-side reforms and high-quality development, such as China Resources, Poly, and China Overseas, are highlighted as key investment opportunities [10]. - The potential for companies like Beike and Wo Ai Wo Jia to show resilience in the second quarter is noted, especially if policy expectations are realized [12]. - The focus on internal renovations rather than just external facade improvements is emphasized as a more certain path for enhancing living experiences and driving industry growth [14]. Conclusion - The real estate industry is at a pivotal moment, with policy changes and market dynamics creating both challenges and opportunities. Investors are encouraged to focus on companies that align with high-quality development goals and those that can leverage the benefits of REITs to improve their financial positions.

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Insights - The real estate industry in China is transitioning towards high-quality development, with delivery being a key indicator of competitiveness and an essential aspect of operations [3] - In 2025, the top three companies in terms of delivery volume are Country Garden with 170,000 units, China Overseas with 133,200 units, and Poly Developments with 130,000 units [4][9] - The total delivery volume for the top 10 companies in 2025 is projected to be 996,800 units, a decrease of 36% compared to 2024 [9] - The industry is moving away from high turnover models, with delivery capability becoming a core metric for companies to navigate through cycles [10] - Companies are focusing on enhancing the quality of delivery, with an emphasis on customer experience and service [10][20] Delivery Scale - In 2025, five companies are expected to deliver over 100,000 units, and ten companies over 50,000 units, with 34 companies delivering more than 10,000 units [9] - The report highlights that the delivery scale is expected to continue declining due to the completion of delivery tasks and a decrease in sales volume [9] Notable Delivery Projects - The report lists several exemplary delivery projects, including "Times City" by China Resources and Huafa, and "Wenzhou Tianyuexi" by Poly Developments and China Merchants Shekou [7] - Projects like "D10 Tianyuan" by New Hope Real Estate achieved early delivery, showcasing effective execution and customer service [11] - The report emphasizes the importance of community facilities and overall living experience in enhancing customer satisfaction and reducing post-delivery disputes [19] Product Implementation and Service Optimization - The report indicates that delivery capability is becoming a critical link connecting product design innovation, green construction standards, and comprehensive service experiences [16] - Companies are focusing on upgrading their service offerings throughout the entire lifecycle of the product, moving from timely delivery to quality and value delivery [16] Community and Service Enhancements - Community infrastructure is highlighted as a key aspect of product delivery, enhancing customer belonging and satisfaction [19] - The report notes that personalized services and immersive experiences are crucial for building brand trust and improving customer satisfaction [20]

Macro Research - The Federal Open Market Committee (FOMC) meeting in January 2026 maintained interest rates, aligning with market expectations, while showing a more optimistic outlook on the economy, employment, and inflation, adding uncertainty to future rate cuts [1][2] - Silver prices have surged to new highs since 2025, driven by a combination of industrial and financial demand, with potential pressure on silver prices if gold experiences volatility [1][2] - The Federal Reserve's internal division was evident in the recent rate decision, with a 10:2 vote, indicating differing opinions on the need for a 25 basis point cut [2] Silver Market Analysis - Silver's price dynamics differ from gold, with stronger commodity attributes and broader industrial demand, while its monetary attributes have weakened significantly [7] - Historical price surges in silver have been driven by speculative funds and macroeconomic factors, with the current surge attributed to geopolitical risks and a turbulent international monetary system [8] - Industrial demand for silver is expected to remain robust, particularly from emerging industries like photovoltaics and electric vehicles, supporting price resilience [8][9] Company Analysis: Qingdao Bank - Qingdao Bank has shown strong balance sheet expansion and continuous improvement in asset quality, with a non-performing loan ratio dropping below 1% [10][11] - The bank's net profit is projected to grow by 22% in 2025, with a target price set at 6.40 CNY, maintaining a buy rating [11][12] - The bank's revenue growth is supported by an increase in asset and loan growth rates, with a focus on optimizing cost structures to enhance profitability [12][14]