22 January 2026 | 3:04PM CST Equity Research CHINA C-REITs: A new regulatory framework to accelerate transformation of our covered companies to an asset-light model In this report, we highlight the Commercial Property REITs pilot program (vs. prior Infrastructure REITs) launched in December 2025, a new regulatory framework that we believe will further drive C-REITs market growth in China and accelerate our covered companies' transformation to an asset-light model for their IP business (by enhancing the visi ...

为积极响应国家政策号召，2024 年万科企业股份有限公司（以下简称"公 司"）以控股子公司深圳市万纬物流投资有限公司拥有的 3 个仓储物流园项目开 展不动产投资信托基金（以下简称"本项目"）申报发行工作，基金管理人和资 产支持证券管理人分别为华夏基金管理有限公司和中信证券股份有限公司。本项 目于 2024 年 3 月 1 日收到中国证监会的申请受理通知书。具体内容详见公司于 2024 年 3 月 2 日在巨潮资讯网（www.cninfo.com.cn）上披露的公告（公告编号： 〈万〉2024-008）。 经综合考虑外部客观环境、市场环境等多种因素，并经相关各方充分沟通和 审慎论证分析，2026 年 1 月 14 日，基金管理人和资产支持证券管理人向中国证 券监督管理委员会、深圳证券交易所申请撤回申请文件。 万科企业股份有限公司 关于撤回华夏万纬仓储物流封闭式基础设施证券投资基金上市及中 信证券-万纬物流 1 期资产支持专项计划资产支持证券挂牌转让申请 文件的申请并获准的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-010 本公司及董事会全体成员保证公告 ...

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-009 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）之控股子公司 前期已向银行申请贷款，公司之控股子公司将继续通过保证、质押、抵押分别为相应的贷款提 供担保。 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子公司对外提供 担保的议案》，同意在授权有效期内提供的新增担保总额须不超过人民币 1,500 亿元，有效期 为自 2024 年度股东大会决议之日起至 2025 年度股东大会决议之日止。董事会在取得股东大会 授权之同时，已进一步转授权公司指定高管人员对于单笔对外担保金额低于人民币 50 亿元进 行审批，并签署相关法律文件。 本次担保事项在上述担保额度范围内，被转授权人员已在上述授权范围内决策同意本次担 保事项，具体情况如下： 一、已有担保事项进展 （一）担保事项概述 2021 年，公司之控股子公司沃尔玛亚洲商业管理（惠州）有限公司 ...

Group 1 - The majority of Vanke's domestic bonds saw an increase, with "23 Vanke 01" rising over 14%, "21 Vanke 06" and "22 Vanke 04" increasing over 10%, and "22 Vanke 06" up over 9% [1] - In contrast, "22 Vanke 02" fell over 1% and "21 Vanke 04" decreased by 0.90% [1] - In the local bond market, "21 Hunan Bond 75" rose over 7%, while "25 Beijing 92", "25 Shandong Bond 04", and "25 Qingdao Bond 66" increased by over 1% [1] Group 2 - Special government bonds showed slight increases, with "24 Special Bond 01" up 0.18%, "24 Special Bond 02" up 0.13%, "24 Special Bond 03" up 0.14%, and "24 Special Bond 04" up 0.21% [1] - "Special Bond 2401" rose by 0.27%, "Special Bond 2402" increased by 0.04%, and "Special Bond 2403" went up by 0.08%, while "Special Bond 2404" had no transactions [1] Group 3 - Wind power bonds experienced declines, with "24 Wind Power K1" dropping over 3% and "24 Wind Power G2" falling over 2% [1] - In the local bond market, "24 Guizhou Bond 26" decreased by over 7%, and "23 Shanxi Bond 37" and "21 Jilin Bond 62" fell by over 3% [1]

Investment Rating - The industry investment rating is "Overweight" for both the construction and building materials sectors [6]. Core Insights - The report emphasizes the importance of balanced allocation between traditional cyclical building materials and emerging technology growth opportunities, driven by supportive real estate policies aimed at stabilizing the market [1]. - The path for resolving real estate debt is becoming clearer, with significant credit impairment already reflected in the consumption building materials sector, suggesting a narrowing of credit impairment risk exposure [2]. - The decline in real estate construction is expected to slow, with price increases for construction materials continuing, particularly benefiting leading companies in the sector [3]. - The second-hand housing market is showing signs of stabilization, with "stock renovation" expected to be a key theme in 2026, potentially boosting demand for decorative and functional building materials [4]. Summary by Sections Real Estate Policy and Market Outlook - The Ministry of Housing and Urban-Rural Development is focusing on stabilizing the real estate market through targeted policies, which is expected to accelerate the recovery of the sector [1]. - Data indicates that the real estate market is beginning to stabilize, with some companies showing signs of revenue improvement due to increased market share and expansion into overseas markets [1]. Credit Impairment and Debt Resolution - Vanke's recent bondholder meeting approved a significant extension plan, indicating a rational approach to debt resolution within the industry [2]. - Most building materials companies have already accounted for substantial credit impairments, with many reporting over 50% impairment on specific items [2]. Construction Activity and Material Pricing - Real estate sales, new construction, and completion areas have shown declines of 8.7%, 20.4%, and 18.1% year-on-year, respectively, but the rate of decline is expected to slow [3]. - Leading companies in the sector have begun to implement price increases for construction materials, indicating a potential turning point in the market [3]. Second-Hand Housing Market and Renovation Demand - The retail sales of construction and decoration materials reached 167.1 billion yuan in 2025, reflecting a decline of 2.7% year-on-year, primarily due to high base effects from previous quarters [4]. - The report notes a decrease in the listing volume of second-hand homes, suggesting a tightening supply that could lead to price improvements [4]. Recommended Companies - The report recommends several companies for investment, including: - China Liansu (2128 HK) with a target price of 6.35 yuan - Weixing New Materials (002372 CH) with a target price of 14.34 yuan - Rabbit Baby (002043 CH) with a target price of 16.01 yuan - Beixin Building Materials (000786 CH) with a target price of 29.64 yuan - Dongfang Yuhong (002271 CH) with a target price of 17.19 yuan [7][9].

Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.18%, the Shenzhen Component Index up 0.15%, and the ChiNext Index up 0.16%. Sectors such as precious metals, pharmaceutical commerce, and photovoltaic industries saw significant gains [1] - The Shanghai Composite Index closed at 4,130.11 points with a trading volume of 106.05 billion, while the Shenzhen Component Index closed at 14,349.01 points with a trading volume of 169.65 billion [2] External Market - U.S. stock markets continued their upward trend, with the Dow Jones up 0.63% to 49,384.01 points, the S&P 500 up 0.55% to 6,913.35 points, and the Nasdaq up 0.91% to 23,436.02 points. Most Chinese concept stocks also rose, with the Nasdaq Golden Dragon China Index increasing by 1.58% [3] Industry Insights - CITIC Securities reported that rising prices of silicon materials and silver are pressuring profits in the photovoltaic sector. The firm anticipates a long-term tight balance in silver supply and demand, suggesting that copper could become a viable alternative material for photovoltaic applications [4] - CICC highlighted that the internationalization of the Renminbi (RMB) has significant room for improvement, driven by China's economic growth and effective policies. The report identifies trade settlement and financial market development as key areas needing enhancement to boost the RMB's status as a reserve currency [5] - Huaxi Securities projected that gold prices could rise between 10% and 35% in 2026, influenced by factors such as Federal Reserve interest rate cuts and geopolitical uncertainties. Historical trends suggest that after a strong increase in 2025, the growth rate may moderate in 2026 [6][7] - Huatai Securities noted that the recent debt restructuring plan by Vanke, a leading real estate company, indicates a short-term alleviation of market credit pressure. This development, along with improving real estate policies, may provide opportunities for valuation recovery in real estate stocks [8]

今日早参 2026 年 1 月 23 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 固定收益：三个角度尝试增厚收益 随着基金销售新规落地，近期二永债明显修复。往后看，需求端超调压力缓 解，但股市、通胀、利率供给扰动仍存，一季度债市或延续震荡，但也不乏 交易机会。机构行为存在分化，保险开门红分红险销售亮眼，中小保险有拉 久期需求，银行配置摊余成本法信用债专户或带来中长久期信用债配置需 求。理财面临净值化挑战和分红险分流，春节前谨防取现需求规模回落。债 基短期压力缓解，中期仍面临"收益增厚和持有体验"等挑战。信用债 ETF 是机构发展重点，但年前冲量后近期明显回落，成分券超跌。综上，近期建 议继续票息打底，通过波段、品种、杠杆等增厚收益。基金、理财可继续下 沉挖掘 2 年期以内城投债，关注 5 年期二永债波段机会、4 年中高等级骑乘 机会，保险等可逢调整增配 5 年及以上中高等级信用债。 风险提示：股市走强超预期，刺激经济政策超预期。 研报发布日期：2026-01-22 研究员 张继强 SAC:S0570518110002 SFC: ...

Core Viewpoint - Vanke has responded to inquiries regarding the lawsuit against Wanda, stating that the assets of Wanda Group have been legally sealed and frozen, but the ability to realize these assets through auction remains uncertain. The company asserts that this case will not have a significant impact on its performance in 2025 or 2026 [1]. Group 1 - The lawsuit against Wanda involves the legal sealing and freezing of Wanda Group's equity assets [1]. - There is uncertainty regarding the potential for these assets to be auctioned off and converted into cash [1]. - Vanke believes that the lawsuit will not materially affect its financial performance in the upcoming years [1].

人民财讯1月23日电，华泰证券研报称，21日万科发布公告，"21万科02"债券持有人会议高票通过核心 展期议案(议案一、议案四)。此次方案以"本息兑付调整+固定兑付安排+增信措施"为核心，短期压力下 降。对行业而言，龙头房企短期压力缓释有助于阶段性稳定市场预期，为行业"止跌回稳"带来更有利条 件。华泰证券看好"三好"房企、优秀商业运营商、港资房企、高分红物管公司的投资机遇。 ...

（文章来源：第一财经） 华泰证券指出，21日万科发布公告，"21万科02"债券持有人会议高票通过核心展期议案（议案一、议案 四）。本次方案以"本息兑付调整+固定兑付安排+增信措施"为核心，短期压力下降。龙头房企偿债方 案落地标志着市场信用方面压力的短期纾解，叠加近期地产政策预期升温，有助于带来地产股估值修复 机遇。重点推荐：1、兼具"好信用、好城市、好产品"的"三好"地产股；2、依靠运营能力在市场调整中 掌握现金流生命线的房企；3、受益于香港市场复苏的香港本地房企；4、受益于稳健现金流、具备分红 优势的物管企业。 ...