内房股整体走强。 此前较长时间整体不受港股市场"待见"的内房股，2026年以来表现可圈可点，不仅股价明显跑赢了港股市场平均水平，还获得包括南向港股通等资金的青 睐。 上述现象背后的原因几何？ 港股内房股受到资金追捧 尽管仍面临诸多不确定性，不少港股内房股已开始受到资金的追捧。这里面，2026年以来南向港股通资金对不少内房股加仓迹象比较明显，某种程度上折 射出二级市场上不少资金对于内房股的态度趋暖。 据Wind数据，2026年以来，在中华内房股指数30只成份股中，有18只成份股背后的港股通持股数量出现提升，占比达六成。 比如港股通2026年2月10日持有的华润置地股票数量为8.39亿股，较2025年底增长逾8000万股，其间港股通持股占比由10.52%提升至11.75%，港股通持股 占比累计提升超过1个百分点。 中国海外发展、新城发展等港股在上述期间也获得港股通加仓。数据显示，2025年底港股通持有的中国海外发展股票数量为6.02亿股，至2026年2月10日 达7.36亿股，其间持股量累计增长1.34亿股，持股比例则由5.49%提升至6.72%；2025年底港股通持有的新城发展股票数量为14.07亿股，至202 ...

Group 1 - The core point of the announcement is that China Jinmao (00817) has exercised its right to redeem all outstanding securities on the first reset date and has completed the redemption of all securities [1] - As of the date of the announcement, there are no outstanding amounts related to the securities [1]

智通财经APP讯，中国金茂(00817)发布公告，根据证券契约，发行人已行使其于首个重设日期赎回所有 未偿还证券的权利并已完成赎回全部证券。 于完成赎回后及截至本公告日期，概无有关证券的未偿还款项。 ...

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。本公告僅供參考，並不構成收購、購買或認購證 券的邀請或要約。 （股票代號：00817） 完成證券贖回公告 茲提述本公司日期為2025年12月30日有關建議贖回證券的公告（「該公告」）。本公 告所使用的未界定詞彙與該公告中所界定者具有相同含義。 根據證券契約，發行人已行使其於首個重設日期贖回所有未償還證券的權利並已 完成贖回全部證券。 於完成贖回後及截至本公告日期，概無有關證券的未償還款項。 本公告並不構成或作為於美國或其他地方提呈發售證券或招攬購買或認購證券的一部份。本公 告所述證券概無及將不會按照1933年美國證券法，經修訂（「證券法」）登記，（若干情況例外） 亦不得在美國境內提呈發售或出售，惟獲豁免證券法登記規定或毋須遵守證券法登記規定的交 易除外。證券僅會遵照證券法S規例在美國境外發售。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊 ...

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]

Core Viewpoint - The recent restructuring actions taken by major state-owned real estate companies in China, including China Overseas Land & Investment, reflect a broader trend of streamlining operations to enhance efficiency and focus on core business areas amid industry challenges [1][2][3][17]. Group 1: Organizational Restructuring - China Overseas Land & Investment has eliminated four regional companies, shifting from a three-tier structure ("headquarters-regional-city") to a two-tier structure ("headquarters-city") [1][4]. - Other companies such as China State Construction Engineering Corporation, Poly Developments, and China Resources Land have also made similar moves to reduce regional layers and consolidate functions, indicating a trend towards "streamlining and focusing" [2][8]. - The elimination of regional companies is seen as a response to the inefficiencies created by additional management layers, which do not align with the current need for cost reduction and efficiency improvement [7][10]. Group 2: Performance Pressures - China Overseas Land & Investment reported a significant decline in sales performance, with a total contracted property sales amount of 251.23 billion yuan in 2025, a year-on-year decrease of 19.1% [9]. - The company also experienced a drop in revenue and net profit, with 2024 revenues at 185.15 billion yuan, down 8.6%, and a net profit of 15.64 billion yuan, down 38.9% [9]. - Similarly, Huafa Group announced its first loss since going public, projecting a net profit loss of between 9 billion to 7 billion yuan for 2025, reflecting a year-on-year decline of over 1000% [11]. Group 3: Strategic Focus and Integration - Companies are not only cutting regional structures but are also integrating business functions to strengthen core competencies. For instance, Poly Developments is restructuring its headquarters into ten functional departments to support its strategic transformation into a "real estate ecological platform" [12][13]. - China State Construction Engineering Corporation's subsidiary, China State Construction Eight Bureau, is reorganizing its operations into three major business segments to concentrate on real estate and enhance competitiveness [15][16]. - The overarching goal of these adjustments is to reduce costs, improve efficiency, and better position companies to navigate the ongoing industry adjustments [17][18].

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]

证券研究报告 | 2026年02月10日 | 晨会纪要 | | --- | | 数据日期:2026-02-09 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4123.08 | 14208.43 | 4719.05 | 15487.40 | 4173.83 | 1458.16 | | 涨跌幅度（%） | 1.41 | 2.16 | 1.62 | 1.60 | 2.66 | 2.51 | | 成交金额（亿元） | 9497.26 | 12997.46 | 5227.57 | 4454.52 | 6392.92 | 729.09 | 【常规内容】 宏观与策略 策略周报:杠杆资金和外资流出额增加——2 月第 1 周立体投资策略周报 行业与公司 食品饮料周报（26 年第 6 周）：白酒春节动销渐起，预制菜国标公开征 求意见 海外市场专题:AI Agent 专题：Opus 4.5 开启 AI Agent 拐点，CPU 需 求迎高增 房地产行业快评：如何看 ...

Group 1 - The core point of the article is that China Jinmao reported its sales performance for January, indicating a total signed sales amount of 7.603 billion yuan [2] - The signed sales area for January was approximately 336,600 square meters [2]

Core Viewpoint - China Jinmao announced a signed sales amount of RMB 7.603 billion for January 2026, with a signed sales area of 336,600 square meters. Additionally, as of January 31, the subscribed (but not yet signed) property sales amount to RMB 604 million [1] Group 1 - The signed sales amount for January 2026 is RMB 7.603 billion [1] - The total signed sales area for January 2026 is 336,600 square meters [1] - The subscribed property sales amount as of January 31 is RMB 604 million [1]