Core Viewpoint - China Jinmao (00817) reported a year-on-year increase in signed sales amounting to RMB 76.03 billion in January 2026, reflecting a growth of 13.56% compared to the previous year [1] Group 1: Sales Performance - The company achieved a signed sales amount of RMB 76.03 billion in January 2026, which includes various projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City [1] - The total signed sales area for the month was 336,600 square meters [1] - As of January 31, 2026, the company recorded a subscribed (but not yet signed) property sales amount of RMB 6.04 billion [1]

Core Viewpoint - China Jinmao (00817) reported a year-on-year increase of 13.56% in signed sales amount for January 2026, totaling RMB 7.603 billion [1] Group 1: Sales Performance - The company and its subsidiaries achieved a signed sales amount of RMB 76.03 billion in January 2026, which includes various projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City [1] - The signed sales area for the month was 336,600 square meters [1] Group 2: Future Sales - As of January 31, 2026, the company recorded a subscribed (but not yet signed) property sales amount of RMB 604 million [1]

此外，于2026年1月31日，集团已录得已认购(未签约)物业销售金额共计人民币6.04亿元。 格隆汇2月9日丨中国金茂(00817.HK)公布，2026年1月份，公司及其附属公司(「集团」)取得签约销售 金额人民币76.03亿元(其中包含(如有)长沙梅溪湖国际新城项目、南京青龙山国际生态新城项目、宁波 生命科学城项目、嘉兴上海之窗智慧科学城项目、郑州二七区马寨新城项目、温州鳌江国际新城项目、 金华金茂未来科学城项目及上海横沔城市运营项目的成交销售金额)，以及签约销售建筑面积336,628.25 平方米。 ...

China Jinmao Holdings Group Limited 中國金茂控股集團有限公 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。 免責聲明 房地產銷售過程中存在諸多不確定性，上述披露各項銷售數據乃初步根據本集團 內部管理紀錄及國土資源主管部門公佈的成交結果統計，均未經審核。且該等數 據與本公司定期報告披露的數據可能存在差異，因此該等數據僅供投資者參考， 它們並不能成為或被視為出售或購買任何證券或金融產品的邀請或遊說，不能作 為研究報告之依據，亦無意圖及不構成任何投資建議。本公司股東及有意投資者 務須小心謹慎，避免不恰當的依賴該等數據。 （於香港註冊成立的有限公司） （股票代號：00817） 公告 2026年1月未經審核銷售數據 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）謹此公佈，2026年1月 份，本公司及其附屬公司（「本集團」）取得簽約銷售金額人民幣7,603百萬元（其中 包含（如有）長沙梅溪湖國際新城項目、南京青 ...

Core Insights - The article highlights the successful delivery of the Ti Bei Jin Mao Fu project in Tianjin, marking it as a significant milestone for China Jin Mao's high-quality residential offerings and service standards [1][3][19] Project Overview - Ti Bei Jin Mao Fu is recognized as the first 3.0 version of Jin Mao's Fu series and Tianjin's first fourth-generation residential product, attracting considerable attention since its inception [1] - The project aims to provide a high-quality community experience, emphasizing the importance of service delivery as a critical aspect of its value proposition [3][18] Service Delivery - The delivery process is designed as a comprehensive service experience rather than just a property handover, with 464 units being delivered in the first batch [3][10] - A unique "one-stop service" model was implemented to streamline the delivery process, ensuring efficiency and respect for homeowners [3][10] Pre-Delivery Engagement - The service team engaged with homeowners well before the delivery date, establishing customer profiles and providing continuous service updates to create a sense of readiness [5][12] - This proactive approach aims to foster long-term community relationships and emotional connections with residents [5][14] Service Team Composition - The service team consists of experienced professionals with over ten years in the industry, ensuring a blend of expertise and innovation [7][9] - A strong emphasis is placed on employee development, team cohesion, and a supportive work environment to enhance service quality [7][9] Brand and Image Revitalization - The service team's image has been systematically revamped, incorporating a brand theme centered around "orchids" to enhance visual identity and professionalism [9][10] - This branding effort aims to meet the aesthetic and identity needs of high-end clientele, contributing to a cohesive community atmosphere [9][10] Community Engagement and Activities - A year-round community program has been established, offering various activities that cater to all age groups, fostering a vibrant and culturally rich community [14][19] - The initiative aims to build neighborly relationships based on shared interests, enhancing the overall living experience [14][19] Integrated Service Model - The collaboration between Jin Mao service and China Jin Mao during the development phase ensures a seamless integration of property services and community design [18] - This approach positions property services as not just maintenance providers but as creators of lifestyle and value for residents [18][19]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [8] Core Insights - The report highlights the activation of the second-hand housing market in Shanghai through government purchases, focusing on old residential properties built before 2000, with specific criteria such as a maximum area of 70 square meters and a total price of 4 million [16][18] - The report indicates that the real estate market is stabilizing, with a notable increase in second-hand housing transactions, particularly in first-tier cities, while new housing transactions remain under pressure [6][19] - The report suggests that the new policies are expected to stabilize market expectations and activate the housing replacement chain, with potential rental yields for old residential properties in core areas reaching 2.5% [19] Summary by Sections 1. Market Performance - The A-share real estate sector outperformed the market with a slight increase of 0.01%, while the Hong Kong real estate sector saw a decrease of 0.14%, both outperforming their respective benchmarks [21][34] - The report notes that the real estate credit bond issuance reached 142.05 billion, with a net financing amount of 83.79 billion, indicating a recovery in financing activities [21][40] 2. Housing Market - The report details that the transaction area for new and second-hand homes has shown a year-on-year increase of 22.43% and 65.54%, respectively, indicating a recovery trend in the housing market [6][19] - The report emphasizes the importance of the government's role in stabilizing the market through the purchase of second-hand homes, which is expected to enhance liquidity and market confidence [18][19] 3. Land Market - The report indicates a rise in land supply in 100 cities, with a decrease in transaction area and a decline in premium rates, suggesting a cautious approach in land acquisition [5] 4. Policy Analysis - The report discusses the implications of recent housing policies, particularly in Shanghai, which aim to facilitate the replacement of old housing and improve market conditions [16][18]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

2026年02月08日 《房地产行业 2026 年投资策略： 潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 申万宏源研究微信服务号 1. 行业数据 1.1 新房成交量 1.1.1 成交周环比：上周 34 城周成交环比下降 6.9%，一二线环比下降 商业不动产 REITs 密集申报， 二手住房用于保租房 — 地产及物管行业周报（2026/1/31-2026/2/6） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 地产行业数据：新房、二手房成交环比均回落，新房成交推盘比回升。上周(1.31- 0 2.6)34 个重点城市新房合计成 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

Core Viewpoint - The 2026 Miaohang Town Investment Promotion Conference highlights the town's commitment to optimizing the business environment and attracting investment, showcasing its determination and actions in this regard [1][3]. Group 1: Business Environment Optimization - Shanghai has released its "Action Plan for Accelerating the Creation of a First-Class Business Environment" for the ninth consecutive year, emphasizing the importance of "industrial ecology" in fostering competitive industrial clusters [3]. - Miaohang Town is building a modern industrial system centered on green economy, digital economy, and consumer economy, while actively attracting quality projects and deepening cooperation with research institutions [3][6]. - The "Jinang MIAO Plan" service brand has been recognized as one of the top ten innovative practices in optimizing the business environment, contributing to the town's impressive achievements in this area [3][6]. Group 2: Development Advantages - Miaohang Town boasts unique advantages, including a prime location with a dense transportation network, excellent ecological living conditions, a youthful population, and a robust industrial foundation [6]. - The town has successfully opened a 1.4-kilometer waterfront trail, enhancing community integration and increasing the occupancy rate of local parks by 8% [7]. Group 3: Policy and Talent Support - A series of significant policies were announced to support talent development, including the "Vibrant Miaohang Talent Plan," which aims to create a comprehensive talent service system [7][9]. - The establishment of the "Private Enterprise Innovation Development Center" reflects the town's commitment to supporting the growth of private enterprises [10]. Group 4: Investment and Project Signings - Eight key projects were signed at the conference, covering various sectors such as technology, consumption, and finance, indicating the strong appeal of Miaohang's business environment [9]. - The investment from newly settled companies like MiChain Co-Creation Technology and Baobaby's Baoshan branch is expected to contribute significantly to the local economy and industrial structure [9].