Spin-off and Listing - Weisheng Group (03393.HK) plans to spin off Weisheng Information Technology for independent listing on the Sci-Tech Innovation Board [1] Resumption and Suspension - Huaneng International (01102.HK) terminates previous subscription agreement and plans to issue 1.8 billion shares at a 19% discount to Shuncheng International, resuming trading on April 8 [1] Earnings Forecast - Zoomlion Heavy Industry (01157.HK) expects a net profit increase of 125.61%-178.69% to between 850 million and 1.05 billion yuan for the first quarter [1] - VTech Holdings (00303.HK) anticipates a 15%-20% decline in net profit for the fiscal year 2019 due to lower-than-expected sales of telecommunications products in the second half [1] - Changhong Jiahua (08016.HK) forecasts a net profit increase of over 50% for the first quarter [1] - MINDTELL TECH (08611.HK) expects a 51.7% decline in profit for the first quarter [1] Operational Data - China Overseas Development (00688.HK) reports first-quarter sales of 79.536 billion HKD, a year-on-year increase of 21% [1] - Agile Group (03383.HK) records a first-quarter pre-sale amount of 25.08 billion yuan, up 18.4% year-on-year [1] - Greentown China (03900.HK) sees total contract sales drop by 8.6% to 25.5 billion yuan from January to March [1] - Longfor Properties (03380.HK) reports a 7% increase in contract sales to 17.01 billion yuan for the first quarter [1] - Times China Holdings (01233.HK) achieves contract sales of 13.97 billion yuan in the first quarter [1] - First Creation Properties (02868.HK) records a signing amount of 13.91 billion yuan, a year-on-year increase of 63.2% [1] - Jianye Real Estate (00832.HK) reports first-quarter sales of 12.836 billion yuan, up 69.8% year-on-year [1] - China Overseas Hongyang Group (00081.HK) sees a 3.38% increase in contract sales to 9.444 billion HKD for the first quarter [1] - Yincheng International Holdings (01902.HK) achieves total contract sales of 2.023 billion yuan in the first quarter [1] - Fantasia Holdings (01777.HK) reports March sales growth of 26.23% to 1.92 billion yuan [1] - Xinli International (00732.HK) sees a 12.5% increase in comprehensive operating net income to 4.072 billion HKD for the first quarter [1] - Hysun Engineering (02236.HK) reports new contract total value of 7.226 billion yuan for the first quarter, with uncompleted contract total value of 19.467 billion yuan [1] - Sunshine 100 China (02608.HK) achieves contract sales of 1.358 billion yuan in the first quarter [1] - Hengding Industrial (01393.HK) reports a decline of 18% in raw coal production to 458,000 tons for the first quarter [1] Mergers and Acquisitions - Rundong Auto (01365.HK) plans to sell a company operating 56 car dealerships for 3.4 billion yuan [1] - China Overseas Development (00688.HK) spends 7.726 billion yuan to acquire five land parcels in March [1] - Greenland Hong Kong (00337.HK) subsidiary sells 100% equity of a property development company, valued at no less than 2.8 billion yuan [1] - Longfor Green Group (00106.HK) plans to repurchase 49% equity of Suzhou Longhong Real Estate for 173 million yuan [1] Equity Financing - Vanke Enterprises (02202.HK) successfully issues approximately 263 million new H-shares, netting 7.78 billion HKD [2] - Ronshine China (03301.HK) plans to place up to 108 million shares to optimize shareholder structure [2] - Aoyuan Health (03662.HK) issues 26.25 million shares at a 19.56% discount due to the exercise of over-allotment rights [2] Major Events - Genscript (01548.HK) receives priority review designation from EMA for Janssen's JNJ-4528 drug [2] - Xun'an Technology (01647.HK) joint venture with Longma Bio obtains industrial hemp business qualification [2] - Haosha International (02200.HK) denies all allegations from Bonitas, claiming lack of professional understanding of its business model [2] - Kangzhe Pharmaceutical (00867.HK) extends exclusive promotion rights for New Vitality and Immodium until December 31, 2021 [2] - Weinan Group (01608.HK) secures its first distributed generation project in Sri Lanka [2] - Xinhua Pharmaceutical (00719.HK) completes transfer registration for proposed transfer, with Hualu Holdings becoming the direct controlling shareholder [2] - Zhejiang United Investment (08366.HK) plans to partner with Hengji to develop special equipment based on 5G network technology [2] - Tongfang Kontrol (01312.HK) sells 21% equity in Tongfang to China Nuclear Capital [2] - Alibaba Pictures (01060.HK) subsidiary signs a framework agreement for entertainment work cooperation with AGH [2] - Kingsoft (03888.HK) announces a framework agreement with Xiaomi to provide hardware products [2] - Binhai Services (03316.HK) partially exercises over-allotment rights as the price stabilization period ends [2]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The real estate adjustment is likely nearing its end, with current price adjustments being relatively sufficient compared to global averages; 2) There are structural opportunities for "good houses" as the market enters a phase of differentiation, with a focus on high-quality residential developments; 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [4][6][48]. Market Performance - The Shanghai Composite Index fell by 1.3%, while the real estate sector (Shenwan) remained unchanged at 0.0%. Notable stock performances included Jingtou Development (+23.7%) and Rong'an Real Estate (+13.7%) [6][9]. Data Tracking New Housing Transactions - In the week of January 31 to February 6, 2026, new housing transactions in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% from the previous week but a year-on-year increase of 118.5% [15][21]. - For February up to the week of February 6, new housing transactions reached 1.27 million square meters, reflecting a 39.9% increase month-on-month and a 171.3% increase year-on-year [21]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.12 million square meters, down 3.0% from the previous week but up 212.5% year-on-year [33][37]. - For February up to the week of February 6, second-hand housing transactions reached 1.92 million square meters, marking a 71.2% increase month-on-month and a 327.8% increase year-on-year [37]. Industry News - The report notes that the central government has prohibited the sale of rural collective operating construction land for residential purposes, and 29 provinces will implement a second round of land extension trials [48]. - The first batch of commercial real estate REITs is set to raise 31.475 billion yuan, covering asset types such as shopping centers and office buildings [48]. - Shanghai has initiated the acquisition of second-hand housing for affordable rental housing projects, with specific districts as pilot areas [48][50]. Company Announcements - In January 2026, major companies reported sales figures: Yuexiu Real Estate at 4.2 billion yuan (down 36.4% year-on-year), Greentown China at 9.7 billion yuan (down 14.2%), and China Overseas Development at 14.48 billion yuan (up 20.4%) [51][52].

证券研究报告 重申全年看好港资房企，关注港资商业 运营商 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2026年2月8日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：节后楼市走向仍为板块短期走势关键。本周申万地产板块微涨0.01%，当前市场对后续板块看法及楼市走向仍存分歧。部分投 资者认为在缺乏超预期政策支持背景下，楼市企稳仍存在不确定性，但同时又担心踏空板块上涨行情。我们认为在大盘波动加大、二手 房成交淡季不淡、房企业绩压力提前释放等背景下，短期板块向下风险有限，对楼市企稳存担忧但又担心踏空的投资者，我们认为可适 度配置历史包袱较轻、拿地及产品力强的优质房企，若后续楼市逐步企稳回升，优质房企资金及拿地能力强亦有望率先受益，若楼市持 续底部震荡，相关企业亦具备基本面支撑。 重申全年看好港资房企，关注港资商业运营商。本周新鸿基地产、恒基地产、信和置业上涨1.11%、2.76%、2.8%。重申全年看好港资房 企，我们在1月发布专题报告《香港商业地产逐步触底，标杆商业开发运营商梳理》，我们认为中国香港商业地产现触底信号，核心区写 字楼租金、空置率边际改善，零售物业租金降幅收窄， ...

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]

Group 1 - The core initiative is the "Welcoming the New Year, Changing to a New Home" promotional series organized by the Qingdao Housing and Urban-Rural Development Bureau, aimed at stimulating housing consumption during the Spring Festival period [1][4] - On February 7, a promotional event was held in Laoshan District, featuring real estate policy promotion and project recommendations, showcasing over 50 housing units with various incentives such as fixed-price listings, discounts, and appliance packages [1][3] - The promotional activities are part of a broader strategy that will run from February to March 2026, utilizing both online and offline methods to enhance policy awareness and project promotion across the city [4] Group 2 - A joint event by the Qingdao Housing and Urban-Rural Development Bureau and Qingdao Municipal Development Group was held to promote affordable housing, providing policy explanations and project introductions to assist eligible citizens [3] - Future plans include continued promotion of housing policies and project displays at transportation hubs, as well as organizing various housing exhibitions and sales events to create a favorable environment for housing consumption [6]

Core Viewpoint - The article discusses the recent land supply announcement in Beijing for 2026, highlighting the unique characteristics of the land parcels and the implications of the supply logic in the real estate market [2][3]. Group 1: Land Supply Announcement - On February 3, 2026, the first round of land supply was announced, involving five residential land parcels totaling 16 hectares and a planned construction area of 240,000 square meters [2]. - The five parcels include locations in Dongcheng, Fengtai, Shunyi, and Changping districts, but they did not enter the pre-application phase, leading to skepticism about the reliability of assessments made by media [2][3]. Group 2: Changes in Supply Logic - The announcement removed the "round" designation from the land supply list, making it difficult to identify which parcels are new for 2026 without detailed examination [4][5]. - Currently, there are 15 parcels listed in the supply plan, with 10 of them carried over from the 2025 list, indicating a significant amount of land being held [6][7]. Group 3: Supply Volume and Market Implications - The total area of land available for supply in 2026 is 51.42 hectares, with a planned construction area of 1,057,300 square meters, suggesting a substantial supply volume [10][11]. - The supply plan for 2026 is set between 200 to 240 hectares, with the first round accounting for only 6.7% to 8% of the total planned supply [12][13]. Group 4: Market Trends and Predictions - The anticipated land transaction amount for the first quarter of 2026 is projected to be only 6.49 billion yuan, a stark contrast to the previous year's first quarter, which saw transactions totaling 56.937 billion yuan [16]. - The overall land supply for 2026 is expected to decrease by approximately 15.4%, reflecting a strategic reduction in land availability amid high inventory levels in the market [18][19].

债券发行金额10.00亿元，发行期限5年，本计息期债项利率3.22%，利息兑付日2026年2月23日。 中国海外发展(00688)发布公告，为保证中海企业发展集团有限公司2022年度第二期绿色中期票据(债券 简称:22中海企业MTN002(绿色)，债券代码:102280323.IB)付息工作的顺利进行，现将有关事宜公告如 下。 ...

债券发行金额10.00亿元，发行期限5年，本计息期债项利率3.22%，利息兑付日2026年2月23日。 智通财经APP讯，中国海外发展(00688)发布公告，为保证中海企业发展集团有限公司2022年度第二期绿 色中期票据(债券简称:22中海企业MTN002(绿色)，债券代码:102280323.IB)付息工作的顺利进行，现将 有关事宜公告如下。 ...

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，並明確表示概不會就本公告全部或任何部分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。 （於香港註冊成立之有限公司） （股份代號：688） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市 規則」）第13.10B條刊發。 中國海外發展有限公司（「本公司」）於二零二二年二月十七日及其後刊發了關於中海 企業發展集團有限公司（本公司全資附屬公司）發行2022年度第二期綠色中期票據的公 告。 根據有關規定， 中海企業發展集團有限公司 已經於 北京金融資產交易所 （https://www.cfae.cn）、上海清算所（https://www.shclearing.com）及中國貨幣網 （http://www.chinamoney.com.cn）的網站上載了《關於中海企業發展集團有限公司2022 年度第二期綠色中期票據付息安排公告》。 為遵守上市規則第13.10B條，該等上載資料亦刊登於聯交所「披露易」中文版網站 （https://www.hkexnews.hk ...

Market Overview - The Hong Kong stock market opened under pressure, with the Hang Seng Index down 1.97%, the National Enterprises Index down 1.88%, and the Hang Seng Tech Index down 2.42% [1][3] - Major stocks such as Baidu Group, Zijin Mining, AIA, and JD Health experienced declines of 4.33%, 4.14%, 4.02%, and 3.96% respectively [1][3] - Only a few blue-chip stocks, including Mengniu Dairy, Midea Group, and New Oriental, recorded slight gains [1][3] Company Specifics - China Overseas Development reported a 20.4% year-on-year increase in contract property sales amounting to approximately RMB 144.78 billion in January, while the sales area decreased by 12.9% to about 516,600 square meters [1][3] - The company anticipates that approximately RMB 111.46 billion in recognized property sales will convert into contract property sales in the coming months [1][3] - Meituan plans to acquire all issued shares of Dingdong, a leading fresh e-commerce company in mainland China, for an initial cost of USD 717 million, which is subject to adjustments [1][3] - NIO reported a positive earnings forecast, expecting adjusted operating profit (non-GAAP) between RMB 700 million (approximately USD 100 million) and RMB 1.2 billion (approximately USD 172 million) for Q4 2025, marking its first quarter of adjusted operating profit [2][4] - In contrast, NIO recorded an adjusted operating loss of RMB 5.5436 billion in Q4 2024 [2][4]