内地市场方面，新世界上半财年合约销售约32亿人民币，核心项目运营成效斐然。其中，位于广州 CBD核心的凯旋新世界，以21.8万/平方米的网签单价登顶全国榜首；广州耀胜尊府首期顺利完成交 付，客户口碑持续攀升，二期产品将加推以满足市场需求；地处广州地标商圈白鹅潭的新世界‧天馥于 新春期间荣登中心区热板块榜首。沈阳悦景‧新世界凭借硬核产品品质与优质服务，持续稳居区域销售 额榜首，成为公司在内地市场的标杆项目，为后续业务拓展奠定坚实基础。 新盘加速入市 土储蓄力赋能 夯实中长期发展底气 2月27日，新世界发展发布2026财年上半年财报。报告显示，公司核心经营指标持续向好，中期核心盈 利36亿港元，总债务缩减17亿港元。合约销售劲达138亿港元，超过全年目标的一半，其中香港市场创 2021年以来新高。新世界发展执行董事兼行政总裁黄少媚表示："公司减债策略见成效，业务发展态势 持续向好。" 新世界发展执行董事兼行政总裁黄少媚 合约销售录得138亿港元 香港销售业绩创2021年新高 2026上半财年，新世界物业销售板块展现强劲表现，上半年合约销售达138亿港元，超过270亿港元全年 目标的一半。其中香港市场表现尤为亮眼， ...

Macro and Strategy Research - The economic data for December 2025 shows a stable overall economy with a GDP growth of 4.5% year-on-year, matching expectations, but down from 4.8% in the previous quarter [2] - The industrial output value increased by 5.2% year-on-year, exceeding expectations, while retail sales growth was lower at 0.9% [2] - Fixed asset investment saw a decline of 3.8% year-on-year, indicating a weakening investment environment [2] - The economic growth pattern for 2025 indicates a stronger supply than demand, with external demand outpacing internal demand, which is expected to continue into 2026 [2][3] - The first quarter of 2026 is anticipated to see continued structural support from net exports, with potential stabilization in government-led investment projects [2] Production Structure - The industrial output growth in December 2025 showed a slight recovery, with high-tech manufacturing outpacing overall growth, indicating an optimization in production structure [3] - The production capacity utilization and sales rates reached their highest levels of the year, suggesting an improvement in supply-demand dynamics [3] Consumer Behavior - Retail sales growth in December 2025 was lower than expected, with service consumption outperforming goods consumption [3] - The decline in disposable income growth indicates a constraint on consumer spending capacity, although new policies are expected to support consumption in early 2026 [3] Investment Trends - Fixed asset investment saw an expanded decline, particularly in the manufacturing sector, where investment growth rates fell significantly [4] - Infrastructure investment is expected to stabilize due to government initiatives, while real estate investment continues to struggle with a year-on-year decline of 35.8% [5] Fixed Income Research - Credit bond issuance increased, with a downward trend in overall interest rates, indicating a favorable environment for credit bonds despite a reduction in net financing [6] - The credit spread for various bond types is at historical lows, suggesting a cautious but optimistic outlook for credit bonds [6][8] Metal Industry Research - The steel industry is facing limited short-term demand pressure, with expectations of price stabilization due to pre-holiday inventory replenishment [9] - Copper prices are expected to remain stable despite weak supply dynamics, supported by positive long-term demand forecasts [10] - The aluminum sector is anticipated to improve due to demand from electric vehicles and high-pressure power grids, despite current oversupply issues [11] - Gold prices are supported by geopolitical tensions and mixed U.S. economic data, with long-term demand expected to rise [12]