Core Viewpoint - CIFI Holdings Group reported its unaudited operational data for January 2026, indicating a significant performance in contract sales and sales area compared to previous periods [1] Group 1: January 2026 Performance - In January 2026, CIFI Group recorded contract sales amounting to approximately RMB 730 million, with a sales area of about 71,500 square meters and an average contract sales price of approximately RMB 11,100 per square meter [1] - The equity attributable to shareholders from the contract sales in January 2026 was approximately RMB 330 million [1] Group 2: Annual Performance 2025 - For the full year of 2025, CIFI Group achieved cumulative contract sales of approximately RMB 16.1 billion, with a total sales area of about 1.5479 million square meters and an average contract sales price of approximately RMB 10,900 per square meter [1] - The equity attributable to shareholders from the cumulative contract sales in 2025 was approximately RMB 8.29 billion [1]

各位投资者大家好，我是东方财富证券研研究员玉亮。非常感谢大家在周末的这个下午抽 空参加我们的这个交流会。那么近期，我们可以看到这个重点城市新房的这个价格，是环 比有所企稳回升，同时重点城市这个二手房的这个成交量，也是出现了一个逐渐筑底的这 么一个迹象。并且，就是我们也看到这个，就是包括上海在内的这个一系列城市，也对这 个楼市有了一定的，以，比如说是这个收储为例的一些这个新政。那么近期的这个数据我 们应该怎么解读？ 然后就是对于全年的一个大事怎么那个研判？今天我们也是非常荣幸的邀请了一位行业专 家给大家做这个会，解读。专家您好，那接下来我就把这个时间交给您，您能就近期的一 个数据和一个大致的这个展望给大家做个介绍吗？谢谢好的，各位投资人下午好。这个我 们先说一下这个整个市场的这样一个状况。因为我们也是全国性的这个地产，这个中介机 构，也是跟踪了很多城市比较，新房的话，我们是跟踪全国 40 个重点城市，这个是周度 的这样一个高频数据。 那么从最近一段时间，我们发现因为毕竟是从整个市场，进入到 1 月份，它是有一个传统 的淡季的。但是我们回顾这两，最近如果把这个时间放到 12 月份的话，我们就发现这个， 如果算上 ...

Group 1: Domestic News - The Shanghai and Shenzhen Stock Exchanges have launched a package of measures to optimize refinancing, aimed at enhancing flexibility and better serving technological innovation and new productivity development. The measures emphasize support for high-quality listed companies and clarify the refinancing interval requirements for unprofitable innovative enterprises [2] - The Ministry of Finance and other departments announced tax incentives for cross-border e-commerce export return goods, exempting import duties and VAT for goods returned within six months due to unsold or returned reasons, effective from January 1, 2026, to December 31, 2027. This policy aims to reduce costs for cross-border e-commerce enterprises and support the development of new foreign trade formats [3] Group 2: International News - U.S. Treasury Secretary Basant indicated that the Federal Reserve may not quickly reduce its balance sheet, suggesting a cautious and observant approach to asset management. He mentioned that it could take up to a year for the Fed to decide on its balance sheet adjustments, alleviating concerns about rapid monetary tightening impacting market liquidity [4] Group 3: Bond Market Dynamics - On February 9, the bond market showed a warm trend, with the yield on the 10-year government bond falling to 1.8000%, down 0.20 basis points. The 10-year policy bank bond yield also decreased to 1.9210%, down 1.25 basis points [9][10] - The secondary market for credit bonds saw significant price deviations, with some bonds experiencing price changes exceeding 10%. For instance, "H9 Long Control 01" fell over 16%, while "H1 Vanke 04" rose over 13% [11] Group 4: Convertible Bonds - The convertible bond market followed the equity market's upward trend, with major indices rising. The China Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index increased by 1.25%, 1.16%, and 1.42%, respectively. The trading volume in the convertible bond market was 857.98 billion, down 29.57 billion from the previous trading day [21][22]

Core Insights - Longfor Group reported January 2026 unaudited operational data and new land reserves, indicating a strong performance in contract sales and revenue generation [1] Group Performance - In January 2026, the company achieved a contract sales amount of RMB 2.45 billion, with a contract sales area of 300,000 square meters [1] - The contract sales amount attributable to shareholders was RMB 1.66 billion, with a corresponding area of 231,000 square meters [1] - The company generated operational revenue of approximately RMB 2.27 billion (tax-inclusive amount of approximately RMB 2.43 billion) [1] - Operational revenue was approximately RMB 1.25 billion (tax-inclusive amount of approximately RMB 1.35 billion), while service revenue was approximately RMB 1.02 billion (tax-inclusive amount of approximately RMB 1.08 billion) [1] Land Reserves - In January 2026, the company added two new land reserves, with a total construction area and equity construction area of 142,900 square meters [1] - The equity land price for the new reserves was RMB 865 million [1]

Group 1 - The company Zhongzhou Holdings expects a net profit attributable to shareholders of -830 million yuan for 2025, a 60.49% decrease in losses compared to -2.025 billion yuan in the previous year [1][4] - The main reasons for the performance change include the rhythm of project completion and a year-on-year decrease in revenue from real estate settlements, along with asset impairment provisions for certain projects [1][4] - The company has experienced a continuous decline in operating revenue for three consecutive years, with 2024 revenue at 4.324 billion yuan, a year-on-year decrease of 43.26% [4] Group 2 - The net profit attributable to shareholders for 2022, 2023, and 2024 was 79.663 million yuan, -1.845 billion yuan, and -2.025 billion yuan respectively, with year-on-year changes of -61.32%, -2412.74%, and -9.75% [4] - The actual controller of the company, Huang Guangmiao, is 57 years old and has been in charge for 33 years, raising questions about the future direction of Zhongzhou [1][4] - The company has faced legacy issues during the industry's deep adjustment period [4]

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]

Group 1 - The core viewpoint of the news is that Guangming Real Estate has seen a stock price increase of 5.17%, reaching 4.27 CNY per share, with a total market capitalization of 9.516 billion CNY as of the report date [1] - Guangming Real Estate Group Co., Ltd. is based in Shanghai and was established on January 4, 1993, with its listing date on June 6, 1996. The company's main business involves logistics and real estate development [1] - The revenue composition of Guangming Real Estate is as follows: 91.24% from real estate development and supporting services, 6.96% from property and leasing, 1.77% from other supplementary services, and 0.03% from other sources [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund ranks among them. The Southern CSI Real Estate ETF Initiated Link A (004642) reduced its holdings by 128,600 shares in the third quarter, now holding 14.0841 million shares, which is 0.63% of the circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a latest scale of 179 million CNY. Year-to-date returns are 5.1%, ranking 2614 out of 5569 in its category, while the one-year return is 10.86%, ranking 3684 out of 4295. Since inception, it has incurred a loss of 40.28% [2] Group 3 - The fund manager of the Southern CSI Real Estate ETF Initiated Link A (004642) is Luo Wenjie, who has a cumulative tenure of 12 years and 298 days. The total asset scale of the fund is 171.358 billion CNY, with the best fund return during his tenure being 187.93% and the worst being -47.6% [3]

Group 1 - The article highlights the visionary qualities of Wang Jianlin as an entrepreneur, emphasizing his ability to foresee market trends and make strategic decisions despite facing significant challenges [1] - The analysis of past transactions, particularly the acquisition of over 70 Wanda hotels and multiple cultural tourism projects, indicates that while Wang faced criticism for these decisions, they were strategically sound at the time [1][3] - The financial struggles of Wanda Commercial are attributed to failed listing attempts and a severe debt crisis, underscoring the importance of asset value in relation to liabilities [3][6] Group 2 - The article discusses the broader industry context, noting that many large enterprises, including Wanda, are grappling with high debt levels and the challenges of asset liquidation in a changing market [5][6] - It mentions the shift in the real estate industry towards a "silver age," where companies like Vanke are proactively transforming their business models to adapt to new market realities [5] - The narrative emphasizes the necessity for companies to learn from past experiences and the critical nature of matching debt levels with asset liquidity, highlighting the ongoing challenges faced by Wang Jianlin in managing Wanda's financial health [6][8] Group 3 - Wang Jianlin's commitment to perseverance in entrepreneurship is noted, with a focus on his willingness to make tough decisions, such as divesting from various assets to stabilize the company [8] - The article suggests that despite current challenges, there remains potential for recovery and growth, as Wang continues to seek new business opportunities in the cultural tourism sector [6][8] - The discussion reflects on the cyclical nature of business, where high leverage during prosperous times can lead to significant challenges during downturns, emphasizing the need for strategic foresight [5][6]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - The Hong Kong real estate market is experiencing a recovery, with residential prices showing the largest month-on-month increase since April 2025, and a significant year-on-year increase in transaction volumes due to the Lunar New Year effect [1][2]. - The inventory pressure in the residential sector is improving, with the unsold completed inventory decreasing to 23,000 units and the absorption cycle returning to historical norms [3]. - The commercial real estate sector is seeing a rebound in retail sales value and office net absorption, although a full recovery in commercial rents is still awaited [4]. Summary by Sections Residential Market - In January 2026, the Centaline Property Leading Index increased by 2.2% month-on-month, marking the highest monthly increase in the current recovery phase [2]. - The private residential price index showed a month-on-month increase of 0.2% and a year-on-year increase of 3.3% as of December 2025 [2]. - The absorption cycle for completed unsold units has shortened to 14 months, while the cycle for under-construction unsold units is at 50 months, both returning to average levels seen over the past two decades [3]. Rental Market - The private residential rental index reached a historical high, with a month-on-month increase of 0.1% and a year-on-year increase of 4.3% in December 2025 [3]. - The average rental yield for residential units below 70 square meters is 3.35%, which remains above the mortgage cap rate of 3.25% [3]. Commercial Real Estate - The retail sector's sales value for 2025 was HKD 380.5 billion, reflecting a year-on-year increase of 1.0%, marking a recovery from a 7.3% decline in 2024 [4]. - The net absorption of office space reached its highest level since 2018, driven by a rising Hang Seng Index and active IPOs, although the vacancy rate remains high at 17.3% [4]. - Commercial rents are still under pressure, with December rental indices for retail and office spaces showing year-on-year declines of 4.7% and 3.3%, respectively [4]. Investment Recommendations - The report recommends a "Buy" rating for Link REIT (823 HK) with a target price of HKD 50.59, highlighting its focus on essential local consumption and stable growth characteristics [29].

Market Performance - The real estate sector (CITIC) had a weekly performance of 0.0%, while the CSI 300 and Wind All A indices decreased by -1.3% and -1.5% respectively, resulting in excess returns of 1.3% and 1.4%[5] - Among 29 CITIC industry sectors, real estate ranked 15th in performance[5] New Housing Market - In the week from January 31 to February 6, 2026, the new housing transaction area in 36 cities was 1.392 million square meters, down 2.9% week-on-week but up 175.7% year-on-year[10] - Cumulative transactions from February 1 to February 6 reached 1.204 million square meters, a year-on-year increase of 257.9%[10] - Year-to-date transactions as of February 6 totaled 6.798 million square meters, down 16.2% year-on-year[10] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 1.644 million square meters, down 3.6% week-on-week but up 245.8% year-on-year[16] - Cumulative transactions from February 1 to February 6 were 1.535 million square meters, a year-on-year increase of 423.1%[16] - Year-to-date transactions as of February 6 totaled 8.383 million square meters, up 37.1% year-on-year[16] Inventory and Depletion Cycle - Cumulative new housing inventory in 13 cities was 77.165 million square meters, down 0.7% week-on-week and down 4.6% year-on-year[24] - The new housing depletion cycle for these cities is 22.9 months, with a week-on-week change of -0.1 months and a year-on-year change of +6.2 months[24] Land Market - The land transaction area from February 2 to February 8 was 1.1863 million square meters, down 44.9% week-on-week and down 36.0% year-on-year[43] - The average land price was 1,552 RMB per square meter, up 42.8% week-on-week and up 71.5% year-on-year[43] - Year-to-date land transactions as of February 8 totaled 10.556 million square meters, down 15.8% year-on-year[43] Investment Recommendations - Recommended mainland developers include A-shares: Binhai Group, China Merchants Shekou; Hong Kong stocks: China Overseas Development, Greentown China, China Resources Land, Jianfa International Group[9] - For light asset operation companies, recommended property management companies include Greentown Service and commercial management companies like China Resources Vientiane Life[9] Risk Factors - Risks include potential delays in the relaxation of real estate control policies, continued industry downturns, and ongoing credit risks leading to liquidity deterioration[5]