格隆汇2月4日丨华润置地(01109.HK)公布，公司订于2026年3月27日(星期五)举行董事会会议，旨在(其 中包括)考虑及批准公司及其附属公司截至2025年12月31日止年度的全年业绩及其发布，及考虑建议宣 派末期股息(如有)。 ...

Core Viewpoint - The company, Yuyuan Group (豫园股份), is facing significant financial challenges, with projected losses of approximately 48 billion yuan for 2025, following a loss of 21.09 billion yuan in 2024, indicating a total loss exceeding 68 billion yuan over two years [1][11]. Group 1: Financial Performance - The company expects a net profit loss of around 48 billion yuan and a net profit loss excluding non-recurring items of about 47 billion yuan for 2025 [1][11]. - In 2024, the company's net profit decreased by approximately 18.99 billion yuan, a decline of 93.81% year-on-year [4][14]. - The real estate sector's revenue has been under pressure, with a significant drop in income from 192.19 billion yuan in 2019 to 100.38 billion yuan in 2024, a decrease of 25.96% [3][13]. Group 2: Business Segments - The real estate segment's gross margin fell sharply from 29.31% in 2019 to 3.89% in 2024, reflecting a significant contraction in performance [3][13]. - The fashion jewelry segment, which is a core business for the company, generated revenue of 184.47 billion yuan in the first three quarters of 2025, accounting for nearly 65% of total revenue, but saw a year-on-year decline of 31.86% [7][16]. - The overall consumption sector, including dining, food retail, and cosmetics, has also experienced revenue declines, attributed to macroeconomic pressures and structural changes in the industry [9][19]. Group 3: Market Conditions - The real estate industry is undergoing a deep adjustment and destocking cycle, contributing to short-term performance pressures for the company [3][14]. - Rising gold prices have negatively impacted the fashion jewelry industry, with consumers delaying purchases due to high prices and preferring standardized investment gold bars over branded jewelry [7][16]. - New tax regulations on gold, effective from November 2025, are expected to further suppress consumer demand by increasing procurement costs for jewelry companies [9][19]. Group 4: Strategic Response - The company is implementing a strategy focused on optimizing asset structure by accelerating the destocking of real estate projects, acknowledging short-term performance pressures [10][20]. - The management has indicated a long-term narrative centered around the value release of core consumer businesses and international expansion, although the effectiveness of this strategy remains to be seen [10][20].

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佈的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔 任何責任。 Gemdale Properties and Investment Corporation Limited 金地商置集團有限公司* 上述銷售數據未經審核，乃根據本集團初步內部資料編制，鑒於收集該等銷售資料過程中存 在各種不確定因素，該等銷售資料與本公司按年度或中期刊發的經審核或未經審核綜合財務 報表中披露的數字可能存在差異。因此，上述數據僅供投資者參考。本公司股東及潛在投資 者買賣本公司證券時務須謹慎行事，並避免不恰當地依賴該等資料。如有任何疑問，投資者 應尋求專業人士或財務顧問的專業意見。 承董事會命 金地商置集團有限公司 執行董事 徐家俊 香港，二零二六年二月四日 （於百慕達註冊成立之有限公司） （股份代號：535） 二零二六年一月的未經審核營運資料 董事會欣然宣佈，本集團於二零二六年一月的合約銷售總額約人民幣2.39億元，而期內合約 銷售總面積約22,000平方米。期內的銷售均價為每平方米約人民幣1 ...

支持符合条件的政府储备用地临时使用。在满足环保和安全要求、不影响规划实施、不修建地下室的前 提下，暂无供应计划的政府储备用地可单独或连同地上建（构）筑物和其他设施，通过公开租赁等方式 开展临时利用，作为文化体育、园林绿化、停车等公共服务与便民设施。 第九批措施提出，推动存量土地短期开发与临时使用。通过编制土地短期实施利用方案推动土地弹性供 应。批而未供、储而未供且边界规整的经营性土地，可采用弹性供应方式开展土地短期开发利用，用于 特色文旅、民营教育、养老康养、交通接驳、全民健身、农贸市场、城市服务者之家等用途。通过明确 短期规划用途、期限及有关技术指标，按程序办理土地供应及后续手续。土地短期开发利用项目使用年 限原则上不超过10年。 近日，广州市规划和自然资源局举行通气会，介绍最新出台的第九批、20条惠企利民措施的亮点和特 色。近日印发的《进一步优化审批服务机制惠企利民促进经济社会发展若干措施（第九批）的通知》覆 盖土地供应管理、建设用地和工程规划管理、不动产登记等多个业务板块，在已出台的八批203条措施 基础上，进一步深化改革创新，持续推动规划资源审批服务机制集成式改革，重点支持新产业新业态发 展、营造品质 ...

另一方面，元宝红包链接被微信限制，AI应用、软件类股全线下跌，其中金蝶国际、美图公司跌超11% 以上，高盛指内存涨价下调手机出货量，手机产业链股齐跌，半导体股、影视股、风电股多数低迷。 (格隆汇) 港股三大指数走势分化，受科技股下跌影响，恒生科技指数下跌1.84%，盘中曾跌至2.7%录得5连跌行 情，最低报5320.72点创去年7月中旬以来新低，恒生指数午后翻红，最终小幅上涨0.05%，国企指数小 幅收跌0.05%。 具体盘面上，大型科技股集体下跌，其中，元宝红包链接被微信限制，腾讯跌约4%，百度跌近3%，京 东、小米、美团、阿里巴巴、美团皆有跌幅；印尼矿商暂停现货煤炭出口，机构看好海外布局煤炭公 司，煤炭股集体爆发，兖煤澳大利亚、兖矿能源大涨超10%；春节假期临近，国内航线机票预订量日均 增长15%，航空股继续涨势；流动性松绑+需求回暖，世茂集团大涨近15%领跑内房股。 ...

Core Viewpoint - Longfor Longzhizao has signed a contract with Qingdao Haichuang Real Estate to provide comprehensive development management services for three residential land plots in Huishui Road, Licang District, Qingdao, marking a significant investment opportunity in the region [1] Group 1: Project Details - The total area of the three plots is 158,000 square meters, with a floor area ratio of 1.11-1.25, resulting in a total construction area of 189,600 square meters [1] - The total transaction price for the land is 2.019 billion yuan, with a floor price ranging from 10,520 to 10,940 yuan per square meter, which is referred to as the "total price king" of Qingdao for 2025 [1] Group 2: Development Requirements - The plots must be purchased as a whole, and the winning bidder is required to construct and donate over ten public service facilities, including a community health station, childcare center, and farmers' market, to the Licang District government upon completion [1] Group 3: Land Background - The land was originally acquired by Haichuang in July 2020 for 2.1 billion yuan as a mixed-use commercial and residential site, which was later adjusted in May 2026 to a purely residential designation with a reduced floor area ratio, enhancing its low-density attributes [1] - The project aligns with Longfor's high-end villa and apartment product lines, with construction expected to commence within the year [1]

Core Viewpoint - The A-share market experienced a rebound, with the Shanghai Composite Index rising by 0.85% to surpass the 4100-point mark, while the Shenzhen Component Index also turned positive after previously declining over 1% [1] Market Performance - The Shanghai Composite Index closed up 0.85%, the Shenzhen Component Index increased by 0.21%, and the ChiNext Index fell by 0.4% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.48 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day [1] Sector Highlights - The coal sector saw a surge, with over ten stocks hitting the daily limit, including Shaanxi Black Cat, Yanzhou Coal Mining, and China Coal Energy [1] - The solar energy sector experienced significant growth, highlighted by Zhonglai Co., which hit the 20% limit up, and Guosheng Technology achieving two consecutive limit-ups [1] - The airport and shipping sectors also performed well, with China Eastern Airlines and Huaxia Airlines reaching their daily limit [1] - The real estate sector was active, with Rong'an Real Estate, Caixin Development, and I Love My Home all hitting the limit [1] - The hydrogen energy sector saw rapid gains, with Beijing Capital Co. and Zhiyuan New Energy reaching their daily limit [1] Declining Sectors - The AI application sector faced significant declines, with stocks like Yili Media and Tiandi Online hitting the limit down, and several others experiencing substantial drops [1] - Precious metals and computing hardware sectors also reported notable declines [1]

TRIS指出，与1997年因汇率冲击和外币债务引发的系统性危机不同，当前风险呈现为在资本密集、主 要依赖国内需求行业中的逐步累积。上述行业普遍负债高、融资成本高，对经济复苏乏力和流动性紧张 更为敏感。 据泰媒报道，泰国评级机构TRIS Rating发布报告称，2025年泰国企业违约及债务延期比例升至5.8%， 为2000年以来最高水平，显示企业信用压力明显上升。 报告显示，2025年共有12家债券发行人发生违约或延期付款，高于2024年的8家。其中，年度违约率由 0.9%升至2.9%，违约与延期合计比例由2.9%升至5.8%。在受监管公用事业、房地产开发及建筑工程等 行业，相关案例数量甚至超过1997年亚洲金融危机时期。 值得关注的是，部分2025年违约企业此前仍属投资级评级，显示信用压力已扩散至原本较稳健的企业。 评级调整方面，2025年下调数量明显多于上调，且负面展望占主导。TRIS认为，这一趋势对泰国企业 与资本市场构成警示。 ...

Market Overview - The A-share market rebounded today, with the Shanghai Composite Index returning to 4100 points and the Shenzhen Component Index turning positive after previously dropping over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day [1] Sector Performance - The coal sector experienced a surge, with over ten stocks hitting the daily limit, including Shanxi Black Cat, Yanzhou Coal Mining, and China Coal Energy [1] - The space photovoltaic concept saw significant gains, with Zhonglai Co. hitting the daily limit and Guosheng Technology achieving two consecutive limit-ups [1] - The airport and shipping sectors strengthened, with China Eastern Airlines and Huaxia Airlines both hitting the daily limit [1] - The real estate sector was active, with Rong'an Real Estate, Caixin Development, and I Love My Home all hitting the daily limit [1] - The hydrogen energy concept rapidly rose, with Beijing Capital Co. and Zhiyuan New Energy hitting the daily limit [1] Declining Sectors - The AI application, precious metals, and computing hardware sectors saw the largest declines, with the AI application concept collectively dropping, including stocks like Yili Media and Tiandi Online hitting the daily limit down [2]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index closing at 4102.20 points, up by 0.85% [1] - The Shenzhen Component Index closed at 14156.27 points, up by 0.21%, while the ChiNext Index fell by 0.40% to 3311.51 points [1] - Overall, more than 3200 stocks rose, indicating a positive sentiment in the market [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 60 billion yuan compared to the previous trading day [1] Sector Performance - The coal sector experienced significant gains, with multiple stocks including Yancoal Energy and Shanxi Coking Coal hitting the daily limit [1] - The photovoltaic sector also saw substantial increases, with stocks like JinkoSolar and GCL-Poly Energy reaching the daily limit [1] - The real estate sector showed a volatile upward trend, with companies such as I Love My Home and Rong'an Real Estate hitting the daily limit [1] - Consumer stocks were active, with companies like Hangzhou Department Store and China Eastern Airlines also reaching the daily limit [1] - Conversely, sectors such as computing power and precious metals faced notable declines [1]