CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Yesterday, in the FRN space, we saw buying interests from real-money and PB accounts seeking to lock in yields before the upcoming Chinese New Year holiday on Australian, Chinese, European, Japanese and Korean bank/corporate FRNs. In the Middle East, BSFR 6.375 Perp and BSFR 35 edged 0.1pt higher; we maintain buy on these two issues. See our comments on BSFR yesterday. FABUH 34-35s were unchanged to 0.2pt higher. ...

9 February 2026 | 3:57PM CST Equity Research China Property: Housing trade-in program refined in Shanghai, more effectively supporting upgrade demand On February 2nd, Shanghai launched a new pilot secondary housing units trade-in program. Similar trade-in programs were launched in over 150 municipalities, including Shanghai since 2024. But we note there are several key differences of this new one vs. the others and believe the current one is more practical which could potentially speed up the scale and beco ...

Stress testing valuation downside, risk rewards remain attractive; reiterate Buy After hitting an all-time low (HK$19.12 on Sept 10, 2024) since this downturn that began in 2021, the share price of CRL has gained 51% after the Sept 24 policy stimulus, outperforming our developers coverage average by 20pt and MSCI China index by 5pt. While most investors agree with us on the strong outlook of the two major share price drivers, i.e. improving profitability/ROE of its new acquisitions and continuous market sha ...

10 February 2026 | 7:37AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 6 Wrap - Slower turnover ahead of CNY but sentiment held steady Key highlights for the week: In line with the deceleration in leading indicators in recent weeks and seasonal effects ahead of CNY, market activities slowed broadly with primary volume falling 4% wow (22% below the average level recorded in the 2 weeks before CNY-2025), and secondary volume declining 3% wow (4% below the same pre-CNY 2025 level). Leading indicators al ...

The managed office facility, located at Tech Park One on Airport Road, spans about 165,290 sq ft and is designed to house around 1,520 seats. The lease covers the ground floor to the seventh floor of the building and commenced on January 15.Under the enterprise office services agreement, the Zurich-headquartered group’s subsidiary UBS The company has also paid a security deposit equivalent to six months’ rent, amounting to around Rs 23.8 crore. As part of the sub-lease agreement, UBS will also get external ...

2月9日，重庆发布22条稳楼市新政，从优化住房供给、降低购房成本、鼓励"卖旧买新"、盘活存量 等方面提出22条措施。 其中，在需求端从给予购房补贴、加大公积金及商业贷款支持力度、税收优惠等方面降低购房和换房成本，促 进住房消费，支持刚性和改善性购房需求。 另据报道，江苏省政府近日召开房地产从业人员座谈会，研究稳定提振房地产市场政策举措。江苏省省长刘小 涛表示，要动态完善支持政策，持续优化服务保障，进一步稳信心、稳市场、稳预期，着力稳定房地产市场， 加快构建房地产发展新模式。 重庆发布22条稳楼市新政 税收方面，新政落实住房"卖旧买新"个人所得税优惠政策。自2026年1月1日至2027年12月31日，对在全市范围 内出售自有住房并在现住房出售后1年内在市场重新购买住房的纳税人，对其出售现住房已缴纳的个人所得税 予以退税优惠。 2月9日，重庆市住建委联合相关部门印发了《关于发挥政策集成效应稳定房地产市场的通知》，从优化住房供 给、降低购房成本、鼓励"卖旧买新"等方面提出22条措施。 在需求端，新政从给予购房补贴、加大公积金及商业贷款支持力度、税收优惠等方面降低购房和换房成本，促 进住房消费，支持刚性和改善性购房需 ...

A real estate project under construction along the ancient Huai River in Huai'an City, Jiangsu Province, China on January 29, 2026.BEIJING — S&P Global Ratings has lowered its forecast for China property sales this year, barely two months into 2026.The firm said Sunday that primary real estate sales will likely drop by 10% to 14% this year, worse than the 5% to 8% decline for 2026 sales predicted back in October."This is a downturn so entrenched that only the government has capacity to absorb the excess inv ...

Company Developments - Kroger Co. is set to appoint Greg Foran, a former Walmart executive, as its new CEO, following a year-long search for leadership. This move aims to enhance Kroger's strategy in a competitive retail environment, particularly focusing on fresh food and store efficiency. Kroger shares rose nearly 3% in premarket trading after the news [3][7] - Eli Lilly's shares increased by 2.2% in premarket trading after Hims & Hers Health Inc. withdrew its weight-loss pill, reducing competition in the weight-loss drug market. This withdrawal follows a terminated partnership with Novo Nordisk due to concerns over marketing practices, potentially benefiting Eli Lilly's weight-loss treatments like Zepbound [4][7] Market Sentiment - The Eurozone's investor sentiment improved significantly, with the Sentix Investor Confidence index rising to 4.2 in February, surpassing the estimated 0.0 and increasing from -1.8 the previous month. This indicates growing optimism among investors regarding the Eurozone's economic outlook [5][7] Political and Economic Context - The British Pound and UK Gilts are under pressure due to a leadership crisis involving Prime Minister Keir Starmer, which has increased political risk premiums in the currency and bond markets. The resignation of Starmer's adviser amid controversy has heightened uncertainty, potentially affecting public debt sustainability [6][8] - Fitch Ratings upgraded China Vanke's Long-Term Foreign-Currency Issuer Default Rating to 'CC', indicating a very high level of default risk. Despite the upgrade, the company faces significant financial challenges, including a profit warning projecting a net loss for 2025 [9]

2026年第5周（2.2-2.8），中央层面，2月3日国务院明确严禁农村集体经营性建设用地入市建设商品住房，规范农村宅基地管理 与资源盘活；2月4日住建部联合共青团中央座谈，从配租、配售两端保障青年住房需求，大力发展保障性租赁住房、公租房与配 售型保障房，支持地方适配多孩家庭增加保障房面积。 地方层面，本周有14个省市出台了稳市场政策：四川、天津、海南等多地将商业用房购房贷款首付调至不低于30%；上海启动收 购二手房作保障房；福建出台18条稳市政策并加码城市更新；辽宁、深圳等推进"好房子"建设；中卫、甘肃、天津等多城优化公 积金政策，提额、放宽首套认定并扩大提取范围；佛山推出项目缓建等房企纾困举措。 | 日期 | 部委/省市 | 主要内容 | | --- | --- | --- | | 2月3日 | 中共中央、 国务院 | 严禁农村集体经营性建设用地入市用于建设商品住房 | | 2月4日 | 任建部、共 | 共商青年安居与"好房子"建设 | | | 青团中央 | | | ２月２日 | 福建省 | 六方面 18条稳市场,鼓励搭建"卖旧换新"平台 | | ２月２日 | 四川省 | 调整商业用房购房贷款最低首付款比 ...

2026年开年，房地产市场出现了一些变化。二手房挂牌量在重点城市有所下降，北京从2025年9月的14万多套减到2026年1月的12万多套，上海挂牌量连续四 个月回落，到1月底大约33万套。 克而瑞数据表明，2025年30个重点城市二手房成交面积达到2.14亿平方米，这是近五年最高值，一线城市成交反弹明显，上海和深圳分别涨7%和4%。 全国商品房成交面积2025年约8.9亿平方米，回落到2009年水平，住宅部分7.4亿平方米，像2007年那样。 北京新政后，周末楼盘到访和二手房带看增加，网签日均702套，涨37%。二线城市新房成交领先，如成都，但整体新房均价平，一线微涨2%。 三四线库存大，去化周期长。剔除无效库存，商品房有效库存约50亿平方米，年销售面积五六倍，算健康。 2025到2026年，新开工、销售面积预测，用工具去库存：收储2亿平方米，城中村改造0.8亿平方米，专项债回收土地8.5亿平方米。 到2026年底，广义库存降到9.6亿平方米，去化周期13.7个月，降15个月；超广义14.1亿平方米，周期20.2个月，降24个月。 开发商和二手业主降价避险，房价跌。地产政策宽松接近底，限购只剩京沪深大限制，首 ...