Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report On February 3, the overall capital market remained stable; the bond market was mainly fluctuating, with short - term bonds being weak and medium - and long - term bonds being slightly strong; the main indexes of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds of different maturities showed divergent trends, and the yields of 10 - year government bonds of major European economies generally increased [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On February 3, the 2026 Central No. 1 Document was released, proposing reforms in rural collective property rights, support for new rural collective economies, and measures to control village - level debt. The central bank will conduct an 800 billion yuan 3 - month term buy - out reverse repurchase operation on February 4, resulting in a net investment of 100 billion yuan. The central bank Shanghai Head Office emphasized continuous financial reform and opening - up, and promoted free - trade zone financial reform [4][5]. - **International News**: On February 3 (local time), the U.S. House of Representatives passed a government funding bill, and the partial government shutdown is expected to end. However, the U.S. Department of Homeland Security only has funds until February 13, and there is still a risk of a more limited funding shortage [7]. - **Commodities**: On February 3, international crude oil and natural gas futures prices rose. WTI March crude oil futures rose 1.72% to $63.21 per barrel, Brent April crude oil futures rose 1.56% to $67.33 per barrel, COMEX gold futures rose 6.94% to $4975.30 per ounce, and NYMEX natural gas prices rose 3.49% to $3.377 per ounce [8]. 3.2 Capital Market - **Open - Market Operations**: On February 3, the central bank conducted a 7 - day reverse repurchase operation of 105.5 billion yuan at a fixed interest rate of 1.40%. With 402 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 296.5 billion yuan [10]. - **Funding Rates**: On February 3, the capital market was generally stable. DR001 decreased by 4.76bp to 1.371%, and DR007 increased by 0.66bp to 1.497%. Other funding rates also showed different degrees of change [11][12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: On February 3, the bond market fluctuated, with short - term interest - rate bonds being weak and medium - and long - term bonds being slightly strong. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.40bp to 1.8110%, and the yield of the 10 - year China Development Bank bond active bond 250215 remained unchanged at 1.9580%. Multiple bonds were issued on the same day, with different issuance scales, winning bid yields, and multiples [14][15]. - **Credit Bonds**: On February 3, there were no credit bond transactions with a price deviation of more than 10%. Several companies had credit - related announcements, including debt repayment difficulties, litigation, debt restructuring, and issuance cancellations [16][18]. - **Convertible Bonds**: On February 3, the A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 1.29%, 2.19%, and 1.86% respectively. The main indexes of the convertible bond market also rose collectively. The trading volume of the convertible bond market was 97.548 billion yuan, an increase of 12.465 billion yuan from the previous trading day. Most convertible bond issues increased. Tomorrow (February 5), Haitian Convertible Bonds will start online subscriptions, and Shangtai Convertible Bonds will be listed [18][19][23]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On February 3, the yields of U.S. Treasury bonds of different maturities showed divergent trends. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield decreased by 1bp to 4.28%. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate increased by 1bp to 2.36% [22][24][25]. - **European Bond Market**: On February 3, the yields of 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield increased by 2bp to 2.89%, and the yields of 10 - year government bonds of France, Italy, Spain, and the UK increased by 1bp, 1bp, 2bp, and 1bp respectively [26]. - **Chinese - Issued U.S. Dollar Bonds**: As of the close on February 3, the prices of Chinese - issued U.S. dollar bonds showed different degrees of change, with some rising and some falling [28].

【内容摘要】2月3日，资金面整体平稳；债市以震荡为主，短债偏弱，中长债略强；转债市场主要指数集体跟涨，转债个券多数上涨；各期限美债收益率走 势分化，主要欧洲经济体10年期国债收益率普遍上行。 一、债市要闻 （一）国内要闻 【2026年中央一号文件发布】2月3日，2026年中央一号文件《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》发布。《意见》提 出，深化农村集体产权制度改革，支持发展新型农村集体经济，严控新增村级债务。健全农垦国有资产资源监管体制。创新乡村振兴投融资机制。优先保障 农业农村领域一般公共预算投入，提升财政支农政策效能和资金效益。用足用好专项债、超长期特别国债，支持符合条件的农业农村领域重大项目建设。健 全财政金融协同支农投入机制，充分发挥支农支小再贷款、科技创新和技术改造再贷款等政策激励作用，推动金融机构加大对农业农村领域资金投放。加大 对涉农企业和农户贷款展期、续贷支持力度。 【央行加量续做3个月期买断式逆回购】2月3日，央行发布公开市场买断式逆回购招标公告。公告显示，为保持银行体系流动性充裕，2月4日，央行将以固 定数量、利率招标、多重价位中标方式开展8000亿元买断 ...

本公告乃億達中國控股有限公司（「本公司」），連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則第13.09條及香港法例第571章證券及期 貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 茲提述本公司日期為二零二五年十二月三十一日之公告（「該公告」）。除另有界定 外，本公告所用詞彙與該公告所界定者具有相同涵義。 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之內容概不負責，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告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。 YIDA CHINA HOLDINGS LIMITED 億達中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3639） 內幕消息 訴訟公告 億達中國控股有限公司 主席兼行政總裁 訴訟 誠如該公告所披露，本公司附屬公司大連聖和、大連榮達未能按照債務重組協議 約定期限償還貸款。日前，本公司附屬公司收到上海市黃浦區人民法院送達的長 城資管（「原告」）訴大連聖和（「被告一」）、大連榮達（「被告二」）及億達發展（「被 告三」）的《民事起訴狀》。原告訴請判令： ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03639 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.01 | USD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 50,000,000,000 | USD | | 0.01 | USD | | 500,000,000 | 本月底法定/註冊股本總額： USD 500,000,000 第 1 頁 共 10 頁 v 1.2.0 FF301 致： ...

Core Viewpoint - Yida China (03639) reported a contract sales amount of approximately RMB 0.81 billion and an equity contract sales amount of approximately RMB 0.55 billion for December 2025, indicating a decline in sales performance compared to previous periods [1] Group 1: Sales Performance - The total contract sales amount for the 12 months ending December 31, 2025, was approximately RMB 7.63 billion, representing a year-on-year decrease of 19.43% [1] - The equity contract sales amount for the same period was approximately RMB 7.16 billion [1] - The total sales area was 67,200 square meters, while the equity sales area was 58,900 square meters [1] Group 2: Sales Price - The average sales price per square meter was approximately RMB 11,400, with the equity sales price averaging RMB 12,200 per square meter [1] - For December 2025, the average sales price was approximately RMB 6,499 per square meter for total sales and RMB 7,516 per square meter for equity sales [1]

Core Viewpoint - Yida China (03639) reported a significant decline in contract sales for the year ending December 31, 2025, indicating challenges in the real estate market [1] Group 1: Sales Performance - The group's contract sales amount for December 2025 is approximately RMB 0.81 billion, with equity contract sales amounting to about RMB 0.55 billion [1] - For the 12 months ending December 31, 2025, the total contract sales reached approximately RMB 7.63 billion, representing a year-on-year decrease of 19.43% [1] - The sales area for the same period was 67,200 square meters, with equity sales area at 58,900 square meters [1] Group 2: Pricing Metrics - The average sales price per square meter for the group was approximately RMB 11,400, while the equity sales price was around RMB 12,200 per square meter [1] - In December 2025, the average sales price per square meter was about RMB 6,499 for the group and RMB 7,516 for equity sales [1]

Core Viewpoint - Yida China (03639.HK) reported contract sales figures for December 2025, indicating a total contract sales amount of approximately RMB 0.81 billion and an equity contract sales amount of approximately RMB 0.55 billion [1] Group 1: Sales Performance - For the twelve months ending December 31, 2025, the total contract sales amount reached approximately RMB 7.63 billion, while the equity contract sales amount was around RMB 7.16 billion [1] - The total sales area for the same period was 67,175 square meters, with an equity sales area of 58,944 square meters [1] - The average sales price per square meter was approximately RMB 11,354 for total sales and RMB 12,152 for equity sales [1] Group 2: Sales Metrics - In December 2025, the sales area was reported at 12,529 square meters, with an equity sales area of 7,292 square meters [1] - The average sales price per square meter for December 2025 was approximately RMB 6,499 for total sales and RMB 7,516 for equity sales [1]

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之內容概不負責，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告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。 YIDA CHINA HOLDINGS LIMITED 億達中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3639） 二零二五年十二月未經審核營運數據 億達中國控股有限公司（「本公司」）董事會（「董事會」）宣佈本公司及附屬公司 （「本集團」）就二零二五年十二月的若干未經審核營運數據統計如下： 上述銷售數據未經審核，乃根據本集團初步內部資料編製，該等銷售數據與本公 司按年度或半年度刊發的經審核或未經審核綜合財務報表中披露的數據可能存在 差異。因此，上述數據僅供投資者參考。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。 1 • 於二零二五年十二月，本集團的合約銷售金額約為人民幣0.81億元及本集 團的權益合約銷售金額約為人民幣0.55億元。同期，本集團的銷售面積為 12,529平方米及權益銷售面積為7,292平方米 ...

Group 1 - Yida China (03639) announced that in October 2022, Guangfa Bank Dalian Branch provided a loan of RMB 93 million to its indirect wholly-owned subsidiary, Yida Construction Group, with an interest rate of 4% and a maturity date of May 27, 2027 [1] - The loan is secured by collateral including approximately 8,000 square meters of public construction and 8,500 square meters of real estate, along with a second-ranking mortgage on 22,600 square meters of land [1] - As of January 6, 2026, Yida Construction failed to repay the latest loan principal and interest, resulting in an overdue loan balance of RMB 78 million [1] Group 2 - According to the company's mid-term report for 2025, as of June 30, 2025, the group failed to repay RMB 6.445 billion in principal, interest, and agreed fees, leading to a total overdue amount of RMB 5.107 billion [2] - The overdue loans triggered a cross-default amounting to RMB 4.98 billion, which is included in the total overdue and triggered default amounts [2] - The company's board informed shareholders and potential investors that the overdue loans constitute a debt default, and both parties are actively negotiating repayment [2]

Group 1 - The company Yida China (03639) announced that in October 2022, Guangfa Bank's Dalian branch provided a loan of RMB 93 million to its indirect wholly-owned subsidiary, Yida Construction Group, with an interest rate of 4% and a maturity date of May 27, 2027 [1] - The loan is secured by collateral including approximately 8,000 square meters of public construction and 8,500 square meters of real estate, along with a second-ranking mortgage on 22,600 square meters of land [1] - As of January 6, 2026, Yida Construction failed to repay the latest loan principal and interest, resulting in a loan overdue with a principal balance of RMB 78 million [1] Group 2 - According to the company's mid-term report for 2025, as of June 30, 2025, the group failed to repay RMB 6.445 billion in principal, interest, and agreed fees, leading to a total overdue amount of RMB 5.107 billion [2] - The overdue loans triggered a cross-default amounting to RMB 4.98 billion, which is included in the total overdue and triggered default amounts [2] - The company's board informed shareholders and potential investors that the overdue loans constitute a debt default, and both parties are actively negotiating repayment terms [2]