Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

Investment Rating - The report maintains a "Buy" rating for the real estate sector, indicating a positive outlook for investment opportunities in this area [4]. Core Insights - The "old-for-new" policy is being reintroduced in Shanghai, which is expected to effectively stabilize housing prices and stimulate market activity [10][26]. - The policy focuses on acquiring second-hand homes to address inventory issues and enhance market liquidity, with specific criteria for eligible properties [10][26]. - The anticipated financial impact includes a potential market transaction increase of approximately 1,080 billion yuan, representing a 9% boost to total market transactions and a 24% increase in new home sales [3][10]. Summary by Sections 1. Background of the "Old-for-New" Policy - The central government has emphasized the need for policies that control inventory and improve supply, with the "old-for-new" initiative aligning closely with these goals [10][11]. 2. Historical Experience of "Old-for-New" - The "old-for-new" model is categorized into acquisition and assistance types, with the acquisition model being more effective in driving sales [16][21]. - The acquisition model has been implemented in over 20 cities, with a total of 14,520 units identified for trial [16][21]. 3. Shanghai's "Old-for-New" Policy - The policy aims to stabilize housing prices by focusing on second-hand homes, with specific requirements for properties built before 2000 and under 400 million yuan [3][10]. - The estimated funding requirement for the acquisition of 27,000 units is approximately 54 billion yuan, leveraging a 1:2 replacement ratio to maximize market impact [3][10]. 4. Feasibility of the Latest "Old-for-New" Policy - Shanghai is positioned as a key city for the implementation of this policy due to its strong government credibility and market stability [3][10]. - The second-hand housing market in Shanghai has shown signs of stabilization, with a reduction in the average transaction cycle to 22.2 months and a 2% month-on-month price rebound [3][10]. 5. Investment Recommendations - The report suggests that the current environment, characterized by improving transaction volumes and prices in the second-hand market, presents significant investment opportunities [3][10].

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 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 綠城管理控股有限公司 呈交日期: 2026年2月4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) | 09979 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： ...

| 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 绿城管理控股 | 王俊峰 | 好仓 | 520.00 万股 | 239.30 万股 | 0.12%(最新) | | (09979) | | | | | 0.26%(前次) | | 第一太平(00142) | Northern Trust | 可借 | 2.55 亿股 | 2.56 亿股 | 6.00%(最新) | | | Corporation | | | | 5.98%(前次) | 备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 智通财经APP获悉，绿城管理控股(09979)、第一太平(00142)于2026年2月3日进行了最新股东权益披 露。 ...

GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：09979） 2026年2月2日舉行的股東特別大會投票結果 董事會欣然宣佈，於2026年2月2日舉行的股東特別大會上獲提呈的決議案以投票方式獲正 式通過。 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，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 - 1 - 由於普通決議案獲出席會議的股東及受委代表所投之超過50%有效票數投票贊成，故決議案 以投票方式正式通過為本公司的一項普通決議案。 於股東特別大會日期，已發行股份總數為2,000,000,000股；及香港中央證券信託有限公司（作 為2020年股份獎勵計劃及2022年股份獎勵計劃的受託人及管理人）持有33,268,961股股份（佔已 發行股份約1.66%），須就股東特別大會上的決議案放棄並已放棄投票。因此，賦予持有人權 利出席股東特別大會 ...

Core Insights - The report maintains a bullish outlook on the real estate market, highlighting the significant debut of commercial real estate REITs, with the first batch of applications exceeding 32.1 billion RMB, accounting for 14% of the existing C-REITs market [5] - The cancellation of the "three red lines" policy marks a pivotal shift, indicating a return to orderly market development and improved financing channels for real estate companies [16][20] - The report notes a strong year-on-year increase in transaction volumes for both new and second-hand homes, with new home transactions in 50 cities up 3.3% week-on-week and 37.2% year-on-year [5][9] Group 1: Central Policies - The cancellation of the "three red lines" policy allows for a more market-oriented development of the real estate sector, which had previously constrained financing for weaker firms [16] - The central government is actively managing expectations and stabilizing the policy environment to facilitate a turning point in the real estate cycle [16] Group 2: Transaction Performance - New home transactions saw a week-on-week increase of 3.3% and a year-on-year increase of 37.2%, reflecting a recovery from last year's low base due to the Spring Festival [5][9] - Second-hand home transactions also showed significant growth, with a year-on-year increase of 154.9%, driven by a favorable comparison to last year's figures [9] Group 3: Market Dynamics - The report indicates that the new home supply has improved, with a week-on-week increase of 34.5%, which is unusual before the Spring Festival, suggesting increased developer confidence [5] - The second-hand market remains robust, with a year-on-year increase in visits and transactions, indicating sustained demand [5] Group 4: Land Market Performance - The land market showed weaker performance, with total land sales in 300 cities amounting to 12.7 billion RMB, down 20% week-on-week and 69% year-on-year [5] - The report highlights a supply of 7.93 million square meters, with a land absorption rate of 51%, indicating a dual weakness in supply and demand [5] Group 5: Company Performance and Recommendations - The report suggests that companies with strong investment fundamentals and low valuations, such as China Jinmao and China Overseas, are leading the sector [5] - The property management sector also performed well, with a 2.6% increase, outperforming the Hang Seng Index [5] Group 6: C-REITs Overview - The C-REITs composite return index rose by 0.36%, with 41 out of 78 REITs showing gains, particularly in the renewable energy and highway sectors [5]

Core Insights - The report indicates a sustained optimistic sentiment in the real estate sector, suggesting that the market performance is likely to continue positively throughout the year [1]. Group 1: Policy Environment - Central policies have seen few new measures, maintaining a loose stance towards the real estate sector. Recent actions include the extension of tax incentives for public rental housing and a reduction in the minimum down payment for commercial properties from 50% to 30% [5][16]. - Local policies focus on long-term strategies in major cities, with initiatives aimed at urban renewal and optimizing land use policies [5][16]. Group 2: Transaction Performance - New home transactions remain low, with a year-on-year decline of 31.3% in the first 22 days of January, while second-hand home transactions have shown a year-on-year increase of 14.1% [5][9]. - The number of second-hand home subscriptions has increased significantly, with a year-on-year growth of 59.8% in the same period [5][9]. Group 3: Market Conditions - The new housing supply is in a seasonal downturn, with a 12% decrease in new home launches week-on-week. However, the transaction volume slightly exceeds the supply, indicating a market adjustment [5][9]. - The land supply and transaction scale have contracted sharply, with a 67% year-on-year decrease in land transaction value [5][9]. Group 4: Sector Performance - The real estate sector has shown strong performance, with a 5.2% increase in the SW real estate index, outperforming the CSI 300 index by 5.8 percentage points [5][9]. - Major real estate companies have experienced notable stock price increases, with leading firms like Greentown and China Merchants Shekou seeing significant gains [5][9]. Group 5: C-REITs Overview - The C-REITs sector has seen a 2.29% increase in the comprehensive return index, with 68 out of 78 REITs reporting gains this week [5][9].

Investment Rating - The report maintains an "Buy" rating for the real estate industry, consistent with the previous rating [2]. Core Insights - The real estate market is showing signs of recovery, with a notable increase in second-hand home subscriptions and a strengthening of transaction confidence [7][15]. - The average daily subscription for second-hand homes in 79 cities reached 3,404 units from January 1 to January 22, 2026, representing a year-on-year increase of 33.1% compared to the same period in 2025 [16][27]. - The report highlights that the market is experiencing a self-driven recovery without significant large-scale stimulus policies being implemented [16]. Summary by Sections 1. Second-Hand Homes: Significant Growth in Subscriptions and Record High Conversion Rates - Overall transactions show a recovery in lower-tier cities, although this has not yet fully translated into net signing [15]. - In key cities, second-hand home subscriptions in first-tier cities like Guangzhou are relatively stable, while many lower-tier cities are experiencing growth [31]. - The conversion rate of visits to transactions has reached a new high, with a 5.6% conversion rate in 70 cities, up from the previous quarter [35]. 2. New Homes: Low Net Signing Levels Across All Tiers - The average daily net signing for new homes in 45 cities was 250,000 square meters, a year-on-year decrease of 42.1% [29]. - All tiers of cities are experiencing varying degrees of decline in new home net signing, with first-tier cities seeing the most significant drops [29]. 3. Price Trends and Market Dynamics - As of January 22, 2026, the average price of second-hand homes in 33 cities has decreased by 17.9% year-on-year compared to 2025 [41]. - The report indicates that the price adjustments in lower-tier cities are more pronounced, aligning closer to residents' psychological expectations, which has led to increased subscriptions [42]. - The report notes a decline in the number of second-hand listings, particularly in key cities, due to factors such as the removal of ineffective listings by agents and homeowners withdrawing listings amid falling prices [41].

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：@华夏时报微博 天鸿·甲第观澜外 围。陈炳衡/摄 华夏时报记者 张蓓 陈炳衡 北京报道 1月8日下午三点，记者来到河北省唐山市路北区"天鸿·甲第观澜"（曾用名"绿城·桂语江南"）项目现 场。这个一度以香港上市名企绿城中国控股有限公司（股票代码：03900 HK，下称：绿城）持有的"绿 城"品牌为背书的高端住宅项目，如今已然成为众多购房人心中难以言说的痛苦记忆。沿着这些记忆， 本次调查始于唐山鸿柯房地产开发有限公司（下称"鸿柯公司"）等多方提供的线索。《华夏时报》记者 通过长达数周的走访、调查与文件梳理，发现了一场涉及上市公司及上市公司高管的复杂利益迷局，其 正逐步清晰地浮出水面。 1月13日，售楼处负责人金贺鹏对《华夏时报》记者表示，"目前项目仍然在运营，争取尽快交付，不存 在烂尾的情况。项目已经由鸿柯公司自行接管，正在努力完善项目工程竣工交付。但是因为绿城主控项 目期间遗留的问题太多，而且不配合交接，导致原定2023年竣工入住的项目拖延至今。" 记者了解到，截至目前，该楼盘房价已较2020年开盘时（18000元—35000元/平米）下降了约40%。鸿 ...

关联公司身份存疑 为核实项目现状，记者于1月8日至1月13日之间，多次前往唐山项目实地调查。记者在现场看到，该项 目现已由原来的"绿城·桂语江南"更名为"天鸿·甲第观澜"，售楼处仍有销售人员工作。当记者以买家身 份跟随销售人员进入施工工地，绿色的环保布在冬日风中簌簌作响，塔吊如同巨人骨架般静止，矗立在 几栋仅完成主体结构的灰黑色楼体之间，现场仍有零星工人施工。销售人员指着手中的资料，为记者耐 心讲解楼盘价格和区位优势，但未能明确交房时间。 本报（chinatimes.net.cn）记者张蓓 陈炳衡 北京报道 1月8日下午三点，记者来到河北省唐山市路北区"天鸿·甲第观澜"（曾用名"绿城·桂语江南"）项目现 场。这个一度以香港上市名企绿城中国控股有限公司（股票代码：03900 HK，下称：绿城）持有的"绿 城"品牌为背书的高端住宅项目，如今已然成为众多购房人心中难以言说的痛苦记忆。沿着这些记忆， 本次调查始于唐山鸿柯房地产开发有限公司（下称"鸿柯公司"）等多方提供的线索。《华夏时报》记者 通过长达数周的走访、调查与文件梳理，发现了一场涉及上市公司及上市公司高管的复杂利益迷局，其 正逐步清晰地浮出水面。 1月13日 ...