| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000609 | ST中迪 | 7.54 | -5.04% | 16.65万 | 1.29亿 | | 600340 | 化夏幸福 | 1.63 | -4.68% | 184.47万 | 3.05亿 | | 000608 | *ST阳光 | 3.23 | -4.15% | 25.04万 | 8322.59万 | | 600246 | 万通发展 | 13.05 | -3.48% | 75.98万 | 10.04亿 | | 600638 | 新黄浦 | 7.24 | -3.34% | 15.56万 | 1.14亿 | | 000036 | 保联控股 | 6.05 | -3.04% | 77.73万 | 4.72亿 | | 600736 | 苏州高新 | 7.32 | -2.79% | 75.97万 | 5.67亿 | | 002305 | *ST南置 | 2.24 | -2.61% | 27.90万 | 6305.90万 | | 600376 | 首开股 ...

Core Viewpoint - The company, Poly Developments and Holdings Group Co., Ltd., has approved the proposal to initiate the application and issuance of commercial real estate REITs to enhance its capital structure and core competitiveness in response to regulatory policies [2][11]. Group 1: Basic Information on Commercial Real Estate REITs - The company plans to use its commercial real estate projects as underlying assets for the issuance of commercial real estate REITs, aligning with the regulatory push for the development of the REITs market [2]. - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. Group 2: REITs Issuance Process - The company will act as the original rights holder and submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission for the establishment of the commercial real estate REITs [3]. - The company intends to participate in the strategic placement of at least 20% of the REITs issuance [4]. - An asset-backed special plan will be established to issue commercial real estate asset-backed securities, with the REITs fully subscribing to these securities [6]. Group 3: Management and Operational Arrangements - The company will oversee the operational management of the REITs, with specific subsidiaries designated for implementation [8]. - The company will transfer 100% equity of the project companies holding the underlying assets to the special plan [7]. Group 4: Authorization Matters - The board of directors has authorized key executives to handle all matters related to the REITs application and issuance, including signing legal documents and making necessary adjustments based on market conditions [10]. Group 5: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to optimize resource allocation and enhance sustainable development capabilities [11].

Group 1: Industry Overview - The Guangdong-Hong Kong-Macao Greater Bay Area is experiencing a profound demographic transformation, with the elderly population in Guangdong exceeding 18 million and over 23% of Hong Kong's population aged 65 and above, leading to a growing demand for high-quality elder care services [1][2] - The region is leveraging its international medical resources, policy advantages, and economic strength to turn the challenges of aging into strategic opportunities for developing the "silver economy" [1][2] Group 2: Policy and Integration - The release of the policy document "Opinions on Deepening the Reform and Development of Elderly Care Services" emphasizes the establishment of a supply mechanism for elderly care services and promotes integration across major regions, including the Greater Bay Area [2] - The integration of services in the Greater Bay Area is characterized by differentiated development among cities, with Guangzhou focusing on high-end medical care, Shenzhen on technology-driven elder care, and other cities developing unique cultural and tourism-based elder care models [2][3] Group 3: Innovative Practices - The "9073" model proposed by the National Health Commission indicates that about 90% of elderly individuals prefer home care, prompting diverse social entities, including insurance companies and real estate firms, to explore new elder care models [5][6] - Companies like Qianhai Life Insurance are investing in elder care facilities, such as the Qianhai Life Shenzhen Happiness Home, which integrates insurance with elder care services [6][7] Group 4: Market Dynamics - The market for elder care in the Greater Bay Area is evolving, with various stakeholders, including real estate and insurance companies, recognizing the long-term potential and actively developing products and business models [7][8] - The integration of medical services within elder care facilities is becoming more common, with local institutions embedding medical functions or establishing partnerships with hospitals to streamline care [3][4] Group 5: Challenges and Solutions - Despite clear demand, the elder care industry in the Greater Bay Area faces challenges such as land supply constraints, long operational cycles, and an uneven payment system, which hinder high-quality development [8][9] - Innovative approaches are being explored, such as market-oriented operations in facilities like the Shenzhen Elderly Care Institute, which aims to meet diverse community needs while alleviating operational pressures [10]

Core Viewpoint - Poly Developments plans to initiate the issuance of commercial real estate REITs to optimize its capital structure and enhance its core competitiveness and sustainable development capabilities [1][10]. Group 1: REITs Basic Information - The company held a board meeting on January 27, 2026, where it approved the proposal to start the application and issuance of commercial real estate REITs [1]. - The initiative aligns with regulatory calls from the China Securities Regulatory Commission to promote the high-quality development of the REITs market [1]. Group 2: REITs Scheme - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. - The company will act as the original rights holder and will submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission [3]. - The company plans to participate in a strategic allocation of at least 20% of the REITs issuance [4]. Group 3: Authorization Matters - The board has authorized the chairman, general manager, CFO, and board secretary to handle all matters related to the REITs application and issuance [9]. - This authorization is valid for 24 months from the date of board approval [9]. Group 4: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to leverage innovative financing tools, optimize resource allocation, and support a new model of real estate development [10].

Group 1 - Poly Property announced a framework agreement for the second phase of parking space agency services with its controlling shareholder, Poly Development Holdings, effective for three years from the date of approval at the extraordinary general meeting [1] - Poly Development Holdings holds a 72.289% stake in Poly Property, making this transaction a continuing connected transaction that requires disclosure and independent shareholder approval [1] - The agreement stipulates that Poly Property will provide exclusive agency services for the rental and sale of parking spaces to Poly Development Holdings, with a maximum annual deposit limit of 2 billion yuan from 2026 to 2029, and agency service fees capped at 500 million yuan for 2026-2028 and 125 million yuan for 2029 [1]

格隆汇1月27日丨保利物业(06049.HK)公告，于2026年1月27日，公司与保利发展控股订立《第二期车位 代理框架协议(续)》，期限自《第二期车位代理框架协议(续)》于临时股东大会审议通过日起计三年。 ...

Core Viewpoint - Poly Property (06049) announced the resignation of Mr. Yao Yucheng from his positions as Executive Director, General Manager, and member of the Strategic and Sustainable Development Committee, effective January 27, 2026 [1] Group 1: Management Changes - Mr. Wang Yingnan has been approved by the Board of Directors to serve as the General Manager, effective from January 27, 2026, until the current Board's term ends [1] - Mr. Wang has also been nominated by the controlling shareholder, Poly Development (600048), to be a candidate for Executive Director, pending approval at the upcoming extraordinary general meeting [1] - Mr. Yin Chao, one of the current Joint Company Secretaries, will no longer serve as the Board Secretary and Joint Company Secretary due to work adjustments [1] - Mr. Liu Long has been approved by the Board to take over as Board Secretary and Joint Company Secretary, effective January 27, 2026 [1]

Core Viewpoint - Poly Property (06049.HK) announced the signing of the "Second Phase Parking Space Agency Framework Agreement (Renewal)" with Poly Development Holdings, effective for three years from the date of approval at the extraordinary general meeting [1] Group 1 - The agreement is set to commence from the date it is approved at the extraordinary general meeting [1] - The duration of the agreement is three years [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The real - estate bond market has gone through stages of risk accumulation, concentrated outbreak, and current orderly resolution and yield gaming. The recent Vanke bond extension event has led to significant fluctuations in the real - estate sector's valuation, prompting a re - examination of the industry's credit boundaries and pricing logic. The report backtracks the adjustment and repair patterns of the real - estate bond sector, explores potential stabilization signals in the current market adjustment, and outlines investment strategies [2][12]. - Currently, the bottom of credit expectations has been initially established, and the easing of pessimistic sentiment in the bond market provides conditions for the valuation repair of real - estate bonds. However, the probability of a wide - range special support policy for central and local state - owned enterprise real - estate bonds in the short term is low, and the spreads of different issuers may diverge, with high - quality issuers having stronger valuation repair momentum [5][43]. - The investment strategy focuses on 1 - 2 - year central and local state - owned enterprise real - estate bonds to capitalize on valuation repair opportunities [6][44]. 3. Summary by Directory 3.1 Past: Review of the Adjustment Characteristics of the Real - Estate Bond Sector after Public Opinion Shocks - **Stage One (2020)**: Industry risks gradually accumulated, with a few real - estate enterprises defaulting. The excess spread of real - estate bonds did not widen significantly, and the industry's credit risk continued to build up. The spill - over effect of the Yongmei default on real - estate bonds was not immediately apparent [3][13]. - **Stage Two (2021 - 2023)**: The number of defaulting real - estate enterprises increased significantly, and at the same time, policies to stabilize the real - estate market were intensively introduced. The excess spread of AA - rated real - estate bonds fluctuated widely at high levels, with the widening and narrowing cycles often around 5 months [3][14]. - **Stage Three (Since 2024)**: The industry's credit risk is being cleared in an orderly manner, with occasional local risks. Real - estate bonds with high coupon rates are attractive, becoming a target for institutions to seek excess returns in an "asset shortage" environment. The excess spread of real - estate bonds significantly narrowed during the alpha market of spread compression from April to August in 2024 and 2025, but then the credit spread widened [3][16]. 3.2 Current: Significant Adjustment of the Real - Estate Sector's Valuation since Vanke Announced the Proposed Extension 3.2.1 Weak Trading Sentiment and Significant Valuation Increases of Multiple Issuers in the Sector - Since Vanke announced the proposed extension of its bond, the trading prices of many real - estate enterprise bonds have significantly deviated from their valuations, and the valuation yields of issuers have generally increased. Some issuers, including central enterprises, local state - owned enterprises, mixed - ownership enterprises, and private enterprises, have been particularly affected. There is a risk of further increases in valuation yields [4][17][18]. 3.2.2 Signals of Stabilization in the Adjustment: Trading Sentiment, Issuance Situation, and Negative Public Opinion - **Trading sentiment**: It is becoming more moderate, with the trading deviation of real - estate bonds narrowing, and the proportion of TKN transactions stabilizing or rising, showing an initial trend [20][21]. - **Issuance situation**: The primary - market issuance of real - estate bonds has recovered, with the subscription multiple increasing, especially in the recent week [24]. - **Negative public opinion**: The market has become more "insensitive" to negative information. The Vanke event has fully fermented, and the risk of further transmission has narrowed [31]. 3.3 Outlook: Offensive Allocation Strategy after the Adjustment Stabilizes 3.3.1 Conditions for the Offensive Window: Comprehensive Judgment Based on Policies, Credit Risk Expectations, and Bond - Market Sentiment - **Policy aspect**: In the short term, the probability of a wide - range special support policy for central and local state - owned enterprise real - estate bonds is low, but targeted relief policies for high - risk issuers can be expected. If favorable policies are introduced, the repair process of real - estate bonds may accelerate [5][35][43]. - **Credit risk expectation aspect**: The market's pessimistic sentiment towards the real - estate industry's credit risk has reached the bottom. The debt disposal process of Vanke is an important factor affecting market sentiment. With the confirmation of Vanke's disposal plan, the short - term credit expectation bottom of real - estate bonds may be established [37]. - **Bond - market sentiment aspect**: When the bond - market sentiment is good and institutions have a high demand for returns, the spread repair momentum of real - estate bonds is stronger; otherwise, there is greater pressure for spread widening [39]. 3.3.2 Investment Strategy: Focus on 1 - 2 - Year Central and Local State - Owned Enterprise Real - Estate Bonds to Capitalize on Valuation Repair - The core of the current strategy is to moderately extend from the previously conservative bonds with a maturity of less than 1 year to 1 - 2 - year medium - to high - grade central and local state - owned enterprise real - estate bonds, which can provide more attractive coupon yields with relatively controllable risks [44]. - **Central enterprises**: They have strong shareholder backgrounds, sound finances, and are mainly located in core cities. Representative issuers include Poly Developments and Holdings Group Co., Ltd. and China Resources Land Limited. The 1 - 2 - year yield ranges from 2.10% to 2.70%, and the average excess spread ranges from 35 to 85 BP [6][45]. - **Local state - owned enterprises**: They are located in regions with good economic development, have strong shareholder backgrounds, and perform well in terms of profitability and solvency. Representative issuers include Shanghai Lujiazui (Group) Co., Ltd. and Guangzhou Urban Construction and Development Co., Ltd. The 1 - 2 - year yield ranges from 1.95% to 2.0%, and the average excess spread ranges from 15 to 20 BP [6][45].

2026年1月27日，保利发展控股集团股份有限公司（以下简称"公司"）2026年第2次临时董事会会议审议通过了《关于开展商业不 动产REITs申报发行工作及相关授权事项的议案》。为响应《中国证监会关于推出商业不动产投资信托基金试点的公告》《关于 推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》等政策号召，进一步构筑公司不动产经营专业能力，优化 资本结构，增强公司核心竞争力和可持续发展能力，公司拟以持有的商业不动产项目作为底层资产，开展商业不动产投资信托基 金申报发行工作。 本次发行商业不动产REITs未构成关联交易，未构成《上市公司重大资产重组管理办法》规定的重大资产重组。 拟选取广州保利中心项目、佛山保利水城项目为标的资产发行商业不动产REITs。广州保利中心项目是广州市天河区珠江新城写 字楼项目，由保利发展公司全资子公司广州市瑞咨企业管理有限公司持有；佛山保利水城项目是佛山市金融CBD购物中心项目， 由保利发展公司全资子公司佛山保城企业管理有限公司持有。 REITs速达，第一时间、第一视角，中国公募REITs实践与政策学习者。首个提倡以"战略思维"聚焦公募REITs的专业REITs信息传 ...