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].

Group 1 - The core point of the article is that Jianfa Co., Ltd. (600153.SH) is expanding its supply chain operations by collaborating with potential excellent enterprises in the consumer sectors such as catering, food, and home appliances [1] - Jianfa's wholly-owned subsidiary, Jianfa Living Materials, has signed a partnership agreement with Chengqi Investment to invest in a fund aimed at consumer industry enterprises in China [1] - The investment amount from Jianfa Living Materials as a limited partner (LP) is set at 18 million yuan, which will be used to subscribe to shares of the Qicheng Fund initiated by Chengqi Investment as the general partner [1]

Group 1 - The core viewpoint of the article is that Jianfa Co., Ltd. (600153.SH) is expanding its supply chain operations by collaborating with potential excellent enterprises in the consumer sectors such as catering, food, and home appliances [1] - Jianfa's wholly-owned subsidiary, Jianfa Living Materials, has signed a partnership agreement with Chengqi Investment to invest in a fund aimed at consumer industry enterprises in China [1] - The investment amount from Jianfa Living Materials as a limited partner (LP) is set at 18 million yuan, which will be used to subscribe to shares of the Qicheng Fund initiated by Chengqi Investment as the general partner [1]

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2026—005 | | --- | --- | --- | | 债券代码：115755 | 债券简称：23建发Y1 | | | 债券代码：240217 | 债券简称：23建发Y2 | | | 债券代码：240650 | 债券简称：24建发Y1 | | | 债券代码：241016 | 债券简称：24建发Y2 | | | 债券代码：241137 | 债券简称：24建发Y3 | | | 债券代码：241265 | 债券简称：24建发Y4 | | | 债券代码：241266 | 债券简称：24建发Y5 | | 厦门建发股份有限公司 关于认购股权投资基金暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 厦门建发股份有限公司（以下简称"公司"）下属全资子公司厦门建发 生活资材有限责任公司（以下简称"建发生活资材"）拟出资 1,800 万元（人民 币，下同）,认购由苏州承启维新投资管理合伙企业（有限合伙）（以下简称"承 启投资"）作为普通合 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

Group 1 - The core viewpoint of the article highlights the meeting between Liu Hongjian, the Deputy Secretary of the Provincial Party Committee and Secretary of the Municipal Party Committee, and Xu Xiaoxi, the Party Secretary and Chairman of Xiamen Jianfa Group, focusing on deepening cooperation between the two parties [1] - Liu Hongjian expressed gratitude for the support provided by Xiamen Jianfa Group to the economic and social development of Kunming and emphasized the unique advantages of Kunming in terms of location, transportation, tourism resources, and market space [1] - The discussion aimed to expand the depth and breadth of cooperation in various fields, including urban construction and operation, tourism, hotel industry, supply chain operations, exhibition services, healthcare, and home building materials, to achieve win-win development [1] Group 2 - Xu Xiaoxi thanked the Kunming Municipal Party Committee and Government for their strong support for Jianfa Group's development in Kunming and introduced the group's business layout and development plans [2] - Xu Xiaoxi stated that the group will leverage its advantages to participate deeply in Kunming's urban construction and industrial upgrading, contributing to the high-quality development of Kunming [1]

Core Viewpoint - The article highlights the significant cash dividends being distributed by companies in the Shanghai stock market, particularly focusing on the banking sector, which is leading the trend of pre-Spring Festival cash distributions to investors [3][4]. Group 1: Cash Dividends Distribution - Nearly 20 companies in the Shanghai market are set to distribute a total of 25.8 billion yuan in cash dividends before the Spring Festival [3]. - From December 2025 to the pre-Spring Festival period, the total cash dividends distributed by the Shanghai market will exceed 347.6 billion yuan, with 321.8 billion yuan already distributed by February 5 [3]. - Industrial Bank is set to distribute over 11.9 billion yuan in cash dividends to A-share investors, with a per-share cash dividend of 0.565 yuan (tax included) [3]. Group 2: Banking Sector Performance - The banking sector is the main contributor to cash distributions, with nine banks, including Industrial Bank, Jiangsu Bank, and China Merchants Bank, announcing a total of nearly 70 billion yuan in cash dividends for the first half of 2025 [3][4]. - China Merchants Bank announced a cash dividend of approximately 25.5 billion yuan (tax included) for A+H shares, with a distribution ratio of 35% [3]. Group 3: Other Industries - Other traditional industries are also participating in cash distributions, with companies like Yangtze Power and Da Ren Tang planning to issue cash dividends before the Spring Festival [4]. - Yangtze Power will distribute over 5.1 billion yuan in cash dividends on February 12, having committed to a high cash dividend ratio since 2016 [4]. - Da Ren Tang announced a cash dividend of 2.45 yuan per share (tax included), totaling 1.887 billion yuan, with a cumulative cash dividend of 5.117 billion yuan since its listing [5]. Group 4: Regulatory Environment and Investor Sentiment - Industry insiders note that the continuous strengthening of cash dividend regulations and disclosure requirements by regulatory authorities is enhancing shareholder return awareness among listed companies [6]. - Investors are increasingly inclined to choose companies that can withstand economic cycles and are willing to consistently return value to shareholders, marking a significant trend in value investing [6].

Group 1 - The total cash dividends distributed by nearly 20 companies in the Shanghai market before the Spring Festival will amount to 25.8 billion yuan, with the total dividends expected to exceed 347.6 billion yuan by the end of 2025 [1] - As of February 5, 2025, 321.8 billion yuan has already been distributed, with Industrial Bank set to distribute over 11.9 billion yuan on February 6, 2025, at a rate of 0.565 yuan per share (tax included) [1] - The banking sector is the main contributor to cash distributions before the Spring Festival, with nine banks announcing a total of nearly 70 billion yuan in dividends for the first half of 2025 [1] Group 2 - The change in the dividend rhythm and frequency among bank stocks reflects the implementation of the "pre-Spring Festival dividend" policy, enhancing investor experience by providing clearer cash returns [2] - Traditional companies, including Yangtze Power and Darentang, are also distributing cash dividends before the Spring Festival, with Yangtze Power set to distribute over 5.1 billion yuan on February 12, 2025 [2] - Darentang announced a cash dividend of 2.45 yuan per share, totaling 1.887 billion yuan, with a cumulative cash dividend of 5.117 billion yuan since its listing in 2001 [2] Group 3 - Jianfa Co. announced a cash dividend of 2.00 yuan per 10 shares, totaling approximately 579.9 million yuan, which accounts for 50.49% of its net profit for the first three quarters of 2025 [3] - The continuous strengthening of cash dividend regulations and disclosure requirements by regulatory authorities is enhancing shareholder return awareness among listed companies [3] - Investors are increasingly focusing on companies that can withstand economic cycles while consistently returning value to shareholders, marking a significant path for value investment [3]

Core Viewpoint - The logistics sector experienced a rise of 1.86% on February 4, with Tian Shun Co. leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up by 0.85% [1]. - The Shenzhen Component Index closed at 14156.27, increasing by 0.21% [1]. Group 2: Top Gainers in Logistics Sector - Tian Shun Co. (002800) closed at 17.89, with a gain of 5.92% and a trading volume of 94,000 shares, amounting to a transaction value of 167 million yuan [1]. - ST Xuefa (002485) closed at 4.24, up by 4.95% with a trading volume of 50,400 shares [1]. - Milkewei (603713) closed at 63.10, increasing by 3.73% with a trading volume of 26,600 shares [1]. - YTO Express (600233) closed at 17.70, up by 3.69% with a trading volume of 197,100 shares [1]. - Jianfa Co. (600153) closed at 69.6, gaining 3.53% with a trading volume of 319,100 shares [1]. Group 3: Fund Flow in Logistics Sector - The logistics sector saw a net inflow of 172 million yuan from institutional investors, while retail investors experienced a net outflow of 70.86 million yuan [2]. - Major stocks like SF Holding (002352) had a net inflow of 165 million yuan from institutional investors, but a net outflow of 16.95 million yuan from retail investors [3]. - Jianfa Co. (600153) had a net inflow of 52.36 million yuan from institutional investors, with a net outflow of 36.65 million yuan from retail investors [3].

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]