Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The real estate adjustment is likely nearing its end, with current price adjustments being relatively sufficient compared to global averages; 2) There are structural opportunities for "good houses" as the market enters a phase of differentiation, with a focus on high-quality residential developments; 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [4][6][48]. Market Performance - The Shanghai Composite Index fell by 1.3%, while the real estate sector (Shenwan) remained unchanged at 0.0%. Notable stock performances included Jingtou Development (+23.7%) and Rong'an Real Estate (+13.7%) [6][9]. Data Tracking New Housing Transactions - In the week of January 31 to February 6, 2026, new housing transactions in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% from the previous week but a year-on-year increase of 118.5% [15][21]. - For February up to the week of February 6, new housing transactions reached 1.27 million square meters, reflecting a 39.9% increase month-on-month and a 171.3% increase year-on-year [21]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.12 million square meters, down 3.0% from the previous week but up 212.5% year-on-year [33][37]. - For February up to the week of February 6, second-hand housing transactions reached 1.92 million square meters, marking a 71.2% increase month-on-month and a 327.8% increase year-on-year [37]. Industry News - The report notes that the central government has prohibited the sale of rural collective operating construction land for residential purposes, and 29 provinces will implement a second round of land extension trials [48]. - The first batch of commercial real estate REITs is set to raise 31.475 billion yuan, covering asset types such as shopping centers and office buildings [48]. - Shanghai has initiated the acquisition of second-hand housing for affordable rental housing projects, with specific districts as pilot areas [48][50]. Company Announcements - In January 2026, major companies reported sales figures: Yuexiu Real Estate at 4.2 billion yuan (down 36.4% year-on-year), Greentown China at 9.7 billion yuan (down 14.2%), and China Overseas Development at 14.48 billion yuan (up 20.4%) [51][52].

Group 1 - The core viewpoint of the news is that Huafa Co., Ltd. experienced a stock price increase of 5.41%, reaching 4.68 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 2.00%, resulting in a total market capitalization of 12.88 billion CNY [1] - Huafa Co., Ltd. is located in Zhuhai, Guangdong Province, established on August 18, 1992, and listed on February 25, 2004. The company's main business involves real estate development and operation, with revenue composition as follows: 90.32% from real estate development, 7.23% from other sources, and 2.45% from property services [1] Group 2 - From the perspective of Huafa Co., Ltd.'s top ten circulating shareholders, a fund under Southern Fund ranks among them. The Southern CSI 500 ETF (510500) reduced its holdings by 748,700 shares in the third quarter, now holding 32.0745 million shares, which accounts for 1.17% of circulating shares. The estimated floating profit today is approximately 7.6979 million CNY [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 144.69 billion CNY. Year-to-date return is 9.15%, ranking 454 out of 5579 in its category; the one-year return is 44.18%, ranking 1155 out of 4289; and since inception, the return is 174.67% [2] - The fund manager of the Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 297 days, with the total asset scale of 171.358 billion CNY. The best fund return during his tenure is 187.93%, while the worst is -47.6% [2]

Core Viewpoint - The A-share real estate market has shown strong performance, with several key stocks experiencing significant gains following government discussions on policies to stabilize and boost the real estate market [1] Group 1: Market Performance - Shahe Co. reached a daily limit increase of 10%, while Zhu Mian Group rose over 6% and New Town Holdings increased by over 5% [1] - Other notable gainers include Yingxin Development, Jindi Group, and Jingtou Development, all rising over 4%, while Shen Zhen Ye A, China Merchants Shekou, and Vanke A saw increases of over 3% [1] Group 2: Policy Developments - The Jiangsu provincial government held a meeting with real estate professionals to discuss measures aimed at stabilizing and boosting the real estate market [1] - A closed-door seminar ahead of the National People's Congress suggested issuing additional government bonds, lowering interest rates, and stabilizing the housing market [1] - Fujian province released implementation opinions to promote high-quality urban development, focusing on the renovation of urban villages and old housing [1] - Shenzhen conducted a site meeting on urban renewal, emphasizing the need for tailored approaches to promote organic urban renewal and accelerate the construction of safe, comfortable, green, and smart housing [1]

Core Viewpoint - The A-share market is experiencing a strong performance in the real estate sector, with several companies seeing significant stock price increases due to supportive government policies aimed at stabilizing and boosting the real estate market [1] Group 1: Market Performance - Shahe Co., Ltd. reached the daily limit up with a 9.99% increase, bringing its total market value to 3.517 billion [2] - Zhuan Mian Group saw a rise of 6.64%, with a total market value of 15.1 billion [2] - New Town Holdings increased by 5.46%, with a market capitalization of 41 billion [2] - Other notable performers include Yingxin Development (+4.98%), Jindi Group (+4.82%), and Jingtou Development (+4.79%) [2] Group 2: Government Policies - Jiangsu Province government held a meeting to discuss policies to stabilize and boost the real estate market [1] - A closed-door seminar ahead of the National Two Sessions suggested measures such as issuing additional government bonds, lowering interest rates, and stabilizing the housing market [1] - Fujian Province issued implementation opinions to promote high-quality urban development, focusing on the renovation of urban villages and old housing [1] - Shenzhen City emphasized the need for organic urban renewal to accelerate the construction of safe, comfortable, green, and smart housing [1]

Investment Rating - The report suggests a positive outlook for the real estate industry, indicating a stabilization phase and recommending attention to quality real estate companies [44]. Core Insights - The real estate sector has shown significant recovery in transaction volumes, with new home sales in 43 cities increasing by 360.3% year-on-year and 48.7% month-on-month as of February 6 [17][18]. - The report highlights a notable increase in second-hand home transactions, with a year-on-year increase of 443.7% and a month-on-month increase of 81.5% in 14 cities [18]. - The inventory of commercial housing in 17 cities has decreased by 0.2%, with a de-stocking cycle of 157.2 weeks [22]. - Land supply in 100 major cities has decreased by 19.3% year-on-year, while land transaction volume has increased by 77.5% [27]. Summary by Sections Market Review - The real estate sector experienced a 0% increase in the week of February 2-6, outperforming the CSI 300 index by 1.3 percentage points [11]. - The total transaction volume for the week was 120.52 billion yuan, reflecting a 23.7% decrease compared to the previous week [11]. Basic Data - The total market capitalization of the real estate industry is approximately 1,254.08 billion yuan, with a TTM price-to-earnings ratio of 65.8 compared to the CSI 300's 14.0 [4]. Industry and Company Dynamics - Recent policies have been introduced to stabilize the real estate market, including subsidies for multi-child families and adjustments to housing loan policies [35]. - Companies like 京投发展 (JingTuo Development) are actively engaging in bond issuance to manage debt and fund operations [39]. Investment Recommendations - The report recommends focusing on companies with strong operational stability, including 华润置地 (China Resources Land), 龙湖集团 (Longfor Group), and various property management firms [44][45].

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]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

珠海华发实业股份有限公司 收购报告书摘要 上市公司名称：珠海华发实业股份有限公司 股票上市地点：上海证券交易所 股票简称：华发股份 股票代码：600325 收购人名称：珠海华发集团有限公司 收购人住所：珠海市拱北联安路 9 号 通讯地址：珠海市拱北联安路 9 号 签署日期：二〇二六年二月 珠海华发实业股份有限公司 收购报告书摘要 收购人声明 一、本报告书摘要系收购人依据《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号—上市公司 收购报告书》及其他相关法律、法规及部门规章的有关规定编写。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 16 号—上市公司收购报告书》的规定， 本报告书摘要已全面披露了收购人在珠海华发实业股份有限公司拥有权益的股 份。 截至本报告书摘要签署之日，除本报告书摘要披露的持股信息外，收购人没 有通过任何其他方式在珠海华发实业股份有限公司拥有权益。 三、收购人签署本报告书摘要已获得必要的授权和批准，其履行亦不违反收 购人章程或内部规则中的任何条款，或与之相冲突。 四、华发集团拟以 ...

北京炜衡(郑州)律师事务所 法律意见书 北京炜衡(郑州)律师事务所 关于 珠海华发集团有限公司 免于以要约方式收购珠海华发实业股份有限公司的 法律意见书 北京炜衡(郑州)律师事务所 二〇二六年二月 北京炜衡(郑州)律师事务所 法律意见书 北京炜衡(郑州)律师事务所 关于 珠海华发集团有限公司 免于以要约方式收购珠海华发实业股份有限公司的 法律意见书 致:珠海华发集团有限公司(以下简称"贵公司"或"收购人") 二、炜衡同意收购人在其为本次收购所编制的文件中自行引用或按照中国证 券监督管理委员会、上海证券交易所的审核要求引用本法律意见书的相关内容, 但作上述引用时,不得因引用而导致法律上的歧义或曲解。 三、收购人已向炜衡出具书面承诺,保证其已向炜衡提供了为出具本法律意 见书所必需的原始书面材料、副本材料、复印材料、书面说明或口头证言,所提 供的文件和材料真实、准确、完整和有效,无虚假记载、误导性陈述或重大遗漏, 有关副本或复印件材料与正本、原件一致。对于本法律意见书至关重要而又无法 得到独立的证据支持的事实,炜衡依赖于有关政府部门、本次收购的相关方及其 他有关单位出具的证明文件、书面说明发表法律意见。 四、炜衡仅 ...

Core Viewpoint - Huafa Group plans to subscribe for A-shares issued by Huafa Co., Ltd. to specific investors in cash, pending regulatory approvals [1] Group 1 - The issuance of A-shares to specific investors requires approval from state-owned asset regulatory authorities, the shareholders' meeting of Huafa Co., Ltd., and the Shanghai Stock Exchange, as well as registration approval from the China Securities Regulatory Commission [1] - The subscription will result in the acquirer holding more than 30% of the total issued shares of the listed company [1]