> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary # Fixed Income Daily Market Update 固定收益部市场日报 - This morning, CKHHs were unchanged post Panama took control of two ports on the Panama Canal from CK Hutchison yesterday. We see limited impact to CK Hutchison's cash flow and asset base. Long-end Chinese IG KUAISH/XIAOMI/BABA widened 3-5bps. Long-end JP insurance bonds were unchanged to 0.1pt higher. NWDEVVL 6.25 Perp was 0.4pt higher. - Chinese properties: Jan'26 contracted sales dropped $20.2\%$ yoy. See below. - MONGOL: Tender offer for '26s at par, '28s at 107.5 and '29s at 107.75 funded by new 6-yr USD bonds issue. All the '26s tendered will be accepted, while the maximum acceptance amt for '28s and '29s will be capped at the net proceeds from new issuance minus the total o/s amount and interest of the '26s. Offer expires on 27 Feb'26 5pm EST. MONGOLs were unchanged this morning. # Trading desk comments 交易台市场观点 Yesterday was another slow session amid onshore CNY and Japan holiday. Spreads remained largely unchanged to a touch wider across Asian IG credits. In the FRN space, we saw active two-way flows across Chinese, Korean, Australian and Japanese names. In Greater China higher-yielding space, EHICAR 26 edged 1.0pt higher, while EHICAR 27 lost 0.2pt. NWDEVVL 4.8 Perp was 6.5pts lower, while the rest of NWDEVVL/VDNWDL complex closed 0.2pt lower to 0.6pt higher. LASUDE 26/FAEACO 12.814 Perp were down by 0.3-0.4pt. In Chinese properties, VNKRLE 27' and 29' retraced 0.5-0.6pt. FUTLAN 28/FTLNHD 26-27 were unchanged to 0.1pt higher. In SE Asian space, ACPM 4.85 Perp and ACPM 5.125 Perp leaked 0.7-1.0pt. Ayala's property arm expected its commercial segment to drive growth this year, compensating for softness in the residential business. VEDLN 28-33s were up to 0.3pt lower. Media reported that VRL has raised USD350mn in fresh borrowing from several global banks which will be used to refinance upcoming interest payouts and maturities. ADSEZ 27-41s were unchanged to 0.1pt higher. We saw mixed two-way flows in Thai names PTTGC/TOPTB Perps, which closed unchanged. MEDCIJ 26-30 were 0.2pt lower to 0.1pt higher. VLLPM 27-29 leaked 0.5-0.6pt. In JP space, RAKUTN 27-29 and RAKUTN Perps edged 0.1pt higher. See our comments yesterday. Japanese AT1s and insurance subs climbed 0.1-0.4pt on back of RM buying flows, despite the absence of onshore Japanese accounts. As for Yankee AT1s, we saw a round of RM buying on the callable 29-30 papers into the London session. In the Middle East, 30yr long-end tranches of KSA/ARAMCO closed 0.2-0.3pt higher. FABUH 34-35/SECO 29-36 were unchanged to 0.1pt higher. The LGFV space was largely muted. Glenn Ko, CFA 高志和 (852) 3657 6235 glennko@cmbi.com.hk Cyrena Ng, CPA 吴蓓莹 (852) 3900 0801 cyrenang@cmbi.com.hk Yujing Zhang 张钰婧 (852) 3900 0830 zhangyujing@cmbi.com.hk Last Trading Day's Top Movers <table><tr><td>Top Performers</td><td>Price</td><td>Change</td></tr><tr><td>HMELIN 5 1/4 04/28/27</td><td>100.0</td><td>1.9</td></tr><tr><td>BEIENT 6 3/8 05/12/41</td><td>113.3</td><td>1.0</td></tr><tr><td>EHICAR 7 09/21/26</td><td>66.3</td><td>1.0</td></tr><tr><td>LOGPH 6 1/2 07/16/23</td><td>11.0</td><td>0.8</td></tr><tr><td>LNGFOR 3.95 09/16/29</td><td>84.5</td><td>0.8</td></tr></table> <table><tr><td>Top Underperformers</td><td>Price</td><td>Change</td></tr><tr><td>NWDEVVL 4.8 PERP</td><td>62.3</td><td>-6.5</td></tr><tr><td>ROADKG 6 03/04/29</td><td>23.0</td><td>-1.6</td></tr><tr><td>ACPM 4.85 PERP</td><td>81.7</td><td>-1.0</td></tr><tr><td>CHINAM Float 07/10/27</td><td>100.1</td><td>-0.8</td></tr><tr><td>VNKRLE 3.975 11/09/27</td><td>48.9</td><td>-0.6</td></tr></table> # Marco News Recap 宏观新闻回顾 Macro - S&P (-1.04%), Dow (-1.66%) and Nasdaq (-1.13%) were lower on Monday. UST yield was lower on Monday. 2/5/10/30 year yield was at $3.43\% / 3.59\% / 4.03\% / 4.70\%$ . # Desk Analyst Comments 分析员市场观点 # $\succ$ Chinese properties: Jan'26 contracted sales dropped $20.2\%$ yoy Contracted sales momentum stayed soft in Jan'26, 31 developers under our radar reported contracted sales totaled RMB88.6bn, decreased $20.2\%$ yoy from RMB111.1bn in Jan'25. Only 3 of 31 developers reported yoy increase in contracted sales, down from 5 developers in Dec'25, reflecting the still-weak demand backdrop. CHIOLI, CHJMAO and CRHZCH were among the top performers, posted contracted sales growth of $38\%$ , $19\%$ and $2\%$ yoy to RMB14.5bn, RMB7.6bn and RMB11.7bn, respectively. The bottom performers were JINGRU (RMB20mn), REDSUN/HONGSL (RMB100mn) and FUTLAN/FTLNHD (RMB714mn), with contracted sales down $90\%$ , $90\%$ , and $81\%$ yoy, respectively. Today, the PBOC kept the 1yr and 5yr LPR unchanged at $3.0\%$ and $3.5\%$ , respectively. These rates have been unchanged for nine months following the 10bps cuts in May'25 from $3.1\%$ and $3.6\%$ . CMBI economic research expects a 10bp cut in LPR in 1Q26, followed by an additional 10bp LPR cut in 3Q26, which should provide some support to the weak housing market, in our view. Recalled that the MoF introduced policies in Jan'26 aimed at boosting domestic demand and private investments, consistent with the policy tone set at the Central Economic Work Conference. While we expect a new round of demand-driven stimulus on property market could emerge in 1Q26, the path to a sustained recovery remains to be long in view of the weak homebuyers' confidence, which in turn, hinges on household income expectation and the home price trend. According to the China Index Academy, new home prices rose $0.18\%$ mom in Jan'26, compared to $0.28\%$ mom increase in Dec'25. <table><tr><td>Company</td><td>CN Name</td><td>BBG Ticker</td><td>Jan</td><td>Jan'26 YTD Sales</td><td>Jan'26 YTD Sales Growth</td></tr><tr><td>China Overseas</td><td>中国海外发展</td><td>CHIOLI</td><td>14,478</td><td>14,478</td><td>38%</td></tr><tr><td>China Jinmao</td><td>中国会茂</td><td>CHJMAO</td><td>7,603</td><td>7,603</td><td>19%</td></tr><tr><td>China Resources Land</td><td>华润置地</td><td>CRHZCH</td><td>11,650</td><td>11,650</td><td>2%</td></tr><tr><td>Sino-Ocean*</td><td>远洋集团*</td><td>SINOCE</td><td>1,150</td><td>1,150</td><td>4%</td></tr><tr><td>Greentown</td><td>绿城</td><td>GRNCH</td><td>9,700</td><td>9,700</td><td>29%</td></tr><tr><td>Greenland Holding*</td><td>绿地控股集团*</td><td>GRNLGR</td><td>3,630</td><td>3,630</td><td>29%</td></tr><tr><td>Poly Real Estate</td><td>保利地产</td><td>POLYRE</td><td>15,617</td><td>15,617</td><td>23%</td></tr><tr><td>Shimao</td><td>世茂房地产</td><td>SHIMAO</td><td>1,510</td><td>1,510</td><td>23%</td></tr><tr><td>Times Property</td><td>时代中国控股</td><td>TPHL</td><td>376</td><td>376</td><td>29%</td></tr><tr><td>Yuzhou Properties</td><td>惠州地产</td><td>YUZHOU</td><td>530</td><td>530</td><td>24%</td></tr><tr><td>Yuexiu Property</td><td>越秀地产</td><td>YUEXIU</td><td>4,201</td><td>4,201</td><td>25%</td></tr><tr><td>Central China Real Estate</td><td>珠业地产</td><td>CENCHI</td><td>398</td><td>398</td><td>24%</td></tr><tr><td>Zhennro Properties</td><td>正荣地产</td><td>ZHPRHK</td><td>346</td><td>346</td><td>24%</td></tr><tr><td>China SCE*</td><td>中装集团控股*</td><td>CHINSC</td><td>450</td><td>450</td><td>27%</td></tr><tr><td>Rorshine China</td><td>鼎信中国</td><td>RONXIN</td><td>218</td><td>218</td><td>21%</td></tr><tr><td>Hopson</td><td>合生创展</td><td>HPOLF</td><td>591</td><td>591</td><td>24%</td></tr><tr><td>Logan Property*</td><td>龙光地产*</td><td>LOGPH</td><td>350</td><td>350</td><td>25%</td></tr><tr><td>Powerlong</td><td>宝龙地产</td><td>PWRLNG</td><td>470</td><td>470</td><td>23%</td></tr><tr><td>Country Garden (Attributable)</td><td>祁桂园</td><td>COGARD</td><td>2,210</td><td>2,210</td><td>20%</td></tr><tr><td>Zhongliang</td><td>中晟控股</td><td>ZHLGHD</td><td>800</td><td>800</td><td>20%</td></tr><tr><td>KWG Property</td><td>合曼泰富集团</td><td>KWGPRO</td><td>325</td><td>325</td><td>21%</td></tr><tr><td>Longfor (Attributable)</td><td>龙湖集团</td><td>LNGFOR</td><td>1,660</td><td>1,660</td><td>-4%</td></tr><tr><td>Sunac China</td><td>顾创中国</td><td>SUNAC*</td><td>1,080</td><td>1,080</td><td>21%</td></tr><tr><td>China Vanke*</td><td>万科企业*</td><td>VNKRLE</td><td>5,580</td><td>5,580</td><td>21%</td></tr><tr><td>Yanlord*</td><td>仁佰置地*</td><td>YLLGSP</td><td>380</td><td>380</td><td>24%</td></tr><tr><td>Agile</td><td>雅居乐</td><td>AGILE</td><td>540</td><td>540</td><td>27%</td></tr><tr><td>Gemdale</td><td>金地集团</td><td>GEMDAL</td><td>1,220</td><td>1,220</td><td>23%</td></tr><tr><td>CIFI Holdings</td><td>旭辉集团</td><td>CIFIHG</td><td>730</td><td>730</td><td>20%</td></tr><tr><td>Future Land</td><td>新城控股</td><td>FUTLANFTLNHD</td><td>714</td><td>714</td><td>21%</td></tr><tr><td>Redsun</td><td>弘阳地产</td><td>REDSUNHONGSL</td><td>100</td><td>100</td><td>20%</td></tr><tr><td>Jingrui Holdings</td><td>景瑞控股</td><td>JINGRU*</td><td>20</td><td>20</td><td>20%</td></tr></table> Note: * represents the data was collected from CRIC/CIH. Source: Company fillings, CRIC, CIH. # > Offshore Asia New Issues (Priced) <table><tr><td>Issuer/Guarantor</td><td>Size (USD mn)</td><td>Tenor</td><td>Coupon</td><td>Priced</td><td>Issue Rating (M/S/F)</td></tr><tr><td></td><td colspan="5">No Offshore Asia New Issues Priced Today</td></tr></table> # > Offshore Asia New Issues (Pipeline) <table><tr><td>Issuer/Guarantor</td><td>Currency</td><td>Size (USD mn)</td><td>Tenor</td><td>Pricing</td><td>Issue Rating (M/S/F)</td></tr><tr><td>Advanced Info Service Public Compar</td><td>USD</td><td>-</td><td>5yr/10yr</td><td>T+95/T+115</td><td>-/BBB+/</td></tr><tr><td>Mirae Asset Securities</td><td>USD</td><td>-</td><td>3yr/5yr</td><td>T+110/T+115</td><td>Baa2/-/-</td></tr><tr><td>Sumitomo Corporation</td><td>USD</td><td>-</td><td>5yr/10yr</td><td>T+95/T+110</td><td>Baa1/A-/-</td></tr></table> # > News and market color - Regarding onshore primary issuances, no credit bond was issued yesterday due to CNY holiday. As for month-to-date, 922 credit bonds were issued with a total amount of RMB713bn raised, representing a $9.2\%$ yoy decrease Macau had c1.6mn visitors in the 9 days of CNY holiday season Saudi Arabia posted a budget deficit of SAR276.6bn (cUSD73.7bn) in 2025 - [CKHH] Panamanian maritime authorities took control of two ports on the Panama Canal from CK Hutchison (CKH) yesterday. Over the past 28 years, CKH invested cUSD1.7bn in the 2 Panaman ports vs CKH's total assets of USD147bn as of Jun'25. We estimated the dividend income from its $90\%$ stakes in the 2 Panaman ports to be cUSD1.1bn, i.e. USD40.5mn p.a. on average (CKH's 1H25 operating cash flow was USD4bn). The concession cancellation and take-over of port assets is a negative development but the impact should be relatively small - [BHARTI] Bharti Airtel plans to develop a high-scale non-banking financial company platform to build the next growth engine for the company and diversify its portfolio - [FTHDGR] Fantasia called 11 Mar'26 EGM to consider restructuring transactions - [HANFGI] Media reported Hana Financial likely to withdraw from Yebyeol Non-Life Insurance bid [HYUELE] SK Hynix will expand production of Al chips to meet soaring demand from data centers - [KWGPRO] KWG reached agreement in principle with AHG on key terms of holistic restructuring proposal - [LGELEC] LG Electronics seeks to double sales in Brazil, India, and Saudi Arabia by 2030 to rely less on advanced economies Fixed Income Department Tel: 852 3657 6235/ 852 3900 0801 fis@cmbi.com.hk # Author Certification # CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months The author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that author in this report. Besides, the author confirms that neither the author nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. # Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable for the purposes of all investors. CMBIGM does not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial position or special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in the report. The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the performance of underlying assets or other variable market factors. CMBIGM recommends that investors should independently evaluate particular investments and strategies, and encourages investors to consult with a professional financial advisor in order to make their own investment decisions. This report or any information contained herein, have been prepared by the CMBIGM, solely for the purpose of supplying information to the clients of CMBIGM and/or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation to buy or sell any security or any interest in securities or enter into any transaction. Neither CMBIGM nor any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall be liable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report. Anyone making use of the information contained in this report does so entirely at their own risk. The information and contents contained in this report are based on the analyses and interpretations of information believed to be publicly available and reliable. CMBIGM has exerted every effort in its capacity to ensure, but not to guarantee, their accuracy, completeness, timeliness or correctness. CMBIGM provides the information, advices and forecasts on an "AS IS" basis. The information and contents are subject to change without notice. CMBIGM may issue other publications having information and/ or conclusions different from this report. These publications reflect different assumptions, point-of-view and analytical methods when compiling. CMBIGM may make investment decisions or take proprietary positions that are inconsistent with the recommendations or views in this report. CMBIGM may have a position, make markets or act as principal or engage in transactions in securities of companies referred to in this report for itself and/or on behalf of its clients from time to time. Investors should assume that CMBIGM does or seeks to have investment banking or other business relationships with the companies in this report. As a result, recipients should be aware that CMBIGM may have a conflict of interest that could affect the objectivity of this report and CMBIGM will not assume any responsibility in respect thereof. This report is for the use of intended recipients only and this publication, may not be reproduced, reprinted, sold, redistributed or published in whole or in part for any purpose without prior written consent of CMBIGM. Additional information on recommended securities is available upon request. # Disclaimer: For recipients of this document in the United Kingdom This report has been provided only to persons (I)falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended from time to time)(The Order) or (II) are persons falling within Article 49(2) (a) to (d) ("High Net Worth Companies, Unincorporated Associations, etc.,) of the Order, and may not be provided to any other person without the prior written consent of CMBIGM. For recipients of this document in the United States CMBIGM is not a registered broker-dealer in the United States. As a result, CMBIGM is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. The research analyst who is primary responsible for the content of this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority ("FINRA"). The analyst is not subject to applicable restrictions under FINRA Rules intended to ensure that the analyst is not affected by potential conflicts of interest that could bear upon the reliability of the research report. This report is intended for distribution in the United States solely to "major US institutional investors", as defined in Rule 15a-6under the US, Securities Exchange Act of 1934, as amended, and may not be furnished to any other person in the United States. Each major US institutional investor that receives a copy of this report by its acceptance hereof represents and agrees that it shall not distribute or provide this report to any other person. Any U.S. recipient of this report wishing to effect any transaction to buy or sell securities based on the information provided in this report should do so only through a U.S.-registered broker-dealer. For recipients of this document in Singapore This report is distributed in Singapore by CMBI (Singapore) Pte. Limited (CMBISG) (Company Regn. No. 201731928D), an Exempt Financial Adviser as defined in the Financial Advisers Act (Cap. 110) of Singapore and regulated by the Monetary Authority of Singapore. CMBISG may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, as defined in the Securities and Futures Act (Cap. 289) of Singapore, CMBISG accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact CMBISG at +65 6350 4400 for matters arising from, or in connection with the report.