融资渠道畅通；坚守优质房企，“买入”

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This Equity Research Report focuses on China Vanke (02202 HK), a leading property developer in China. The report highlights the company's unrestricted financing channel and its commitment to quality. The report maintains a "Buy" rating on Vanke-H, with unchanged forecasts for its EPS of RMB2.204/ RMB2.320/ RMB2.391 for 2022F-2024F. The target price is set at HK$24.90, implying a 9.8x 2023F underlying PER. The report also notes that Vanke-H has increased its funding level, showing unrestricted access to financing, and has issued bonds at an accumulated amount of RMB98.6 bn.