Core Viewpoint - The article discusses the changing dynamics of population movement and economic conditions in China, particularly focusing on the decline of county-level cities and the implications for real estate investment [1][5]. Group 1: Population Movement - There has been a significant shift in population movement patterns, with individuals returning to their hometowns or lower-tier cities instead of moving to higher-tier cities, which was common in the past [2][3]. - The influx of people returning to lower-tier cities has created a temporary economic boost, but this is not sustainable as it relies on one-time wealth effects rather than ongoing income growth [4][6]. Group 2: Real Estate Market - The real estate market in many county-level cities is facing challenges due to population decline and lack of job opportunities, leading to stagnant or declining property values [1][8]. - The article suggests that while some county-level cities may maintain stable prices, the overall trend indicates a decrease in investment attractiveness for real estate in these areas [7][8]. Group 3: Economic Conditions - The article posits that the economic downturn driven by the real estate sector is nearing its end, and a shift towards new economic growth is expected, although this may not immediately benefit lower-tier cities [5][6]. - The long-term trend suggests that population density and economic efficiency will continue to favor higher-tier cities, leading to a potential resurgence in their economic activity [6].

现在买入银行是49年加入国军吗？ Beter 顶多是48年加入国军，离49年还有一年呢。 gobidaozhao 只有1个银行品种，可以大胆买、放心买、满仓买，不需要考虑48、49、50年： 浦发转债！！！ lichang1019 上涨是价值回归赶紧买，下跌是分红提高赶紧买，银行赢麻了。 周期为王 哥，我买了两三个月，大清就亡了？ 最多亏2.13% 特别提醒：据此操作、输赢责任自负！！！ myloue 买银行如果用价值投资和吃股息想法，一定会套个五六年。这几年的涨幅看起来也就一倍， 但是这算其他股票，相当于五六倍。其他明牌股票涨五六倍你敢买吗。 kkqq999 这些问题，价值派是给不了答案的，就算套了，他们也会说：我是买来吃息的，不关心涨 跌，就算跌三五年，我也无所谓。 所以，如果你买入银行股是希望靠上涨赚钱的，应该问技术派。 地理科代表 @白石子999 单从银行本身看，前期涨的太多了，回调正常。但我想的是，未来稳定币出来以 后，会不会冲击或者取代银行的地位？ 巴菲特开始清仓美国银行股了。 美国的这个稳定币法案严重利空金融股（银行，支付公司） pppppp 过几周确定破位后，就是国军了； 趋势下行，需要较大的 ...

特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 佳力转债：下修到底 恒辉转债：强赎 兴森科技：控股股东拟减持不超1.5%公司股份 起帆转债，李子转债，通22转债：不下修 关注集思录微信 搜索公众号"jisilu8"添加我们 ...

志特转债：强赎 友发集团：预计2025年半年度盈利2.77亿至3.07亿，同比增长151.69%至178.93% 福斯特：预计上半年净利润同比减少49.05% 牧原股份：预计2025年半年度盈利102亿至107亿，同比增长1129.97%至1190.26% 锡振转债：7月14日上市 华辰转债，路维转债：【上市】 关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 搜索公众号"jisilu8"添加我们 泰福泵业：公司拟现金收购南洋华诚不低于51%股份 漱玉转债，声迅转债，文科转债：不下修 ...

Core Viewpoint - The rental yield in first-tier cities in China is currently around 1.5% to 2%, significantly lower than the 4% benchmark, suggesting that property prices may need to decrease by 40% to 50% to reach a more sustainable rental yield [1][2]. Group 1: Rental Yield Comparisons - Rental yields in major international cities are higher than those in Chinese first-tier cities, with Tokyo at approximately 5% to 6.9%, New York around 6%, Los Angeles at about 4%, and London at approximately 5% [1]. - Historical rental yields in Shenzhen have decreased from 7% in 2007 to an estimated 1.5% in 2025, indicating a long-term downward trend [2]. Group 2: Market Dynamics - The shift from "agreement transfer" to "public bidding" for land sales in 2004 led to increased land prices, which subsequently drove up property prices, with a 40% increase noted from 2004 to 2006 [4]. - The cultural context in China, where homeownership is prioritized over renting, contributes to a higher demand for purchasing homes compared to renting, resulting in a supply-demand imbalance in the rental market [5][6]. Group 3: Future Projections - If rental yields are to improve, societal acceptance of renting as a viable long-term living arrangement must increase, similar to trends observed in other countries [6]. - The potential introduction of property taxes in China could alter the pricing structure of real estate, leading to further declines in property values and increased rental yields [2].

Group 1 - The article discusses the strong redemption of QuanFeng Convertible Bonds and the lack of strong redemption for SongLin and HaoMei Convertible Bonds [1] - MengSheng Electronics' shareholders plan to transfer 3.68% of the company's shares through inquiry [1] - ZhengFan Technology intends to purchase 62.23% equity of HanJing Semiconductor in cash [1] Group 2 - YongJin Co.'s actual controller is under bail pending trial [1] - HangYang, AoWei, and Tian23 Convertible Bonds will not undergo adjustment [1] - GuangNuclear Convertible Bonds are open for subscription [1]

Group 1 - The article discusses the challenges faced by recent graduates in finding employment, highlighting a specific case of a nephew who graduated from a less prestigious university and has not secured a job yet [1] - It emphasizes the importance of self-reliance and the need for young individuals to start working, even in low-paying jobs, to gain experience and skills [4][11] - The narrative includes personal anecdotes about different career paths and the varying success rates of individuals based on their educational background and job choices [6][9] Group 2 - The article suggests that joining the military could be a viable option for young individuals, especially those from difficult backgrounds, as it provides stable income and benefits [2][3] - It outlines the pros and cons of military service, indicating that while it offers financial security, it may not suit those with strong personal ambitions or unique talents [2] - The discussion also touches on the evolving job market, indicating that opportunities have improved compared to previous years, but still require effort and adaptability from job seekers [11][13]

Group 1 - Recent trend of shareholders opting for inquiry-based share reductions instead of direct secondary market sales, indicating a competitive bidding process based on price, quantity, and time priority [1] - Huayou Cobalt expects a net profit of 2.6 to 2.8 billion yuan for the first half of 2025, representing a year-on-year growth of 55.62% to 67.59% [1] - Tianeng Heavy Industry's shareholders plan to transfer 4% of the company's shares through inquiry [1] Group 2 - Announcement regarding the Blue Fan convertible bond is pending [1] - Huachen and Luwei convertible bonds are set to be listed on July 10 [1]

Core Viewpoint - The article reflects on the past ten years since the significant stock market crash in July 2015, highlighting the volatility and the lessons learned from trading experiences during that period [1]. Group 1: Market Performance and Personal Experiences - The Shanghai Composite Index has fluctuated around 3400 points a decade after the crash from 5178 points in 2015 [1]. - Many traders experienced significant losses during the market downturn, with some recalling their mistakes and missed opportunities, emphasizing the importance of learning from past experiences [2][3]. - The article mentions specific trading strategies, such as short selling and arbitrage, which some traders employed during the market's volatility [2][9]. Group 2: Investment Strategies and Reflections - Some traders successfully capitalized on market conditions, such as engaging in arbitrage with split funds, achieving returns of up to 40% [5]. - The narrative includes reflections on the emotional toll of trading, with traders expressing feelings of fear and regret during downturns, yet also highlighting eventual recovery and learning [3][4]. - The importance of maintaining a long-term perspective and a positive mindset is emphasized, with references to historical wisdom about the transient nature of market conditions [3].

Core Viewpoint - The article discusses various companies' stock movements, including share transfers and bond adjustments, indicating potential investment opportunities and market trends [1]. Group 1: Share Transfers - Aotewei's controlling shareholder plans to transfer 4.99% of the company's shares [1]. - The controlling shareholder of Yirui Bio intends to reduce their holdings by no more than 3% [1]. - The consistent action party of Aerospace Hongtu plans to transfer 5.1% of shares to a private equity fund [1]. - Guolian Aviation's shareholder intends to reduce their holdings by no more than 1% [1]. Group 2: Convertible Bonds - Qilu Convertible Bond is subject to strong redemption [1]. - Qibin Convertible Bond has been adjusted down to the lowest level [1]. - Several convertible bonds, including Tian Nai, Tai 21, Jing Neng, Changqi, Jin Neng, and Oujia, will not undergo adjustments [1]. - Guangneng Convertible Bond is set for subscription on July 9 [1]. Group 3: New Stock Offerings - Huadian New Energy is listed for subscription on the Shanghai and Shenzhen stock exchanges [1]. - Two REITs, Huaxia Huadian Clean Energy REIT (508016) and Chuangjin Hexin Shounong REIT (508039), are available for subscription [1].