年末的成都楼市，最能穿透周期情绪的，并不是热搜标题，而是一次次交付兑现。 成都龙湖滨江天街 交付不只是节点，更是对产品、工程、服务与组织能力的综合检验——当"好房子"成为硬标准，市场最终看的仍是能否把承诺交到业主手中。 回望2025，行业分化加剧：有人解困自救，有人稳步向上，在不确定里寻找确定性。 成都人熟悉的龙湖，提供了一个可被复盘的样本：以产品力为基石，以交付兑现重塑信任，同时在商业、物业等运营领域持续深耕，在销售结果、品牌口 碑与能力边界拓展上形成结构性突破。 龙湖成都三千集蓝海引擎 据公开数据与年度典型事件，本文将梳理龙湖成都在交付、销售、补仓与运营端的年度表现，并追问一个更关键的问题：它如何在分化周期里把确定性做 出来？ 先看交付——因为交付，是信任最直接的刻度。 01 用交付重塑信任 用产品力穿越信任周期 当前，客户对好产品的渴望、对交付力的担忧，是好房子时代真正要解决的难题。 滨江云河颂实拍图 在这样的大背景下，2025年龙湖成都的策略清晰而笃定：一手狠抓产品兑现，一手夯实市场信任，以亮眼的交付表现，为地产行业注入了信心，同时龙湖 式"好房子"的惊艳落地，也见证了龙湖的高端产品实力。 据统计，2 ...

Core Viewpoint - The article highlights a positive shift in investor sentiment towards Chinese real estate stocks, driven by a commentary in the "Qiushi" magazine suggesting a potential change in government policy regarding the real estate market [1] Group 1: Market Performance - Chinese real estate stocks have shown an upward trend, with notable increases in share prices: Longfor Group (4.37%), R&F Properties (3.77%), Agile Group (3.57%), China Overseas Land & Investment (3.04%), China Resources Land (3.82%), China Jinmao (2.75%), and Sunac China (2.27%) [1] Group 2: Policy Insights - JPMorgan notes that the commentary in "Qiushi" magazine has raised investor hopes for a shift in policy, advocating for substantial measures rather than incremental ones, especially after a lack of significant policies last year [1] - The article suggests that the current discourse from officials regarding the real estate market may finally be changing, given the ongoing decline in housing prices and sales since the second half of last year [1] Group 3: Future Outlook - JPMorgan predicts that without substantial policy changes, the downward trend in the real estate sector will continue, forecasting a 7% decline in sales and a 5% drop in housing prices for the year [1] - However, the current market conditions, particularly the impact of weak housing prices on consumer spending, increase the likelihood of more robust policy support this year, indicating potential upside risks to JPMorgan's forecasts [1]

Group 1: Insurance Sector - The insurance sector continues to rise, with China Ping An (02318) up 5.17%, New China Life (01336) up 4.14%, China Life (02628) up 4.83%, and China Pacific Insurance (02601) up 3.29%. The National Financial Regulatory Administration reported that the insurance industry achieved a total premium income of 57,629 billion yuan, a year-on-year increase of 7.6% for the first 11 months of 2025 [1][2]. Group 2: Hydrogen Energy - Guofu Hydrogen Energy (02582) saw a rise of over 7.2% after announcing the delivery of a total of 424 sets of vehicle-mounted high-pressure hydrogen supply systems to clients, which will be used in fuel cell buses in Guangzhou [1]. Group 3: Coal Sector - Coal stocks collectively rose, with China Coal Energy (01898) up 4.33%, Yanzhou Coal Mining (01171) up 3.18%, and China Shenhua Energy (01088) up 2.31%. Since late November, port thermal coal prices have been on a downward trend, dropping from a high of 834 yuan/ton to a low of 670 yuan/ton, before rebounding on December 31, increasing by 8 yuan/ton to 678 yuan/ton [1]. Group 4: Solar Energy and AI - Junda Co., Ltd. (02865) increased by over 6.1% following a report from Guotai Junan that Elon Musk proposed a plan to deploy 100GW of solar AI satellites annually, driving demand for space photovoltaic technology [1]. Group 5: Lithium Mining - Lithium stocks were active, with Ganfeng Lithium (01772) up 4.22% and Tianqi Lithium (09696) up 2.85%. After breaking through the 130,000 yuan/ton mark, lithium carbonate futures surged over 8%, reaching a high of 137,760 yuan/ton [2]. Group 6: Real Estate Sector - Domestic real estate stocks continued to rise, with Beike-W (02423) up 3.44%, Longfor Group (00960) up 5.24%, China Jinmao (00817) up 5.34%, and China Resources Land (01109) up 3.64%. An article published in "Qiushi" magazine emphasized the need to improve and stabilize expectations in the real estate market [2]. Group 7: Baby Products - Different Group (06090) rebounded by over 34.99%. According to a report from China Merchants Securities, the company is positioned as a mid-to-high-end baby products brand with strong product development and channel expansion capabilities, targeting middle-class and high-net-worth consumers [3]. Group 8: Mining Sector - Zijin Mining (02899) rose nearly 6%, reaching a historical high. The company recently announced an annual profit forecast of 51 to 52 billion yuan, an increase of approximately 18.9 to 19.9 billion yuan compared to the previous year's profit of 32.051 billion yuan, representing a year-on-year growth of about 59% to 62% [3]. Group 9: U.S. Stock Market - The Dow Jones Industrial Average broke through 49,000 points, rising 1.3%, with major U.S. bank stocks reaching historical highs. Goldman Sachs (GS.US) rose 3.73%, JPMorgan Chase (JPM.US) rose 2.63%, and Morgan Stanley (MS.US) rose 2.55%. The U.S. ISM reported that the manufacturing PMI fell to 47.9 in December, below the expected 48.4 [4]. Group 10: Precious Metals - U.S. precious metal stocks collectively strengthened, with Hecla Mining (HL.US) up 4.56% and Barrick Gold (B.US) up 3.77%. Spot gold surged 2.5%, reclaiming the $4,400 mark, while spot silver rose 5%, surpassing $76 [4]. Group 11: AI and Technology - Datavault AI (DVLT.US) surged 42.57%, with a cumulative increase of 180% over three trading days after signing a procurement agreement with AP Global Holdings LLC for infrastructure and cybersecurity services [5]. Group 12: Bitcoin and Related Stocks - Bitcoin briefly reached the $93,000 mark, with related stocks rising, including Strategy (MSTR.US) up 4.81% and Coinbase (COIN.US) up 7.77% [6]. Group 13: Oil Sector - Oil stocks saw significant pre-market gains, with Chevron (CVX.US) up 5.1% and ConocoPhillips (COP.US) up 2.59%. Reports indicated that the U.S. had captured Venezuelan President Maduro through military action, leading to a strong performance in oil and gas services [7].

每经AI快讯，港股内房股延续昨日上涨，截至发稿，贝壳-W(02423.HK)涨3.98%，报45.98港元；龙湖 集团(00960.HK)涨4.37%，报9.56港元；中国金茂(00817.HK)涨3.82%，报1.36港元；华润置地 (01109.HK)涨2.47%，报29.84港元。 ...

Group 1 - The core viewpoint of the article highlights the continued rise of Chinese property stocks, indicating a positive market sentiment following a commentary published in a prominent magazine emphasizing the need to improve and stabilize real estate market expectations [1] - Key property stocks mentioned include Beike-W (02423) rising by 3.98% to HKD 45.98, Longfor Group (00960) increasing by 4.37% to HKD 9.56, China Jinmao (00817) up by 3.82% to HKD 1.36, and China Resources Land (01109) gaining 2.47% to HKD 29.84 [1] - Huatai Securities reports that the overall expectations for the real estate market remain weak, but the central government's focus on managing these expectations is seen as a positive signal that could accelerate market stabilization [1] Group 2 - Zheshang Securities notes that systemic risks in the real estate sector are being addressed, and the impact of individual company risk events on the overall sector is expected to be limited, suggesting that the resolution of risks could benefit sector valuation recovery [1] - The report emphasizes the importance of monitoring the effectiveness and pace of policy implementation, as well as the progress in clearing risks at the corporate level [1]

内房股延续昨日上涨，截至发稿，贝壳-W(02423)涨3.98%，报45.98港元；龙湖集团(00960)涨4.37%， 报9.56港元；中国金茂(00817)涨3.82%，报1.36港元；华润置地(01109)涨2.47%，报29.84港元。 浙商证券（601878）发布研报称，对于资本市场而言，房地产行业系统性风险已得到高度重视并处于化 解过程中，后续企业个体的风险事件对板块整体的向下压力预计有限，风险出尽反而有利于板块估值修 复。我们建议关注政策实际落地的力度与节奏，以及企业端风险出清的进展。 消息面上，1月1日《求是》杂志刊发特约评论员文章《改善和稳定房地产市场预期》，强调要切实改善 和稳定房地产市场预期。华泰证券发布研报称当前房地产市场预期整体依然偏弱，《求是》文章表明中 央对于地产预期管理的重视度进一步提升，传递了积极的信号意义，针对预期的对症下药有望加速市场 回稳。 ...

本报讯(记者陈潇)1月5日，龙湖集团如期完成"21龙湖02"的本金兑付与付息，涉及总金额约10.38亿元。 公开资料显示，"21龙湖02"发行金额为10亿元，票面利率4.4%，回售资金兑付日为2026年1月7日，本次 兑付包含行权到期本金9.94亿元以及利息0.44亿元。 而根据稍早前消息，龙湖集团已于12月初将港币银团提前结清。该笔银团贷款总规模为92.27亿港元(约 合人民币85亿元)，起息日为2020年12月21日，期限为5年。根据公开信息，龙湖集团自第三季度起，便 分阶段推进剩余款项的偿还工作，并于12月初完成提前兑付。这意味着龙湖集团已偿清2025年全部公开 市场的债务，以稳健的财务策略及有序铺排，平稳度过债务高峰期。 在完成"21龙湖02"兑付后，龙湖集团境内信用债余额仅余约34亿元，分别为2026年3月份到期1.47亿 元，5月份到期15亿元，8月份到期10亿元，以及2027年1月份到期8亿元，到期规模小且兑付时间分散。 惠誉对此表示，2025年之后，龙湖集团包括债券和银团贷款在内的债务到期压力会显著减轻。 实际上，自2023年起，龙湖集团就坚持用正向的经营性现金流驱动业务增长，以安全稳定的债务 ...

记者丨 张敏 据了解，完成"21龙湖02"兑付后，龙湖集团境内信用债余额约34亿元，分别为2026年3月到期 1.47亿元，5月到期15亿元，8月到期10亿元，以及2027年1月到期8亿元。 2025年是龙湖集团的偿债高峰。 龙湖集团CFO赵轶曾表示透露，2025年公司偿还负债超过600 亿元，到2026年和2027年偿还额度均在200亿元左右，到2028年和2029年两年的偿还额度均在 100亿元左右；未来，龙湖集团的有息负债将稳定在1000亿元左右。 根据2025年中报，截至2025年6月底，龙湖集团综合借贷总额为1698.0亿元，较上年末下降 65.3亿元；净负债率为51.2%；平均融资成本为年利率3.58%，平均合同借贷年期为10.95年； 在手现金为446.7亿元。 出品丨21财经客户端 21世纪经济报道 编辑丨江佩佩 科网股分化，快手涨超11%，汽车股下挫，蔚来跌近6%，小鹏跌超4% 商业航天掀涨停潮，中国卫通5天3板，高盛预计中国股市将上涨20% 84岁知名鞋企创始人与儿子儿媳断绝关系：不能让美国身份的人接班 SFC 21君荐读 编辑丨张伟贤 21世纪经济报道记者获悉，龙湖集团于1月5日完成"2 ...

据了解，完成"21龙湖02"兑付后，龙湖集团境内信用债余额约34亿元，分别为2026年3月到期1.47亿 元，5月到期15亿元，8月到期10亿元，以及2027年1月到期8亿元。 2025年是龙湖集团的偿债高峰。龙湖集团CFO赵轶曾表示透露，2025年公司偿还负债超过600亿元，到 2026年和2027年偿还额度均在200亿元左右，到2028年和2029年两年的偿还额度均在100亿元左右；未 来，龙湖集团的有息负债将稳定在1000亿元左右。 根据2025年中报，截至2025年6月底，龙湖集团综合借贷总额为1698.0亿元，较上年末下降65.3亿元；净 负债率为51.2%；平均融资成本为年利率3.58%，平均合同借贷年期为10.95年；在手现金为446.7亿元。 （文章来源：21世纪经济报道） 21世纪经济报道记者张敏 21世纪经济报道记者获悉，龙湖集团于1月5日完成"21龙湖02"的本金兑付与付息，涉及总金额约10.38 亿元。 据悉，该笔债券于2021年发行，金额为10亿元，票面利率4.4%，回售资金兑付日为2026年1月7日。本 次兑付包含行权到期本金9.94亿元以及利息0.44亿元。 根据公开信息，龙湖集 ...

智通财经获悉，1月5日，龙湖集团（00960.HK）完成"21龙湖02"本金与付息的兑付，涉及总金额约 10.38亿元。"21龙湖02"发行金额为10亿元，票面利率4.4%，回售资金兑付日为2026年1月7日，本次兑 付包含行权到期本金9.94亿元以及利息0.44亿元。 同时，龙湖集团已于去年12月初将港币银团提前结清。该笔银团贷款总规模为92.27亿港元（约合人民 币85亿元），起息日为2020年12月21日，期限为5年。 截至2025年6月底，龙湖集团综合借贷总额为1698.0亿元，较上年末下降65.3亿元；净负债率为51.2%； 平均融资成本为年利率3.58%，平均合同借贷年期为10.95年；在手现金为446.7亿元。 龙湖集团的降债始于2022年。龙湖集团董事会主席陈序平去年透露，2022年年中公司有息负债是2080亿 元，彼时公司开始提出降负债的整体战略。 陈序平解释称，"那时候我们感觉到整个行业的调整不同于过往，这一波的调整可能会对行业的底层经 营逻辑进行重构，所以我们就提前踩刹车降负债，提出通过经营现金流来压降负债。" 大规模执行是在2023年。陈序平称，2023年开始，公司开始用经营性物业贷去 ...