内容概要：随着国民收入水平提高，消费者对高品质、个性化旅游的需求增长，滨海旅游作为一种重要 的休闲度假方式，受到众多游客的青睐，与此同时，消费升级驱动我国滨海旅游从传统观光向休闲度 假、高端体验（如邮轮、潜水、海岛定制）升级，带动消费结构向多元化、高附加值转变，据自然资源 部数据显示，2024年我国滨海旅游业增加值达16135亿元，同比增长9.50%，GDP贡献率达1.20%。未 来，随着消费观念的转变，游客对滨海旅游的需求从"打卡式"观光转向深度体验，更注重文化内涵、生 态环境和情感共鸣，对海洋非遗、渔村生活、海洋科普等的关注度上升，此外，随着我国人口老龄化日 益加剧，推动滨海康养旅游业务快速发展，依托海洋气候、温泉等资源的养老度假项目需求将不断增 加。 上市企业：华侨城A（000069）、泰达航母（872829.NQ）、凯撒旅业（000796）、融创中国 （01918.HK） 相关企业：潍坊滨海旅游集团有限公司、营口滨海旅游开发有限公司、广州长隆集团有限公司、海南省 旅游投资集团有限公司、青岛旅投凤凰岛文化旅游投资有限公司、日照山海天旅游度假区海岸发展有限 公司 关键词：滨海旅游市场政策、滨海旅游产业链、 ...

港股内房股再度下探， 雅居乐集团(03383.HK)跌近10%， 世茂集团(00813.HK)跌近7%， 富力地产 (02777.HK)、 远洋集团(03377.HK)、 融创中国(01918.HK)、 中国金茂(00817.HK)均跌超5%。 ...

Core Viewpoint - The real estate industry is expected to see a significant decline in delivery volumes after 2024, marking the end of a peak delivery period driven by the "guarantee delivery" policy [1][2] Group 1: Industry Overview - The national housing completion area from 2021 to 2024 was reported as 101,412 million square meters, 86,222 million square meters, 99,831 million square meters, and 73,743 million square meters respectively, indicating a rebound in 2023 after a decline in 2022 [1] - The delivery volume for real estate companies in the first half of 2025 is expected to drop significantly, with a general decline of over 50% in the number of units delivered [1] - The top 10 real estate companies accounted for 38.08 million units delivered, representing 56.46% of the total deliveries from 50 companies [1] Group 2: Company Focus - Sunac - Sunac delivered 186,000 units in 2022, 312,000 units in 2023, and 170,000 units in 2024, totaling over 668,000 units delivered [2] - In the first half of this year, Sunac delivered 15,000 units, including notable projects such as Xi'an Sunac Lan Yue Fu and Chongqing Chang Le Ya Song [2] - For 2025, Sunac aims to deliver over 50,000 units, with expectations to complete all guarantee delivery tasks by the end of the year [2] - The company is transitioning into a new development phase characterized by debt restructuring, stabilized sales, and the completion of guarantee delivery tasks [2]

"2026年之后交付的项目，基本对应的是2022年后销售的新房，由于严格执行了预售资金封闭式管理， 保交付难度随之极速降低，房企可腾出更多资源与精力聚焦业务发展。"有机构分析师表示，对融创中 国来说，率先完成保交付收官，意味着可以卸下重任轻装上阵，加速回归可持续经营发展轨道。 保交付任务的完成，也将进一步稳定房地产信心。在当下市场环境中，保交付才能保信心，交付力依然 是房企赢得购房者、金融机构、政府等各方信任的核心能力。数据显示，6月份，在百强房企销售额有 所下降的背景下，融创当月销售额环比上升54%至75.5亿元，北京、上海两地壹号院更同时成为全市甚 至全国的热销标杆。 随着这场持续三年的保交付攻坚战迎来收官，融创中国亦有望携债务重组完成、销售回稳与保交付收官 三大标志性成果，迈入全新的发展阶段。 "在本轮行业深度调整中，融创中国三年多来坚定完成了近70万套的交付任务，这是一份重量级的成绩 单。"一位机构分析师表示。 融创中国多地项目在上半年保交付中兑现了较高品质的落地。此外，在2022年-2024年间，公司分别实 现交付18.6万套、31.2万套、17万套，累计交付超过66.8万套，为行业源源不断贡献出北 ...

追责一起重大事故 15 银行如何跨境追债 28 "免费"的血透 54 "不太美丽"的大法案 20 "印度制造" 蓄势 求解 "小过重罚" 61 48 E 34 后作 車 32 : 10 面临重组高峰, 越来越多房企选择全面重整削债 2025年 第26期 7月7 60 ISSN 2096-1251 本期封面设计由 Al 辅助生成 民币40元 港币60元 WWW.caixin.co 最新封面报道 | 房企重组再博弈 2024年7月18日，一处未完建的楼盘。公开数据显示，全行业有发债记录的房企 共100多家，均为业内销售规模靠前的企业，对应境内外信用债发行存量近3万 亿元，对应的整体债务量在几十万亿元之巨。图：贺友保/视觉中国 文 | 财新周刊 王娟娟 陈博 同一时期，另一家出险的粤系千亿房企龙光集团（ 03380.HK ）境内发债 主体深圳市龙光控股有限公司（下称"龙光"）也正在召开债券持有人大会。 龙 光在3月就拿出了境内债重组方案，表决经历延期最终仍未能通过，6月初又祭 出优化后的方案，并定于6月26日至7月4日再次表决。 违约房企债券存量情况（剔除纯境外债） 房企和债权人的心态变了。 公开数据显示，全行业有 ...

港股内房股盘初拉升，绿地香港涨超20%，合景泰富集团涨超5%，远洋集团、龙湖集团、融创中国纷 纷上涨。 ...

Group 1 - The Hang Seng Index rose by 0.57% on July 10, with southbound trading totaling HKD 150.16 billion, including HKD 76.53 billion in buying and HKD 73.63 billion in selling, resulting in a net inflow of HKD 2.90 billion [1] - The southbound trading through the Shenzhen Stock Connect had a total turnover of HKD 49.05 billion, with net buying of HKD 1.32 billion, while the Shanghai Stock Connect had a total turnover of HKD 101.11 billion, with net buying of HKD 1.58 billion [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total trading amount of HKD 14.24 billion, followed by Yisou Technology and Juxing Legend with HKD 7.59 billion and HKD 6.44 billion respectively [1] Group 2 - Among the stocks with net buying, China Construction Bank had the highest net inflow of HKD 588 million, closing up by 3.16%, while Alibaba-W and Meituan-W had net inflows of HKD 573 million and HKD 485 million respectively [1] - Tencent Holdings experienced the largest net outflow of HKD 729 million, closing down by 0.20%, while Xiaomi Group-W and Sunac China had net outflows of HKD 379 million and HKD 142 million respectively [1] - A total of 9 stocks, including Alibaba-W and Meituan-W, were active in both the Shenzhen and Shanghai Stock Connects, with Alibaba-W having a total trading amount of HKD 4.71 billion and a net inflow of HKD 573 million [2]

Market Overview - On July 10, the Hang Seng Index rose by 0.57%, closing at 24,028.37 points, with a total net inflow of HKD 2.902 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 150.163 billion, with a net buy of HKD 2.902 billion [1] Southbound Trading Details - The Shanghai-Hong Kong Stock Connect recorded a trading volume of HKD 101.111 billion, with a net buy of HKD 1.579 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 49.053 billion and a net buy of HKD 1.323 billion [1] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Guotai Junan International with a trading volume of HKD 10.399 billion, followed by Yisou Technology and Giant Star Legend with trading volumes of HKD 5.684 billion and HKD 5.005 billion, respectively [1] Stock Performance - Alibaba-W had the highest net buy amount of HKD 770 million, closing with a price increase of 0.29% [1] - Tencent Holdings recorded the highest net sell amount of HKD 387 million, closing with a price decrease of 0.20% [1] - In the Shenzhen-Hong Kong Stock Connect, Guotai Junan International also led in trading volume with HKD 3.837 billion, followed by Yisou Technology and Alibaba-W with trading volumes of HKD 1.906 billion and HKD 1.886 billion, respectively [2] Notable Stock Movements - Meituan-W had a net buy of HKD 291 million despite closing down by 0.50% [2] - Tencent Holdings experienced a net sell of HKD 342 million, closing down by 0.20% [2] - The trading data for the top active stocks included significant fluctuations, with Guotai Junan International showing a daily increase of 10.24% [2]

Group 1 - Beike's US stock rose over 4% [1] - Several real estate companies, including CIFI, Longfor, and Sunac, have made progress in debt restructuring [1] - The market generally expects that as more private real estate companies achieve progress in debt restructuring, overall industry confidence is likely to stabilize gradually [1]

7月10日，南下资金净买入港股29.02亿港元。 阿里巴巴：阿里巴巴在港交所公告，宣布已完成私募发行本金总额为120.23亿港元、2032年到期的零息可交换债券。债券构成阿里巴巴集团之无担保及非次 级债务。债券不产生定期利息。债券将于2032年7月9日到期，除非根据债券条款于该日期前被提前赎回、回购或交换。 德林控股：德林控股公布，根据初步计划，拟代币化整体价值最高为5亿港元资产，包括位于香港中环威灵顿街92号"德林大厦"的若干权益；及三项由集团 管理基金的资产权益。上述资产将透过Asseto提供的区块链基础设施进行链上映射与合规代币化，并拟将部分以合规分派方式赠与予以下用户群体，分别是 公司合资格股东；德林证券(香港)合规用户；及突触科技平台认证用户。本次分派总金额拟定为不高于6000万，且参与者需完成身份验证及签署风险披露协 议。 其中：净买入建设银行5.87亿港元、阿里巴巴-W 5.72亿港元、美团-W 4.85亿港元、德林控股3.55亿港元；净卖出腾讯控股7.29亿港元、小米集团-W 3.78亿 港元、融创中国1.41亿港元。 建设银行：中泰证券表示，我国银行业经营模式从过往的"去财政化、市场化、打破 ...