Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

厦门大宗商品供应链"三巨头"重磅发布 近日，厦门大宗商品供应链领域的"三巨头"——厦门象屿、厦门国贸、建发股份——相继亮出五年战略 蓝图，清晰描绘出2026年至2030年供应链头部企业的跃升路径。 强化资源掌控力 在厦门象屿的五年发展规划中，国际化业务与资源布局被提升至全新战略高度。公司将立足国内核心市 场，加速国际化布局，拓展海外资源端与消费端市场，建立海外资源、贸易、产业、物流、资金中心， 形成国内外联动的市场网络。同时，加强顶层设计，优化海外区域与资源布局，通过做实海外平台、推 进属地化经营，构建全球资源供应链网络。 厦门国贸自诞生起就自带国际贸易基因，因此，将"国际化"列为其首要战略举措。通过从"打通业 务"到"建强组织"的根本性转变，打造"一核两翼三支柱"：一核是聚焦组织能力出海；两翼是构建"敏捷 前台"与"赋能中台"协同作战体系；三支柱是夯实组织与人才机制、国际化激励与考核机制、风险合规 与全球化文化。深度融入国际市场，大力开发属地化业务，为未来业务发展注入增量。 近日发布的业绩预告显示，尽管建发股份由于地产板块经营不力，导致2025年度归母净利润预计为负， 但公司的供应链运营业务仍保持稳健盈利， ...

厦门供应链"三巨头"亮剑！五年战略蓝图重磅发布 近日，厦门大宗商品供应链领域的"三巨头"——厦门象屿（600057）、厦门国贸（600755）、建发股份 （600153）——相继亮出五年战略蓝图，清晰描绘出2026年至2030年供应链头部企业的跃升路径。 建发集团则聚焦提升"专业化、国际化、数智化、预见力、资源力"五大核心竞争力，筑牢主业高质量发 展根基。在资源力层面，公司将统筹、优化全盘资源配置，并通过股权投资、战略合作和自主建设等方 式，获取并整合产业链上下游关键节点的重要物流与产业资源，提高对核心要素的掌控能力，提升供应 链的安全性与稳定性，比如在物流层面，对内构建统一的物流支持体系，对外加大物流投资，增强物流 体系综合实力。此外，公司将主动链接外部资源，构建独特的资源组合与产业生态，增强行业话语权和 影响力，提升企业核心竞争力。 通过从单纯交易转向资源整合，企业能够深度嵌入产业链上下游，显著增强对全链条的影响力与话语 权。尤其是在传统贸易领域，资源掌控不仅是抵御外部风险的关键屏障，更是构建差异化竞争优势、形 成行业领导地位的核心要素，最终推动企业从被动参与者转变为产业链的主导者。 出海战略再升级 随着 ...

Market Overview - The corn concept sector declined by 0.14%, ranking among the top losers in the market, with *ST Wanfang hitting the limit down, while COFCO Technology, Xiamen Xiangyu, and Beidahuang also saw significant declines [1] - In contrast, 15 stocks within the sector experienced price increases, with Fucheng Co., Chuaning Bio, and Yasheng Group leading the gains at 2.40%, 1.97%, and 1.67% respectively [1] Sector Performance - The top-performing concept sectors included BC batteries (+8.56%), perovskite batteries (+8.24%), and TOPCON batteries (+7.39%), while the soybean sector fell by 0.10% [1] - The corn sector saw a net outflow of 0.96 billion yuan, with 16 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [1] Fund Flow Analysis - Beidahuang led the net outflow with 28.21 million yuan, followed by Shennong Seed Industry and Yuntu Holdings with outflows of 23.43 million yuan and 22.67 million yuan respectively [1] - Conversely, the stocks with the highest net inflows included Xinghuo Technology, Fucheng Co., and Jinjian Rice Industry, with inflows of 18.68 million yuan, 12.25 million yuan, and 12.10 million yuan respectively [1][2] Individual Stock Performance - Beidahuang's stock price decreased by 1.52% with a turnover rate of 1.64% and a net outflow of 28.21 million yuan [1] - COFCO Technology and *ST Wanfang also saw declines of 2.59% and 5.09% respectively, with net outflows of 5.94 million yuan and 5.90 million yuan [2] - On the other hand, stocks like Fucheng Co. and Xinghuo Technology showed positive performance with gains of 2.40% and 1.36% respectively, alongside significant net inflows [2]

Market Overview - The logistics sector experienced a decline of 0.23% on January 23, with Jushen Co. leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Hengji Daxin (002492) saw a significant increase of 9.99%, closing at 9.03, with a trading volume of 181,300 shares and a turnover of 159 million yuan [1] - Chuanhua Zhili (002010) rose by 4.56%, closing at 7.11, with a trading volume of 1,236,800 shares and a turnover of 887 million yuan [1] - Longzhou Co. (002682) increased by 3.03%, closing at 7.48, with a trading volume of 531,100 shares and a turnover of 394 million yuan [1] - Jushen Co. (001202) experienced a decline of 8.60%, closing at 20.30, with a trading volume of 360,600 shares and a turnover of 74.71 million yuan [2] Capital Flow Analysis - The logistics sector saw a net outflow of 292 million yuan from institutional investors and 181 million yuan from retail investors, while retail investors had a net inflow of 472 million yuan [2] - Hengji Daxin (002492) had a net inflow of 68.26 million yuan from institutional investors, accounting for 42.80% of its trading volume [3] - Longzhou Co. (002682) had a net inflow of 26.76 million yuan from institutional investors, representing 6.79% of its trading volume [3]

Core Viewpoint - The logistics sector experienced a decline of 0.42% on January 21, with Jiayou International leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1] Group 1: Market Performance - The logistics sector's individual stock performance showed significant variations, with Jushen Co. rising by 10.03% to close at 20.19, while Jiayou International fell by 2.62% to 14.12 [1][2] - The trading volume for Jushen Co. was 177,500 shares, resulting in a transaction value of 352 million yuan [1] - The overall net capital flow in the logistics sector indicated a net outflow of 62.58 million yuan from institutional investors, while retail investors saw a net inflow of 34.05 million yuan [2][3] Group 2: Individual Stock Analysis - Jushen Co. had a net inflow of 56.31 million yuan from institutional investors, representing 15.98% of its trading volume, while retail investors had a net outflow of 1.35 million yuan [3] - Shunfeng Holdings experienced a net inflow of 32.22 million yuan from institutional investors, but a net outflow of 33.46 million yuan from retail investors [3] - Xiamen Xiangyu saw a net inflow of 10.79 million yuan from retail investors, despite a net outflow from institutional investors [3]

Core Viewpoint - Xiangyu Group's subsidiary, Liaoning Xiangyu Aluminum Co., Ltd., achieved profitability in its first year of operation, highlighting the integration of modern services and advanced manufacturing as a significant value driver [2][3]. Group 1: Company Performance - Liaoning Xiangyu Aluminum has established a modern aluminum industry matrix with a total area of 17.8 square kilometers and an annual production capacity exceeding 2 million tons [3]. - The company successfully reduced costs by over 300 million yuan through the integration of supply chain services and resource advantages from Xiangyu Group [3]. - In 2025, the company developed and exclusively supplied a new aluminum alloy product for Jiangnan Shipyard, addressing construction challenges in the industry [3]. Group 2: Strategic Focus - Xiangyu Group aims to leverage its supply chain capabilities to drive industrial chain operations, contributing to the construction of a strong manufacturing and quality nation [2]. - The company plans to focus on four pillars: supply chain, industrial chain, finance, and urban operations, to support the development of an intelligent, green, and integrated modern industrial system [2]. - Other manufacturing enterprises under Xiangyu Group are also achieving record highs in revenue, profit, and production through collaborative efforts in supply chain and industrial chain [4].

Core Viewpoint - The logistics sector experienced a rise of 0.74% on January 19, with Xiamen Xiangyu leading the gains, while the Shanghai Composite Index closed at 4114.0, up 0.29% [1]. Group 1: Stock Performance - Xiamen Xiangyu (600057) closed at 8.65, up 3.84% with a trading volume of 289,300 shares and a transaction value of 247 million yuan [1]. - Milkway (603713) closed at 60.90, up 3.47% with a trading volume of 23,400 shares and a transaction value of 142 million yuan [1]. - Eastern Airlines Logistics (601156) closed at 19.03, up 3.31% with a trading volume of 157,300 shares and a transaction value of 297 million yuan [1]. - Other notable performers include Furan De (605050) at 13.81 (+2.68%), Shanghai Yashi (603329) at 11.56 (+2.30%), and Zhongchuang Logistics (603967) at 13.12 (+2.26%) [1]. Group 2: Capital Flow - The logistics sector saw a net inflow of 207 million yuan from institutional investors, while retail investors experienced a net inflow of 93.99 million yuan [2]. - Major stocks like Debon Logistics (603056) had a net inflow of 317 million yuan from institutional investors, while it faced a net outflow of 24.3 million yuan from retail investors [3]. - Xiamen Xiangyu (600057) had a net inflow of 23.12 million yuan from institutional investors, but also saw a net outflow of 7.88 million yuan from retail investors [3].

Group 1 - The core announcement is regarding the second phase of debt transfer payments made by the controlling shareholder, Xiamen Xiangyu Group Co., Ltd., to Xiamen Xiangyu Co., Ltd. for the debt owed by Jiangsu Delong Nickel Industry Co., Ltd. and its subsidiaries, with a total transfer price of 8.974 billion yuan [1] - The total amount received in the second phase of the debt transfer is 3.5897 billion yuan, which was paid by a subsidiary of Xiangyu Group [2] - The payment is part of a three-phase agreement for the transfer of the debt, as detailed in a previous announcement [1]

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2026-002 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | | 债券代码：244130 | 债券简称：25 | 象屿 | Y4 | | | 债券代码：244131 | 债券简称：25 | 象屿 | Y5 | | 关于收到控股股东第二期债权受让款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门象屿股份有限公司（以下简称"公司"）控股股东厦门象屿集团有限公 司（以下简称"象屿集团"）整体受让公司对江苏德龙镍业有限公司及其子公司 的债权，受让价格为 ...