取消建发物流集团有限公司（仓库地址：广东省东莞市麻涌镇创业西路37号）工业硅期货指定交割库资 质。 （来源：广州期货交易所） 来源：广州期货交易所 广期所发〔2025〕430号 各相关单位： 根据《广州期货交易所交割管理办法》《广州期货交易所指定交割仓库管理办法》等有关规定，经研究 决定： 一、取消工业硅期货指定交割仓库 2025年12月22日 新浪合作大平台期货开户 安全快捷有保障 二、取消工业硅期货指定质检机构 取消昆明海关技术中心、云南省分析测试中心的工业硅期货指定质检机构资质。 上述事项自即日起生效。 特此公告。 广州期货交易所 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

三亚中央商务区管理局代表表示，紫金国际中心是"两个总部基地"建设的重要载体，有望成为链接 全球资源的关键枢纽。中央商务区将持续提供全方位支持，包括推动政策精准落地、依托国际平台助力 企业全球布局、构建重点产业协同生态，期待与优秀企业并肩前行，共享发展机遇。 紫金国控有限公司相关负责人表示，紫金国际中心作为集团深耕自贸港、链接全球的战略支点，致 力于打造"三亚大企业总部会客厅"，将积极发挥平台聚合作用，承接并放大政策红利，为入驻企业提供 国际化运营载体，赋能区域高质量发展。 海南日报三亚12月20日电(海南日报全媒体记者 刘操)12月20日，由紫金国控主办的"紫金国际运营 总部正式落成暨全球招商推介活动"在三亚成功举办。活动以"聚势封关红利 携手共启新程"为主题，汇 聚近百位政企代表与行业嘉宾，现场交流踊跃并达成多项合作意向。 目前，民生银行、厦门建发等知名企业机构，以及紫金矿业国际事业部与三亚分子公司均已确定入 驻。活动上，多家来自跨境贸易、现代金融、科技创新等领域的企业代表表达了明确入驻意向，并达成 初步合作共识。 ...

参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9256，近一年增长59.95%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 公司供应链运营业务保持稳定的回报水平，在2021-2024年间归母净利润规模在33-40亿元区间，对应 ROE超15%，业绩压舱石作用凸显。面对全球政治经济环境波动，公司通过完善风控体系和优化业务布 局来应对外部挑战，形成了"专业化、分级化、流程化"的风险管控体系，并构建起辐射全球超170个国 家和地区的供应链运营服务体系，近5年内签约合作的境外供应商和客户数量超过2万家。 在数智化转型方面，建发股份积极探索AI等新技术在供应链运营中的应用，将数智化技术深入应用于 产业链生态圈构建、风控体系建设以及日常经营管理活动中。美凯龙方面，截至2025年三季度末自营商 场出租率达84.7%，较2024年末提升1.7个百分点，公司通过推进"3+星生态"战略，升级高端电器馆、推 进M+高端设计中心、引进多元化 ...

Core Viewpoint - Jianfa Co., Ltd. (600153.SH) has been awarded the "Most Socially Responsible Company Award" for 2025 due to its outstanding performance in sustainable development [1] Group 1: Sustainable Development Initiatives - The evaluation theme "Intelligent Innovation, Value Navigation" aims to select benchmark listed companies that lead industrial transformation through technological innovation and create long-term value through excellent governance [3] - Jianfa Co. actively responds to the national green development strategy, focusing on "digital empowerment" and "green empowerment" to integrate sustainable development concepts into its entire business process [3] - The company emphasizes upgrading traditional industries such as steel, pulp and paper, and agricultural products by deeply integrating digital solutions with production and circulation processes [3] Group 2: Circular Economy and Resource Utilization - Jianfa Co. regards the development of a circular economy as a key approach to green transformation, establishing innovative models for efficient resource utilization in areas such as scrap steel, non-ferrous metals, waste paper, and waste oil [3] - The company aims to provide effective pathways for the green transformation of the industrial chain [3] Group 3: Global Strategy and Domestic Support - Jianfa Co. actively responds to the "Belt and Road" initiative, deepening its "going out" strategy and integrating into the new development pattern of domestic and international dual circulation [4] - The company focuses on the national "food security" strategy by expanding global agricultural product procurement channels to address domestic supply shortages in soybeans and oilseeds [4] - Jianfa Co. has been engaged in consumption assistance and rural revitalization strategies, particularly in supporting the development of local specialty agricultural products in the western regions of China [4] Group 4: Future Outlook - Looking ahead, Jianfa Co. plans to continue collaborating with global industrial chain partners, deepening open cooperation, adhering to green development, and focusing on innovation to inject stronger momentum into sustainable economic and social development [4]

Market Overview - The logistics sector experienced a decline of 0.48% on December 16, with Longzhou Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3824.81, down 1.11%, while the Shenzhen Component Index closed at 12914.67, down 1.51% [1] Stock Performance - Notable gainers in the logistics sector included Huami Yuanhai, which rose by 3.52% to a closing price of 23.50, and Zhejiang Merchants Zhongtuo, which increased by 1.03% to 5.89 [1] - Longzhou Co., Ltd. saw the largest decline, falling by 9.97% to a closing price of 10.74, followed by Huapengfei, which dropped by 5.88% to 6.56 [2] Trading Volume and Value - The trading volume for Huami Yuanhai was 34,900 shares with a transaction value of approximately 82.45 million yuan, while Longzhou Co., Ltd. had a trading volume of 269,500 shares and a transaction value of about 289 million yuan [1][2] Capital Flow - The logistics sector experienced a net outflow of 321 million yuan from institutional investors, while retail investors saw a net inflow of 335 million yuan [2] - The capital flow data indicates that major funds had a negative net inflow in several companies, including SF Holding, which had a net outflow of 27.55 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]