几内亚福雷卡里亚省马瑞巴亚港一角（新华社）布局海外关键物流今年以来，受美国加征关税、地缘政治冲突等因素影响，上游原材料价格上涨、物流费用 波动，全球供应链安全受到较大冲击。面对复杂严峻形势，建发、国贸、象屿三家供应链龙头企业以更大力度"走出去"，布局全球市场，通过调整贸易结 构、构建物流网络、提升上游资源获取能力，维护供应链安全、提升供应链韧性。"南美、欧洲、非洲地区大豆、玉米、小麦等农作物资源丰富，我们与当 地农场主、收粮站及头部粮商建立长期合作关系，获取稳定的供应资源。"建发股份有限公司董事长程东方说。打通海外物流节点也是供应链企业的重点。 今年7月，国贸股份采购了50柜乌兹别克斯坦棉纱。途经塔什干的中亚班列，仅用13天时间就跨越6000公里抵达福州，较传统的海铁联运方式缩短近一半物 流时间。这批棉纱直达福建多家染厂，加工印染后，制成各类面料、毛衣销往全球。布局海外仓，组建自主可控运力。"近年来，我们通过参股、合资、合 作等形式布局海外关键物流节点，在境外30多个国家和地区设有约350个海外仓，运营中欧班列建发专列和商舟航空跨境物流项目，搭建国际化学品和集装 箱海运船队，持续完善公司全球物流网络通道，为产 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

Core Insights - The article highlights the strong performance of Jianfa Real Estate in the land acquisition market, ranking 6th in land acquisition amount with 40.8 billion yuan and 8th in land area with 1.88 million square meters from January to November 2025, amidst a cautious investment environment in the real estate sector [1][3] - Jianfa Real Estate's strategy reflects a commitment to long-term growth and prudent investment, focusing on high-quality core areas such as Beijing, Shanghai, Hangzhou, and Chengdu, which are characterized by population inflow and solid housing demand [1][3] Group 1 - Jianfa Real Estate's land acquisition amount of 40.8 billion yuan represents a significant investment in a market where overall land acquisition by the top 100 real estate companies has increased by 14.1% year-on-year, although the growth rate has slowed considerably [1] - The company is part of a trend where resources are increasingly concentrated among leading state-owned enterprises, with the top 10 real estate companies accounting for 47.1% of the new value added among the top 100 [3] - Jianfa Real Estate's approach combines maintaining market share with optimizing inventory structure and enhancing brand influence for sustainable growth [3] Group 2 - The company's "Lighthouse Strategy" is closely tied to its land reserves, emphasizing value creation rather than mere scale [2] - Jianfa Real Estate has successfully launched products like Shanghai Haichen and Beijing Haiyan, achieving high sales rates, with Shanghai Haichen recording a subscription rate of 128% and Beijing Haiyan exceeding 7 billion yuan in sales [2] - The positive cycle of land acquisition, product development, and sales success demonstrates Jianfa Real Estate's deep understanding of land value [2]

人民财讯12月4日电，企查查APP显示，近日，华金国际矿业(海南)有限公司成立，法定代表人为冯丹， 注册资本为4800万元，经营范围包含：货物进出口；技术进出口；进出口代理；离岸贸易经营；贸易经 纪；国内贸易代理等。企查查股权穿透显示，该公司由厦门南燕金洋矿业有限公司、建发股份 （600153）旗下建发(海南)国际控股有限公司共同持股。 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [2]. Core Insights - The initiation of commercial real estate REITs (Real Estate Investment Trusts) by the China Securities Regulatory Commission (CSRC) is expected to significantly enhance the development potential of commercial real estate in China, with a market space exceeding 10 trillion yuan [2]. - The planned commercial real estate REITs will complement existing infrastructure REITs, creating a comprehensive public REITs market in China, where the market capitalization of holding-type real estate and infrastructure assets accounts for approximately 60% and 40% globally [2]. - The pilot program for commercial real estate REITs aims to broaden the underlying asset base to include office buildings and hotels, thereby expanding the scope of asset revitalization [2]. - The establishment of a multi-tiered market for commercial real estate asset securitization will facilitate direct financing for enterprises, optimize capital structures, and provide new options for strategic transformation from developers to asset managers [2]. - The commercial real estate REITs are seen as a crucial vehicle for constructing a new development model in the real estate sector, emphasizing the operational and sustainable development of existing assets [2]. Summary by Sections Investment Opportunities - The report highlights two major opportunities: the elevation of housing policies and the favorable performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2]. - Recommended companies include: 1. Commercial Real Estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development 2. Quality Housing Enterprises: Jianfa International, Binjiang Group, China Jinmao, Greentown China 3. Undervalued Recovery Enterprises: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments 4. Property Management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, China Overseas Property 5. Second-hand Housing Agencies: Beike-W, with a focus on I Love My Home [2]. Market Context - The report notes that while the real estate sector in China is expected to continue facing challenges, core cities are likely to stabilize sooner, indicating a potential turning point for the market [2].

Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

Group 1 - The 25th issue of medium-term notes (MTN005) by Xiamen C&D Group Co., Ltd. was issued on November 24, 2025, with a maturity date of November 26, 2028, and an actual issuance amount of 1.5 billion yuan [1] - The bond has a fixed coupon rate of 2.33% and is set to pay interest annually, with a face value of 100 yuan [1] - The trading volume of the bond reached 1.74 billion yuan on the closing date of November 27 [1] Group 2 - Xiamen C&D Group Co., Ltd. was established in 2000 and is primarily engaged in business services, with a registered capital of 1 billion yuan and a paid-in capital of 900 million yuan [1] - The company has made investments in 53 enterprises and participated in 107 bidding projects, holding 913 trademark registrations and 1 patent [2] - Additionally, the company possesses 39 administrative licenses [2]

Core Insights - The 2025 Fujian Top 100 Enterprises list was announced, with the entry threshold reaching 10.6 billion yuan, significantly up from 10.071 billion yuan last year [1] - Total assets have seen positive growth for seven consecutive years, with an increase of over 80% and an average annual compound growth rate of nearly 9% [1] Group 1: Regional Distribution - Fuzhou leads with 41 companies, an increase of one from last year [1] - Xiamen follows with 26 companies, a decrease of one [1] - Quanzhou and Zhangzhou each have 10 companies, ranking third in the province [1] - Other cities include Ningde with 4, Putian with 3, and Longyan, Nanping, and Sanming each with 2 [1] Group 2: Company Types - The list includes 49 state-owned enterprises, 46 private enterprises, 3 foreign enterprises, and 2 joint ventures [1] Group 3: Industry Distribution - Manufacturing leads with 50 companies, followed by the service industry with 41, and construction with 7 [1] Group 4: Notable Companies - Notable companies include Yonghui Supermarket, Anta Sports, Dell (China), Pupu Technology, Sanan Optoelectronics, and Hengan Group [3] - The top ten companies saw an entry threshold increase from 103.009 billion yuan to 109.63 billion yuan, a growth of 6.4% [3] Group 5: Key Performers - Ningde Times remains fifth on the list despite a 9.7% revenue decline to 362.013 billion yuan, leading the manufacturing sector [5] - The company has maintained the highest global sales volume of power batteries for eight consecutive years and energy storage batteries for four years [5] - The global power battery installation volume increased by 34.7% to 811.7 GWh in the first three quarters of 2025, with Ningde Times holding a 36.6% market share [5] Group 6: Leading Enterprises - Jianfa Group, Guomao Holdings, and Xiangyu Group occupy the top four positions in both the overall and service industry rankings [7] - Jianfa Group, established in 1980, has a total asset scale exceeding 830 billion yuan and operates in five major sectors [7] - Jianfa Group's core subsidiary reported a revenue of 498.98 billion yuan, with a slight decline in net profit [7]

Core Insights - The Shanghai new housing market is undergoing a significant adjustment, with a focus on quality and structural differentiation as the new norm following the implementation of the "Good House" regulations on September 26 [1][5] - The launch of Jianfa Haichen, the first "lighthouse" project in Shanghai by Jianfa Real Estate, marks a pivotal moment in the market, showcasing the company's innovative approach to high-quality housing [1][6] Market Dynamics - The new housing market in Shanghai is experiencing a deep adjustment, with a clear trend towards quality enhancement and structural differentiation [1] - The "Good House" regulations are encouraging upgrades in design aspects such as balconies and facades, leading to increased market expectations for quality [1] Project Overview - Jianfa Haichen is located in the New Jiangwan City, an area recognized for its ecological advantages and proximity to top educational institutions and businesses, enhancing its appeal to high-quality residents [2][4] - The project has a total area of approximately 100,000 square meters with a low plot ratio of 1.55, featuring a mix of 10 small high-rise buildings and 30 low-rise villas, catering to a diverse range of buyers [5][6] Sales Performance - Jianfa Haichen achieved a remarkable 128% subscription rate during its first launch on September 30, setting multiple sales records for high-value projects in Shanghai [5] - The project continues to attract attention with its ongoing sales and the opening of a real-life display area, reinforcing its status in the market [5] Product Features - The project emphasizes high-quality living standards with features such as multiple balconies, efficient space utilization, and premium finishes, including top-tier kitchen and bathroom fixtures [6][7] - Jianfa Haichen incorporates cultural elements and craftsmanship, reflecting a unique "Sea-Pai Oriental" aesthetic that blends global styles with traditional Chinese culture [6][7] Strategic Framework - Jianfa Real Estate's "Lighthouse Strategy" aims to innovate housing products by focusing on customer needs and integrating cultural, value, strategy, and technology dimensions [6][7] - The company has developed a six-dimensional value system to enhance the living experience, emphasizing safety, comfort, and sustainability in its housing offerings [7]