早盘，房地产开发板块表现活跃。三湘印象、中天服务、天宸股份涨停，华联控股涨超9%，华侨城A 涨超7%。 | 代码 | 名称 | 现价 | 涨跌 涨跌幅▼ | | | --- | --- | --- | --- | --- | | 000863 | 三湘印象 | 5.67 | 0.52 10.10% | | | 002188 | 中天服务 | 7.47 | 0.68 10.01% | | | 600620 | 天宸股份 | 6.62 | 0.60 | 9.97% | | 000036 | 华联控股 | 5.44 | 0.45 | 9.02% | | 000069 | 华侨城A | 2.71 | 0.19 | 7.54% | | 002968 | 新大正 | 12.27 | 0.79 | 6.88% | | 000797 | 中国電夷 | 4.19 | 0.25 | 6.35% | | 002285 | 世联行 | 3.52 | 0.19 | 5.71% | 市场炒作的核心在于中央经济工作会议明确着力稳定房地产市场，供需两端发力的政策导向带来强烈预 期，需求端针对性措施释放刚性与改善性需求，叠加年内多地密集出台支 ...

12月17日，华联控股大宗交易成交46.1万股，成交额212.98万元，占当日总成交额的0.77%，成交价4.62元，较市场收盘价 5.03元折价8.15%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-17 | 000036 | 华联控股 | 4.62 | 46.10 | 212.98 | 联储证券股份有限 | 华西证券股份有限 | | | | | | | | 公司青岛分公司 | 公司济南分公司 | ...

Group 1 - The core viewpoint of the article indicates that the banking sector, particularly the major state-owned banks in China, is experiencing a decline in stock prices, with specific banks like Agricultural Bank down by 3.11% and Construction Bank down by 2.12% as of the report date [1] - Recent financial data for November shows a continued weakness in effective credit demand and a slowdown in deposit migration, which may impact the banking sector's performance [1] - The bond market has shown volatility, with 10-year and 30-year government bond yields rising to 1.84% and 2.25% respectively since early November, although the impact on bank trading positions is considered manageable [1] Group 2 - Long-term trends suggest that the recent mid-term dividend announcements by the four major state-owned banks typically lead to short-term stock price adjustments, as seen historically [1] - The mid-term dividend ex-dividend date for these banks has been moved up to December this year, with expectations that other large banks will follow suit with similar announcements around the end of the year and early next year [1] - If stock price adjustments occur due to ex-dividend trading factors, it may present a favorable opportunity for long-term investors to allocate funds [1]

证券日报网讯 12月15日，华联控股在互动平台回答投资者提问时表示，关于提到的地产行业持续低迷 对公司可能产生的影响，公司管理层有着清晰的认识和判断，明确了"地产保稳定，转型促发展"的发展 战略。 （编辑 任世碧） ...

证券日报网讯 12月12日，华联控股（000036）在互动平台回答投资者提问时表示，公司产业转型主要 关注方向为新能源技术、碳中和技术和数字科技技术等领域。 ...

证券日报网讯 12月12日，华联控股在互动平台回答投资者提问时表示，有关公司项目投资情况，请届 时关注公司定期报告或相关临时公告。 （文章来源：证券日报） ...

格隆汇12月12日丨华联控股(000036.SZ)在投资者互动平台表示，公司产业转型主要关注方向为新能源 技术、碳中和技术和数字科技技术等领域。 ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

第十二届董事会第五次会议决议公告 证券代码：000036 证券简称：华联控股 公告编号：2025-068 华联控股股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）的《关于使用自有资金进行证券投资的公 告》，公告编号为：2025-069。 三、备查文件 1.公司第十二届董事会第五次会议决议。 特此公告 华联控股股份有限公司董事会 公司及公司董事保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华联控股股份有限公司（以下简称"公司"）于2025年12月10日采用现场方式召开了第十二届董事会第五 次会议。会议通知及相关材料已于2025年12月5日通过电子邮件的方式送达全体董事及高级管理人员。 本次会议应到董事7人，实到董事7人，会议由公司董事长龚泽民先生主持。本次会议的召集、召开及表 决程序均符合《中华人民共和国公司法》和《华联控股股份有限公司章程》的有关规定。 二、董事会会议审议情况 1.审议《关于使用自有资金进行证券投资的议案》 表决结果：同意7票、反对0票、弃权0票。 二○二五年十 ...

格隆汇12月10日丨华联控股(000036.SZ)公布，为进一步拓宽华联控股股份有限公司资金投资渠道，提 高公司投资收益，公司拟使用总计最高额度不超过（含）人民币15,000万元（或投资时点等值外币）的 自有资金进行证券投资。 ...