【内容摘要】11月24日，资金面宽松无虞，主要回购利率低位盘整；债市整体窄幅震荡；转债市场主要 指数集体跟涨，转债个券多数上涨；各期限美债收益率普遍下行，主要欧洲经济体10年期国债收益率普 遍下行。 一、债市要闻 （一）国内要闻 【习近平同美国总统特朗普通电话】11月24日晚，国家主席习近平同美国总统特朗普通电话。习近平指 出，上个月我们在韩国釜山成功举行会晤，达成很多重要共识，为中美关系这艘巨轮稳健前行校准航 向、注入动力，也向世界传递积极信号。釜山会晤以来，中美关系总体稳定向好，受到两国和国际社会 普遍欢迎，事实再次说明，中美"合则两利、斗则俱伤"是经过实践反复验证的常识，中美"相互成就、 共同繁荣"是看得见、摸得着的实景。双方要保持住这个势头，坚持正确方向，秉持平等、尊重、互惠 态度，拉长合作清单、压缩问题清单，争取更多积极进展，为中美关系打开新的合作空间，更好造福两 国人民和世界人民。 【央行开展万亿元MLF操作，连续九个月超量续做】11月24日，据央行消息，11月25日，央行以固定 数量、利率招标、多重价位中标方式开展10000亿元MLF（中期借贷便利）操作，期限为1年期。Wind 数据显示，11月 ...

NO.1 上海出让9宗宅地揽金超173亿元 11月24日，上海今年第九批次土拍举行，吸引了中海地产、中国金茂、佳运、大华、上海城建、宝业等 企业参拍。最终，9宗地块全部成功出让，其中2宗地块溢价成交、7宗底价成交，共收金173.33亿元。9 宗地块总土地出让面积28.92万平方米，总规划建筑面积55.26万平方米。 点评：民企在优质地块上展现出强劲竞争力，国企则在稳定市场方面发挥关键作用。这一结果既反映了 房企投资更加理性，也标志着上海乃至全国土地市场正进入"精准投资、价值优先"的新阶段。 NO.2 大悦城地产申请撤销股份上市地位 11月24日，大悦城地产在港交所公告，依据香港《公司条例》第九十九条，以协议安排方式推进股份回 购，并已向联交所申请撤销其股份上市地位，获批后将于2025年11月27日（星期四）下午四时正式生 效。 点评：大悦城地产私有化退市并非简单的"逃离资本市场"，而是在行业深度调整期的主动战略转型：即 通过牺牲部分资本市场流动性，换取更灵活的决策机制、更高效的资源配置和更直接的业绩贡献。 NO.3 泛海控股境外子公司两笔美元债拟延期兑付 11月24日，泛海控股公告称，公司境外全资附属公司发行 ...

智通财经11月18日讯（记者 王海春）富力地产位于长沙、泉州的酒店资产被拍卖后，该公司旗下又一 个酒店，将进行司法拍卖。 据法拍平台信息，位于郑州市金水区农科路16号11号楼1-4，31-43，45-46层146号的不动产，将在12月8 日进行首次拍卖。 该标的物为富力万达文华酒店，分摊土地面积3642平方米，建筑面积约4.11万平方米。该资产处置参考 价约4.69亿元，首拍起拍价3.28亿元，以此计，起拍价约为处置参考价69折。 上述标的物所有人，为郑州万达文华酒店管理有限公司。据企查查信息，广州兆晞投资有限公司通过全 资子公司广州富郑酒店管理有限公司，持有郑州万达文华酒店有限公司100%股权。而广州兆睎投资有 限公司执行董事兼总经理，为李思廉，其也是富力地产（02777.HK）执行董事。 克而瑞市场研究总监马千里指出，从当前法拍市场情况来看，仅10月就有多宗超亿元高总价的标的物进 入法拍市场。 "结合各地广义库存压力显现的态势，预计未来会有更多大型项目进入法拍市场。而能够成交的高总价 法拍房，大多具备明确盈利预期，或具有一定的稀缺属性。"马千里称。 郑州富力万达文华酒店"上架"之际，接下来在上海、深圳等城 ...

21世纪经济报道记者 孙永乐 国联民生证券（601456.SH）股权整合迎来新进展。 11月12日晚间，国联民生证券公告称，当日公司通过司法拍卖竞得泛海控股持有的民生证券8154.3019 万股股份（占民生证券总股本的0.72%），成交价格为1.71亿元，并已收到《成交确认书》。 国联民生表示，本次交易尚需办理股份交割等手续。本次交易完成后，公司持有民生证券的股份比例将 由99.26%上升至99.98%。 实际上，"国联系"与民生证券的股权整合由来已久。据国联民生证券内部人士透露，民生证券剩余 0.02%股权仍由"泛海系"持有，公司后续或有计划拿下该部分股权。 2023年，"国联系"通过司法拍卖拿下"泛海系"所持民生证券30.3%核心股权，此后"国联+民生"合并进程 提速。国联证券原计划收购民生证券100%股权，因原交易对方泛海控股股份有限公司（以下简称"泛海 控股"）所持0.74%股权遭司法冻结无法流转而退出，收购比例最终调整为99.26%。 21世纪经济报道记者获悉，国联民生证券正按年初确定的四大整合战略计划，推进与民生证券的各项整 合工作。近月以来，投行、资管、财富、研究及自营业务整合均取得关键进展。 ...

Core Viewpoint - Guolian Minsheng Securities has made significant progress in its equity integration with Minsheng Securities, acquiring an additional 0.72% stake through judicial auction, bringing its total ownership to 99.98% [2][6][10] Group 1: Equity Acquisition - On November 12, Guolian Minsheng Securities announced it won 81,543,019 shares of Minsheng Securities, representing 0.72% of the total share capital, for 171 million yuan [2] - The acquisition is part of a long-term strategy to consolidate ownership, with plans to acquire the remaining 0.02% stake still held by the "Fanhai system" [3][6] - The company previously acquired 30.3% of Minsheng Securities' core equity through judicial auction in 2023, accelerating the merger process [3][5] Group 2: Integration Strategy - Guolian Minsheng Securities is implementing a four-part integration strategy focusing on underwriting, wealth management, asset management, and research [7] - Recent key developments include the merger of investment banking subsidiaries and the successful transition of wealth management systems, enhancing operational efficiency [9][10] - The research division is nearing completion of its integration, highlighted by the recruitment of senior analyst Kong Rong, who will lead overseas research efforts [8][9] Group 3: Financial Performance - The third quarter of 2025 saw Guolian Minsheng Securities report revenues of 2.027 billion yuan, a 120.55% increase year-on-year, and a net profit of 636 million yuan, up 106.24% [10] - For the first three quarters of 2025, total revenue reached 6.038 billion yuan, reflecting a staggering 201.17% growth, with net profit soaring by 345.30% to 1.763 billion yuan [10] Group 4: Fanhai Holdings' Financial Struggles - In contrast to Guolian Minsheng's progress, Fanhai Holdings, the former controlling shareholder of Minsheng Securities, continues to face severe debt issues, with unpaid debts totaling 34.159 billion yuan as of October 31, 2025 [11][12] - The recent auction of Minsheng Securities shares was part of Fanhai's efforts to reduce its debt burden amid ongoing financial difficulties [11]

Group 1 - Major securities firms, including CITIC Securities and Guotai Junan, are holding annual strategy meetings for 2026, focusing on global market opportunities and industry transformation [1] - CITIC Securities' general manager highlighted that the "14th Five-Year Plan" period will present new characteristics in the global context, technology trends, and institutional environment, potentially leading to new opportunities [1] - Guotai Junan's president emphasized that the new round of capital market reforms aims to enhance institutional inclusiveness and competitiveness, which may lead to a broad revaluation of Chinese assets [1] Group 2 - Guolian Minsheng successfully acquired 0.72% of Minsheng Securities' shares for approximately 171 million yuan, increasing its stake to 99.98%, just shy of full control [2] - This acquisition is expected to enhance Guolian Minsheng's control over Minsheng Securities and improve resource integration efficiency, potentially boosting its stock price [2] - The trend of consolidation in the securities industry is accelerating, leading to increased competition for smaller firms [2] Group 3 - Public fund research activity has significantly increased in Q4, with a total of 10,115 research activities conducted, reflecting a more than 50% increase compared to the previous quarter [3] - The focus of these research activities is primarily on growth sectors such as industrial machinery, electronic components, and integrated circuits, indicating a strong interest in high-growth areas [3] - The rise in research activity suggests a consensus on improving macro liquidity and profit expectations among market participants [3] Group 4 - In October, the number of new margin trading accounts decreased to 130,200, a significant drop from 205,400 in September, while the total number of margin trading accounts reached approximately 15.4 million [4] - The margin trading balance has increased from less than 1.9 trillion yuan at the beginning of the year to 2.49 trillion yuan, indicating a growing participation of leveraged funds [5] - Several leading securities firms have raised their margin trading limits, with CITIC Securities increasing its limit from 150 billion yuan to 250 billion yuan, and Huatai Securities setting its limit at approximately 286.5 billion yuan [5]

Core Viewpoint - Guolian Minsheng Securities has acquired 81.543 million shares of Minsheng Securities, representing 0.72% of its total share capital, through judicial auction for 171 million yuan, increasing its ownership from 99.26% to 99.98% [2][5][6] Group 1: Acquisition Details - The acquisition was completed on November 12, with Guolian Minsheng Securities receiving a transaction confirmation [2] - The transaction is pending the completion of share transfer procedures [5] - This acquisition is part of a long-term strategy to consolidate ownership of Minsheng Securities [5] Group 2: Background on Guolian Minsheng Securities - Guolian Securities' controlling shareholder, Guolian Group, previously acquired 3.471 billion shares of Minsheng Securities, amounting to 30.3% of its equity, for 9.105 billion yuan in March 2023 [5] - In December 2023, Guolian Securities completed the transfer of 99.26% of Minsheng Securities shares, marking a significant step in the consolidation process [5] Group 3: Context of the Seller - The seller, Pan Hai Holdings, is facing a severe debt crisis, leading to the auction of its shares in Minsheng Securities [6][8] - Pan Hai Holdings reported a net loss of 6.758 billion yuan in Q3 2025, with total assets of 51.532 billion yuan and a net asset deficit of 48.861 billion yuan [8] - As of October 31, 2025, Pan Hai Holdings had unpaid interest-bearing debts totaling 34.159 billion yuan, exacerbated by macroeconomic conditions and operational challenges [8]

Group 1 - Company Guolian Minsheng Securities announced the acquisition of 81,543,019 shares of Minsheng Securities, representing 0.72% of its total share capital, for a transaction price of 171 million yuan [2][4] - Following this transaction, Guolian Minsheng's ownership in Minsheng Securities will increase from 99.26% to 99.98% [5][6] - The shares were acquired through a judicial auction due to the debt issues faced by the seller, Pan Hai Holdings [6][8] Group 2 - Pan Hai Holdings is experiencing a significant debt crisis, with total debts amounting to 341.59 billion yuan as of October 31, 2025, including 47.37 billion yuan in unpaid domestic bonds [8] - The company's financial performance has deteriorated, reporting a net loss of 6.758 billion yuan in the third quarter of 2025, with total assets of 51.532 billion yuan and a net asset deficit of 48.861 billion yuan [8] - Pan Hai Holdings has been involved in multiple judicial auctions of its shares due to ongoing debt disputes, indicating a severe liquidity crisis [6][8]

Core Viewpoint - Guolian Minsheng Securities has acquired 81.543 million shares of Minsheng Securities from Pan Ocean Holdings through judicial auction, increasing its stake from 99.26% to 99.98% [2][3][5]. Group 1: Transaction Details - The shares were purchased for 171 million yuan, representing 0.72% of Minsheng Securities' total equity [2][3]. - The transaction is pending the completion of share transfer procedures [3][5]. - This acquisition is part of a long-term strategy for equity integration between Guolian Securities and Minsheng Securities [6]. Group 2: Background on Guolian Minsheng Securities - In March 2023, Guolian Group, the controlling shareholder of Guolian Securities, acquired 3.471 billion shares of Minsheng Securities, amounting to 30.3% of its equity for 9.105 billion yuan [6]. - The merger process accelerated in 2024, with Guolian Securities planning to issue A-shares to purchase 100% of Minsheng Securities [6]. Group 3: Context of Pan Ocean Holdings - Pan Ocean Holdings is facing a significant debt crisis, which has led to the judicial auction of its shares in Minsheng Securities [7][8]. - The auction was conducted due to debt disputes, with the proceeds intended to reduce some of Pan Ocean's liabilities [9]. - As of October 31, 2025, Pan Ocean Holdings reported a net loss of 6.758 billion yuan and total debts of 34.159 billion yuan, indicating severe liquidity issues [12].

Group 1 - The core point of the article is that Guolian Minsheng has successfully acquired a stake in Minsheng Securities through judicial auction, increasing its ownership from 99.26% to 99.98% after the transaction is completed [1] - Guolian Minsheng announced that it won 81,543,019 shares of Minsheng Securities, which represents 0.72% of the total share capital, at a transaction price of 171 million yuan [1] - The company has received the "Transaction Confirmation Letter" and is in the process of completing the necessary procedures for share delivery [1]