Core Viewpoint - Financial Street's stock price has shown a slight recovery recently, but the overall performance this year has been negative, indicating potential challenges in the real estate sector [2]. Group 1: Stock Performance - On November 10, Financial Street's stock increased by 2.00%, reaching 3.06 CNY per share, with a trading volume of 72.07 million CNY and a turnover rate of 0.80%, resulting in a total market capitalization of 9.146 billion CNY [1]. - Year-to-date, Financial Street's stock price has decreased by 6.13%, with a 1.32% increase over the last five trading days, no change over the last 20 days, and a 3.73% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Financial Street reported a revenue of 6.287 billion CNY, a year-on-year decrease of 46.21%, while the net profit attributable to shareholders was -1.350 billion CNY, an increase of 48.39% year-on-year [2]. - The company has distributed a total of 10.981 billion CNY in dividends since its A-share listing, with 44.83 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Financial Street had 72,000 shareholders, a decrease of 0.92% from the previous period, with an average of 41,519 circulating shares per shareholder, an increase of 0.93% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 31.2867 million shares, an increase of 9.9894 million shares from the previous period [3].

Core Viewpoint - The renovation of the Silver Beach Road in Xunliao Bay has sparked significant controversy between the developer, Financial Street Huizhou Real Estate Co., Ltd., and local homeowners, with the former aiming to enhance tourism quality and the latter concerned about the impact on scenic views and property rights [1][2][5]. Group 1: Project Background - Xunliao Bay, known as the "Maldives of China," has been a popular coastal vacation destination, with the Silver Beach Road being a core scenic corridor that has been in use for many years [1][2]. - The project was initiated to address various issues such as outdated commercial facilities, damaged amenities, and safety hazards posed by old sculptures, which do not align with the 4A scenic area designation [2][5][14]. - Financial Street's renovation plan includes the construction of three ocean-view leisure squares, replacing old sculptures in two phases, and developing a coastal leisure street with brands like Starbucks and Jasmine Milk Tea [5][6]. Group 2: Homeowners' Concerns - Homeowners have expressed strong opposition to the construction of commercial areas along the scenic road, fearing that it will obstruct their ocean views and degrade the aesthetic quality of the area [6][9]. - A homeowner highlighted that they purchased property in 2021 at approximately 16,000 yuan per square meter, but the current market price has dropped to over 6,000 yuan per square meter, indicating a significant decline in property value [6][9]. - The lack of communication and proper procedures from the developer has been a major point of contention, with homeowners claiming that there was no public announcement or consultation prior to the commencement of construction [9][10]. Group 3: Legal and Regulatory Aspects - Legal experts indicate that the developer's ability to modify the scenic area depends on whether it falls within the core protection zone of the 4A scenic area, requiring proper approvals and permits [10]. - The concept of "view rights" is not explicitly recognized in Chinese law, making it challenging for homeowners to assert their rights against potential obstructions caused by new commercial developments [10]. Group 4: Historical Context and Development - The Xunliao Bay area has undergone nearly 20 years of development since the project began in 2007, with an estimated total investment of 20 billion yuan, aiming for completion between 2025 and 2030 [12][14]. - The ongoing renovation controversy reflects broader issues faced by long-established tourist areas, including the need for infrastructure updates to meet evolving visitor expectations and enhance the overall tourist experience [14].

惠州巽寮湾沿海区域已经建好的部分商业项目 有着"中国马尔代夫"之称的惠州巽寮湾，一直是国内滨海度假的热门目的地。 前段时间，巽寮湾景观廊道的升级改造工程引发了一场激烈争议。金融街惠州置业有限公司以"提升文旅品质、改善滨海环境"为由启动改造，部分旅居业 主以"保卫4A景区景观、维护自身权益"为名自发抵制。 10月20日下午，《每日经济新闻》记者在项目现场了解到，银滩路部分区域已被围挡隔离，沙滩处有工程设备，但当日并未看到工作人员作业，滨海步道 上可见工程器械与安全警示标识。 同日，每经记者从巽寮湾城建办了解到，银滩路的升级改造目前已暂停施工。接听电话的工作人员表示，最核心的原因在于开发商与业主间缺乏沟通，因 为该廊道建设时间比较久远，开发商想要升级优化，但可能与业主的沟通不到位。 "我们在接到投诉后，去核查了开发商的施工手续，因开发商并未出具相关手续，就叫停了施工。" 10月29日，惠州12345回应每经记者称，经巽寮滨海旅游度假区管委会核实，银滩路为在建道路工程，用地权属金融街惠州置业有限公司。该公司结合多 方反馈，对银滩路设施、打卡点、观景平台、商业面貌等升级，更新老旧雕塑为具艺术性与地标性的景观装置。针对 ...

Core Viewpoint - The renovation project of Xunliao Bay's Silver Beach Road has sparked significant controversy between the developer, Financial Street Huizhou Real Estate Co., Ltd., and local homeowners, highlighting the tension between tourism development and resident rights [2][4][11]. Summary by Sections Project Background - Xunliao Bay, known as the "Maldives of China," has been a popular coastal vacation destination, with the Silver Beach Road being a core scenic area that has been in use for many years [2][4]. - The project aims to upgrade the road to enhance the quality of tourism and improve the coastal environment, with a total investment of 20 billion yuan planned for the broader Xunliao Bay development, which began in 2007 and is expected to be completed between 2025 and 2030 [14][17]. Developer's Perspective - Financial Street's plan includes the construction of three ocean-view leisure squares, replacing old sculptures in phases, and creating a coastal leisure street with various commercial offerings, including well-known brands like Starbucks [7][9]. - The developer argues that the current state of Silver Beach Road is inadequate for a 4A scenic area, citing issues such as disorganized commercial activities and deteriorating facilities [4][17]. Homeowners' Concerns - Homeowners have expressed strong opposition to the construction of commercial areas along the scenic road, fearing that it will obstruct their ocean views and degrade the aesthetic quality of the area [9][11]. - Complaints have been raised regarding the lack of communication from the developer prior to the project initiation, with homeowners feeling that their opinions were not considered [11][12]. Regulatory and Legal Aspects - The local government has halted construction due to the developer's failure to provide necessary permits and the lack of public consultation [3][12]. - Legal experts indicate that while developers may have rights to modify the area, the absence of a defined "view rights" in Chinese law complicates homeowners' ability to contest the changes [12]. Historical Context - The ongoing development of Xunliao Bay reflects broader trends in tourism areas facing infrastructure updates after years of operation, as visitor expectations evolve and older facilities show signs of wear [17].

Core Insights - The State Administration of Foreign Exchange of China reported preliminary data on the international balance of payments for the third quarter and the first three quarters of 2025, indicating a significant surplus in the current account [1][2]. Group 1: Current Account Overview - In Q3 2025, China's current account surplus was 13,948 billion yuan, with a goods trade surplus of 19,213 billion yuan, a services trade deficit of 3,520 billion yuan, a primary income deficit of 2,324 billion yuan, and a secondary income surplus of 579 billion yuan [1]. - For the first three quarters of 2025, the current account surplus reached 35,074 billion yuan, with a goods trade surplus of 52,015 billion yuan, a services trade deficit of 11,166 billion yuan, a primary income deficit of 6,844 billion yuan, and a secondary income surplus of 1,069 billion yuan [1]. Group 2: Capital and Financial Account - In Q3 2025, the capital and financial account (including net errors and omissions) recorded a deficit of 13,948 billion yuan, while direct investment into China maintained a net inflow [1]. - For the first three quarters of 2025, the capital and financial account (including net errors and omissions) showed a deficit of 33,885 billion yuan [1]. Group 3: USD Valuation - In USD terms, the current account surplus for Q3 2025 was 1,956 billion USD, with a goods trade surplus of 2,695 billion USD, a services trade deficit of 494 billion USD, a primary income deficit of 326 billion USD, and a secondary income surplus of 81 billion USD [1]. - For the first three quarters of 2025, the current account surplus was 4,898 billion USD, with a goods trade surplus of 7,262 billion USD, a services trade deficit of 1,558 billion USD, a primary income deficit of 955 billion USD, and a secondary income surplus of 149 billion USD [2]. Group 4: SDR Valuation - In terms of Special Drawing Rights (SDR), the current account surplus for Q3 2025 was 1,429 billion SDR, with a goods trade surplus of 1,969 billion SDR, a services trade deficit of 361 billion SDR, a primary income deficit of 238 billion SDR, and a secondary income surplus of 59 billion SDR [2]. - For the first three quarters of 2025, the current account surplus was 3,639 billion SDR, with a goods trade surplus of 5,394 billion SDR, a services trade deficit of 1,161 billion SDR, a primary income deficit of 705 billion SDR, and a secondary income surplus of 110 billion SDR [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of platinum and palladium futures and options at the Guangzhou Futures Exchange [1] - The CSRC will supervise the Guangzhou Futures Exchange to ensure the smooth launch and stable operation of platinum and palladium futures and options [1]

Group 1 - Financial Street Securities (01476) announced the resignation of Mr. Li Ye as a non-executive director and member of the board's strategy and investment decision committee due to work arrangements, effective from the date of the extraordinary general meeting's approval of new directors [1] - Ms. Yang Qin also resigned as a non-executive director for similar reasons, effective from the same date as Mr. Li's resignation [1] - The board will present the following ordinary resolutions at the extraordinary general meeting: to elect Mr. Yin Guohong as an executive director of the fifth board; to elect Mr. Xie Xin as a non-executive director of the fifth board; and to elect Mr. Qi Liang as an independent non-executive director of the fifth board [1]

Group 1 - Financial Street Securities announced the resignation of Mr. Li Ye as a non-executive director and member of the board's strategy and investment decision committee due to work arrangements, effective from the date of the extraordinary general meeting that approves the appointment of new directors [1] - Ms. Yang Qin also resigned as a non-executive director for similar reasons, with her resignation effective from the same date as Mr. Li's [1] - The board will present the following ordinary resolutions at the extraordinary general meeting: to elect Mr. Yin Guohong as an executive director of the fifth board; to elect Mr. Xie Xin as a non-executive director of the fifth board; and to elect Mr. Qi Liang as an independent non-executive director of the fifth board [1]

Group 1 - Financial Street Securities (01476.HK) announced the resignation of Li Ye as a non-executive director and member of the board's strategic and investment decision committee due to work arrangements, effective from the date of the temporary shareholders' meeting approving the appointment of new directors [1] - Yang Qin also resigned as a non-executive director for similar reasons, with the same effective date as mentioned above [1] - The board will present the following ordinary resolutions at the temporary shareholders' meeting: to elect Yin Guohong as an executive director of the fifth board; to elect Xie Xin as a non-executive director of the fifth board; and to elect Qi Liang as an independent non-executive director of the fifth board [1]

Core Insights - Zhongdai Credit Rating Co., Ltd. has made significant breakthroughs in third-party valuation and pricing in the credit bond market, as evidenced by the release of the credit bond valuation and the Sci-Tech bond thematic index at the "Financial Street Forum - 2025 Financial Street Voice" [1] - The company aims to enhance the bond market's service to the real economy and financial market development through innovative valuation methods and diversified investment tools [1][2] Group 1: Valuation Methodology - The "value-based" valuation method implemented by Zhongdai Credit Rating adheres to regulatory requirements, prioritizing market data for actively traded bonds while carefully assessing the reasonableness of price information for less active bonds [2] - The company has achieved comprehensive coverage of credit bond valuations, publishing 92 yield curves daily that cover over 37,000 individual bonds [2] - An innovative primary issuance pricing method has been introduced to address the pricing challenges faced by newly issuing enterprises [2] Group 2: Index Products - Following the launch of the "Technology Board" in May 2025, Zhongdai Credit Rating quickly introduced the Sci-Tech bond thematic index, which focuses on newly issued technology innovation bonds and provides a representative market reference [2] - The index aims to enhance the market pricing capability, resilience, and liquidity of the "Technology Board," thereby reducing financing costs for Sci-Tech enterprises and promoting healthy development in China's bond market [2] Group 3: Future Directions - Zhongdai Credit Rating plans to further advance its valuation and pricing services, exploring applications in self-regulation, investment trading, and issuance pricing to contribute to a more transparent, efficient, and robust bond market [3]