克而瑞产品测评 . 聚焦房地产产品、交付研究及产品力、交付力测评 在武汉二七滨江的璀璨天际线下，武汉新希望・D10 黑珍珠以"超越D10 " 的姿态，重新定义了顶豪的价值标杆。这一价值已然得到市场的高度认可， 项目11月网签31套 ， 在江岸-二七滨江板块位列成交榜首， 用实打实的成交数据印证了其市场号召力。作为华中区域对标国际顶豪标准的高端居所， 武汉新希望・D10黑珍珠以 49686 元/㎡的成交均价， 树立武汉顶豪价格标杆，为企业家群体打造了一座兼具私密性、艺术性与社交价值的 "收藏级生 活观礼台 "。 十组硬核数据 重新 定义超高层豪宅 约 270米 | 二七滨江桥头堡地标 360° 无背立面 | 全国罕有环幕设计 约100米 超广角大门 | 重构社区边界 约 28米 挑高大堂 | 超越五星级酒店 约 210米 恒温连廊 | 重构全季归家体验 约 310㎡ 江景平层 | 270°一线瞰江户型 约 91% 得房率 | 超高层逆天突破 约 1:88㎡ 配套比 | 双倍服务空间 以下文章来源于克而瑞产品测评 ，作者产品力研究中心 约 1.1万方 森氧公园 | 主城稀缺生态拼图 约 5万/㎡ | 板块价值锚点 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一场关于CVC偏见的对话。 作者丨 蒲凡 来源丨 投中网 今天的这场对话，要从年初的一篇稿子聊起。今年年初的时候，我写了一篇稿子，标题叫 《"亏个一二十亿，这个平台说不定 就干成了"》 。这篇内容从成立到发展再到现状，好好地聊了聊新希望集团旗下的产投平台——草根知本的故事。标题里的这 句话，就是新希望创始人刘永好在某次总结会上说的，可以说很好地表达了他对产业投资的坚定支持。 那么为什么我们忽然要关注新希望的创投平台呢？或者说，为什么我们忽然开始关注一家身处传统行业的CVC呢？其实就是四 个字：解决焦虑。 当时我们编辑部有个集体洞察是，虽然风险投资行业已经持续低迷了两三年，到2025年年初也很难说出现了很明显的回暖， 但人们已经对丧气、吐槽、传递负面信息的内容也产生了疲态。 不少读者向我们反复提到，更希望看到一些务实、有建设性的 方法论，踏踏实实地来解决问题，而不是一味地沉浸在情绪里。 刚好在2024年下半年颁布了并购国九条等一系列的新规，很 多人开始讨论， 有业务拓展需求又有相对资本积累的产业投资CVC，或许是一个解决"退出难""流动性差"的好办法。 于是本着急行 ...

天风农业团队指出，受气温下降影响，山东南部、辽宁西部部分区域有零星猪病散发，本周90kg以下小 体重猪整体出栏占比为4.83%，较上周增加0.34%。连续增长7周，后续需持续观察。政策引导减产&养 殖亏损&疫病干扰情况下，后续产能有望持续去化。机构强调，重视生猪板块空间，重视优秀企业的盈 利能力，在25年猪价持续低位&政策引导情况下，后续产能有望去化。 截至2025年12月3日 13:29，中证畜牧养殖指数(930707)成分股罗牛山(000735)上涨9.98%，益客食品 (301116)上涨3.36%，金新农(002548)上涨2.82%，海利生物(603718)上涨2.50%，中牧股份(600195)上涨 2.23%。畜牧ETF(159867)上涨0.46%，最新价报0.65元。 畜牧ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样本，以反映畜牧养殖相关上市公司的整体表现。 数据显示，截至2025年11月28日，中证畜牧养殖指数(930707)前十大权重股分别为牧原股份(002714)、 温氏股份(300498)、海大集团(002311) ...

Report Industry Investment Ratings - Gold: Short-term, the price is expected to continue oscillating, with increased volatility [11][12] - US Dollar Index: The dollar is expected to remain range-bound in the short term [15][16] - US Stock Index Futures: The market is expected to experience greater short-term volatility but should be treated with a generally bullish outlook [18][19] - Stock Index Futures: It is recommended to evenly allocate long positions across various stock indices [20][22] - Power Coal: The overall coal price is expected to remain high and oscillate, with a seasonal decline from December to January [23] - Iron Ore: By the end of the year, molten iron output is expected to be around 2.31 million tons, and port inventories are expected to increase by approximately 10 million tons. The downward trend may not be smooth [24] - Coking Coal/Coke: In the short term, the market is expected to oscillate as downstream restocking slows, and the spot market remains weak [25][26] - Live Pigs: Near-term contracts are recommended for shorting on rebounds, while long-term contracts can be considered for long positions on dips [27] - Rebar/Hot-Rolled Coils: Steel prices are expected to oscillate slightly higher in the short term but should be treated with an oscillatory mindset [28][29] - Corn Starch: It is recommended to operate around the current processing fee in North China (310 yuan/ton) [30][31] - Soybean Oil/Rapeseed Oil/Palm Oil: Palm oil lacks a continuous upward driver. As it enters the production reduction season, its downside support is expected to gradually strengthen [33][34] - Corn: It is not recommended to short the 01 contract. Consider shorting the 03 contract on rallies with a light position. Pay attention to the 3 - 7 and 3 - 9 reverse spreads [34][35] - Polysilicon: Spot prices are expected to remain flat month-on-month. Short-term volatility is expected to increase, so investors are advised to operate with caution [37][38] - Industrial Silicon: The short-term price is expected to oscillate between 8,800 - 9,500 yuan/ton. Pay attention to trading opportunities within this range [39][40] - Lead: Consider long positions on dips for the medium term. For arbitrage, it is advisable to wait and see [41][42] - Zinc: Observe opportunities to buy on dips. Hold long positions in the calendar spread. Wait and see for cross - market arbitrage [43][44] - Copper: The price is expected to oscillate. It is recommended to buy on dips. For arbitrage, it is advisable to wait and see [46][47] - Nickel: Lightly consider long positions on dips. Mid - term evaluation of resource contraction in Indonesia is still needed [48][49] - Lithium Carbonate: In the short term, consider shorting on rallies. In the medium term, consider long positions after the risk of the off - season decline is released [50][51] - Tin: The price is expected to remain high and oscillate in the short term. Consider buying on dips but avoid chasing high prices [52][53] - Crude Oil: The price is expected to remain range - bound in the short term [56][57] - Carbon Emissions: The CEA price is expected to oscillate in the short term [58][59] - Methanol: It is not recommended to short. For now, it is advisable to wait and see for single - sided trading and consider positive calendar spreads [60][63] - Container Freight Rates: The short - term market is expected to oscillate. Consider lightly going long on the 02 contract [64][65] Core Views - Trump plans to announce the nominee for the next Federal Reserve Chair in early 2026, strongly hinting at Kevin Hassett. This has affected market expectations for future monetary policy and asset prices [3][11][15] - Geopolitical events such as Trump's potential military action against drug - trafficking groups in Venezuela and the ongoing Russia - Ukraine conflict have influenced market risk appetite and the performance of various assets [2][14][15] - In the commodity market, supply and demand dynamics, production, and inventory levels are the main factors affecting prices. For example, the supply of some metals and energy products has changed, and the demand for agricultural products has also shown different trends [4][5][23] Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Trump will announce the Fed Chair nominee in early 2026. Gold prices have fallen from their highs and are consolidating. The expected loose monetary policy supports gold, and the Russia - Ukraine negotiations add market uncertainty [11] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump may expand the entry ban to about 30 countries and is likely to launch a ground attack on drug - trafficking groups in Venezuela. The US dollar index is expected to remain range - bound [13][14][15] 1.3 Macro Strategy (US Stock Index Futures) - Trump's indication of the Fed Chair nominee has increased market expectations for loose liquidity, boosting the technology sector and the overall index, but most sectors still declined [17][18] 1.4 Macro Strategy (Stock Index Futures) - The OECD predicts global economic growth rates of 3.2% and 2.9% for this year and next year. A - shares are adjusting with reduced trading volume in anticipation of policy changes [20][21] 2. Commodity News and Reviews 2.1 Black Metals (Power Coal) - Indonesian low - calorie power coal prices are weak. After the end of restocking, coal prices are expected to remain high and oscillate, with a seasonal decline from December to January [23] 2.2 Black Metals (Iron Ore) - The first shipment of iron ore from the Simandou project has been successfully sent. Iron ore prices are oscillating, with weakening fundamentals but a not - so - smooth downward trend [24] 2.3 Black Metals (Coking Coal/Coke) - Coking coal prices in the Changzhi market are weak. After the first round of coke price cuts, the market is expected to oscillate in the short term [25][26] 2.4 Agricultural Products (Live Pigs) - The market shows a pattern of "stable futures, weak spot." Near - term contracts are under pressure, while long - term contracts can be considered for long positions on dips [26][27] 2.5 Black Metals (Rebar/Hot - Rolled Coils) - November's heavy - truck sales increased nearly 50% year - on - year. Steel prices are oscillating slightly higher, but the high inventory of hot - rolled coils limits the upside [28][29] 2.6 Agricultural Products (Corn Starch) - Corn starch prices are relatively stable. The price difference between cassava starch and corn starch has widened, and the supply pressure of corn starch is expected to remain low [30] 2.7 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026. The supply pressure of oils has slightly eased, and palm oil lacks a continuous upward driver [32][33][34] 2.8 Agricultural Products (Corn) - Corn spot prices are rising. The 01 contract is not recommended for shorting, while the 03 contract can be considered for shorting on rallies [34][35] 2.9 Non - Ferrous Metals (Polysilicon) - A new type of high - efficiency TOPCon battery has been launched. The polysilicon market is facing supply - demand contradictions, and prices are expected to remain flat with increased short - term volatility [36][37][38] 2.10 Non - Ferrous Metals (Industrial Silicon) - The production of 97 - grade silicon has increased, and orders are stable. The industrial silicon market is difficult to destock, and the price is expected to oscillate in the short term [39][40] 2.11 Non - Ferrous Metals (Lead) - The LME lead market is stable, and the domestic lead market is oscillating. The supply may tighten, and the demand is expected to be strong. It is recommended to buy on dips [41][42] 2.12 Non - Ferrous Metals (Zinc) - The LME zinc market is oscillating widely. The domestic zinc market has a reduced supply and weak demand. It is recommended to buy on dips and hold long positions in the calendar spread [43][44] 2.13 Non - Ferrous Metals (Copper) - A new copper smelter is expected to be put into operation, and the copper powder industry is in a boom cycle. Copper prices are affected by macro - expectations and are expected to oscillate [45][46][47] 2.14 Non - Ferrous Metals (Nickel) - Nickel inventories have increased. The supply - demand surplus has been slightly repaired, and it is recommended to consider long positions on dips [48][49] 2.15 Non - Ferrous Metals (Lithium Carbonate) - Kodal has shipped the first batch of lithium spodumene concentrate to China. The supply may increase after the resumption of production, and the demand in the off - season is weakening [50][51] 2.16 Non - Ferrous Metals (Tin) - Storage chip prices are rising. Tin prices are expected to remain high and oscillate, and it is recommended to buy on dips [52][53] 2.17 Energy Chemicals (Crude Oil) - US API crude oil inventories have increased. Oil prices are affected by the Russia - Ukraine situation and supply concerns and are expected to remain range - bound [54][56][57] 2.18 Energy Chemicals (Carbon Emissions) - The CEA price is oscillating. The impact of the quota policy may be more emotional than substantial [58][59] 2.19 Energy Chemicals (Methanol) - The discount on Iranian imported methanol has decreased. The short - term futures price is difficult to fall, and positive calendar spreads can be considered [60][61][63] 2.20 Shipping Index (Container Freight Rates) - The port throughput has increased. The container freight rate market is expected to oscillate, and the 02 contract can be considered for long positions [64][65]

Core Viewpoint - The company announces the maturity and redemption details of its convertible bonds, "Hope Convertible Bonds," including the last trading day, conversion period, and redemption price. Group 1: Bond Issuance and Trading Information - The company issued 40 million convertible bonds with a total value of 400 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [3][25][27] - The bonds were listed on the Shenzhen Stock Exchange on February 4, 2020, and the conversion period started on July 9, 2020, lasting until January 2, 2026 [3][25][27] Group 2: Redemption and Payment Details - The redemption price for unconverted bonds will be 106 yuan per bond, including the last interest payment, to be paid within five trading days after maturity [4][28][31] - The payment date for the redemption amount is set for January 5, 2026 [9][31] Group 3: Trading Suspension and Conversion Period - The last trading day for the bonds is December 26, 2025, and trading will be suspended starting December 29, 2025 [6][19][29] - Holders can still convert their bonds into company stock at a conversion price of 10.59 yuan per share from December 29 to December 31, 2025 [7][19][29] Group 4: Important Dates - Key dates include the maturity date on January 2, 2026, the registration date for redemption on December 31, 2025, and the delisting date on January 5, 2026 [6][19][33]

Group 1 - The core point of the announcement is that the controlling shareholder, New Hope Group, has completed the early repurchase of part of the non-publicly issued exchangeable bonds, "23 Hope E1," amounting to 2,180,000 bonds, with a remaining face value of 4.53 billion yuan [2][3][4] Group 2 - New Hope Group issued 6.5 billion yuan of exchangeable bonds on March 22, 2023, with a term of 3 years, and the underlying stock being New Hope A-shares [2][3] - The repurchase period for the bonds was from November 12 to November 14, 2025, and the bonds were fully redeemed on November 28, 2025 [3] - The company will continue to monitor the related matters of the controlling shareholder and fulfill its information disclosure obligations as required by law [3][4] Group 3 - The company is collaborating with the Central Enterprise Rural Industry Investment Fund and the Underdeveloped Areas Industry Development Fund to establish a joint venture named New Six Chuang Yi Rural Development Co., Ltd., with a total registered capital of 2.87 billion yuan [5][7] - The company will contribute 2.1 billion yuan, representing 73.17% of the joint venture, while the Central Enterprise Fund and the Underdeveloped Fund will contribute 700 million yuan and 70 million yuan, respectively [7] - The joint venture will acquire 100% equity of certain subsidiaries and establish 16 new subsidiaries focused on pig farming in key support areas, without increasing the overall pig production capacity [7][8] Group 4 - The transaction has received approval from the relevant authorities and is moving towards the signing and execution phase [8] - The management has been authorized to actively promote the joint investment and monitor the payment progress from the counterparties [8]

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-119 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 | 2 | 新希望六和股份有限公司 关于"希望转债"到期兑付暨摘牌的第一次提示性公告 （更正后） 2、可转债兑付登记日：2025 年 12 月 31 日 3、兑付本息金额：106 元人民币/张（含税及最后一期利息） 4、兑付资金发放日：2026 年 1 月 5 日 5、可转债摘牌日：2026 年 1 月 5 日 本公司及董事会全体成员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。 重要内容提示： 1、可转债到期日：2026 年 1 月 2 日 6、可转债最后交易日：2025 年 12 月 26 日 7、可转债停止交易日：2025 年 12 月 29 日 8、可转债最后转股日：2025 年 12 月 31 日 9、在停止交易后、转股期结束前（即自 2025 年 12 月 29 日至 2025 年 12 月 31 日），"希望转债"持有人仍可以依据约定的条件将"希望转债"转换为公 司股票。 ...

及对第一次、第二次提示性公告相关日期的更正说明 关于"希望转债"到期兑付暨摘牌的第三次提示性公告 本公司及董事会全体成员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。 重要内容提示： | 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-118 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 2 | | 由于工作人员对相关规则理解有误，使公司《关于"希望转债"到期兑付 暨摘牌的第一次提示性公告》（公告编号：2025-114）、《关于"希望转债"到期 兑付暨摘牌的第二次提示性公告》（公告编号：2025-115）中相关日期出现错误。 相关日期应以本次提示性公告为准，特此说明。 新希望六和股份有限公司 5、可转债摘牌日：2026 年 1 月 5 日 6、可转债最后交易日：2025 年 12 月 26 日 7、可转债停止交易日：2025 年 12 月 29 日 8、可转债最后转股日：2025 年 12 月 31 日 9、在停止交易后、转股期结束前（即自 2025 年 12 月 29 日至 2025 年 ...

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-120 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 | 2 | 新希望六和股份有限公司 关于"希望转债"到期兑付暨摘牌的第二次提示性公告 （更正后） 本公司及董事会全体成员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。 重要内容提示： 1、可转债到期日：2026 年 1 月 2 日 8、可转债最后转股日：2025 年 12 月 31 日 9、在停止交易后、转股期结束前（即自 2025 年 12 月 29 日至 2025 年 12 月 31 日），"希望转债"持有人仍可以依据约定的条件将"希望转债"转换为公 司股票。 2、可转债兑付登记日：2025 年 12 月 31 日 3、兑付本息金额：106 元人民币/张（含税及最后一期利息） 4、兑付资金发放日：2026 年 1 月 5 日 5、可转债摘牌日：2026 年 1 月 5 日 6、可转债最后交易日：2025 年 12 月 26 日 7、可转债停止交易日：2025 年 12 月 29 日 ...

（第一期）部分购回的公告 证券代码：000876 证券简称：新希望 公告编号：2025-116 债券代码：127015、127049 债券简称：希望转债、希望转2 新希望六和股份有限公司 关于控股股东完成非公开发行2023年可交换公司债券 新希望六和股份有限公司（以下简称"公司"）控股股东新希望 集团有限公司（以下简称"新希望集团"）于2023年3月22日面向专 业投资者非公开发行65亿元可交换公司债券（以下简称"本期可交 债"），债券简称"23希望E1"，债券代码"117205.SZ"，发行规 模65亿元人民币，本期可交债期限为3年，标的股票为新希望A股股票。 公司于近日收到新希望集团的通知，新希望集团已完成提前购 回部分"23希望E1"的工作。 新希望集团于2025年11月7日、11月10日、11月11日通过深圳证 券交易所发布了关于"23希望E1"的购回实施公告，购回申报期为 2025年11月12日至2025年11月14日。购回申报期结束以后，新希望 集团收到购回有效申报的债券合计2,180,000.00张。新希望集团于 2025年11月28日兑付了"23希望E1"全部购回有效申报的债券 本公司控股股东 ...