Group 1: Domestic News - The Ministry of Foreign Affairs expressed serious concern over the U.S. forcibly controlling Venezuelan President Maduro and his wife, stating that such actions violate international law and the principles of the UN Charter [2] - The Financial Regulatory Authority revised the "Commercial Bank M&A Loan Management Measures," expanding the scope of M&A loans to include certain equity acquisitions and optimizing loan conditions to better meet corporate financing needs [3] - The State Council issued a plan to strengthen the management of industrial solid waste, prohibiting the approval of mineral processing projects without self-built mines and tailings disposal facilities [4] Group 2: International News - President Trump announced plans to "manage" Venezuela until a safe transition of power can occur, indicating a deep involvement in the country's oil industry and stating that U.S. oil companies would invest billions to repair Venezuela's oil infrastructure [5] - International crude oil futures prices continued to decline, with WTI and Brent crude oil prices falling to $57.32 and $60.75 per barrel, respectively [5] Group 3: Financial Market Dynamics - On January 4, the central bank conducted a 365 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net withdrawal of 433.6 billion yuan due to the maturity of 470.1 billion yuan in reverse repos [6] - The money market remained stable post-New Year, with major repo rates declining significantly; DR001 fell by 9.06 basis points to 1.242%, and DR007 decreased by 55.35 basis points to 1.429% [7][8] Group 4: Bond Market Updates - The bond market experienced a positive start to the year, with the yield on the 10-year government bond falling by 0.95 basis points to 1.8405% and the 10-year policy bank bond yield decreasing by 1.80 basis points to 1.9300% [9] - No government bonds or policy bank bonds were issued on January 4 [10] Group 5: Credit Bond Events - Vanke reported a new equity freeze involving 250 million yuan for a subsidiary, while China Evergrande announced a restructuring agreement to sell shares at a 48% discount, expecting a net loss of 1.409 billion yuan [12] - Suning.com received court approval for a restructuring plan involving 38 companies, with a 36-month execution period [12]

Group 1 - The company announced the resignation of Mr. Ji Tong from his positions as a director, vice chairman, and member of various committees due to work changes [1][2] - Mr. Ji's resignation will not affect the minimum number of board members required by law, ensuring the normal operation of the board and daily operations of the company [2] - The company expresses gratitude for Mr. Ji's contributions during his tenure [2]

12月31日上午，市政府召开全市经济运行调度暨项目招引工作视频会。会议强调，"十五五"时期是 镇江经济社会发展的关键期，要把工业经济作为决定镇江发展质量的关键支撑，牢牢抓住经济转型重大 任务，巩固现有支柱产业发展基础，加快科技创新赋能新质生产力；要持续推动作风能力提升，各级干 部要始终肩负责任、带着情怀工作，为事业发展尽最大努力，共同为镇江城市未来奋力拼搏。会议指 出，要把招商引资作为地方经济发展的重要工作来抓，加强全要素保障、建设专业化队伍、强化全链条 评价，加快推动项目招引建设取得新突破；要提早布局、靠前发力，推动省市重大项目提速增效，支持 引导企业保持连续生产，谋深谋实消费和文旅活动，巩固和扩大外贸增长势头，从头抓好生态环境治 理，毫不放松筑牢岁末年初安全防线，确保"开门稳"、"开门红"；要锚定年度高质量发展争先进位目 标，加强统筹协调，持续跟踪调度，慎终如始争取最好结果。 在深圳期间，徐曙海还拜会了金地（集团）股份有限公司董事长徐家俊，深圳市燃气集团股份有限 公司董事长王文杰，班度科技（深圳）有限公司董事长徐炜，深圳西米通信有限公司董事长张思芳，广 东德玛士智能装备有限公司董事长赵小雨、总经理毕政等， ...

证券研究报告 | 行业策略报告 2026 年 01 月 04 日 三个市场关注点和一个自然均衡点 ——房地产行业 2026 年度投资策略 周期/房地产 q 投资建议： 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 258 | 5.0 | | 总市值（十亿元） | 2936.6 | 2.7 | | 流通市值（十亿元） | 2781.7 | 2.8 | 行业指数 % 1m 6m 12m 绝对表现 -1.8 14.2 8.6 相对表现 -4.0 -3.4 -9.1 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jan/25 Apr/25 Aug/25 Dec/25 (%) 房地产 沪深300 相关报告 房地产角度：关注（1）业绩相对稳健且股息率较高的【华润置地】【华润万 象生活】等；（2）经营动量有积极变化的公司，例如 25 年【滨江集团】【中 国金茂】【建发国际集团】【越秀地产】等曾演绎这一逻辑；（3）公开债务 偿付压力下降且估值较低的【金地集团】【龙湖集团】等；（4）业绩增长及 分红稳定的物企【保利物业】【绿城服务】等；（5）存在机会型布 ...

以下文章来源于普睿地产研究 ，作者普睿数智研究中心 普睿地产研究 . 涵盖市场、企业等八大研究方向，专注房地产市场发展、房企运营、产品力及多元化与代建课题探究。常规研究成果按日度、周度、月度定期发布，每年 亦推出上百篇重磅专题，为行业提供专业决策参考。 导 读 头部企业强者恒强，投资集中度超七成，其中央企投资保持领先，民企信心随市场筑底不断 修复。 ☉ 文／ 克而瑞深度咨询·普睿数智研究中心 | 4 | 绿城中国 | 1300.0 | | --- | --- | --- | | 5 | 束润置部 | 1243.2 | | 6 | 中国金茂 | 953.8 | | 7 | 越秀地产 | 855.4 | | 8 | 建发房产 | 854.6 | | 9 | 中旅投资 | 703.21 | | 10 | 滨江集团 | 667.8 | | 11 | 中建智地 | 411.7 | | 12 | 保利置业 | 350.4 | | 13 | 武汉城建 | 330.0 | | 14 | 象屿地产 | 295.9 | | 15 | 邦泰集团 | 293.2 | | 16 | 国贸地产 | 269.4 | | 17 | 联发集团 ...

一、 提前离任的基本情况 二、 离任对公司的影响 证券代码：600383 证券简称：金地集团 公告编号：2026-001 金地（集团）股份有限公司 关于公司董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 金地（集团）股份有限公司（以下简称"公司"）董事会于近日收到董事季 彤先生的书面辞职申请。季彤先生因工作变动的原因申请辞去公司第十届董事会 董事、副董事长、董事会战略委员会委员、审计委员会委员及薪酬与考核委员会 委员等职务，辞职后不再担任公司任何职务。 | 姓名 | 离任职务 | 离任时间 | | | 原定任期 到期日 | 离任原因 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | 公开承诺 | | | 董事、副董事长、战略委员 | | | | | | | | | | | 年 2025 | | | 年 2027 | | | | | 季彤 ...

Core Viewpoint - The resignation of Mr. Ji Tong from various positions within the company due to work changes is a significant development for the company’s governance structure [1] Group 1 - The company announced that Mr. Ji Tong submitted a written resignation application to the board of directors [1] - Mr. Ji Tong has resigned from his roles as a director, vice chairman, member of the board's strategic committee, audit committee, and compensation and assessment committee [1] - Following his resignation, Mr. Ji Tong will no longer hold any position within the company [1]

Summary of China Property Weekly Wrap Industry Overview - The report focuses on the **Chinese property market**, specifically analyzing the performance of primary and secondary real estate transactions in the context of fiscal year 2025 (FY25) and the outlook for 2026. Key Highlights 1. **Policy Initiatives**: - The Ministry of Housing and Urban-Rural Development (MOHURD) has outlined priorities for 2026 aimed at stabilizing the property market, including: - City-specific measures to control new supply and reduce inventory through urban renewal and buybacks of unsold homes for affordable housing [1] - Promotion of high-quality housing initiatives [1] - Enhancement of the "white-list" financing mechanism to support developers' financing needs [1] - Empowerment of local governments to adjust housing policies to support demand [1] - Advancement of new development models to mitigate delivery risks [1] 2. **Local Policy Adjustments**: - Beijing has eased local home purchase restrictions, allowing families with multiple children to buy an additional home within the 5th Ring Road [2] - Potential adjustments in home-purchase rules in other Tier-1 cities like Shanghai and Shenzhen are anticipated [2] 3. **Market Activity**: - Transactions in the primary market improved by **29% week-over-week (wow)**, while the secondary market saw a **5% wow** increase, despite year-over-year (yoy) declines of **-16%** and **-1%** respectively [3][8] - The ratio of units with price cuts narrowed to **15.4 times** those with price increases in December, down from approximately **18 times** in the previous months [3] 4. **Sales and Inventory Data**: - New home sales volume was **-37% yoy**, with search activities down **1.1% wow** [4] - Inventory levels increased by **0.1% wow** but decreased by **3.5%** from the end of 2024, with inventory months at **28.4** [20] 5. **Valuation Insights**: - Stronger state-owned enterprise (SOE) developers experienced a **-1% wow** decline in share prices, while privately-owned enterprises (POE) saw a **-2% wow** drop [32] - Offshore developers are trading at an average **37% discount** to end-2026 estimated net asset value (NAV) [32] 6. **Sales Forecasts**: - Property sales in approximately **75 cities** suggest that top-100 developers' presales are likely to decline **41% yoy** in December, compared to **-36%** in November [8] - Completions are expected to show a **mid-single-digit percentage improvement** yoy in December, with a **-10% yoy** decline projected for FY25 [24] 7. **Market Sentiment**: - Secondary market sentiment remains steady, with subscription-based sales and visitations flattening [3] - Home appliance sales are likely to record a yoy decline in December based on trends in **20 cities** [8] Additional Insights - The report indicates a potential steepened decline in new starts in December, based on land sales trends and cement shipment ratios [8] - The overall market sentiment reflects cautious optimism due to policy adjustments and localized easing measures, which may influence investor focus in the near term [2][3] This summary encapsulates the critical insights and data points from the China Property Weekly Wrap, providing a comprehensive overview of the current state and outlook of the Chinese property market.

Group 1: Domestic Financial Policies - The National Financial Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, expanding fiscal spending and optimizing government bond tools to enhance their effectiveness [2] - The National Venture Capital Guidance Fund has officially launched, with a total investment of 100 billion yuan from the central government, expected to leverage over a trillion yuan in social capital for strategic emerging industries [2] - The People's Bank of China highlighted the need to prevent and resolve financial risks in key areas, particularly in real estate, while implementing a more proactive macro policy [3] Group 2: Economic Performance - From January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, showing a slight year-on-year increase of 0.1% [3] - The final verified GDP for 2024 was announced as 1,348,066 billion yuan, a decrease of 1,018 billion yuan from the preliminary estimate, with a year-on-year growth of 5.0% [6] Group 3: Market Dynamics - The bond market showed signs of warming, with the yield on the 10-year government bond decreasing by 0.35 basis points to 1.8355% [12] - The convertible bond market experienced mixed performance, with the market index showing slight declines, while individual bonds like Jia Mei Convertible Bond rose over 17% [16] - The U.S. Treasury yields generally declined, with the 10-year yield falling by 1 basis point to 4.14% [19]

Core Viewpoint - The 2025 annual evaluation of Chinese real estate products has entered the competition phase, with public online voting starting from December 19 to December 25, 2023, following expert reviews held on December 18-19, 2023 [3][11]. Group 1: Voting Process and Categories - The public voting channel for the "Top Ten Works" includes three categories: high-end, light luxury, and quality residential products, allowing each participant to vote for up to ten projects in each category [12]. - The final results will be based on the cumulative valid votes from all participants, with the winners announced in early January 2026 [11][12]. Group 2: Evaluation and Selection Process - The evaluation process involves expert reviews, public voting, and assessment models, with the aim of recognizing outstanding residential products that address living challenges and enhance quality [11]. - The "Product Power 100" research initiative has been ongoing since 2018, focusing on the evaluation of real estate companies' product capabilities [11]. Group 3: Featured Projects - Various projects have been highlighted, including: - Nanning Bangtai's "Lan Jing," a modern high-rise residential development [15]. - Shanghai's "Hai Shang Yuan Shu," featuring a modern Oriental architectural style [17]. - Zhuhai's "Hua Fa Tian Xi," a modern small high-rise and villa project [19]. - Beijing's "Jing Yue Chang An," showcasing a modern aesthetic with a focus on artistic living [26]. - These projects represent a range of architectural styles and product types, emphasizing the diversity in the high-end residential market [15][17][19][26].