Group 1: Research Conclusion and Core View - The report focuses on the opportunities brought by the pricing deviation of perpetual bonds in the credit bond market. In a low - volatility environment, the year - end support for credit bonds mainly comes from the demand of allocation - type institutions, but the intensity of pre - emptive actions should not be over - expected. The report suggests three main directions for exploring urban investment bonds: (1) conduct more credit spreading within 3 years; (2) select bonds with a steep yield curve (>25bp) and certain liquidity between 3 - 5 years; (3) pay attention to the pricing deviation of perpetual and private placement bonds [5][8]. Group 2: Credit Bond Weekly Review 2.1 Negative Information Monitoring - From November 17 to November 23, 2025, the long - term issuer credit rating of Longfor Group Holdings Limited was downgraded from "BB" to "BB -" by S&P, and its senior unsecured notes' long - term rating was downgraded from "BB -" to "B+". Also, several companies had major negative events, such as Xinyuan (China) Real Estate Co., Ltd. with debt overdue and multiple major lawsuits, and Guanghui Automobile Service Co., Ltd. involved in an execution case [13][14]. 2.2 Primary Market Issuance - From November 17 to November 23, the issuance volume of credit bonds exceeded 400 billion yuan again, reaching 403.8 billion yuan, a 49% increase from the previous period. The total repayment amount increased to 262.3 billion yuan, resulting in a net financing of 141.6 billion yuan. The number of cancelled or postponed bond issuances increased to 5, with a total scale of 5.5 billion yuan. The primary issuance cost increased slightly, with the average coupon rates of AAA and AA+ bonds rising by 5bp and 7bp respectively [15][16]. 2.3 Secondary Market Trading - Last week, the valuations of credit bonds with different ratings and maturities fluctuated narrowly, with most remaining unchanged. The credit spreads narrowed at the short - end and widened at the long - end. The 3Y - 1Y term spreads of each rating narrowed, while the 5Y - 1Y term spreads widened slightly. The AA - AAA grade spread widened by 2bp for 3 - year bonds and narrowed by 3bp for 5 - year bonds. The credit spreads of urban investment bonds in each province were mostly flat or narrowed, with Yunnan having the largest narrowing of 3bp. The industry spreads of industrial bonds fluctuated within ±1bp, with the real estate industry narrowing by 3bp. The weekly turnover rate increased by 0.19pct to 1.89%. Among real - estate enterprises, the spreads of Times Holdings, Rongqiao, Yuzhou Hongtu, and Vanke widened significantly [18][20][24].

新华财经上海11月24日电（谈瑞）上海年内供应量最大的一批次集中土拍24日落槌。出乎市场意料的 是，浦东川沙地块历经82轮激烈竞价后被民企佳运置业以15.8%的溢价率拿下，而本批次唯一一宗位于 中环内的地块杨浦东外滩地块却由中海以底价获得。不同区域冷暖交替，优质民企异军突起，这一批次 的上海土拍看点十足。 区域分化凸显，浦东川沙地块受热捧 刚刚结束的2025年上海第九批次集中土拍上架了9幅地块，分布于杨浦、宝山、浦东、青浦等六大区 域，总计容面积55.26万平方米，起始总价达169.11亿元。 从成交结果来看，9幅地块全部成交，总成交金额为173.33亿元。但整体平稳态势下，不同区域地块表 现呈现显著分化：7幅地块底价成交；浦东川沙地块溢价率15.76%为批次内最高；5幅地块竞得者出现 民营房企身影。 块。 "从报名情况来看，受出让地块位置以及年底财务节点影响，本场土拍部分头部开发商缺席，民企佳运 置业溢价竞得地铁大盘，大华重回宝山，整体来看本场土拍参拍企业结构优化，参拍主体多元。"张文 静分析道。 业内人士分析，这一结果与该地块周边项目的市场表现存在一定关联。地块南侧的新盘项目中海云邸玖 章均价约12.6万 ...

Group 1 - The article highlights the launch of promotional activities at Beijing Longfor Tianjie, offering discounts for consumers using UnionPay mobile payments [9][11][17] - Longfor Commercial has established a presence in multiple areas of Beijing, with eight Tianjie locations across six districts, aiming to enhance consumer experiences through new brands and spaces [9][11] - The Tianjie shopping spaces are designed not only for retail but also for emotional value experiences, combining quality retail, dining, entertainment, and lifestyle offerings [11][12] Group 2 - The promotional offer includes a discount of 30 yuan for purchases over 200 yuan, available once a week until March 31, 2026 [12][17] - The initiative aims to adapt to changing consumer trends by continuously updating offerings and enhancing the shopping experience [11][12] - Consumers can enjoy the latest trends and popular dining options while benefiting from the UnionPay discount during their visits [11][17]

Core Insights - The Hong Kong stock market indices saw significant gains in the afternoon, with the Hang Seng Index rising over 2%, the Hang Seng Tech Index increasing by 2.7%, and the Hang Seng China Enterprises Index up by 1.8% [1] Company Performance - Kuaishou (快手-W) experienced a rise of 6.56% with a year-to-date increase of 66.79%, and a total market capitalization of 294.57 billion [2] - NetEase (网易-S) increased by 6.26%, with a year-to-date gain of 61.57%, and a market cap of 688.29 billion [2] - Alibaba (阿里巴巴-W) rose by 5.42%, showing a year-to-date increase of 93.41%, with a total market value of 2.97 trillion [2] - WuXi AppTec (药明康德) saw a 4.14% increase, with a year-to-date rise of 93.30%, and a market capitalization of 315.38 billion [2] - Baidu (百度集团-SW) increased by 4.10%, with a year-to-date gain of 35.07%, and a market cap of 307.19 billion [2] - Hansoh Pharmaceutical (翰森制药) rose by 4.03%, with a remarkable year-to-date increase of 134.85%, and a market capitalization of 240.51 billion [2] - Zhongsheng Holdings (中升控股) increased by 3.58%, but has a year-to-date decline of 12.81%, with a market cap of 27.41 billion [2] - China Overseas Development (中国海外发展) rose by 3.37%, with a year-to-date increase of 19.16%, and a market cap of 154.54 billion [2] - Longfor Group (龙湖集团) increased by 3.54%, with a year-to-date rise of 6.20%, and a market cap of 72.18 billion [2] - BYD (比亚迪股份) rose by 3.34%, with a year-to-date increase of 9.64%, and a market cap of 873.88 billion [2] - WuXi Biologics (药明生物) increased by 3.34%, with a year-to-date rise of 79.84%, and a market cap of 129.71 billion [2] - Midea Group (美的集团) rose by 2.92%, with a year-to-date increase of 26.14%, and a market cap of 690.12 billion [2] - Meituan (美团-W) increased by 2.88%, but has a year-to-date decline of 35.20%, with a market cap of 600.76 billion [2] - Alibaba Health (阿里健康) rose by 2.87%, with a year-to-date increase of 72.59%, and a market cap of 92.68 billion [2]

Market Performance - The Hang Seng Index closed at 25,220, down 2.38% for the day and up 25.72% year-to-date [1] - The Hang Seng Tech Index fell 3.21% to 5,395, with a year-to-date increase of 20.76% [1] - The CSI 300 Index decreased by 2.44% to 4,453, with a year-to-date rise of 13.18% [1] - The Shanghai Composite Index closed at 3,834, down 2.45%, marking a year-to-date increase of 14.41% [1] - The Shenzhen Component Index dropped 3.41% to 12,538, with a year-to-date increase of 20.39% [1] Currency and Commodity Overview - The Renminbi Index stood at 97.830, up 0.52% over the past month and 1.35% over six months [2] - Brent crude oil price was $62.720 per barrel, up 2.62% month-on-month but down 1.29% over six months [2] - Gold price was $4,059.66 per ounce, down 1.68% month-on-month but up 22.36% over six months [2] - Bitcoin price fell to $83,560, marking a 7.02% decline, the lowest in over seven months [23] Hong Kong Stock Market Review - The Hong Kong stock market experienced significant declines, with the Hang Seng Index hitting a two-and-a-half-month low and recording its largest single-day drop in over seven months [5] - Major tech stocks like Alibaba and Baidu fell nearly 5%, while Meituan and JD.com dropped close to 3% [5] - The property sector saw significant declines, with Link REIT dropping about 7.5%, marking a near seven-month low [5] A-Share Market Review - The A-share market saw major indices drop between 2.5% to 4%, with the Shanghai Composite Index falling below 3,900 points [6] - The Shenzhen Component Index and ChiNext Index also reached approximately two-and-a-half-month lows [6] US Stock Market Overview - The US stock market indices closed up nearly 1%, with the Dow Jones rising 1.1% to 46,245 [7] - The Nasdaq Index increased by 0.9% to 22,273, while the S&P 500 rose by nearly 1% to 6,602 [7] - Major tech stocks showed mixed results, with Alphabet rising over 3% while Nvidia and Microsoft fell [7] European Market Overview - European stock markets showed mixed results, with the DAX Index down 0.8% and the CAC Index up slightly [8] - Over the week, German stocks fell nearly 3.3%, while French stocks declined close to 2.3% [8] Economic Indicators - The Central City Leading Index (CCL) in Hong Kong rose 0.54% week-on-week, reaching a near one-and-a-half-year high, with a year-to-date increase of 3.52% [11] - In mainland China, electricity consumption in October reached 857.2 billion kWh, a year-on-year growth of 10.4% [20] - Japan's exports to the US have declined for seven consecutive months, with a 3.1% year-on-year drop in October [19]

Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong property stocks, driven by positive government policies and market sentiment [1] - Guangzhou is actively promoting the acquisition of existing residential properties for use as affordable housing, while multiple regions continue to implement relaxation policies [1] - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting, emphasizing the need for tailored, innovative approaches in planning, funding, operations, and governance [1] Group 2 - A research report from Shenwan Hongyuan expresses optimism about the new "good housing" sector and the revaluation of shopping center values, maintaining a "positive" rating [1] - The report suggests that while the real estate sector in China will continue to stabilize, core cities are expected to see a turnaround sooner [1] - Two major opportunities are identified: the elevation of "good housing" policies, which could shift real estate companies from finance to manufacturing, and the strong performance of quality commercial enterprises during a monetary easing cycle, leading to potential revaluation of consumer-oriented commercial real estate assets [1]

赛事设置了六大年龄组别，选手们依次登台献艺，青年组朝气蓬勃，中年组稳健从容，常青组则诠 释了"老有所乐"的积极风采，每个组别的精彩表演都赢得了观众的热烈掌声。 商场相关负责人表示："'体育+商圈'的跨界融合，不仅丰富了市民的观赛体验，也促进了文体活动 与商业消费的良性互动。" 11月21日，由杭州市体育局主办的2025年杭州市排舞大赛在龙湖丁桥天街落幕。作为杭州全民健身 的特色品牌活动之一，本次大赛吸引了来自杭州各区（县、市）的近40支队伍同台竞技，现场气氛热 烈，掌声不断，生动展现了杭州全民健身的蓬勃气象。 杭州市排舞大赛已连续成功举办多届，始终秉承全民健身理念，成为我市群众体育的一张亮丽名 片。未来，杭州将持续深化"体育+商圈""体育+社区"等模式，推动全民健身活动更加贴近市民生活，为 杭州建设国际赛事名城注入源源不断的活力。据悉，下一届排舞大赛将进一步扩大参与范围，让更多市 民在舞动中收获健康与快乐。 比赛现场亮点频现，不少参赛队伍巧妙融合地方文化元素与现代流行风格，既有江南水乡的婉约韵 味，也有数字都市的动感表达，呈现出多元融合的艺术魅力。 龙湖丁桥天街中庭被精心打造为专业舞台，"体育赛事进商圈"的模 ...

Core Points - UnionPay collaborates with Beijing Longfor Tianjie to launch a payment discount campaign, offering a discount of 30 yuan for purchases over 200 yuan from now until March 31, 2026 [1][3] - Longfor Commercial operates eight Tianjie locations across six districts in Beijing, providing a high-quality urban lifestyle experience through new brand openings and innovative spaces [1][3] Group 1 - The discount campaign is available at eight Longfor Tianjie shopping centers, allowing users to enjoy a convenient payment process with UnionPay mobile Pay [3] - Users must hold a UnionPay card issued in mainland China or a UnionPay-Visa dual-branded card to participate in the discount offer [3] - The campaign aims to enhance consumer experience by combining shopping with emotional value through quality retail, dining, and entertainment [3][1] Group 2 - The payment process for UnionPay mobile Pay involves a simple four-step procedure for users to link their bank cards and make payments [5][6] - The campaign encourages social interactions by inviting friends and family to enjoy shopping and dining experiences together while benefiting from the discount [3]

—— 信用利差周度跟踪 20251122 [[Table_R Table_Report eportTTime ime]] 2025 年 11 月 22 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 利率平稳信用窄幅波动 民企地产利差继续抬升 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 朱金保 固定收益分析师 执业编号：S1500524080002 联系电话：+86 15850662789 联系电话：+86 15850662789 邮 箱： zhujinbao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅 大厦B 座 邮编：100031 3利率平稳信用窄幅波动 民企地产利差继续抬升 [Table_ReportDate] 2 ...

Market Overview - Global markets experienced significant declines, with the Nasdaq down 2.15%, Nikkei 225 down 2.4%, and the Hang Seng Index down 2.38% [1] - The catalyst for this downturn was the unexpected increase of 119,000 in U.S. non-farm employment for September, far exceeding the market expectation of 50,000, indicating economic resilience [1] - Bitcoin saw a sharp decline of over 8%, signaling heightened risk sensitivity in the cryptocurrency market [1] Technology Sector - Major tech stocks faced sell-offs, with Michael Burry questioning the longevity of Nvidia chips and the actual demand for AI, suggesting it is "ridiculously small" [2] - Nvidia's strong earnings report could not prevent its stock from declining, impacting related companies like Hongteng Precision Technology and SMIC, which fell over 8% and 6% respectively [2] - Consumer sectors in the U.S. are underperforming, with both non-essential and essential consumer goods sectors showing significant declines since the start of the government shutdown in October [2] Geopolitical Context - Japan's Prime Minister reiterated the country's stance on the Taiwan issue, indicating ongoing geopolitical tensions [3] - Military-related stocks, such as China Shipbuilding Defense, have seen increased investment interest amid these tensions [3] Energy Sector - The National Development and Reform Commission emphasized the importance of natural gas supply for the upcoming heating season, highlighting the need for stable production and supply [6] - Companies like China Resources Gas, Kunlun Energy, and China Gas are positioned to benefit from this focus on energy supply stability [7] Company Highlights - China Shipbuilding Defense reported a significant increase in revenue and net profit for Q3, with revenue of 14.3 billion yuan, up 13% year-on-year, and net profit of 660 million yuan, up 250% [8] - The company holds a strong market position with a 73% share of new ship orders globally, indicating robust demand and a solid order backlog [8] - The company is also involved in deep-sea resource development and marine research, with plans for advanced vessels and green ship designs [9]