季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 25605 | 2.63% | 伦锌 3M 电子盘收 | 3358.5 | 0.22% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 284497 | 28823 | 伦锌成交量（手） | 11349 | -5211 | | （手） | | | | | | | 沪锌主力持仓量 | 118199 | -747 | 伦锌持仓量（手） | 233157 | -1107 | | （手） | | | | | | | 上海 0# 锌升贴水 | 5 | -30 | LME CASH-3M 升 | -30.81 | -4.38 | | （元/吨） | | | 贴水（美元/吨） | | | | 广东 0# 锌升贴水 ...

智通财经记者从多家房企相关人士处独家获悉，目前其所在公司已不被监管部门要求每月上报"三道红 线"指标。 不过，部分出险房企被要求向总部所在城市专班组，定期汇报资产负债率等财务指标。 除定期汇报资产负债率指标，智通财经记者了解到，部分出险房企被要求向总部所在城市专班组定期汇 报经营恢复进展情况，其中包括上报化债进展及保交楼进展等。 为控制房地产企业有息债务规模，监管部门2020年8月出台新规，对房企按"红-橙-黄-绿"四档进行管 理，并设置了"三道红线"，具体指标为，剔除预收款后的资产负债率大于70%、净负债率大于100%、 现金短债比小于1倍。 2021年"三道红线"政策扩围至数十家房企，监管部门要求这些房企每月上报"三道红线"指标。 按照监管要求，自2021年1月1日起，房企正式进入降杠杆测试期。到2023年6月底，12家试点房企的"三 道红线"指标必须全部达标，2023年底所有房企实现达标。 然而，由于2022年房地产行业进入深度调整期，房企生存难题日益凸显，部分房企爆发流动性危机，财 务情况再度恶化。 那么，部分房企每月不上报三道红线指标，是否等同于三道红线指标已经取消？而多家房企不再被要求 上报该指标 ...

（文章来源：第一财经） 一家大型央企相关负责人表示："其他企业不清楚，但我们没有被要求按月报送相关指标。"一家混合制 房企内部人士也表示，并未收到相关报送要求。受访的两家出险房企也表达了类似意思。其中一家出险 房企总裁表示："暂时也还没确定，但银行那边确实表示目前'三道红线'的管控不再持续强调了。但银 行对新增贷款的审批和监管依然从严把关。"另一家出险房企则明确表示"已经很久不用再汇报"。总体 来看，"三道红线"政策已经基本退出房地产行业发展舞台。"随着行业变化，银行对民营房企的贷款近 几年已经降到底，该出清的也都出清了。原有的'三道红线'政策在当前背景下失去了意义和对象。"上 述出险房企总裁表示。 据中国房地产报，1月28日，有消息称，多家房地产企业已不再被监管部门要求每月上报"三道红线"相 关数据，仅部分出险房企需向总部所在城市的风险处置专班组定期汇报资产负债率等核心财务指标。 ...

本文字数：617，阅读时长大约1.5分钟 据财联社，记者从多家房企相关人士处获悉，目前其所在公司已不被监管部门要求每月上报"三条红线"指 标。不过，部分出险房企被要求向总部所在城市专班组定期汇报资产负债率等财务指标。 2026.01. 28 微信编辑 | 雨林 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 地方国资下场低价"扫货"法拍房 另据21财经，记者也从五家房企或房企财务部门获得的消息，"三道红线"早在2023年6月以后已经不再强 制要求报送。一位房企财务部门人士表示，"三道红线"自从2020年年中开始实施至2023年年中之后，就 不再上报了。 据悉，2020年8月，监管部门为控制房企有息债务规模，试点新规对房企设置了融资"三条红线"。2021 年"三条红线"政策扩围至数十家房企，监管部门要求这些房企每月上报"三条红线"指标。 "三道红线"的设置，旨在降低房 ...

智通财经记者从多家房企相关人士处独家获悉，目前其所在公司已不被监管部门要求每月上报"三道红 线"指标。 不过，部分出险房企被要求向总部所在城市专班组，定期汇报资产负债率等财务指标。 智通财经记者采访的企业，包括大中小型房企，涵盖地方国企、混合所有制房企及民营房企，也包含经 营正常房企以及出险房企。 除定期汇报资产率指标，智通财经记者了解到，部分出险房企还被要求上报经营恢复情况、化债进展， 以及保交楼情况。 "其它企业是什么情况我们不了解，但我们差不多是在2025年年底的时候，对口条线同事收到相关部门 口头通知，今年（2026年）公司不用每个月再上报三条红线相关指标，而之前每个月都要报的。"一位 大型出险房企相关人士告诉智通财经记者。 另一家民营房企内部人士告诉记者，其所在公司也不再被要求上报三道红线指标，同时现在半年报也不 用报三道红线指标，但在发年度报告的时候，会在年报中公布三道红线相关数据。 值得关注的是，智通财经记者在采访中还了解到，部分房企的汇报对象发生变化，汇报对象从央行等监 管部门转向地方政府相关部门。 公开资料显示，三道红线政策要追溯到2020年。 然而，由于2022年房地产行业进入深度调整期， ...

记者丨 吴抒颖 编辑丨张伟贤 1月28日，香港恒生指数收涨2.58%，恒生科技指数涨2.53%，地产股午后持续走高，多股尾盘爆发。 截至收盘，A股房企中盈新发展涨超10%，万科报收4.86元/股，上涨2.32%；保利发展报6.8元/股，上涨3.03%；招商蛇口收于10.07元/ 股，上涨2.44%。港股市场方面，GBA集团飙升超22%，星星集团涨近17%，合景泰富涨近14%，中国金茂涨近12%，绿城中国涨 9%，华润置地、融创中国、万科企业、中国海外发展、碧桂园涨幅超3%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000620 | 盈新发展 | 3.72 c | 0.34 | 10.06% | | 000573 | 粤宏远 A | 4.85 c | 0.44 | 9.98% | | 000031 | 大悦城 | 3.39 c | 0.19 | 5.94% | | 000042 | 中洲控股 | 8.44 c | 0.40 | 4.98% | | 600791 | 京能置业 | 6.51 c | 0.27 | 4.33% | | ...

Core Viewpoint - The article discusses the downfall of Evergrande, highlighting its rapid expansion, excessive debt, and the eventual consequences of its unsustainable business practices [4][7][56]. Group 1: Evergrande's Business Practices - Evergrande's leverage strategy involved using 39 billion yuan in capital to support 2 trillion yuan in debt, maintaining a debt ratio exceeding 85% while offering high dividend rates [10]. - The company expanded aggressively, developing over 1,300 projects in 280 cities, including large-scale tourism projects [11]. - Evergrande's marketing strategies included creating grandiose visions for projects, such as the "Evergrande Venice," which had low land costs due to innovative land acquisition methods [16][23]. Group 2: Financial Mismanagement - The company reported a staggering total debt of 2.38 trillion yuan against total assets of only 1.74 trillion yuan, resulting in a shortfall of nearly 640 billion yuan [58]. - Evergrande's financial practices included using pre-sale funds to inflate revenue figures and issuing commercial bills to suppliers, effectively transferring risk [46][49]. - The company faced scrutiny for its financial reporting, with auditors failing to identify discrepancies in its financial statements [68]. Group 3: Market Environment and Industry Context - The article emphasizes that Evergrande's issues are reflective of broader industry problems, where high leverage and rapid expansion were common practices during China's real estate boom [64][80]. - The real estate market was characterized by a belief that property prices would always rise, leading to reckless investment behaviors among developers and buyers alike [38][81]. - The article suggests that the entire industry operated under a flawed premise, where success was often attributed to market conditions rather than sound business practices [82].

Core Viewpoint - S&P has granted Yuexiu Property (00123.HK) an investment-grade rating with a "stable" outlook, following a similar upgrade from Fitch two months prior, indicating strong institutional recognition of the company's financial health [1][2]. Financial Performance - In the first half of 2025, Yuexiu Property maintained a "green" status under the "three red lines" policy, with a debt-to-asset ratio of 64.6% and a net debt ratio of 53.2%, both significantly below regulatory thresholds [1]. - The company reported cash reserves of 44.64 billion yuan, with a coverage ratio of 1.7 times for short-term debts due within one year, enhancing its financial safety cushion [1]. - Operating cash flow remained positive, with a net inflow of 4.1 billion yuan in the first half of 2025, demonstrating the company's robust cash-generating capabilities [1]. Debt Management - Yuexiu Property optimized its debt maturity structure, reducing total interest-bearing liabilities to 103.86 billion yuan, with only 24% due within one year and 76% classified as long-term debt, indicating manageable maturity risk [1]. - The average borrowing cost decreased to 3.16%, down 41 basis points year-on-year, positioning the company among the top five in terms of lowest financing costs within the state-owned enterprise tier [2]. Strategic Positioning - Amid ongoing industry challenges of deleveraging and inventory reduction, Yuexiu Property has established a solid financial foundation characterized by "green" status under the three red lines, low interest rates, and positive cash flow, setting the stage for high-quality growth in the second half of the year [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][8][20] Core Insights - The company is experiencing a decline in performance, but its diversified business segments are showing stable growth, leading to an optimized profit structure [8][9] - The company reported a significant drop in revenue and net profit for 2024, with total revenue of 127.475 billion and a net profit of 10.401 billion, reflecting a year-on-year decrease of 29.5% and 19.1% respectively [7][8] - The core net profit for 2024 was 69.7 billion, down 38.6% year-on-year, which was in line with expectations [8] - The company’s real estate settlement revenue decreased by 35% to 100.8 billion, while its operational and service revenue increased by 7.3% to 26.7 billion, contributing to 70% of gross profit [8] Financial Data and Profit Forecast - The company’s projected revenue for 2025 is 93.681 billion, with a year-on-year decline of 26.5% [7][9] - The projected net profit for 2025 is 5.976 billion, reflecting a significant year-on-year decrease of 42.5% [7][9] - The earnings per share (EPS) for 2025 is estimated at 0.87 yuan, with a price-to-earnings (PE) ratio of 11.0 [7][9] - The company’s net asset return rate is projected to decline to 3.6% in 2025 [7] Business Performance - The company’s sales for 2024 were 1,011 billion, down 41.7% year-on-year, with a sales area of 7.12 million square meters, a decrease of 34% [8] - The company has adopted a cautious approach to land acquisition, securing only 9 plots for a total of 11.5 billion, a 69% decrease year-on-year [8] - The company’s diversified business segments, including shopping malls and property management, have shown stable growth, with operational service revenue increasing by 7.3% [8] Debt and Financial Health - The company remains in a healthy financial position, with a debt-to-equity ratio of 57.2% and a net debt ratio of 51.7% as of the end of 2024 [8] - The company’s financing cost has decreased to 4.0%, reflecting a 24 basis point year-on-year decline [8] - The company has a long debt maturity profile, with an average term of 10.3 years [8]