国企改革利好密集发布！ 刚刚，陕西国资股异动，西安饮食直线封涨停。陕西华达、曲江文旅、西安旅游、陕国投等直线拉升。 消息面上，陕西省出台深化资本市场改革助力陕西高质量发展的十六条措施。其中提到，重点推动主业 不突出、经营效益差的国有控股上市公司实施重大资产重组，淘汰落后产能，实现转型升级，恢复再融 资能力，依托资本市场做优做大做强。 值得注意的是，近期不少地方都出台了关于国企改革、盘活存量的方案和政策。那么，国企改革概念是 否再起涨潮？ 陕西发布"十六条" 今日，陕西省出台深化资本市场改革助力陕西高质量发展的十六条措施。 其中提到，强化国有控股上市公司改革引领作用。推动国有控股上市公司充分发挥平台作用，围绕主业 开展资源整合，完善上下游产业链，解决同业竞争，减少关联交易，实现整体上市。重点推动主业不突 出、经营效益差的国有控股上市公司实施重大资产重组，淘汰落后产能，实现转型升级，恢复再融资能 力，依托资本市场做优做大做强。 今天上午，上海国资微信公众号发布消息称，上海国有存量资产项目推介会（2025）暨"存量盘活与价 值发现"研讨会日前在上海国盛集团举行。 上海市国资委主任贺青表示，存量盘活是深化国资国企改革 ...

Core Insights - The article highlights the transformation of serviced apartments in China, indicating a shift from a luxury offering for expatriates to a more accessible option for domestic consumers, driven by urbanization and changing consumer preferences [2][3][4] - Huazhu Group is positioning serviced apartments as a strategic focus, recognizing the need to address both consumer demand and the challenges faced by property owners in managing existing assets [8][11] Industry Changes - Change 1: Serviced apartments are evolving from a high-end niche market to a mainstream option, with a significant decrease in foreign residents and an increase in domestic travelers and families [3][4] - Change 2: The expansion of serviced apartments is moving from first-tier cities to second and third-tier cities, reflecting economic growth and increased travel demand in these areas [5][6] - Change 3: The rental model is shifting from long-term rentals to a combination of long and short-term rentals, allowing for greater flexibility and responsiveness to market demands [6][10] Strategic Moves by Huazhu - Huazhu is establishing serviced apartments as a key business segment, aiming to fill gaps in the market for multi-day, multi-person accommodations that traditional hotels cannot adequately serve [9][10] - The company is addressing the challenges of large property owners by offering a hybrid rental model that provides stable cash flow through long-term rentals while capitalizing on peak demand with short-term rentals [11][12] - Huazhu is also focusing on revitalizing underperforming commercial properties by converting them into serviced apartments, leveraging their adaptability to various property types [13][14] Product Innovation - Huazhu's serviced apartments are designed to meet the specific needs of Chinese consumers, featuring layouts and amenities that cater to family and group travel, which traditional hotels often lack [18][19] - The company is implementing cost-effective renovation strategies to upgrade older properties, allowing for quicker returns on investment and improved operational efficiency [15][16] Investment Model - Huazhu's serviced apartments offer a low-barrier investment model, with reduced construction and renovation costs compared to traditional hotels, making it attractive for investors [20][21] - The combination of long and short-term rental strategies provides a clear revenue model, enhancing the financial viability of serviced apartments and ensuring stable returns for investors [20][21] Operational Efficiency - Huazhu leverages its extensive membership base and digital tools to optimize operations and reduce costs, ensuring a competitive edge in the serviced apartment market [21] - The company's strategic focus on understanding local consumer needs and market dynamics positions it well for future growth in the serviced apartment sector [21]

国企改革利好密集发布！ 鼓励上市公司充分利用资本市场多元化融资工具，通过增发、配股、发行各类债券和证券化产品等方式进行再 融资。支持上市公司有效开展并购重组，建立并购项目对接工作机制。 另外，争取在陕设立社保科创基金，积极争取国家创业投资引导基金来陕展业。引进培育银行系耐心资本，推 进金融资产投资公司（AIC）股权投资试点全省扩围。建立健全险资入陕机制，支持保险资金参与设立私募创 投基金。建立耐心资本监测和统计制度。 聚焦新一代信息技术、人工智能、航空航天、新能源、新材料、高端装备、生物医药、量子科技等关键领域， 分层分类做好跟踪辅导，引导企业到合适板块上市，优先支持突破关键核心技术的科技型企业、创新创业企业 到科创板、创业板上市，推动符合条件的未盈利科技型企业申报科创板成长层，支持业务模式成熟、经营业绩 稳定、具有行业代表性的企业到上海、深圳证券交易所主板上市，支持专精特新中小企业到北京证券交易所上 市，推动符合条件的企业赴港交所等境外上市，支持优质A股上市公司以"A+H"股形式在港交所实现二次上 市。 多地发声：盘活存量 刚刚，陕西国资股异动，西安饮食直线封涨停。陕西华达、曲江文旅、西安旅游、陕国投等直线 ...

实现 "最大价值、最小成本、最低风险、最快速度" 坐拥32万亿国资、国资总额与利润规模均保持全国地方国资第一的上海，在此前持续多年、不断扩面的 存量盘活基础上，正在谋划以更加市场化、专业化的方式，形成"十五五"国资存量运营的"上海方案"。 在这个方案里，扩大资产盘活运营规模，提高盘活效率、实现 "最大价值、最小成本、最低风险、最快 速度"，成为核心关键词。 调存量、优增量并举 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确，做强做优做大国有企业和国 有资本，推进国有经济布局优化和结构调整，增强国有企业核心功能、提升核心竞争力。 接下来如何推进国有经济布局优化和结构调整？ 近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中，国务 院国资委主任张玉卓发表署名文章称，坚持有所为有所不为，聚焦战略安全、产业引领、国计民生、公 共服务等功能，调整存量结构，优化增量投向，大力发展实体经济。 张玉卓提出，促进国有资本合理有序流动，更好发挥国有资本投资、运营公司功能，打造专业化、市场 化国有资本运作平台，加快低效无效资产处置和存量资产盘活，推动国有资本在合理有序流动中优化配 ...

为积极响应关于"盘活用好低效用地、闲置房产、存量基础设施"的政策号召，进一步推动四川省企业存 量资产的有效盘活与价值重塑，11月25日，在中国光大集团指导下，光大银行、光大证券联合主办 的"携手天府·光大未来"2025年光大嘉年华——四川省企业存量资产盘活宣讲活动在成都新华宾馆成功 举办。来自政府相关部门、监管部门、金融机构及企业代表共计300余人参加活动，共同探讨存量资产 盘活的路径与机遇，助力区域经济高质量发展。 政策引领，聚焦盘活凝聚共识 党的二十届四中全会明确提出"盘活用好低效用地、闲置房产、存量基础设施"，为各地推动资产盘活工 作指明了方向。四川作为西部经济大省，肩负着建设新时代西部大开发重要支点、成渝地区双城经济圈 核心引擎的重大使命。近年来，省内固定资产投资规模持续扩大，形成了大量优质存量资产，但也面临 利用效率不高、流动性不足等挑战。四川近期聚焦"土地、矿产、房屋、农村经营性资产、基础设施、 科研仪器设备、公益性资产"等七类重点资产资源，分类提出盘活利用举措，为企业提供了清晰的路径 指引。 光大赋能，彰显综合金融优势 中国光大集团作为中管金融企业，长期以来深耕四川，依托"综合金融、跨境经营、产 ...

Core Viewpoint - The "China Railway Nord Holding Real Estate Asset-Backed Special Plan" marks the first such project launched by China Railway, aimed at promoting financial supply-side structural reform and enhancing the synergy between industry and finance [1] Group 1: Project Overview - The special plan is the first asset-backed securities (ABS) project of its kind for China Railway, highlighting the company's commitment to revitalizing its existing assets [1] - The initiative is part of a broader strategy to create a closed-loop system encompassing investment, financing, management, and exit [1]

Group 1 - The core focus of the "15th Five-Year Plan" is the implementation of a more proactive macro policy, which will directly influence China's fiscal and financial policies over the next five years [1][2] - There is a significant emphasis on "unlocking potential" through the management of existing assets, with state-owned administrative assets totaling 68.2 trillion yuan and net assets of 55.4 trillion yuan by the end of 2024, indicating a vast resource that can be activated for economic growth [1] - Recent initiatives, such as Anhui's conference on "large asset" management, aim to activate idle government assets and resources, potentially leading to new industries and job creation [1] Group 2 - The plan highlights the need for "collaboration" between fiscal and monetary policies to enhance the roles of employment, consumption, investment, and trade, promoting an economy driven by domestic demand and consumption [2] - An example of this collaboration is the recent implementation of fiscal subsidies for consumer loans, demonstrating a joint effort to support consumption [2] - Despite potential challenges and uncertainties in the next five years, the underlying strengths of China's industrial system, market scale, talent reserves, and innovation capacity remain intact, supporting the long-term positive trend in economic and social development [2]

Group 1 - The core focus of the "15th Five-Year Plan" is the implementation of a more proactive macro policy, which will directly influence China's fiscal and financial policies over the next five years [1][2] - There is a significant emphasis on "unlocking potential" through the management of existing assets, with state-owned administrative assets totaling 68.2 trillion yuan and net assets of 55.4 trillion yuan by the end of 2024, indicating a vast resource that can be activated for economic growth [1] - Recent initiatives, such as Anhui's conference on "large asset" management, aim to activate idle government assets and resources, potentially leading to new industries and job creation [1] Group 2 - The plan highlights the need for "collaboration" between fiscal and monetary policies to jointly promote employment, consumption, investment, and trade, fostering an economy driven by domestic demand and consumption [2] - The implementation of fiscal subsidies for consumer loans exemplifies the synergy between fiscal and financial policies to support consumption [2] - Despite potential challenges and uncertainties in the next five years, the underlying strengths of China's industrial system, market scale, talent reserves, and innovation capacity remain intact, supporting the long-term positive trend of economic and social development [2]

Core Viewpoint - Vanke reported a revenue of 161.39 billion yuan and a net loss of 28.02 billion yuan for the first three quarters of 2025, indicating ongoing operational pressures [2] Operational Performance - Vanke completed the delivery of 74,000 housing units, achieving sales of 100.46 billion yuan - The company executed bulk transactions for 19 projects, with a total signed amount of 6.86 billion yuan - Vanke has actively explored ways to revitalize its existing assets, successfully optimizing and adding capacity worth 17.84 billion yuan - The ice and snow business has signed an agreement with China Travel Group, with the delivery process currently underway - The total revenue from Vanke's operational services reached 43.57 billion yuan, reflecting a year-on-year growth of 1.1% [2] Financing Activities - Vanke secured 26.5 billion yuan in new financing and refinancing during the first three quarters - The average cost of new domestic financing was 3.44%, a decrease of 6 basis points compared to the full year of 2024 - The largest shareholder, Shenzhen Metro Group, has provided a total of 29.13 billion yuan in shareholder loans to Vanke, with favorable interest and collateral rates compared to market norms - As of October 30, Vanke has repaid 28.89 billion yuan of public debt [2][3] Shareholder Support - On the evening of the quarterly report, Vanke announced that Shenzhen Metro Group would provide up to 2.2 billion yuan in loans to repay bond principal and interest - The interest rate for this shareholder loan is lower than the rates from financial institutions, demonstrating strong support from the major shareholder - The related party transaction does not harm the interests of the company or minority investors and is not expected to negatively impact the company's financial status or operational results [3]

Core Viewpoint - The article discusses the transition from an incremental land use era to a stock era, emphasizing the importance of revitalizing idle land for urban development, highlighted by Vanke's recent regulatory changes regarding a 12-year idle industrial site in Fuzhou High-tech Zone [1][3]. Group 1: Land Use Changes - Vanke's industrial land, previously known as "Fuzhou High-tech Vanke Center," has been officially reclaimed and remains classified as industrial land, with an area of 10.04 hectares and a floor area ratio of 3.0. The building density has been adjusted from ≤30% to 30%-50%, while the green space ratio has been reduced to 0%, and the building height has been lowered from 95 meters to 80 meters [1][2]. Group 2: Project History - The land was acquired by Vanke in January 2013, with plans for a collaborative development model involving government, schools, and enterprises. The project aimed to create a high-tech ecological headquarters but faced delays due to land acquisition issues, only receiving approval in January 2022 [3][4]. - After a brief construction period in 2022, the project was halted, and as of early 2023, the site remained largely undeveloped, with Vanke facing financial difficulties, including a decline in revenue and profit for the first time in 33 years [4][5]. Group 3: Market Context - The trend of land reclamation has become prevalent in the real estate market, with other companies like Yuexiu Property and Poly Developments also experiencing land recoveries by the government due to non-development [7]. - Vanke's strategy includes revitalizing idle land as part of its asset management approach, focusing on land storage, regulatory adjustments, and potential reallocation of resources [8][9].