房地产 2025 年 04 月 30 日 行业日报 中性/维持 房地产 太平洋房地产日报（20250430）：南京土拍收金超百亿 (20%) (8%) 4% 16% 28% 40% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20250429）：招 商建管携手招商蛇口苏南公司获取 昆山开发区项目>>--2025-04-29 <<太平洋房地产日报（20250428）：杭 州 6 宗涉宅用地出让>>--2025-04-28 <<太平洋房地产日报（20250425）：合 肥出让 6 宗地块>>--2025-04-25 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 ...

Group 1: Company Performance and Financials - In 2024, the company's net profit increased by 18.55%, primarily driven by the insurance business segment [2] - The net profit attributable to shareholders for 2024 was CNY 1.21 billion, with a weighted average return on equity of 5.68% and basic earnings per share of CNY 0.5251 [3] - In Q1 2025, the company achieved a net profit of CNY 392 million [3] Group 2: Business Strategy and Growth - The company focuses on value creation as the core of its market value management strategy while solidifying its main business [2] - Plans to enhance governance structure and improve internal control systems to protect minority shareholders' rights [2] - The company aims to deepen existing business operations and explore new growth areas to achieve high-quality development [3] Group 3: Investor Relations and Communication - The company held an annual performance briefing on April 30, 2024, to improve communication with investors [1] - It emphasizes transparency in information disclosure and actively engages with investors through various channels [2] - The company has implemented a structured approach to manage investor relations and respond to inquiries effectively [2] Group 4: Risk Management and Compliance - The company employs multiple control measures to identify, measure, and report credit risks amid economic uncertainties [2] - It adheres to accounting standards to ensure the reliability of financial data provided to investors [2] - The company is committed to enhancing its risk management framework to prevent systemic risks [3]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 04 月 30 日 中航产融相关影响预判 ——信用热点聚焦系列之十 核心观点 目前中航产融估值波动体现的是流动性风险而非信用风险，由于短期实质违约风险低， 可博弈高估值成交机会。本次阶段性冲击下的收益率接近见顶，对于负债端稳定的自 营账户和无过多限制的配置户而言具备配置价值。 ❑ 中航产融复牌前后债券成交情况 中航产融 4 月 23 日发布债券复牌公告，公司债券转场外兑付事宜未取得债券持 有人会议表决通过，相关债券于 2025 年 4 月 24 日复牌。 中航产融近一周债券成交情况：整体成交价格以折价成交为主，期限以 2 年以内 短端品种为主，长期限跌的稍多，一年以内债券相对波动较小。4 月 24 日复牌首 日偏离估值成交均值为 195bp；25 日偏离估值成交均值为 77bp，偏离估值成交幅 度收敛；28 日成交金额为上一交易日的 2.4 倍，偏离估值成交均值反弹，为 107bp。 中航产融估值波动情况：以 22 产融 02 为例，4 月 14 日至 4 月 23 日期间，债券 估值呈小幅上行趋势，4 月 24 日复 ...

Financial Data and Key Metrics Changes - The company reported Q2 revenues of $499 million, an increase of 15% year-over-year [5][15] - GAAP net income for the quarter was $163 million, up 25% from the prior year, with GAAP earnings per share at $6.59, a 28% increase [6][20] - Non-GAAP net income was $193 million, also up 25%, with non-GAAP earnings per share at $7.81, a 27% increase [6][20] - Free cash flow for the quarter was $65 million, a 6% increase year-over-year, with total free cash flow over the last four quarters at $677 million, up 45% [6][21] Business Line Data and Key Metrics Changes - In the Scores segment, revenues were $297 million, up 25% year-over-year, with B2B revenues increasing by 31% primarily due to mortgage originations [7][15] - B2C revenues grew by 6%, driven by indirect channel partners [7][15] - Mortgage origination revenues surged by 48%, accounting for 54% of B2B revenue and 44% of total Scores revenue [7][8] - The Software segment reported revenues of $202 million, a 2% increase from the prior year, with on-premises and SaaS software revenue growing by 4% [11][15] Market Data and Key Metrics Changes - The Americas region contributed 86% of total company revenues, while EMEA and Asia Pacific regions generated 9% and 5% respectively [16] - Total software ARR was $715 million, a 3% increase year-over-year, with platform ARR growing by 17% [12][17] - The dollar-based net retention rate was 102%, with platform NRR at 110% and non-platform at 96% [12][18] Company Strategy and Development Direction - The company continues to focus on innovation, with new products like the FICO Score mortgage simulator and FICO Score 10T being highlighted [9][10] - Partnerships with companies like Fujitsu and Dakado aim to enhance digital transformation and precision in the life insurance industry [13] - The company is committed to expanding its indirect sales channels and enhancing its partner network [11][112] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fiscal year guidance despite macroeconomic uncertainties [22] - The company noted that while there are headwinds in customer outreach programs, the overall business remains healthy [34][41] - Management emphasized the importance of customer education in maximizing the value of their offerings [115] Other Important Information - The company repurchased 112,000 shares in Q2 at an average price of $18.49 per share [22] - The effective tax rate for the quarter was 23.7%, with expectations of around 22% for the full year [20] Q&A Session Summary Question: How did results compare to expectations? - Management acknowledged the current environment's uncertainty and maintained a conservative approach to guidance [31] Question: What is the outlook for software reacceleration? - Management indicated that macroeconomic factors are influencing growth, but they remain optimistic about platform growth [32][34] Question: Any changes in credit origination volumes? - Management noted no significant changes in credit origination volumes but acknowledged the lag in data reporting [38][40] Question: Are there changes in customer behavior regarding platform sales cycles? - Management reported no significant changes in sales cycles, indicating that the platform remains a strategic purchase for customers [45][46] Question: What is the outlook for professional services revenue? - Management expects professional services revenue to increase in the second half of the year due to timing issues [117] Question: What are the strategic priorities moving forward? - Management highlighted upcoming innovations and the use of AI, with announcements expected at FICO World [121]

4月22日，在全球萦绕着对贸易战升级担忧的气氛中，伦敦现货金触摸到了3500美元/盎司的又一历史新高。但随后便一路下行，不仅当日收跌1.3%，更丢 掉了刚刚到手的3400美元/盎司关口。尽管这波下跌来势汹汹，但国际金价今年以来仍以26%以上的涨幅，坐稳全球大类资产表现最佳的宝座。 可能按照国际单位计算金价上涨幅度，对于大众来说并不直观。因此，换个角度来看，2024年年初，北京菜百人头攒动，那时千足金金饰价格不过600元/ 克左右，而现在已迈入克金千元时代。 2024年年初北京菜市口百货总店现场 五一假期临近，资本市场似乎进入了提前放假的行情。就连今年大热的黄金，也已围绕着3300美元/盎司一线震荡了多日。 过去的一周里，伦敦现货金经历了一轮过山车行情。从大幅上涨到大幅回撤，再到如今"不疼不痒"的小幅震荡。虽然现在处于冷静期的金价有些无趣，但 也让人对后市行情"浮想联翩"。 伴随金价不留喘息的上涨，你应该会听到身边的朋友这样说："我当时就是买少了。"而无论是真的投资，还是对金饰情有独钟，涨了，赚了，知足常乐。 金银因其稀缺、可分割等特性自然而然成为了货币的首选材料。但在上世纪70年代，布雷顿森林货币体系崩塌后， ...

文/曹萌 五一假期临近，资本市场似乎进入了提前放假的行情。就连今年大热的黄金，也已围绕着3300美 元/盎司一线震荡了多日。 过去的一周里，伦敦现货金经历了一轮过山车行情。从大幅上涨到大幅回撤，再到如今"不疼不 痒"的小幅震荡。虽然现在处于冷静期的金价有些无趣，但也让人对后市行情"浮想联翩"。 4月22日，在全球萦绕着对贸易战升级担忧的气氛中，伦敦现货金触摸到了3500美元/盎司的又一历 史新高。但随后便一路下行，不仅当日收跌1.3%，更丢掉了刚刚到手的3400美元/盎司关口。尽管 这波下跌来势汹汹，但国际金价今年以来仍以26%以上的涨幅，坐稳全球大类资产表现最佳的宝 座。 可能按照国际单位计算金价上涨幅度，对于 大众 来说并不直观。 因此，换个角度来看，2024年年 初，北京菜百人头攒动，那时千足金金饰价格不过600元/克左右，而现在已迈入克金千元时代。 伴随金价不留喘息的上涨，你应该会听到身边的朋友这样说："我当时就是买少了。"而无论是真的 投资，还是对金饰情有独钟，涨了，赚了，知足常乐。 金银因其稀缺、可分割等特性自然而然成为了货币的首选材料。但在上世纪70年代，布雷顿森林货 币体系崩塌后，由于美元与黄 ...

齐鲁晚报.齐鲁壹点孙雪婷 组织召开全市"双随机、一公开"监管工作联席会议，修订完善联席会议制度文件，制定年度《部门联 合"双随机、一公开"暨跨部门综合监管抽查检查计划》，联合抽查范围从原来的133个行业领域、220项 检查事项拓展到了154个行业领域、255项检查事项，参与部门由35个拓展到了38个，更深层面实现"进 一次门、查多项事"，最大限度减少入企重复检查，提升监管集约化水平。 全面推进信用风险分类监管与"双随机、一公开"监管融合应用，对信用风险等级低的A、B类企业降低 抽查比例和频次，实现"无事不扰"，对信用风险等级高的C、D类企业提高抽查比例和频次，做到"无处 不在"，重联合、减干扰，全市383个抽查事项实现信用风险分类结果应用率100%。 按照"谁检查、谁录入、谁公开"原则，所有抽查均在规定的时间节点通过国家企业信用信息公示系统 (山东)向社会公示检查结果，推进信息共享共治、信用联合惩戒。2024年，集中组织3批次171项部门联 合"双随机、一公开"抽查任务，34个部门参与共检查11278户对象，部门联合抽查率达到69.79%。 4月29日，潍坊市人民政府新闻办公室召开"高效办成一件事"主题系列新 ...

近日，黄金价格剧烈波动。4月2 3日，伦敦现货黄金跌破3 3 0 0美元大关，2 4日，金价有所回 升。截至2 5日11 : 0 0，伦敦现货黄金价格回升至3 3 4 9 . 0 9美元/盎司。 | 伦敦金现 | 伦敦银现 | COMEX黄金 | | --- | --- | --- | | 3349.090 | 33.468 | 3357.3 | | +1.140 +0.03% | -0.096 -0.29% | +8.7 +0.26% | | COMEX白银 | SHFE黄金 | SHFE自银 | | 33.760 | 798.34 | 8326 | | -0.064 -0.19% | +9.92 +1.26% | +33 +0.40% | 与国际金价回升不同的是，国内金店足金饰品价格暂未有上涨趋势。2 5日，周大福、周生生 等足金饰品价格为1 0 3 8元/克。 | 国内现货 | 国际现货 | | 黄金实物 | | | --- | --- | --- | --- | --- | | 品牌 | 回收 银行 | | | | | 品牌 | | | 价格(元/克) | 日涨跌幅 | | 周大福 | | | 103 ...

新华财经北京4月16日电（王菁）债市周三（4月16日）偏强整理，日内特别国债发行安排短暂扰动市 场，部分投机机构止盈离场，午后逐渐趋稳，银行间现券收益率多数延续回落，整体幅度在1BP以内； 公开市场单日净回笼144亿元，资金利率转为上行。 机构认为，二季度外需或是基本面的拖累项，降准可期、降息仍需要时间，而对冲政策力度相机抉择， 债市机会仍大于风险，但下行空间有限。 【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.13%报120.040，10年期主力合约涨0.15%报109.135，5年 期主力合约涨0.10%报106.39，2年期主力合约涨0.02%报102.562。 银行间主要利率债收益率普遍下行，截至发稿，10年期国开债"25国开05"收益率下行1.25BP报 1.6925%，10年期国债"25附息国债04"收益率下行2BPs报1.635%，30年期国债"24特别国债06"收益率下 行0.25BP报1.8525%。 中证转债指数收盘下跌0.55%，报417.68点，成交金额492.25亿元。京源转债、欧通转债、震裕转债、 天路转债、奥飞转债跌幅居前，分别跌7.59%、6.96%、5.66%、4 ...

文 ｜ 明明 李晗 徐烨烽 俞柯帆 来正杰 2 0 2 5年以来，国家持续推动消费升级战略，带动消费贷款余额增速同比回暖。增量基础资产同样 带来消费金融ABS的供需两旺，一方面，1Q2 5年消费贷款ABS发行规模同比高增；另一方面，消 费金融ABS的基础资产质量改善明显，同时票面利率与非金融信用债存在较大利差，带来机构配 置需求的提升。我们聚焦于消费金融ABS的存量特点、条款涉及、信用风险识别等方面，并分析 其配置性价比：在提振消费与政策协同发力的背景下，消费金融ABS基础资产质量有望进一步改 善，建议关注银行类消费金融子公司次优级与央企信托优先级存量消费金融ABS的配置机会。 ▍ 当前消费金融ABS基本情况。 截至2 0 2 5年3月2 0日，存量消费金融ABS共计4 3 7笔，余额约为3 9 2 8亿元，占存量资产支持证券 的1 2%左右。从基础资产分布情况看，可大致分为三类：消费贷款ABS、个人汽车贷款ABS、信 用卡分期贷款ABS：其中消费贷款ABS数量最多，共有3 7 1笔，余额占比超过存量消费金融ABS 的一半；汽车贷款ABS共有6 5笔，存量余额占比约4 8%；信用卡分期贷款共1笔，余额为5亿元 ...