转自：贵州日报 本报讯（通讯员 敖才冬）今年以来，中国农业银行铜仁分行落实房地产行业融资协调机制，从供需两 端精准发力，助力房地产市场稳健发展。 在供给端，农行铜仁分行建立绿色审批通道，对白名单房地产项目实施"优先保障、快速审批"机制，集 中资源推动贷款高效落地，确保信贷资金及时到位。对已审批贷款，协助房开公司落实用信条件，根据 施工进度贷款应投尽投，通过强化项目全周期金融支持，落实"保交楼、保民生、保稳定"目标。近两 年，该行新审批落地白名单房地产项目3个、投放贷款1.68亿元。 在需求端，持续加大个人住房贷款投放，进驻楼盘现场办贷，提升服务效率。此外，深化与市县两级公 积金管理部门合作，派驻专业人员驻点服务，为群众提供便捷的公积金贷款办理渠道。今年前10个月， 该行新发放个人住房贷款5.6亿元，帮助1400余户家庭实现安居梦想。 ...

Core Viewpoint - China Great Wall Asset Management Corporation's Beijing branch has successfully addressed a funding gap of nearly 1 billion yuan in a key real estate project, demonstrating the responsibility of state-owned financial institutions in ensuring project completion and stability for local residents [1][2]. Group 1: Project Background and Challenges - The project, initiated in May 2019, faced significant challenges due to the downturn in the real estate market and the liquidity crisis following Evergrande's financial troubles, leading to the project being included in the government's "guarantee delivery" list [2]. - The project has a total construction area of over 500,000 square meters and has left 3,952 households affected due to the funding shortfall and project stagnation [2]. Group 2: Actions Taken by the Company - In November 2023, the Beijing branch acquired the debt package related to the Evergrande project through public bidding, which included multiple residential land parcels [2]. - The company established a communication mechanism with local government to facilitate the resolution of project risks and engaged in discussions regarding special loans for project completion [3]. Group 3: Financial Contributions and Future Plans - The company has invested over 10 billion yuan to resolve construction payments and has contributed to the payment of approximately 500 million yuan in wages for migrant workers, facilitating the resumption of over 1,000 billion yuan in project value [4]. - Moving forward, the company plans to deepen cooperation with local governments and establish special urban renewal funds to support real estate recovery and risk mitigation efforts [4].

Report Industry Investment Rating - Bullish on the glass main contract [2] Core Viewpoints of the Report - There are five reasons to be bullish on the glass main contract, including low historical valuation, policy benefits, marginal relief of inventory pressure, expected technical rebound, and strengthened industry supply constraints. It is recommended to gradually lay out long positions on dips in the medium - to - long - term and strictly control positions in the short - term [3] - For stock index futures, it is expected that the adjustment will be limited and the strong feature remains unchanged. It is recommended to continue to buy on dips [5] - Gold has a sign of starting to move upwards after a period of sideways consolidation, and it is possible to try to go long [8] - For iron ore, with the supply expected to be loose and weak domestic demand support, it is recommended to maintain a wide - range oscillation mindset and buy low and sell high [9] - Glass has shown signs of bottoming out recently, and it is advisable to consider buying on dips [11] - As of December 24, 2025, the total inventory of Chinese methanol ports increased, with inventory accumulation in East China and destocking in South China, and the sales area market is strong under multiple positive factors [13] - As of December 25, 2025, the inventory of China's mainstream pulp ports continued to decline, with a 4.4% month - on - month decrease, and a shock judgment is made [16] Summary by Related Catalogs Glass - **Valuation**: The current contract price is approaching the key level of 1000 yuan/ton, close to the cost line, with a significant discount compared to the historical center, sufficient safety margin and limited downside space [3] - **Policy**: Real estate relief policies are continuously implemented, and the funds for ensuring the completion of buildings support the completion demand. Renovation of old communities and construction of affordable housing bring incremental structural demand [3] - **Inventory**: Some glass factories actively reduce production, and with the gradual start of winter storage, the "inventory dam" risk will be slowly released, and the supply - demand pattern is expected to improve. For example, the No. 4 line of Xinyi Ultra - thin Glass (Dongguan) Co., Ltd. with a design capacity of 900 tons/day stopped production for cold repair on December 24 [3] - **Technical**: After the price fell below multiple long - term moving averages, the short - selling momentum was fully released, and oversold signals appeared, with a short - term need for technical repair [3] - **Supply**: The Ministry of Industry and Information Technology prohibits new capacity, and the industry supply side continues to tighten. In the long run, the repair of supply - demand mismatch will support the price to return to a reasonable range [3] Stock Index Futures - The three major A - share indices continued to rise, with the Shanghai Composite Index having seven consecutive positive days. Technically, there is a divergence in the short - term 5 - and 15 - minute cycles, but the 60 - minute pattern remains intact. It is expected that the adjustment will be limited and the strong feature remains unchanged. It is recommended to continue to buy on dips [5][6] Gold - After a period of sideways consolidation, gold shows a sign of starting to move upwards, and it is possible to try to go long [8] Iron Ore - With the commissioning of the Simandou project, the expectation of loose supply is further fermented. On the demand side, except for exports still having some momentum, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, it is recommended to maintain a wide - range oscillation mindset and buy low and sell high [9][10] Methanol - As of December 24, 2025, the total inventory of Chinese methanol ports was 1.4125 million tons, an increase of 193,700 tons compared with the previous period. Among them, the inventory in East China increased by 207,700 tons, and the inventory in South China decreased by 14,000 tons. The sales area market is strong under multiple positive factors [13] Pulp - As of December 25, 2025, the inventory of China's mainstream pulp ports was 1.906 million tons, a decrease of 87,000 tons compared with the previous period, a month - on - month decrease of 4.4%. The inventory has continued to decline for five consecutive weeks, and a shock judgment is made [16]

1. Report Industry Investment Rating - The report is bullish on the glass main contract [2] 2. Core Viewpoints - The first wave of the glass main contract's rise is not over, and it maintains a strong feature. It is recommended to continue low - buying and not to chase after rising [5] - The three major A - share indices rose overall, with the Shanghai Composite Index achieving six consecutive positive days, showing a trend feature. The rebound cycle has increased from 15 minutes to 60 minutes [6] - Gold shows signs of starting an upward movement after a period of sideways oscillation, and it is advisable to try going long [8] - Iron ore is in the process of finding a bottom, with weak domestic demand support. Technically, it should be viewed with a wide - range oscillation mindset, adopting a strategy of high - selling and low - buying [9] - The daily melting of glass has declined, and there has been another inventory reduction this week. The main driving forces are policy - side stimulus and supply - side clearance. Technically, the daily line closed positive, and it can be viewed with an oscillation mindset in the near term [13][14] - The freight of methanol has increased significantly recently, increasing the arrival cost in the sales area. The new olefin project of Lianhong has a stable load of 80%, showing an incremental demand. After the continuous rise of port methanol prices, the amount of port goods flowing back to Shandong has gradually decreased. Under multiple positive factors, the market in the sales area is strong [16] - With domestic policies continuing to boost domestic demand, overseas pulp mills increasing production cuts, and the gradual elimination of backward papermaking production capacity, the demand for commercial pulp should see an accelerated overall improvement. It is judged to be in an oscillating state [19] 3. Summary by Related Catalogs Reasons for being bullish on the glass main contract - Valuation is at a historical low: The current contract price is approaching the 1000 - yuan/ton key level, close to the cost line, with a significant discount compared to the historical center, having sufficient safety margin and limited downside space [3] - Policy benefits are gradually transmitted: Real - estate relief policies are continuously implemented across the country. The arrival of funds for ensuring the completion of buildings supports the demand for completion. Renovation of old residential areas and construction of affordable housing bring incremental structural demand [3] - Inventory pressure is marginally relieved: Some glass factories actively cut production and reduce the daily melting volume. As winter storage gradually starts, the risk of the inventory "dam" will be slowly released, and the supply - demand pattern is expected to improve. On December 24, the fourth - line float - glass production line of Xinyi Ultra - thin Glass (Dongguan) Co., Ltd. with a designed capacity of 900 tons per day stopped production for cold repair [3] - A technical oversold rebound is expected: After the price fell below multiple long - term moving averages, the short - selling momentum was fully released, showing an oversold signal, with a short - term need for technical repair [3] - Industry supply constraints are strengthened: The Ministry of Industry and Information Technology strictly prohibits new production capacity, and the industry supply side continues to tighten. In the long run, the repair of the supply - demand mismatch will support the price to return to a reasonable range. For operation, in the medium - and long - term, gradually build long positions on pullbacks, and strictly control positions in the short - term [3]

专题：四大证券报精华 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月23日（星期二），今日报刊头条主要内容精华如下： 中国证券报 A股休市安排来了！港股通交易日安排同步出炉 12月22日晚，沪深北交易所发布2026年部分节假日休市安排。沪深港通下港股通交易日安排也同步出 炉。 金银大涨！上期所最新调整 12月22日，上期所发布关于调整白银期货相关合约交易限额的通知。根据《上海期货交易所风险控制管 理办法》的有关规定，经上期所研究决定，自12月24日（即12月23日夜盘）交易起，非期货公司会员、 境外特殊非经纪参与者、客户在白银期货AG2602合约的日内开仓交易的最大数量为10000手。 五新隧装重大资产重组获注册 12月22日晚，北交所上市公司五新隧装发布公告，公司发行股份及支付现金购买资产并募集配套资金暨 关联交易事项获证监会注册。业内人士表示，这标志着"并购六条"发布后北交所首单发行股份购买资产 项目落地，也标志着公司迈入发展新阶段。 智元机器人新动作！租机器人吗？ 12月22日，智元机器人推出机器人租赁平台"擎天租"。记者发现，在"擎天租"微信小程序上，用户选择 所需的 ...

2025年步入尾声，房企正加快交付重点项目，全力推进保交楼。住房城乡建设部数据显示，截至今年10 月份，全国750多万套已售出但难交付的住房实现了交付。 保交楼不仅是保障购房者权益的底线任务，更是稳定房地产市场的重要支撑力。当前，各大房企保交楼 任务完成情况如何？支撑保交楼的资金来自哪里？还有哪些难点项目有待攻坚？带着上述问题，近期， 《证券日报》记者探访多个楼盘，了解保交楼的真实进展，并与企业、专业人士等进行深度交流，探寻 行业新发展方向。 加紧施工保交楼 自2021年下半年起，部分房企资金承压，项目停工、交付延期等问题陆续出现，购房者心理预期波动， 行业信心受到冲击。据克而瑞不完全统计，截至2021年末，24个重点监测城市尚未交付的问题项目总建 筑面积约2468万平方米，占2021年商品住宅成交总面积比重约10%。交付压力在短时间内集中显现，也 让行业调整的阵痛被迅速放大。 2022年7月底，保交楼首次被写入中央政治局会议文件，会议明确提出"保交楼、稳民生"的政策基调。 随后，围绕保交楼，一揽子政策持续落地，项目交付节奏逐步恢复，多地保交楼工作取得积极进展。 11月下旬，《证券日报》记者在天津生态城实地探 ...

转自：证券日报 记者 杨 洁 在上海市虹口区北外滩核心地段，一个名叫"虹口源·717"的房地产项目正在紧张的施工中。工地上塔吊 转动、工程车辆有序进出，售楼处大厅里前来咨询的客户络绎不绝。 《证券日报》记者在采访中得知，眼前的工地，在三年前开挖深基坑后，因开发商资金链断裂致使项目 被迫停工，一度让这里成了城市发展的一块"伤疤"。 是什么力量让这个曾经深度"沉睡"的地产项目重新焕发了活力？ 从"蝶恋花"（出险时项目原名称，以下简称"原项目"）到"虹口源·717"，项目名称的更迭背后，是中国 东方资产管理股份有限公司（以下简称"中国东方"）以4.5亿元共益债资金，撬动盘活百亿元级资产的 纾困房企新实践，更是金融资产管理公司（AMC）回归主责主业、化解房地产风险的有力诠释。 当前，房地产市场正处于构建发展新模式的关键阶段。"着力稳定房地产市场"已被日前召开的中央经济 工作会议列为"坚持守牢底线，积极稳妥化解重点领域风险"的重点任务。业内人士深信，今后更多进程 中的纾困项目将迎来曙光，更多"好房子"将拔地而起！ 逾82亿元银团担保债权的僵局 时间回溯至2022年3月份，随着祥生地产集团债务风险传导，其旗下上海聚博房地 ...

在上海市虹口区北外滩核心地段，一个名叫"虹口源·717"的房地产项目正在紧张的施工中。工地上塔吊 转动、工程车辆有序进出，售楼处大厅里前来咨询的客户络绎不绝。 《证券日报》记者在采访中得知，眼前的工地，在三年前开挖深基坑后，因开发商资金链断裂致使项目 被迫停工，一度让这里成了城市发展的一块"伤疤"。 是什么力量让这个曾经深度"沉睡"的地产项目重新焕发了活力？ 当前，房地产市场正处于构建发展新模式的关键阶段。"着力稳定房地产市场"已被日前召开的中央经济 工作会议列为"坚持守牢底线，积极稳妥化解重点领域风险"的重点任务。业内人士深信，今后更多进程 中的纾困项目将迎来曙光，更多"好房子"将拔地而起！ 逾82亿元银团担保债权的僵局 时间回溯至2022年3月份，随着祥生地产集团债务风险传导，其旗下上海聚博房地产开发有限公司（以 下简称"聚博房地产公司"）开发的房地产项目全面停工。 《证券日报》记者采访了解到，彼时该项目建设资金主要依赖于银团发放的"助建贷"，因祥生地产集团 债务风险影响，银团对聚博房地产公司采取了停贷措施，当时公司总债务规模逾百亿元，其中银团担保 债权规模逾82亿元，一时之间，聚博房地产公司陷入资金短缺 ...

来源：中国新闻周刊 记者：赵越 保交楼新尝试 最近，广州黄埔区开始向部分烂尾楼业主发放房票。此前，房票被广泛用于拆迁旧改的安置工作中，而 将房票用在保交楼上，尚属首次。 据悉，升龙·学府上城的业主是首张保交楼房票的使用者，该房票价值300.4万元。该业主凭借这一房 票，兑换黄埔区仕林苑的一套建筑面积约113平方米的新住宅。 保交楼房票的亮点之一是"等价置换"原则，按照业主此前支付的房屋总价，抵扣"房源超市"房产所应付 的价格。 "保交楼"新思路 据悉，此次可兑换房票的停工楼盘，是广州黄埔区的升龙·学府上城和实地常春藤的部分停工住宅。 以升龙·学府上城为例，2021年，升龙·学府上城首次开盘。整体看，全盘均价3万—3.1万元/平方米，其 中大户型价格最高达3.6万元/平方米。但不少业主在购房半年后发现该楼盘陷入停工。此后数月，尽管 黄埔区住房和城乡建设局对该项目发布多次警示通报，但项目进度仍然远远不及预期。 实地常春藤同样是大型住宅项目，分多期开发，但该楼盘开发商实地集团在2021年便出现现金流紧张的 状况，此后部分楼栋无法如期交付。据了解，该项目5期的5栋、6栋目前仍然是在建的状态。 据知情人士透露，开发商资 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," which sets the direction for high-quality financial development in Shenzhen [1][20]. Group 1: Political Leadership and Learning - The company prioritizes political construction, utilizing various learning methods to study Xi Jinping's latest important speeches and fostering a strong learning atmosphere through dedicated columns on their public platform [2][21]. - A structured learning matrix is established, integrating theoretical learning into daily practices, ensuring continuous engagement among party members [2][21]. Group 2: Leadership Role in Key Projects - The company plays a crucial leadership role in major project reviews and investments, ensuring alignment with national strategies and regional economic stability [5][23]. - Party members take on exemplary roles in project advancement, particularly in areas like non-performing asset management and real estate project support, contributing to high-quality economic development [5][23]. Group 3: Risk Management and Real Estate Solutions - The company actively responds to calls for real estate risk mitigation, focusing on urban renewal and policy housing, and collaborates with local governments and various departments to address challenges faced by stakeholders [9][27]. - Innovative financial solutions are implemented to restructure historical debts and attract new funding, achieving both economic and social benefits, recognized with the "2024 Best Case Award" in the national AMC industry [9][27]. Group 4: Project Revitalization and Community Support - The company engages in project revitalization efforts, employing innovative models to resolve risk conflicts, particularly in the real estate sector, and successfully isolates debt risks while achieving multi-party benefits [12][30]. - Initiatives are taken to support local governments and financial institutions, ensuring that community needs are met while promoting economic stability [12][30]. Group 5: Strategic Investment in Emerging Industries - The company embraces its political and social responsibilities by investing in emerging industries such as robotics and artificial intelligence, aligning with national strategic goals [16][34]. - Collaborative investment strategies are employed to address liquidity challenges faced by companies, enhancing the overall production capacity in Shenzhen [16][34]. Group 6: Future Directions - The company plans to continue its involvement in local financial risk management, focusing on Shenzhen's strategic emerging industries and contributing to the development of the Guangdong-Hong Kong-Macao Greater Bay Area [18][35].