新锦动力表示，本次签订《还款协议》是为推进债务化解工作，进一步降低债务成本，保障公司合法权 益。在新的协议安排下，石家庄恒扬同意了分期付款方式，并降低了利率，放宽了债务偿付条件。根据 相关规定，由于本次交易属于公司单方面获得利益的情形，已豁免提交股东大会审议。 新锦动力认为，此次《还款协议》的签署生效，使公司获得了更为有利的债务偿付条件，有助于有效缓 解短期偿债压力，降低法律风险以及诉讼成本。公告同时指出，随着公司将发展重心全面转向核心高端 装备制造业务，以及国内外市场的不断开拓，公司偿债能力与盈利能力均在逐步提升。本次交易预计可 能增加公司净资产，但具体对未来财务状况的影响金额需以会计师事务所审计后的结果为准。公司也提 示，鉴于目前仍存在一定的债务偿付压力，后续协议执行仍存在不确定性。 根据最新签订的《还款协议》，双方明确了具体的还款方案。这笔1亿元的债务本金将分四期偿还： 2027年12月31日前偿还2000万元，2028年12月31日前偿还2000万元，2029年12月31日前偿还2000万元， 2030年12月31日前偿还剩余的4000万元。债务利息将以1亿元本金为基数，按照协议签订时全国银行间 同业 ...

银行视角解码《金融稳定报告（2025）》 ——行业点评报告 2025 年 12 月 31 日 投资评级：看好（维持） 行业走势图 -14% -7% 0% 7% 14% 22% 29% 2024-12 2025-04 2025-08 银行 沪深300 数据来源：聚源 相关研究报告 《存款搬家股市放缓，中小行储蓄回 流大行—11 月央行信贷收支表要点解 读》-2025.12.18 《存款非银化放缓，关注 2026Q1 大 行资负缺口压力—11 月金融数据点 评》-2025.12.13 《测算：BCBS 调整利率冲击幅度对Δ EVE 的影响 — 行业点评报告》 -2025.12.10 刘呈祥（分析师） 丁黄石（分析师） liuchengxiang@kysec.cn dinghuangshi@kysec.cn 证书编号：S0790524040004 政府部门杠杆率提升，经营性债务化解或一定程度挤出信贷需求 金融稳定报告关注全球债务的可持续性。当前主要经济体财政支出大幅增加， 全球债务水平达到历史高位，据 IMF 测算 2024 年末全球公共债务规模超 100 万亿美元，占全球 GDP 比重约为 93%，部分经济体或面 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Hubei Province's debt resolution work is progressing steadily. The investment growth rate of urban investment companies has slowed down, the investment structure has been continuously adjusted, the growth rate of debt scale has slowed down, and new financing has mainly shifted to bank loans, with the combined proportion of bonds and other financing continuously decreasing. Most regions of urban investment companies in the province have seen an expansion in accounts receivable, and the repayment pressure needs to be alleviated. The net cash inflow from financing activities of urban investment companies has been shrinking year by year, and some regional urban investment companies still face liquidity pressure. Urban investment companies need to improve their operational efficiency through "Three Capitals and Three Transformations" and substantial transformation, and promote debt resolution and development in a coordinated manner by enhancing their self - hematopoietic ability [2][40] Summary by Directory I. Hubei Province's Debt Control Situation - **Overall Debt Control**: Hubei Province strictly implements the debt resolution plan. It actively resolves debts through measures such as the "Three Capitals" reform and strives for replacement bond quotas. It also strengthens supervision through digital platforms, achieving the goal of exiting financing platforms ahead of schedule and keeping local debt risks generally under control [4][6] - **"Three Capitals and Three Transformations"**: Since 2023, Hubei has promoted the construction of a large - fiscal system with debt resolution as the entry - point. By the end of 2024, the province basically completed the inventory of "Three Capitals". In May 2025, it deepened the reform of state - owned "Three Capitals" management. Provincial - owned enterprises aim to revitalize 150 billion yuan of inefficient and idle assets in three years [5] - **Replacement Bonds**: In November 2024, after the National People's Congress Standing Committee approved the local debt - resolution "combination punch", Hubei Province received 294.6 billion yuan, with an annual issuance quota of 98.2 billion yuan from 2024 to 2026 for special bonds to replace implicit debts [6] - **Regional Debt Control**: In 2025, various cities in Hubei Province actively carried out debt - control and debt - resolution work, including revitalizing state - owned "Three Capitals", formulating debt - resolution plans, and strengthening debt supervision. For example, Wuhan revitalized assets worth 142.6 billion yuan, and Xiangyang completed the replacement of 7.75 billion yuan of implicit debts ahead of schedule [7] II. Changes in Financial Indicators of Urban Investment Enterprises in Hubei Province 1. Investment - **Overall Situation**: From 2022 to June 2025, the scale of three types of investments (urban construction assets, self - operating assets, equity and fund investment assets) of urban investment companies in Hubei Province continued to rise, but the growth rate has been slowing down since 2023. Since 2023, the growth rates of self - operating assets, equity and fund investment assets have exceeded that of urban construction assets. The proportion of urban construction assets has continued to decline slightly, but it remains the main asset composition [13] - **Regional Differences**: In 2024, most regions in Hubei Province saw an overall increase in the three types of investments, with a median growth rate of 3.81%. The combined growth rate of the three types of investments in provincial - level, Shiyan, Jingmen, Xianning and Xiaogan was relatively high. The proportion of urban construction assets in most regions was relatively high, except for Wuhan where the proportion of self - operating assets was relatively large [14][15] 2. Collection - **Overall Situation**: Since 2022, the accounts receivable of urban investment companies in Hubei Province have been increasing year by year, with fluctuating growth rates. The cash - income ratio has declined slightly since 2023 [18][20] - **Regional Differences**: In 2024, the accounts receivable of Wuhan's urban investment companies were significantly higher than those in other regions. The growth rates of accounts receivable in Qianjiang, Tianmen and Jingzhou were relatively fast. In 2024, the cash - income ratios of Huangshi, Shiyan, Jingmen, Xiantao and Enshi were high, while those of Tianmen and Ezhou were relatively low [21] 3. Financing - **Overall Situation**: From 2022 to 2024, the net cash inflow from financing activities of urban investment companies in Hubei Province continued but shrank year by year. In 2024, the net cash flow from financing activities decreased significantly. In the first half of 2025, the net cash inflow from financing activities increased by 45.16% year - on - year [23][25][26] - **Regional Differences**: In 2024, the financing activities of Wuhan's urban investment companies accounted for nearly 40% of the province. The financing activities of various cities in Hubei Province showed significant differences. The financing activities of urban investment companies in Jingzhou, Qianjiang, Huanggang, Ezhou, Enshi and Xiantao showed net outflows, while those of other cities showed net inflows [26] 4. Interest - Bearing Debt - **Debt Scale**: From 2022 to June 2025, the debt scale of urban investment companies in Hubei Province continued to grow, but the growth rate slowed down. In 2024, the growth rate decreased by 7.15 percentage points to 3.50%. In 2024, the debt scale of Wuhan's urban investment companies accounted for nearly 50% of the province [31] - **Debt Maturity**: The overall debt maturity structure of urban investment companies in Hubei Province is still dominated by long - term debt, but the proportion of short - term debt has shown a slight upward trend. As of June 2025, short - term debt accounted for about 20%. The proportion of short - term debt in provincial - level and Huangshi exceeded 30% [31] - **Debt Structure**: As of the end of 2024, bank loans were the main financing channel for urban investment companies in Hubei Province (about 56%), followed by bond financing (about 28%) and other financing (about 16%). Since 2022, the combined proportion of bond financing and other financing has continued to decline, while the scale and proportion of bank financing have continued to increase [32] - **Bond Financing**: From 2024 to January - September 2025, the overall bond financing of urban investment companies in Hubei Province showed a net outflow. In 2024 and January - September 2025, most regions' urban investment bond financing showed net outflows [32] 5. Solvency - **Overall Situation**: From 2022 to June 2025, the overall debt scale of urban investment companies in Hubei Province continued to expand, the asset - liability ratio and the overall debt capitalization ratio showed an upward trend. From 2022 to the end of 2024, the cash - to - short - term - debt ratio decreased year by year and rebounded to the level at the end of 2023 in June 2025 [37] - **Regional Differences**: In 2024, the debt burdens of provincial - level, Ezhou, Wuhan, Jingzhou and Xiangyang were relatively heavy. The debt burdens of Shiyan and Suizhou were relatively light. Most cities in Hubei Province faced relatively large short - term solvency pressure, while Wuhan, Huanggang and Tianmen faced relatively small short - term solvency pressure [37][38] III. Conclusion - Hubei Province's debt resolution work has been progressing steadily, but urban investment companies still face challenges such as slow investment growth, accounts receivable pressure, and liquidity pressure. They need to improve operational efficiency and self - hematopoietic ability through "Three Capitals and Three Transformations" and substantial transformation to promote debt resolution and development [40]

证券时报记者臧晓松 在中国光伏行业版图中，位于江苏南通海安市的欧贝黎新能源科技股份有限公司（简称"欧贝黎"）曾经 领风气之先，成为中国光伏企业走向国际的先行者。 受行业竞争加剧以及海外对中国光伏产品实施"双反"的影响，欧贝黎遭受重创，债务压力使企业举步维 艰。2020年，在海安市政府牵头协调下，国资背景的江苏瑞海投资控股集团有限公司（简称"瑞海投 资"）与欧贝黎、海安高新区管委会签署了内部重组《协议书》，其核心内容包括：在整体银行债务规 模予以打折的基础上，由瑞海投资最终受让银行打折债权，由海安高新区管委会协调将欧贝黎名下276 亩土地进行规划调整、用地性质变更和挂牌上市，通过开发房地产获得收益来实现债务化解。 海安市黄海西路188号，欧贝黎在这里打造的"光伏王国"，如今已经"归零"。证券时报记者在现场看 到，已经搬空的厂房内，依稀能看到欧贝黎的字样，露出红砖的墙上，还挂着南通市时任领导参加奠基 仪式的照片。 2006年1月，占地203亩的欧贝黎迎来奠基时刻。"我们斥资上亿元引进全球最领先的德国生产线，实现 当年建设、当年产品下线，首年即实现销售额1.18亿元。"欧贝黎创始人费建明向证券时报记者表示。 海安官 ...

Core Viewpoint - The unique phenomenon of "AI tech stocks and resource commodities (gold, copper) rising simultaneously" in 2025 reflects a common pricing strategy among major economies addressing the core issue of debt. The resolution of debt relies on technological advancements to enhance total factor productivity (AI path) or through inflation to dilute debt (resource path), representing two sides of the same macroeconomic logic [1][8]. Group 1: Changes in Profit Structure - The profit structure of China's A-share market has fundamentally changed, evolving from a previous "80/20" model to a current "60% traditional domestic demand + 40% emerging industries and overseas" model. The overseas segment shows higher profit quality than domestic operations, becoming a core support for market resilience [1][9]. - The overseas revenue share of A-share companies has exceeded 20% and continues to rise, with overseas business margins significantly higher than domestic ones, indicating that overall profitability will not experience systemic decline even if domestic profits remain under pressure [9]. Group 2: Market Trends and Predictions - A-share ROE is expected to show a clearer upward trend, transitioning from a "fast bull" to a healthier "slow bull" market due to valuation constraints, enhanced regulatory oversight, and the entry of long-term incremental funds [1][16]. - The period from December to January is identified as a critical "buy the dip" window, with expectations of a "spring rally" in February to March, suggesting a favorable environment for investment in sectors that have undergone sufficient adjustments [4][22]. Group 3: Global Market Review - The performance of major markets, including the US, Germany, China, Japan, and South Korea, has shown a strong correlation in the rise of technology and resource sectors, particularly in non-ferrous metals, driven primarily by earnings growth rather than mere valuation expansion [5][6]. - The simultaneous rise of technology and resource assets, particularly gold and AI stocks, reflects a dual pricing strategy addressing the global debt issue, with both sectors benefiting from the same macroeconomic conditions [7][8]. Group 4: Supply Constraints and Industry Trends - Supply constraints are becoming a dominant variable in various industries, including AI computing power, semiconductors, and resource sectors, indicating that as long as supply cannot be rapidly expanded, industry trends are unlikely to change [20][21]. - The copper price is expected to replicate the upward trajectory of gold, driven by historically low global inventories and anticipated recovery in manufacturing due to fiscal and monetary easing [3][14][15]. Group 5: Funding Sources and Market Dynamics - Three relatively certain sources of incremental funds are identified: long-term funds represented by state-owned enterprises, insurance funds with increasing equity allocation, and high-net-worth individuals reallocating from low-yield fixed income to equities [18][19]. - The current market environment suggests a "slow bull" rather than a rapid bull market, with traditional macro indicators losing significance while industry trends, global demand, and supply constraints become more critical pricing factors [23].

Core Viewpoint - Suning.com is currently facing significant challenges, including a liquidity crisis and heavy debt burdens, prompting the company to divest non-core assets and refocus on its main business of home appliances and electronics retailing [3][5][12]. Group 1: Asset Divestiture and Debt Reduction - Suning.com has sold eight subsidiaries of Carrefour China for a nominal price of 1 yuan each, indicating a strategy to offload underperforming assets while addressing debt issues [5][10]. - The company has engaged in multiple transactions this year, selling a total of 24 subsidiaries, which is expected to increase the net profit attributable to shareholders by over 19 billion yuan [12][13]. - As of September 30, 2025, Suning.com reported a current liability of 846.27 billion yuan against current assets of only 483.28 billion yuan, highlighting the severity of its financial situation [13]. Group 2: Strategic Shift and Business Focus - Suning.com is shifting its focus back to its core business of home appliances and electronics, with plans to open large retail stores as part of its strategy to regain market share [21][23]. - The company has opened 69 new large stores in the first three quarters of 2025, while also closing smaller, less profitable locations, indicating a strategic consolidation of its retail footprint [22][23]. - Despite a decline in overall net profit, the core home appliance business has shown signs of profitability, suggesting a potential recovery path for the company [23]. Group 3: Leadership and Future Direction - Zhang Jindong, the founder, has re-emerged as a key figure in the company, emphasizing a return to core retail operations and a commitment to improving operational efficiency [20][21]. - The company is undergoing organizational changes aimed at reducing management layers and enhancing retail capabilities, reflecting a renewed focus on its traditional strengths [20][21]. - Analysts suggest that while Suning.com is making strides to stabilize, the competitive landscape remains challenging, with other major players like JD.com and Alibaba also expanding their offline presence [24].

证券日报网讯 12月16日，皇庭国际在互动平台回答投资者提问时表示，公司各项经营管理工作仍在有 序开展，同时，公司十分重视存续债务化解事项，目前正在积极寻求各种有效途径，争取早日完成债务 化解工作。 （编辑 王雪儿） ...

在全力推进化债的同时，万科对于拿地布局动作依然没有停滞。 万科债务化解进程再添波折。其一笔20亿元中期票据的三项展期议案，在持有人会议上悉数未获通过。 受此消息影响，12月15日，万科境内债集体走低。截至晚间收盘，"21万科02"下跌超26%、"21万科 04"下跌超11%、"23万科01""21万科06""22万科02""22万科04""22万科06"均下跌超5%。 尽管本次债券本息兑付日已至，但根据募集说明书约定，万科仍拥有5个工作日的宽限期，这也为后续 解决方案的磋商留下了缓冲空间。 仍有5日宽限期 12月15日，万科发布公告称披露"22万科MTN004"2025年第一次持有人会议表决结果。 据悉，会议于12月10日召开，核心聚焦三项关键议案，包括《调整中期票据本息兑付安排的议案》《追 加投资人可接受的增信措施、有条件调整中期票据本息兑付安排的议案》《调整中期票据本息兑付安 排、追加增信措施的议案》。 公告明确显示，上述三项议案均未达到生效条件，未能顺利通过。 对于这一结果，万科在公告中表达了歉意："公司已知晓本次债券持有人会议的表决结果，并就展期相 关事宜给各相关方带来的影响深表歉意。" 同时，万科承 ...

股份冻结背后是控股股东持续多年的债务危机。公告披露，如意科技自2019年出现流动性困难以来，截 至2024年末全部出现逾期，如意科技主体银行金融债务75亿元全部逾期及公开市场债券31亿元出现违 约。 为化解债务风险，在地方党委政府及省级债委会支持下，如意科技制定了债务化解方案以及通过银行债 务核销、平台转股减债、上市退出的资产及债务重组方案，经过山东省金融局认可，两年来按照化债方 案分步分块平稳地开展债务化解，取得了显著成效。如意科技75亿元银行债务已核销40亿元，通过资产 管理公司收购债权，对如意新项目或新平台债转股，通过上市公司退出方式解决。31亿元债券正在针对 持有人不同情况，与持有人进行商谈制定可行方案达成和解，进行有效化解。 除上述轮候冻结生效外，如意科技近期还新增多笔股份轮候冻结。其中，江苏省无锡市中级人民法院、 湖北省武汉市中级人民法院分别对其持有的3051.47万股股份实施轮候冻结，青岛市崂山区人民法院、 银川市金凤区人民法院则分别冻结1051.47万股和112.38万股，所有轮候冻结期限均为36个月。 从累计冻结情况来看，如意科技、山东如意毛纺集团有限公司(下称"毛纺集团")及实际控制人邱亚 ...

11月26日晚间，万科在上清所发布召开"22万科MTN004"债券持有人会议公告，将于2025年12月 10日对本期债券展期相关事项进行审议，该债券本金兑付日为2025年12月15日，债券余额20亿元， 年利率3%。 对此，中指研究院企业研究总监刘水认为，在本金兑付日前，如果展期获得债券持有人表决通过，严格来 说展期就不是违约，但是债券展期会对公司信用造成伤害，投资机构对公司偿债能力的信任度会有所下 降，不利于公司后期的融资。 刘水指出，万科短期偿债压力较大。根据统计，2025年12月，万科境内债到期余额是57亿元，除了这笔 20亿元债券展期，另外还有37亿元债券需要偿还。未来两年，也是万科的偿债高峰，2026年万科还有超 过120亿元境内债偿还，2027年还有70亿元海外债及超过30亿元境内债。 李宇嘉认为，展期是谋求长远的处置模式，万科面临的挑战必须多方合力来解决。一是万科腾挪资产获得 现金流，包括积极储备新的地块，把握当前市场对于"好房子"、改善型需求的市场机会，改善现金流状 态；二是大股东深铁的扶持；三是债权人展期。综合各方判断，房地产市场即将触底，在万科资产质量相 对优良的情况下，通过三方一齐发力， ...