本报讯 （记者陈潇）12月11日，重庆市级重点项目、央地合作示范项目重庆湾正式开工。该项目由中 国长城（000066）资产管理股份有限公司（以下简称"中国长城资产"）主导，是重庆近三年来投资金额 最大的房地产盘活项目，也是重庆首个金融央企与地方政府合作成功落地的项目。 这不仅是一个城市标杆级项目的重生，更是中国长城资产以央企担当、创新模式盘活存量资产，护航经 济稳定的又一生动实践。 点睛两江四岸 金融机构助力焕新重庆封面 重庆湾项目地处重庆"两江四岸"核心区中心位置，独揽1.5公里南滨江岸线，直面两江交汇及来福士、 大剧院等城市地标，毗邻解放碑、江北嘴、弹子石三大CBD，以及故宫文物南迁纪念馆、慈云寺等文 保古迹，是集"顶流地段+极致景观+深厚文化"于一身的稀缺核心资产。 项目总建筑面积约100万平方米，是重庆主城核心区稀缺的超大型综合性项目，对推动南滨路片区城市 更新、提升两江四岸区域整体形象、促进重庆城市高质量发展具有重要意义。 此前，因市场原因这一承载城市发展期许的重大项目一度陷入停滞。面对这一困境，中国长城资产积极 响应国家号召，以金融机构的使命担当和强大的资产运营能力，介入推动该项目盘活工作。 "化 ...

龙虎榜机构热股 今天机构龙虎榜上榜31只个股，净买入13只，净卖出18只。当日机构买入最多的个股前三位是：神农种业（2.65亿）、中瓷电子（1.57亿）、龙洲股份 （1.12亿）。 | 上榜热股 | 实时涨跌幅♀ 买/卖家数↕ | | | --- | --- | --- | | 神农种业 300189.SZ | +20.07% | 4/2 | | 中瓷电子 003031.SZ | +10.00% | 2/0 | | 龙洲股份 002682.SZ | +9.96% | 3/0 | 神农种业 龙虎榜显示，今日4家机构净买入2.65亿。 海南本地股；公司为国内遗传智能化育种技术领先供应商，主营产品为杂交水稻种子、玉米种子、蔬菜瓜果种子、棉花种子等。 据智通财经报道，12月10日，中共海南省委关于制定国民经济和社会发展第十五个五年规划的建议发布。其中提出，推动"买全球精品"。促进免税购物提质 升级，进一步挖掘国潮、海南独家、科技新品等供给，有序构建"离岛免税+岛内居民日消品免税+跨境电商"多层次供给格局。持续提升中国国际消费品博 览会的规模和影响力。 龙虎榜知名游资 一、大消费 茂业商业 个股龙虎榜 呼和浩特零售市场 ...

2025 年 12 月，中央经济工作会议即将启幕。这场由中共中央、国务院联合主导的顶层经济盛会，历来被视作解读中国经济走向的 "核心密码"。 当关键时间节点、重大政策信号与核心发展任务形成三重交汇，这场会议的分量愈发凸显。 当前，中国经济正处于新旧动能转换的深水区，传统增长引擎增速放缓，新兴产业尚在蓄力爬坡，叠加全球地缘政治动荡、外需市场收缩等外部挑战，经济 下行压力持续显现。 从普通人的消费决策到企业的投资布局，从房贷利率的波动到就业市场的冷暖，亿万民众的切身利益都在期待这场会议给出清晰指引。 赤字率调整、房地产纾困、新兴产业扶持 —— 三大核心议题背后，没有人是旁观者。 内需市场复苏乏力，上半年居民消费价格指数（CPI）出现 0.1% 的负增长，工业品出厂价格指数（PPI）更是连续 33 个月处于下行通道，反映出实体经济 需求不足的困境。外需层面，对美出口连续十个月同比萎缩 17%，全球贸易保护主义抬头给出口导向型产业带来持续冲击。 AI、数字经济、绿色能源等新兴领域虽展现出强劲发展势头，但在核心技术突破、产业链完善、市场规模拓展等方面仍有短板，尚未能完全承接传统产业 的增长动能。 这种经济 "换挡" 过 ...

11月18日，开封市平稳基金正式成立。将借鉴南宁市平稳基金运营模式开展开封市保交楼工作。这也意 味着保交楼"南宁模式"正在走向全国，形成可复制可推广的重要经验。 随着保交楼攻坚战进入尾声，国家专项借款正在逐步退出，房地产"保交楼"工作进入深水区。据了解， 部分城市仍存在债务关系复杂、资产多重抵押、资金缺口巨大等问题的烂尾楼项目，这些项目需要通过 创新方式逐步解决。 在上述背景下，各地亟需建立市场化纾困长效机制。11月初，河南开封、河南荥阳、山东泰安三地考察 团相继南下广西南宁，希望能深入学习平稳基金的"保交楼"运作模式，而该基金年内已经三次迎接外地 考察团。 南宁市平稳基金的探索，不仅为当下的烂尾楼项目提供了解题思路，更为构建房地产发展新模式提供了 重要参考。 "硬骨头"难啃，三地考察团南下取经 "我们面临的是货值无法覆盖建设成本的项目，一方面市场化资金不愿进入，另一方面债权人的博弈又 异常激烈。"一位房地产行业观察人士表示，"平稳基金的成功案例为很多尚未解决的项目提供了破题思 路。" 南宁市平稳基金（以下简称"平稳基金"）是全国范围内最早成立的房地产纾困基金，由三家南宁市国企 出资为主，吸引社会资本共同投入 ...

Core Insights - The largest judicial restructuring case in China's real estate industry has been completed, leading to a new board for Jinke Property Group Co., Ltd. (formerly known as "Jinke Shares") [1] - The restructuring process, which began in July 2023, involved over 8,400 creditors and a debt scale of 147 billion yuan [1] - Jinke has successfully unloaded over 100 billion yuan of debt and experienced a change in control, marking the end of the 27-year "Huang Hongyun era" [1] Company Leadership Changes - On October 16, Jinke announced the successful election of nine board candidates during its third extraordinary shareholders' meeting of 2025, with Guo Wei appointed as Chairman and President [1] - Wang Xiaoqing has been appointed as Vice Chairman, while former Chairman Zhou Da has been designated as Co-President [2] - Ma Weihua has taken on the role of Party Secretary and Honorary Chairman, while Feng Lun has been appointed as the Chairman of the Expert Advisory Committee [2] Key Personnel Backgrounds - Guo Wei, the new Chairman, has prior experience leading Xinda Real Estate and has been involved in multiple real estate relief projects [1][2] - Wang Xiaoqing previously served as Chairman of Hainan Yedao, and Li Gen, the new Executive Vice President, has held positions in various equity fund companies [2] - Ma Weihua, known for his role as the former President and CEO of China Merchants Bank, is also involved in several other companies and social organizations [2] Financial Support and Shareholder Structure - Jinke has secured over 3.3 billion yuan in funding support through a restructuring investment agreement with Shanghai Pinqi, a subsidiary of the restructuring investment party [2] - In September, 3 billion shares were transferred to designated accounts of the restructuring investors, representing 28.21% of the total share capital, with the new largest shareholder controlling 9.34% of the total shares [2]

Core Insights - The Chinese real estate market is undergoing a deep adjustment period, with many unfinished projects posing significant challenges that need urgent solutions [1][3] - The Pingwen Fund in Nanning has emerged as a successful model for addressing these challenges, focusing on both "guaranteeing delivery" and "stabilizing assets" through market-oriented operations [1][4] Group 1: Pingwen Fund Overview - Established in May 2022, the Pingwen Fund is one of the earliest real estate relief funds in China, successfully delivering 5,127 housing units over three years [1][4] - The fund operates under principles of government guidance, market-oriented operations, and risk prevention, showcasing a unique approach to reviving stalled projects [4][7] Group 2: Challenges in Real Estate Delivery - Many projects face complex issues such as debt complications, asset freezes, and funding shortages, making traditional solutions inadequate [3][4] - Specific challenges include difficulties in project handover, funding disputes, and management issues due to prolonged construction halts [3][6] Group 3: Innovative Solutions by Pingwen Fund - The Pingwen Fund employs a dual isolation strategy involving equity transfer and asset transfer to mitigate risks associated with developer bankruptcies [5][7] - It has successfully navigated funding challenges by utilizing asset segmentation, special loans, and commercial development profits to cover funding gaps [6][8] Group 4: Replicable Model - The success of the Pingwen Fund has led to the development of a replicable model known as the "Nanning Experience," which emphasizes market-oriented and legal frameworks to resolve common industry issues [7][8] - This model highlights the importance of protecting homeowner rights throughout the entire process, from delivery to property management [8]

Group 1 - The core point of the article is the collapse of Huazhong City, which has declared bankruptcy with a debt of HKD 60.9 billion and only HKD 41.14 million in cash remaining, despite previous financial support from state-owned enterprises totaling nearly HKD 7 billion [2][3][6] - The company was ordered into liquidation by the Hong Kong High Court on August 11, following a petition from Citigroup for a debt of approximately HKD 23.9 billion, which is part of a USD 306 million bond due in April 2024 with a 9% interest rate [3][5] - Huazhong City reported a record loss of HKD 89.86 billion for the fiscal year 2024, with cash and cash equivalents at only HKD 41.14 million against a defaulted loan of HKD 157.42 billion, indicating a severe cash flow crisis [5][6] Group 2 - The financial structure of Huazhong City is alarming, with total liabilities around HKD 609.44 billion and interest-bearing debt at HKD 302.2 billion, including a current portion of HKD 182.41 billion, leading to a significant liquidity issue [5][6] - Despite receiving nearly HKD 7 billion in financial support from Shenzhen state-owned enterprises, including equity purchases and loans, these efforts failed to prevent the company's collapse [6][19] - The company's business model, heavily reliant on real estate, has become obsolete in the face of a shift towards lighter asset models, with rental income declining and maintenance costs rising, leading to a cash flow deficit [8][19] Group 3 - The liquidation of Huazhong City reveals critical truths about the real estate sector, emphasizing that the ability to generate cash flow is more important than the amount of financial support received [19][20] - The judicial liquidation process serves as a final warning, with the court only accepting full repayment plans or sufficient asset collateral, dismissing other debt resolution strategies as mere delays [20][21] - The event signifies the end of the era of reckless growth in the real estate sector, indicating that even state-backed enterprises are not immune to failure without inherent cash-generating capabilities [22]

Core Viewpoint - The real estate industry experienced a significant contraction in merger and acquisition (M&A) activities in the first half of 2025, with a total of 81 transactions completed, reflecting a slight increase from the previous year, but a notable decline in total transaction value [1][2]. Group 1: M&A Activity Overview - In the first half of 2025, the real estate sector completed 81 M&A transactions, an increase of 2 transactions compared to the same period in 2024 [1]. - The total transaction value for 60 disclosed transactions was approximately 29.1 billion yuan, representing a year-on-year decrease of 58% [1]. - Despite the overall decline, June 2025 saw a strong rebound with 19 transactions completed, a month-on-month increase of 9 transactions, and a total transaction value of 10.6 billion yuan, marking a substantial month-on-month growth of 334.4% [5]. Group 2: Strategic Shifts and Asset Management - Leading real estate companies are accelerating the divestiture of non-core assets while asset management companies (AMCs) and local special bonds are entering the market to provide new solutions for distress and inventory reduction [2]. - Notably, from November 2024 to June 2025, China Resources Land disposed of multiple assets while focusing on residential business, with a total land acquisition amounting to 62.6 billion yuan, predominantly in first and second-tier cities [5]. Group 3: Financial Institutions and Support Mechanisms - Several AMCs have actively participated in distress relief efforts, with institutions like China Cinda and others establishing a 20 billion yuan fund for revitalizing distressed real estate assets [7]. - In addition, special bonds for acquiring existing residential properties have been issued in some cities, with Zhejiang and Sichuan utilizing 2.19 billion yuan for such projects, primarily targeting local state-owned enterprises [8].

Core Viewpoint - The article highlights the efforts of Xinda Real Estate in revitalizing real estate projects in Zhengzhou, focusing on trust-building and effective project management in response to local government initiatives aimed at stabilizing the housing market [2][4]. Group 1: Project Management and Revitalization - Xinda Real Estate has taken over and revitalized three projects in Zhengzhou, totaling a resumption area of 1.18 million square meters and involving the delivery of 10,200 housing units [2][4]. - The company has implemented a comprehensive management approach to address historical issues, enhance brand image, and ensure project delivery, which has led to positive feedback from homeowners [4][5]. - The "Zhengzhou model" developed by Xinda Real Estate includes leveraging local policies, introducing relief funds, and establishing effective project management mechanisms [7]. Group 2: Financial Aspects and Funding Sources - The funding for project revitalization primarily comes from the 10 billion yuan relief fund established by the Henan provincial government and contributions from project shareholders [7]. - Xinda Real Estate has focused on unfreezing regulatory funds, accelerating sales returns, and expanding external financing to create a positive cash flow cycle for the projects [7]. - The company aims to continue participating in resolving local real estate issues and supporting distressed developers through its operational model [7]. Group 3: Market Conditions and Consumer Sentiment - Current homebuyers in Zhengzhou are reported to be very selective, but there is confidence that quality properties will still be recognized in the market [5]. - The Xinda Tangyue Qil project, which recently opened, features a green space ratio of approximately 35% and offers units ranging from 106 to 168 square meters, with effective usage rates reaching about 110% for larger units [5][6]. - As of 2024, Zhengzhou has achieved a delivery rate of 92.07% for its 320 housing projects, with 274 projects delivering a total of 102,000 units [8].

Core Insights - The Shanghai Yihua project has achieved remarkable sales success, with over 4 billion yuan in sales on May 21, selling all 64 units in one day, marking it as a "sunshine" project [1] - The project has attracted significant interest, with a subscription rate of 267% and 171 potential buyers in just 4.5 days [1] - The project is part of a broader real estate relief initiative led by CITIC Financial Assets, which has successfully implemented multiple rounds of support [2][4] Sales Performance - Since its market entry in August 2024, the Shanghai Yihua project has had three launches, all of which sold out, totaling 12.6 billion yuan in sales [2] - The project has become the first in the country to exceed 10 billion yuan in sales [2] Urban Renewal and Policy Support - The Central Political Bureau's meeting on April 25 emphasized the need for urban renewal and high-quality housing supply, which is expected to enhance living standards and meet diverse housing needs [2] - The Shanghai Yihua project is a key urban renewal initiative, covering 95,700 square meters with a construction volume of 430,000 square meters [3] Challenges and Solutions - The project faced significant challenges, including stalled development due to a liquidity crisis in 2022, affecting over 4,000 residents and 87 businesses [3] - CITIC Financial Assets has engaged in extensive discussions with stakeholders to address the project's challenges and has implemented a comprehensive restructuring plan [3][4] Financial Support and Collaboration - CITIC Financial Assets has mobilized over 4 billion yuan in relief funds, utilizing various financial strategies to support the project and resolve payment issues for residents and businesses [4][6] - The project has benefited from the collaborative efforts of CITIC Group's subsidiaries, enhancing risk management and operational efficiency [6] Impact on the Market - Since 2022, CITIC Financial Assets has facilitated the delivery of 68,300 housing units and resolved over 11.3 billion yuan in outstanding payments to suppliers, contributing to the revival of over 236.2 billion yuan in project value [7] - The company aims to continue its role as a financial rescue entity, leveraging its brand and collaborative advantages to support urban renewal and improve living conditions [7]