"我们辛苦种了12年的'桃树'，每年投入大量成本才有了今天的结果，但有人趁你不注意，把'桃子'偷走 拿去低价卖了。你说气不气？"谈起与讯兔科技（上海）有限公司（下称"讯兔科技"）长达两年多的诉 讼时，深圳进门财经科技股份有限公司（下称"进门"）创始人程建辉难掩"被偷桃"的愤怒。 他口中的"桃树"，是公司耗时12年、服务全国74家券商研究所建立起来的机构AI（人工智能）投研工作 台；而"偷桃"者，正是那些超越白名单机制、未经券商等许可便把会议数据向不特定公众发布的公司。 近日，上海市浦东新区人民法院的一纸判决，为这场持续超两年的纠纷落下了第一槌。 法院在一审中认为，讯兔科技获取并不当使用进门平台线上会议数据内容的行为，既未经权利人许可、 又超越白名单机制。讯兔科技向不特定公众提供特定范围数据信息，违反诚信原则及商业道德，扰乱市 场竞争秩序，损害进门的合法竞争利益，构成不正当竞争。 程建辉表示，希望AI工具是用于解决行业真正的"痛点"，比如提升参会效率，而不是制造新的"堵 点"——传播非公开会议纪要，影响市场生态。 就上述与进门发生的法律纠纷，《国际金融报》记者尝试通过多种途径联系讯兔科技，但截至发稿，讯 兔科技 ...

Core Insights - The real estate financing coordination mechanism established in early 2024 has made significant progress, with the "white list" project loan approval amount exceeding 7 trillion yuan, effectively supporting the construction and delivery of residential projects [1][2][3] Group 1: Financing Mechanism Progress - As of the end of 2024, the loan amount for "white list" projects reached 5.03 trillion yuan, surpassing the expected target of 4 trillion yuan [2] - By January 22, 2024, the loan amount increased by 570 billion yuan, reaching 5.6 trillion yuan [2] - By March 5, 2024, the approved loans exceeded 6 trillion yuan, covering over 15 million housing units [2] - As of September 22, 2024, the loan amount for "white list" projects surpassed 7 trillion yuan, supporting nearly 20 million housing units [2] Group 2: Delivery and Quality Improvement - The pace of housing delivery has become more stable compared to the same period last year, with significant improvements in delivery quality and homeowner satisfaction [1][4] - The delivery of over 7.5 million sold but undelivered housing units has been achieved, effectively safeguarding the legal rights of homebuyers [3][4] Group 3: Government and Policy Support - The Ministry of Housing and Urban-Rural Development has established a three-tiered working group to ensure accountability among local governments, real estate companies, and financial institutions [3] - Local governments have implemented strict pre-sale fund supervision regulations to ensure the safety of funds and prevent misuse [6] - A government-led relief fund has been established to provide bridge financing for projects facing funding shortages [6] Group 4: Industry Transformation and Economic Impact - The real estate sector is transitioning from high-leverage expansion to high-quality development, promoting the establishment of long-term mechanisms such as improved pre-sale systems and expanded pilot programs for selling completed homes [7] - The recovery of the real estate market is expected to positively impact related industries such as construction materials, services, and property management, fostering coordinated development with the national economy [7]

Core Viewpoint - The Chinese real estate market is experiencing a significant policy shift aimed at stabilizing the market and promoting healthy development, marking a new phase of "clear operation" [1] Market Recovery Signs - Data from the first nine months of 2025 shows a notable reduction in the year-on-year decline of national commercial housing sales area, decreasing from 13% in 2024 to around 4% [2] - First-tier cities have seen new home prices increase for two consecutive months, while second-tier cities experienced their first month-on-month price growth since June 2023 [2] - The land market is showing increased activity, with a significant narrowing of the year-on-year decline in land acquisition fees, indicating a gradual recovery of market confidence [2] Policy Measures - The recent real estate policy adjustments are characterized as a "combination punch," focusing on "four cancellations, four reductions, and two increases" to activate market potential [2] - "Four cancellations" include the removal of purchase, sale, and price restrictions, greatly enhancing market purchasing power [4] - "Four reductions" involve lowering down payment ratios, reducing existing mortgage rates, guiding new mortgage rates down, and alleviating home purchase tax burdens, directly lowering home buying costs [4] - "Two increases" focus on increasing the supply of affordable housing and providing necessary financial support to real estate companies, ensuring basic housing needs are met while allowing market entities to survive and develop [4] Special Debt Policy - The special debt policy for 2025 amounts to 4.4 trillion yuan, with a significant portion allocated for land storage and acquisition of existing commercial housing, addressing the current inventory backlog [7] - The central bank has increased the support ratio for affordable housing re-loans to 100%, further reducing acquisition costs and accelerating inventory reduction [7] White List Mechanism - The "white list" special loan mechanism has been enhanced, with over 5.6 trillion yuan in loans approved by September 2025, significantly improving the actual loan disbursement rate [9] - This mechanism focuses on supporting the extension of existing credit for real estate companies and financing new projects, particularly prioritizing "guaranteed delivery" projects, stabilizing market expectations and protecting buyers' rights [9] Urban Village Renovation - Urban village and dilapidated housing renovations have been elevated to a critical level, becoming a key driver for releasing housing demand [9] - The renovation scope has expanded from 35 major cities to 300 prefecture-level cities, with an additional one million monetary settlement quotas expected to stimulate substantial housing demand [9] Demand-Side Policies - Demand-side policies have been actively adjusted, including changes to down payment ratios, promotion of "old-for-new" policies, and extension of home purchase subsidy periods, effectively lowering entry barriers for homebuyers [10] - The cancellation of ordinary residential standards has significantly reduced tax burdens for homeowners, exemplified by a potential tax saving of 700,000 yuan for a 10 million yuan second-hand home in Beijing [10] New Development Model - The policy adjustments signal a transition in the real estate market from "high leverage" to "high quality" development, integrating quality, safety, green, and smart elements into housing construction [11] - Local governments are promoting demonstration projects and new construction techniques, aiming to establish a comprehensive safety management system for the entire lifecycle of housing [11] Market Outlook - The real estate market is expected to stabilize and potentially rebound in the second half of 2025, with Fitch Ratings predicting a reduction in the annual sales area decline to below 5% [13] - The liquidity of real estate companies is anticipated to improve, with state-owned enterprises likely to benefit first [13] - Despite challenges such as high inventory and mismatched supply and demand, the ongoing policy efforts are expected to drive industry transformation and sustainable development [13]

Group 1 - The China Securities Association (CSA) has released a "white list" of 21 qualified offline institutional investors, including Bosera Fund and Great Wall Fund, as part of a reputation management mechanism for past participation in offline inquiries and subscriptions for initial public offerings (IPOs) [1][2] - The "white list" is not a comprehensive evaluation of financial institutions but aims to enhance the quality of offline investors in response to the ongoing reforms in the stock issuance registration system [1][2] - The CSA emphasizes the importance of professional capability development among offline investors to meet the higher standards required by the reform [1] Group 2 - The CSA has implemented incentive measures for "white list" institutions, including a green channel for registration, reduced information reporting requirements, and priority in various administrative processes [2] - The classification management of the "white list" will be used as a reference by regulatory bodies and self-regulatory organizations for classification supervision and self-discipline management [2] - The CSA plans to strengthen self-discipline management among offline investors to maintain order in new stock offline issuance and improve the rationality of pricing behavior [2]