《每日经济新闻》记者了解到，这批挂牌出售的房产建成年代较早、历史较久，特别是前述位于福田区 的佳和华强大厦房产，其在1997年购买时，产权证登记的权利人并非现在的招商证券，而是招商证券前 2月25日，《每日经济新闻》记者从上海联合产权交易所官网获悉，招商证券正在挂牌出售旗下位于深 圳的5处房产，合计出售价格约为1.48亿元。值得注意的是，其中部分房产购于上世纪90年代。在招商 证券2025年预计实现123亿元净利润的背景下，这笔交易对其业绩的贡献实质上较小。有业内人士指 出，此举旨在盘活存量资产，属于企业正常的经营举措。 事实上，自2025年以来，包括红塔证券、华西证券、方正证券在内的多家券商均在密集处置或出租旗下 房产，甚至有房产挂牌增值率高达802.17%。券商加速剥离老旧物业、盘活闲置资产的趋势愈发明显。 招商证券批量处理旧房 根据上海联合产权交易所官网披露，招商证券正在出售旗下5处房产，合计出售价格约为1.48亿元，挂 牌时间为2026年2月11日至2026年3月17日，这5处房产均位于深圳市。 首先是位于深圳市罗湖区笋岗东路的宝安广场相关物业。具体来看，被挂牌转让的标的为宝安广场 ABC栋2-B、2 ...

www.ccxi.com.cn 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 14 | 联络人 作者 结构融资部 | 阎 玉 | 021-60330988 | | --- | --- | | | yyan01@ccxi.com.cn | | 于桐宇 | 021-60330988 | | | tyyu@ccxi.com.cn | 负责人 | 结构融资部 评级总监 | | --- | | 付春香 021-60330927 | cxfu@ccxi.com.cn 编号：2026-AT05 2026 年 2 月 25 日 中诚信国际 定期报告 资产证券化 类REITs发行节奏有所放缓，CMBS和机构间REITs 项目持续发力；存续期产品底层资产现金流大多不 及预期，并伴随估值下降 ——不动产类资产证券化产品报告（2025 年度） 要点 ◼ 发行情况：2025 年，CMBS 共发行 82 单，发行规模 1,049.74 亿元，分别同比大幅增长 43.86%和 66.11%， 发行主体主要为基础设施投融资公司；类 REITs 共发行 52 单，发行规模 977.35 亿元，分别 ...

｜2026年2月26日 星期四｜ NO.1腾讯再减持中金公司H股！近7个月套现5.29亿港元 腾讯再次出手减持中金公司股票。近日，港交所披露易显示，腾讯控股的全资子公司Tencent Mobility Limited于2月20日减持中金公司H股股票65万股，平均价格为21.4688港元，套现1395.47万港元。据梳 理，自2025年7月以来，腾讯已先后7次减持中金公司H股，合计套现5.29亿港元。腾讯入股中金公司可 追溯至2017年9月，彼时中金公司宣布引入腾讯控股作为战略投资者。根据认股协议，腾讯认购中金公 司新发行的2.075亿股H股，分别占中金发行后H股的12.01%及总股本的4.95%，每股认购价为 13.8港 元，合计耗资28.64亿港元。2019年中金公司定增后，腾讯持有该公司股数增至2.16亿股，持股占总股本 比例降至4.48%。 点评：腾讯持续减持中金公司H股，反映出其资产配置策略的调整与资金回笼需求。此举虽可能引发市 场对券商股短期情绪的波动，但中金公司基本面未发生根本改变。腾讯作为战略投资者，其退出步伐稳 健，对中金公司股权结构影响可控。市场应理性看待互联网巨头的财务投资调整，关注中金公 ...

事实上，自2025年以来，包括红塔证券、华西证券、方正证券在内的多家券商均在密集处置或出租旗下房产，甚至有房产挂牌增值率高达802.17%。券商加 速剥离老旧物业、盘活闲置资产的趋势愈发明显。 2月25日，《每日经济新闻》记者从上海联合产权交易所官网获悉，招商证券正在挂牌出售旗下位于深圳的5处房产，合计出售价格约为1.48亿元。值得注意 的是，其中部分房产购于20世纪90年代。在招商证券2025年预计实现123亿元净利润的背景下，这笔交易对业绩的实质贡献较小，业内人士指出，此举旨在 盘活存量资产，属于企业正常的经营举措。 招商证券批量处理老旧房产 记者梳理发现，剥离非核心资产、盘活存量已经成为证券行业的普遍共识。自2025年以来，不少券商选择出售旗下房产，其中包括红塔证券、华西证券、方 正证券等券商。 例如，2026年2月12日，红塔证券发布公告称，公司董事会前期同意公司通过产权交易中心挂牌方式处置公司所拥有的部分房产，近日，公司前述房产已在 北京产权交易所完成挂牌，挂牌价格合计2.63亿元，增值率高达802.17%。对于上述举措将带来的积极影响，红塔证券曾明确表示，本次资产处置有利于盘 活闲置资产，提升资产 ...

Core Viewpoint - Hongta Securities has announced the listing of certain properties on the Beijing Property Exchange, with a total listing price of 263 million yuan, marking a significant step in its asset disposal plan that dates back to early 2024 [1][3]. Group 1: Asset Disposal Details - The properties listed have an assessed value of 263 million yuan, reflecting an impressive appreciation rate of 802.17% from their book value of 29.12 million yuan [3]. - The asset disposal plan was initially proposed in March 2024 but faced delays due to the expiration of the assessment report, leading to a re-evaluation and a new assessment date set for April 30, 2025 [3]. - If the transaction is completed at the assessed price, Hongta Securities expects to realize a total profit of 187 million yuan [3]. Group 2: Financial Performance - Hongta Securities is currently experiencing strong financial performance, with a reported revenue of 2.022 billion yuan in 2024, representing a year-on-year increase of 68.36%, and a net profit of 764 million yuan, up 144.66% [3][4]. - The growth trend continued into 2025, with the first half of the year showing revenues of 1.189 billion yuan, a 15.69% increase, and a net profit of 670 million yuan, reflecting a 49.25% year-on-year growth [4]. - The company anticipates a full-year net profit of 1.215 billion yuan for 2025, indicating an expected growth of approximately 59% [4]. Group 3: Industry Context - The asset disposal by Hongta Securities is part of a broader trend among securities firms, with several companies, including Huaxi Securities and Founder Securities, actively engaging in property sales and rentals to optimize their asset structures [5][6]. - This strategic move contrasts with past instances where firms were forced to sell properties due to liquidity pressures, highlighting a proactive approach to managing non-core assets in the current regulatory environment [6].

Core Viewpoint - The company, Yuyuan Holdings (豫园股份), is selling 100% equity of Ningbo Xingjian Asset Management for 91.79 million yuan, which is a significant discount from the 97.69 million yuan it paid in 2018, raising regulatory concerns due to the company's ongoing losses and the nature of the buyer [1] Group 1: Transaction Details - The transaction involves the sale of a company that was initially acquired as a "core asset" for health and wellness real estate but has since incurred continuous losses, with a net loss of 87.18 million yuan in the first ten months of 2025 [1] - The company explained that the acquisition aimed to quickly enter the health and wellness real estate market, but market downturns and poor sales of membership in the elder care sector led to difficulties in covering operational costs [1] - The company emphasized that the sale is intended to "revitalize existing assets" and refocus on high-growth core businesses [1] Group 2: Financial Adjustments and Concerns - Prior to the sale, the company executed a debt-to-equity swap amounting to 126 million yuan to improve the capital structure of the target company, which changed the net asset value from -36.73 million yuan to 89.34 million yuan [1] - The regulatory body raised questions regarding the lack of disclosed interest arrangements with the buyer, a plastic trading company, which has no synergy with elder care real estate [1] - The company denied any related party relationships and stated that the buyer's funds came from its own resources and bank loans, having already paid 150 million yuan for the transaction [1] Group 3: Potential Liabilities - An assessment report indicated that 146 customers might request refunds for memberships, amounting to approximately 89 million yuan, which was not included in the transaction price [1] - The company stated that if refunds occur after the financial settlement date of November 20, 2025, the responsibility would fall on the buyer, although potential dispute risks remain [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 近日，因肯尼亚政府B8公路升级扩建工程建设需要，拟征用沿线相关地块，中国武夷实业股份有限公 司（以下简称公司)控股子公司中国武夷（肯尼亚）有限公司（以下简称肯尼亚有限公司）名下位于蒙 巴萨基利菲郡的191.3英亩地块（编号：MN/III/11702）在涉及范围之内。根据肯尼亚国家土地委员会出 具的《裁决书》，拟征收的面积为3.3766公顷（折合8.34英亩），赔偿总额为115,819,410肯先令（折合 人民币约624.62万元），肯尼亚有限公司于2026年2月4日出具《裁决补偿款接受声明》，同意上述赔偿 方案。本次征用事项系肯尼亚政府B8公路升级扩建工程建设需要，赔偿方案合理，不存在损害公司及 股东利益的行为。本次被征用的土地资产为公司长期闲置资产，可有效盘活公司存量资产，补充流动资 金。本次征用事项对公司生产经营及2026年度主要财务指标不会产生重大影响。 特此公告。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000797 证券简称：中国武夷 公告编号：2026-016 中国武夷实业股份有限 ...

近年来，山东证监局持续加大政策宣传力度，深入开展走访调研，会同相关各方持续推动辖区资产证券 化扩量提质，更好服务山东实体经济高质量发展。2025年，山东辖区资产支持证券发行规模399亿元、 同比增长60%，年末存续规模达756亿元；目前，山东辖区已有3只公募REITs上市，发行规模60余亿 元。 会议指出，2025年年底中国证监会正式启动商业不动产REITs试点，是资本市场落实党中央、国务院关 于"盘活存量、做优增量""提高直接融资比重"决策部署的重要举措，是通过市场化机制支持构建房地产 发展新模式的有效手段，对于推动REITs市场健康发展、促进REITs功能发挥、不断提高资本市场制度 的包容性和适应性具有重要意义。 会议强调，山东辖区商业不动产、基础设施等资产规模大、分布广、形态多样，盘活存量资产大有可 为。一方面，要提高思想认识，深刻理解盘活存量的重大意义，准确把握REITs、ABS等资产证券化产 品的特点，立足自身资源禀赋，选择合适的资产盘活路径，用好用足政策工具。另一方面，要抢抓政策 机遇期，分类分步梳理存量资产情况，筛选一批核心区域运营能力强、现金流稳定的商业不动产项目， 加快申报进度，推动商业不动 ...

Core Insights - The event "Haiyun Tide Rising · Gathering Strength in Penglai" was held to support the high-quality development of Penglai District through bond market services, with over 100 representatives from 74 key enterprises attending [1] - Experts from the Shanghai Stock Exchange conducted on-site research to understand the operational status, capacity planning, and asset revitalization of local enterprises, addressing their financing needs and development bottlenecks [1][2] - The afternoon session featured a "policy interpretation + case analysis + interactive exchange" format, focusing on various innovative bond types such as Sci-Tech bonds, green bonds, and low-carbon transition bonds, along with asset securitization tools [2] Group 1 - The Shanghai Stock Exchange experts provided tailored financing solutions to help enterprises overcome development bottlenecks and broaden their financing perspectives [1][2] - The event aimed to enhance enterprises' understanding of the latest bond market policies and various financing products, promoting the issuance of innovative bond types [2] - The focus was on transforming Penglai's industrial and asset advantages into developmental and competitive advantages through deep integration of industry and capital [2] Group 2 - Penglai District plans to deepen strategic cooperation with core capital market platforms like the Shanghai Stock Exchange, optimizing financial service supply and delivering policy benefits [3] - The district aims to revitalize existing assets, expand financing channels, optimize financing structures, and innovate financing methods to inject strong financial momentum into its high-quality development [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 眼下，"盘活存量资产是推动高质量发展、激发新动能的关键"已成为业界共识。中金公司研究部执行负责人、董事总经理张宇解读认为，商业不动产 REITs的正式启航标志着中国REITs市场进入新阶段，将带来广阔的发展空间。一方面，REITs能助力房企降负债、防风险，构建良性循环体系，推动其 向"轻资产运营"转型。另一方面，在低利率环境中，REITs有助于优质资产价值重估，为投资者提供新的投资渠道。 "当前，房企已进入存量时代，从'高杠杆、快周转'的开发商被动转型为'投资商+运营商'，我们的核心诉求是通过REITs盘活存量资产、回笼资金，缓解重 资产投入压力。"绿地金创科技集团有限公司党委副书记、副总裁，绿地数字科技信息有限公司CEO李莉表示，"商业不动产REITs的推出对于房企而言可 谓'重大利好'。其作为一项创新金融工具，适配绿地60%以上商业地产占比的业务结构。" "商业不动产REITs是基础设施REITs的'递进与互补'，两者相互影响，也将共同丰富中国REITs市场体系。"中信建投证券研究部地产建筑及REITs行业首席 分析师竺劲判断，"'十五五' ...