开栏语 党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，为金融高质量发展锚定方向。为深入学习贯彻党的二 十届四中全会精神，深圳金融微信公众号开设《金融党建圳先行》专栏，持续面向深圳金融系统各基层党组织征集优秀案例，聚焦以党建引领推动金融高 质量发展的经验做法，切实把学习贯彻党的二十届四中全会精神转化为推动深圳金融高质量发展的实践成果。 联系电话：0755-88125112 投稿邮箱：jrgwb@shenzhen.gov.cn 联系人：王老师 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，要坚持统筹发展和安全，在发展中固安全，在安全 中谋发展，强化底线思维，有效防范化解各类风险。深圳资产管理有限公司党总支（以下简称"公司党总支"）积极投身金融"五篇大文章"的具体实践，围 绕"为地方政府解围、为金融机构解难、为实体企业解困、为新兴产业解忧"的战略核心定位，积极发挥"金融稳定器和安全网"作用，为深圳金融高质量发 展贡献力量。 强化政治引领 把准服务大局定盘星 公司党总支始终将政治建设摆在首位，通过领导带头学、聚焦重点学、立体推进学等 ...

Core Viewpoint - The article discusses the outcomes of the Central Economic Work Conference held on December 11-12, 2025, emphasizing a moderate policy tone, a focus on internal demand, and long-term structural improvements while addressing external risks [3][4][9]. Group 1: Policy Tone and Direction - The policy tone is generally moderate, shifting from "seeking progress while maintaining stability" to "maintaining stability while seeking progress and improving quality and efficiency" [4][10]. - Fiscal policy will maintain necessary levels of deficit, debt, and expenditure, with a projected deficit rate around 4% [4][11]. - Monetary policy will continue to be moderately loose, with an emphasis on promoting reasonable price recovery [11][12]. Group 2: Internal Demand and Investment - The focus is on internal demand, with clear strategies to stabilize investment and enhance service consumption [4][11]. - Investment is expected to stop declining, with new policy financial tools being utilized to support this [4][11]. - Service consumption will be promoted through reforms aimed at increasing supply to stimulate demand [11][12]. Group 3: Risk Management and Real Estate - The emphasis on risk prevention has decreased, with ongoing policies for real estate and debt management [5][12]. - Reforms in the housing provident fund system are anticipated, including potential reductions in loan rates and adjustments in withdrawal ratios [5][12]. - The fiscal environment for 2026 is expected to remain similar to 2025, with a focus on managing debt and social spending [5][12]. Group 4: Social Stability and Employment - Maintaining social stability remains a priority, with measures in healthcare, education, and employment being highlighted [6][13]. - The economic growth target for 2026 is expected to remain stable, balancing growth with social needs [6][13]. - The article notes the importance of transitioning from traditional labor-intensive industries to ensure employment stability [6][13]. Group 5: Long-term Structural Reforms - The conference highlighted the need for long-term structural reforms to address "involution" in competition, with a focus on establishing a unified national market [5][12]. - Measures to improve the supply side are expected to contribute to a moderate recovery in the Producer Price Index (PPI) [5][12]. - The commitment to a dual carbon strategy includes accelerating the construction of a new energy system and improving disaster prevention infrastructure [6][13].

12月10日至11日召开的中央经济工作会议总结2025年经济工作，分析当前经济形势，部署2026年经济工 作，为"十五五"良好开局锚定方向。国泰海通宏观首席分析师梁中华在接受证券时报记者采访时指出， 会议充分肯定了今年的经济工作，重视短期的扩大内需和中长期的"内功"修炼。 货币政策方面，延续"适度宽松"的表述，并提出"灵活高效运用降准降息等多种政策工具"。相较于2024 年经济工作会议"适时降息降准"，本次更加强调"灵活高效"，体现了货币政策更加注重力度与效能的统 一。结合本次会议从2024年12月政治局会议的"加强超常规逆周期调节"，转变为"加大逆周期和跨周期 调节力度"，一方面表明逆周期调节力度不会明显退坡，以推动经济运行在合理区间；另一方面是兼顾 短期与长期，更加注重跨周期调节，着力解决经济结构性、深层次问题。因此，我们预计降息降准在 2026年仍会延续。 三是稳民生仍是重点。会议通稿提及从医保、教育入学、就业、医疗护理多方施策，表明将侧重从供给 数量和质量的方式稳民生。考虑到民生和就业的重要性，预计2026年经济增速目标保持相对稳定，兼顾 稳增长和稳预期。 财政政策方面，一是强调继续实施更加积极的财政 ...

Core Viewpoint - Banks are actively selling properties at prices significantly lower than market rates, driven by the need to manage non-performing assets and respond to economic pressures in the real estate market [1][2]. Group 1: Market Context - Recent economic downturns and deep adjustments in the real estate market have led to increased defaults on personal mortgage loans and real estate development loans, resulting in a growing scale of "foreclosure properties" and "debt settlement assets" held by banks [1]. - Traditional disposal channels for these assets have faced bottlenecks, with high rates of unsold foreclosure properties due to issues like unclear tax obligations and difficulties in clearing properties [1][3]. Group 2: Benefits of Direct Property Sales - Direct property sales by banks can significantly enhance asset disposal efficiency and accelerate capital recovery, while also reducing legal disputes through better control of the transaction process [2]. - Buyers benefit from "direct supply properties" that are generally priced 16% to 31% lower than market rates, with transparent transaction processes and access to mortgage services, addressing the challenges of full cash payments for foreclosure properties [2]. Group 3: Challenges and Risks - Banks may face challenges due to a lack of professional sales teams and market promotion experience, which could lead to inefficiencies and imbalances in cost and revenue [3]. - Potential issues with property rights and payment of property fees could result in disputes that harm the bank's reputation [3]. - The influx of low-priced properties into the market could temporarily suppress surrounding property prices, as seen in certain areas where average transaction prices have dropped [3]. Group 4: Alternative Asset Disposal Strategies - Besides direct sales, banks can utilize more mature and innovative methods for disposing of non-performing assets, such as packaging them for asset management companies (AMCs) that specialize in efficient asset disposal [4]. - Establishing "special asset divisions" or using asset securitization to attract capital market investors are also viable strategies for risk sharing and maximizing returns [4]. - For properties that are difficult to sell, converting them into long-term rental apartments or affordable rental housing aligns with policy directions and helps activate assets [4]. Group 5: Long-term Strategy - The decision for banks to sell properties directly is a tactical choice aimed at quickly mitigating risks and recovering funds, but it is essential to focus on preventing transaction disputes and reputation risks [4]. - A long-term solution involves building a multi-layered, professional, and market-oriented system for disposing of non-performing assets, with banks acting as financial providers and coordinators through collaboration with AMCs, technology companies, and local governments [4].

Core Viewpoint - Recently, Citic Bank signed strategic cooperation agreements with ten real estate companies, aiming to provide comprehensive financial services and support reasonable financing needs in the real estate sector [1] Group 1: Strategic Cooperation - Citic Bank has entered into "total-to-total" strategic cooperation agreements with ten real estate enterprises, including China Overseas Land & Investment, China Merchants Shekou, and Country Garden [1] - The cooperation will leverage Citic Group's resources to offer services such as real estate development loans, acquisition loans, bond underwriting and investment, and pre-sale fund supervision guarantees [1] Group 2: Policy Alignment - The signing of these agreements is seen as a step to implement the central government's policies, emphasizing that housing is for living, not speculation [1] - The parties involved aim to promote the stable and healthy development of the real estate market and protect the legitimate rights of housing consumers [1] Group 3: Economic Support - Citic Bank is actively supporting the national strategy to stabilize the economy, focusing on ensuring housing delivery and maintaining people's livelihoods [1] - The bank is committed to meeting the reasonable financing needs of real estate companies, particularly private enterprises, in line with the requirements set by the People's Bank of China and the China Banking and Insurance Regulatory Commission [1]