来源：市场投研资讯 （来源：投资作业本Pro） 10月11日，知名经济学家刘煜辉在汇正财经2025年四季度策略会上分享了对中国经济和市场形势的判断。 刘煜辉认为，在2026-2030年中国要把G2角逐中的"战略优势"逐渐转化为"战略胜势"。十五五的重中之重是，产 业层面就抓好三个赛道:循环经济、AI算力芯片先进制程，新材料(如固态电池、液体金属、稀土....);政策层面抓 紧两件事情，一是人民币国际化，二是数据要素资本化。 投资作业本课代表整理了要点如下： 1、接下来这五年，中国会砸入大量的资本在这个方向（AI算力），制程体系一定要突破，先进制程一定要顶上 去。那是整个产业，不仅仅是晶圆制造公司，包括整个设备光刻机，包括材料半导体，整个体系完全要独立。 简单讲就是再建一个世界，变成两个世界。 所以人民币和美元的直面碰撞，回避不了，怎么样？ 最后竞争到最高级别那就是货币和金融的硬刚了。 未来五年，人民币已经无法回避和美元在舞台中心的争夺了。简单化，就是"退旧群、建新群"的过程。 那怎么展开？我觉得今天，数字货币（稳定币），或者叫区块链上的加密资产、加密货币金融，这一套系统，我 觉得今天是回避不了的。 因为算力包 ...

在发出一份平淡的中期报告之后，越秀房地产投资信托基金（越秀房托）开始寻求优化财务报 表。 越秀房托于近期宣布，将通过出售事项、内部重组与再融资的组合方案，向关联方广州越秀发 展集团有限公司出让旗下资产越秀金融大厦50%股权，代价约34.33亿元。这笔股权出售款项 所得净额加上新银行融资，总计约53亿元将全部用于偿还现有债务。 根据公告，越秀房托本次交易分两阶段推进：第一个阶段，由越秀房托旗下全资特殊实体向其 关联方转让越秀金融大厦项目公司50%股权；再将越秀金融大厦项目公司剩余50%股权转让至 越秀房托的非全资附属公司。 事实上，在这次交易之前，为了对越秀房托部分现有债务进行再融资，越秀金融大厦所属的项 目公司已获得一家银行不超过40亿元的融资承诺函，当时的核心担保条款是越秀金融大厦的按 揭、应收租金账款。 在此次交易之后，越秀房托出售事项所得款项净额扣除相关资金后约为23亿元；加之从银行融 资中所提取的30亿元资金，两者总计53亿元拟全部用于现有债务的偿还。 记者丨 吴抒颖 编辑丨张伟贤 越秀房托管理层预计，交易及再融资完成后能够显著降低利息支出，提升每个基金单位分派， 同时将借贷比率从48.1%降至约41 ...

Core Viewpoint - Yuexiu Real Estate Investment Trust (Yuexiu REIT) is seeking to optimize its financial statements by selling a 50% stake in Yuexiu Financial Tower to its affiliate, Guangzhou Yuexiu Development Group, for approximately 3.433 billion yuan, with the proceeds aimed at debt repayment [1][2]. Group 1: Financial Restructuring - The transaction will involve two phases: first, transferring 50% of the Yuexiu Financial Tower project company to an affiliate, followed by transferring the remaining 50% to a non-wholly-owned subsidiary of Yuexiu REIT [2]. - The net proceeds from the sale, after deducting related costs, are expected to be around 2.3 billion yuan, combined with a bank financing of 3 billion yuan, totaling 5.3 billion yuan for debt repayment [2]. - Post-transaction, the debt ratio is projected to decrease from 48.1% to approximately 41.2%, enhancing the financial resilience and long-term competitiveness of Yuexiu REIT [2][5]. Group 2: Performance Impact - Yuexiu Financial Tower has contributed diminishing returns, with revenue of 362 million yuan in 2024 and 165 million yuan in the first half of 2025, alongside declining occupancy rates [3]. - The sale is expected to result in a loss of approximately 165 million yuan due to the sale price being lower than the project's net asset value, but it is viewed as a necessary step for balance sheet restructuring [3][4]. - The overall revenue for Yuexiu REIT in the first half of the year was 966 million yuan, a decrease of 6.6% year-on-year, with a net loss of 337 million yuan primarily due to property value impairment [4]. Group 3: Strategic Outlook - The sale of Yuexiu Financial Tower is seen as a "debt reduction" strategy, allowing Yuexiu REIT to improve its financial metrics and investor confidence [5]. - The proportion of income from office properties is expected to decrease from 55% to 46%, which may enhance the ability to withstand market fluctuations [5]. - The transaction is anticipated to improve external credit ratings, facilitating access to diversified financing channels in the future [5].