以下文章来源于凤凰网财经 ，作者公司研究院 作者： 公司研究院 来源： 凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ ------------------------------ 2011年，当郁亮以一身精炼的肌肉登上时尚杂志封面时，人们很难将这位"型男"与两年前在南极 点大腹便便的形象联系起来。 为了洗刷外界对其"不敬业"的质疑，这位万科掌门人用十年长跑完成了自我重塑。他常言：" 做企 业就像跑马拉松，关键不是某段配速，而是全程节奏。 " 郁亮喜欢跑马拉松，这在地产圈并非新鲜事，而这场关于郁亮万科节奏的"马拉松"，在2026年1月 8日迎来终点。万科A公告宣布，61岁的郁亮因到龄退休，正式辞去董事及执行副总裁职务，结束 其在万科长达36年的职业生涯。 离别前的最后一段路并不平坦。据《安生世界观》报道，2025年10月下旬，一则"配合调查"的传 闻将这位地产老兵推向风口浪尖。尽管官方随后证实其已"回岗"，但风波未平。短短两个多月后， 辞职消息靴子落地。 郁亮的转身，不仅是个人的 ...

四大合同构筑项目骨架 除上述两大合同外，其余两项合同同样构成了项目的核心骨架。马来西亚建筑巨头金务大获得了价值28.5亿澳元的西段五座地下车站设计与施工合同。这 五座车站将根据各自区域特点进行定制化设计，成为服务沿线社区的重要节点。此外，由本地企业组成的Metropolis联合体拿下了价值15亿澳元的亨特街 车站及上盖开发合同，该项目不仅包括关键换乘车站的建设，还将进行两栋商业综合体的开发，实践"轨道+物业"的融合模式，将交通枢纽转化为城市活 力中心。 2026年全面转入站后工程 目前，项目的隧道掘进工程已进入收尾阶段。由西班牙、马来西亚、英国、意大利及澳大利亚等多国企业组成的联营体分别承担了东、中、西三段隧道施 工。计划于2026年，工程重心将从地下掘进全面转向系统安装与车站主体结构施工。届时，将有约1000名工人深入地下37米的隧道，铺设轨道、安装机电 设备。同时，剩余三座车站的建设合同也将在2026年陆续招标公布，以完善全线9座车站的网络布局。整个项目正紧锣密鼓地朝着2032年通车的最终目标 稳步推进。 在悉尼东西主轴的地下深处，一场重塑城市交通格局的宏大工程正迎来关键节点。随着价值115亿澳元的四大核 ...

▲地铁30号线列车 当轨道不只是"运人"，而是"聚产、塑城、引才、促创"，它将如何赋能一座超大城市的未来？ 2025年即将收官，对成都而言，这一年尤具里程碑意义。回望二十年前的12月，成都地铁1号线一期正式破土动工，成都迈入"地铁时代"；二 十年后的今天，13 号线一期、30号线一期同时开通。随着四期建设圆满落地，今年成都轨道交通将新增87.5公里"上新"里程，运营总里程增至 758.245公里，稳稳占据全国轨道交通"第四城"的位置。 然而，在全国轨道交通建设普遍进入"后扩张时代"，城市之间的竞争逻辑已从"拼公里数"转向"拼价值"。省委、市委全会明确"十五五"发展方 向，将"完善现代化综合交通运输体系"作为推动全市交通运输高质量发展的重大任务。成都正顺势开启下一轮"城市进化"：以轨道交通为支 点，撬动产业升级、空间重构与城市能级跃升。 产业集群成势，"链"出万亿级市场 列车疾驰而过，比速度更令人振奋的，是贯穿其中的"智慧"。 ▲成都轨道交通5号线列车穿行于雪山下的公园城市 在今天正式开通的30号线一期，成都地铁智能化迈上全新台阶。据介绍，30号线路是全国首条采用"常规全自动 + 车车通信"技术的地铁线路， 列 ...

Core Insights - The Shenzhen Bay Super Headquarters Base is set to add a new landmark building, the North Tower project, which will integrate office, leisure, and high-end hotel facilities, aiming for completion of the main structure by 2028 [1][2] - The project is strategically located near the Shenzhen Metro Line 9 and is designed to be a "new benchmark for headquarters office in the Bay Area" and an "international ecological headquarters center" [1][2] Design and Features - The design emphasizes ecological and green shared concepts, featuring a "breathable" office environment that incorporates fresh air and natural light throughout the building [2] - The project includes unique elements such as a sunken courtyard, colonnade interface, and a "sixth facade" that combines rooftop public spaces, a cloud theater, an infinity pool, and an art installation called "Tree of Life" [2] - The building aims to serve as a new open and shared urban viewing platform, hosting various cultural events and enriching public life in the area [2] Development Context - The Shenzhen Bay Super Headquarters Base covers a total area of approximately 117 hectares, with a planned total construction area of about 5.2 million square meters, positioning it as a key platform for global high-end resource allocation [2] - The project has attracted major companies such as JD.com, China Merchants Bank, ZTE, and DJI to establish their headquarters in the area [2] - The developer, Shenzhen Metro Group, is advancing a "rail + property" development model, having established multiple benchmark TOD projects that integrate rail transit with urban functions [2]

Core Points - Vanke A (000002.SZ) announced significant personnel changes, with Chairman Xin Jie resigning for personal reasons and Huang Liping being elected as the new Chairman [1][2] Group 1: Personnel Changes - Xin Jie submitted his resignation as Chairman and will no longer hold any position within the company [1] - Huang Liping, previously from Shenzhen Metro Group, has been elected as the new Chairman and legal representative of Vanke [1][4] Group 2: Background and Context - Xin Jie’s resignation follows rumors and events leading to his departure, including being taken away during a meeting on September 18 [2] - Xin Jie was appointed less than a year ago to address liquidity issues and had successfully secured over 25.9 billion yuan in low-interest loans from the major shareholder, Shenzhen Metro Group [3] Group 3: New Leadership and Future Outlook - Huang Liping has a strong background in the industry, having held various positions within Shenzhen Metro Group and related companies [4] - The leadership change is seen as a continuation of Vanke's "state-owned enterprise governance" rather than a directional shift, with expectations for Huang to leverage resources for transformation in a challenging market [4] - Vanke successfully delivered over 45,000 housing units in the first half of the year, achieving sales of 69.11 billion yuan with a repayment rate exceeding 100% [4] - The company secured 24.9 billion yuan in new financing and refinancing in the first half of the year, with significant support from its major shareholder [5]

Core Insights - Vanke's chairman, Xin Jie, has officially resigned, with Huang Liping from Shenzhen Metro Group taking over the position [2] - This marks the third leadership change at Vanke in three years, indicating a rapid pace of management adjustments by major shareholder Shenzhen Metro Group [8] - Huang Liping's background in managing multiple TOD projects aligns well with Vanke's current focus on "rail + property" strategies, suggesting a tailored upgrade for the company [8] Company Performance - Vanke's net profit has halved by 45.7% in the first half of the year, despite an 11.9% increase in operating revenue, indicating ongoing challenges in the real estate sector [10] - The company is under pressure to implement a "slimming plan," with 54 projects awaiting optimization [10] Strategic Implications - Huang Liping's appointment suggests a deeper integration between Vanke and Shenzhen Metro, particularly in urban renewal and property development above metro stations [10] - Shenzhen Metro has 20 ongoing projects, which could present new growth opportunities for Vanke [10] Industry Context - The real estate industry is currently undergoing significant changes, with Vanke's leadership transition serving as a potential indicator of broader market trends [12] - Huang Liping's expertise in digital management may accelerate Vanke's development of smart community initiatives [13] - The Vanke board expresses confidence in Huang Liping's ability to manage the company's development, operations, and services effectively [13]

Core Viewpoint - Vanke has announced the resignation of Chairman Xin Jie, with Huang Liping from Shenzhen Metro Group taking over, marking the third leadership change in three years for the company [2][8]. Group 1: Leadership Change - Huang Liping, who holds dual roles as Deputy Secretary of the Party Committee and General Manager of Shenzhen Metro Group, is seen as a significant figure for Vanke, aligning with the company's strategic focus on "rail + property" projects [8][10]. - The rapid leadership changes at Vanke, driven by major shareholder Shenzhen Metro Group, indicate a dynamic management approach [8][10]. Group 2: Financial Performance - Vanke's net profit has halved by 45.7% in the first half of the year, despite an 11.9% increase in operating revenue, highlighting ongoing challenges in the real estate sector [10][12]. - The company is currently facing pressure to implement a "slimming plan," with 54 projects awaiting optimization [10][12]. Group 3: Strategic Direction - The appointment of Huang Liping suggests a deeper collaboration between Vanke and Shenzhen Metro, particularly in urban renewal and property development above metro stations, with 20 ongoing projects that could serve as new growth points for Vanke [10][12]. - Huang's experience in digitalization at Shenzhen Metro may accelerate Vanke's development of smart communities, enhancing its operational capabilities [12][13].

Core Viewpoint - Shenzhen Metro Group has lost its title as the "most profitable metro company" in 2024, with significant declines in revenue and net profit reported for the first half of 2025 [1] Financial Performance - For the first half of 2025, Shenzhen Metro Group reported operating revenue of 7.284 billion yuan, down 21.7% from 9.299 billion yuan in the same period last year [1] - The net profit for the period was -3.268 billion yuan, with a net profit attributable to the parent company of -3.361 billion yuan, compared to -3.793 billion yuan in the previous year [1] - Total assets reached 793.232 billion yuan, with total liabilities of 479.620 billion yuan and total equity of 313.611 billion yuan [1] Investment in Vanke - Shenzhen Metro holds a 27.18% stake in Vanke, making it the largest shareholder, and has provided substantial financial support, totaling 24.369 billion yuan over eight loans in 2025 [1][2] - Cumulatively, from 2017 to 2025, Shenzhen Metro has invested nearly 95 billion yuan in Vanke through equity investments and debt financing [2] Construction and Real Estate Challenges - The company faces challenges in aligning metro construction with real estate revenue, as the effectiveness of the "real estate supports metro" model is being questioned amid a downturn in the real estate sector [2] - Fixed asset investment for the period was 44.282 billion yuan, a 34% increase year-on-year, with ongoing projects requiring continuous funding [2] Station-City Integration Development - The station-city integration development business generated 1.625 billion yuan in revenue, a 63% decrease year-on-year, primarily due to cyclical impacts in real estate [3] - The revenue contribution from this segment fell to 22.3%, marking the first time it dropped below 30% [3] - Despite the revenue decline, the business managed to reduce costs significantly, leading to an increase in gross profit margin to 48.38% [3] Real Estate Highlights - Shenzhen Metro's real estate segment showed some positive developments, with notable sales in talent housing projects, including the successful launch of the "Yueyunjing" project, which sold out within an hour [4] - The company aims to launch 4,300 housing units in 2025, including talent housing and commercial properties, with sales performance in the second half of the year yet to be revealed [4]

Core Viewpoint - The integration of Shenzhen Metro Group and Vanke is expected to create synergies, but recent financial results indicate significant challenges for both companies, particularly in revenue and profitability [2][18]. Financial Performance - Shenzhen Metro Group reported a 21.67% year-on-year decline in revenue for the first half of the year, with a net loss of approximately 3.36 billion yuan [2][16]. - The station-city integration business, which was once a major revenue contributor, saw a staggering 63% drop in revenue, falling below 30% of total revenue for the first time [2][14]. - Vanke's revenue for the first half of the year was 105.32 billion yuan, down 26.23% year-on-year, with a net loss of about 11.95 billion yuan [16]. Management Changes - Xin Jie was appointed as the chairman of Vanke in January 2025, leading to a significant management overhaul with ten executives from Shenzhen state-owned enterprises taking key positions [9][10]. - Xin Jie has a deep understanding of the "rail + property" model, having worked his way up within Shenzhen Metro Group [5][6]. Strategic Initiatives - Since the partnership, Shenzhen Metro Group and Vanke have initiated collaborations in the long-term rental apartment sector and other innovative projects, although their short-term impact on financial performance is limited [13][17]. - The companies are pursuing a "Shenzhen Metro provides land, Vanke operates" model, with plans to launch 4,300 housing units this year, but the success of these projects remains uncertain [14][18]. Challenges Ahead - The decline in the station-city integration business reflects broader challenges in the real estate sector, with its revenue share dropping from 58.53% in 2023 to 22.3% in the first half of 2025 [14]. - Both companies face significant capital expenditure pressures due to ongoing infrastructure projects, which could exacerbate their financial difficulties [14][18]. - The reliance of Vanke on financial support from Shenzhen Metro Group raises concerns about the latter's risk management capabilities [18].

Core Insights - Hong Kong MTR Corporation (MTR) reported a significant increase in property profits, rising by 392.8%, amidst losses faced by domestic rail companies [1] - For the fiscal year 2024, MTR's total revenue reached HKD 60.011 billion, a slight increase of 5.3% from 2023, with net profit soaring by 102.6% to HKD 15.8 billion [1] - The property development segment emerged as the main driver of MTR's financial health, with profits reaching HKD 10.265 billion, nearly quadrupling year-on-year [1][2] Revenue Structure - MTR's "rail + property" model allows the company to develop land along railway lines, paying for land at pre-construction prices and reaping the benefits post-construction [2] - The property segment now accounts for 65% of total profits, significantly surpassing traditional revenue sources such as passenger services and station businesses [2] - Property leasing income increased by 5.9% to HKD 5.076 billion, bolstered by the opening of new shopping centers [3] Market Dynamics - The recovery of the Hong Kong property market post-policy changes has provided crucial support for MTR's residential projects [5] - Following the government's removal of property cooling measures, the market saw a 17.1% increase in property transaction volume, reaching 67,979 contracts in 2024 [6] - MTR launched several projects shortly after the policy changes, achieving high sales rates for new developments [7] Future Prospects - MTR has a land reserve of 890,000 square meters, with significant residential supply expected in the next 12 months [4] - The company anticipates that property income will not only fund railway construction but also support long-term asset maintenance [4] - Despite the positive outlook, there are concerns about potential market fluctuations affecting profit margins in the property development sector [8][9] Industry Trends - The "rail + property" model is gaining traction in mainland China's rail transit sector, with several companies reporting substantial growth in real estate development revenues [10] - In 2024, 22 cities in China are expected to release 45 parcels of TOD land, indicating a continued push for integrated transport and property development [11] - MTR's operational model differs from mainland counterparts, as it does not directly engage in real estate development but collaborates with developers [12][13]