南财智讯12月16日电，珠江股份公告，控股子公司珠江文体中国银行股份有限公司广州白云支行基本户 （账号7094****6572）被冻结62.00万元。本次冻结系因申请执行人就其与济宁珠江体育文化发展有限 公司、珠江文体侵权责任纠纷一案向济宁市任城区人民法院申请诉前财产保全所致。上述银行账户被冻 结目前未对珠江文体的正常运行、经营管理造成实质性影响。 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating that the industry index is expected to outperform the market benchmark in the next six months [6]. Core Insights - The report highlights a continued decline in real estate sales, with a cumulative year-on-year decrease of 7.8% in sales area and 11.1% in sales revenue for the first eleven months of 2025 [2][11]. - The report notes that the decline in real estate investment has widened, with a 15.9% year-on-year decrease in development investment, and a 20.5% drop in new construction area [3][19]. - Funding for real estate has also decreased, with total funds available to developers down by 11.9% year-on-year, and domestic loans showing a negative year-on-year change of 2.5% [4][21]. - The report emphasizes the need for policy support to stabilize the real estate market, with expectations for new policies to be introduced in 2026 to boost demand [5]. Summary by Sections Sales Data - In the first eleven months of 2025, the total sales area reached 790 million square meters, with a year-on-year decline of 7.8%. The sales revenue amounted to 7.5 trillion yuan, reflecting an 11.1% year-on-year decrease [2][11]. - In November 2025 alone, the sales area was 67 million square meters, down 17.3% year-on-year, while sales revenue was 610 billion yuan, down 25.1% year-on-year [2]. Investment Data - Real estate development investment totaled 7.9 trillion yuan in the first eleven months of 2025, down 15.9% year-on-year. The new construction area was 530 million square meters, reflecting a 20.5% decline [3][19]. - The construction area was 6.56 billion square meters, down 9.4% year-on-year, and the completed area was 390 million square meters, down 18.0% year-on-year [3][21]. Funding Data - The total funds available to real estate companies were 8.5 trillion yuan, down 11.9% year-on-year. Domestic loans accounted for 1.3 trillion yuan, showing a 2.5% decline [4][21]. - Self-raised funds were 3.1 trillion yuan, down 11.9%, and personal mortgage loans were 1.2 trillion yuan, down 15.1% [4]. Policy Insights - The Central Economic Work Conference emphasized stabilizing the real estate market as a key task for 2026, with potential policies to reduce housing costs and stimulate demand [5]. - The report suggests focusing on three areas for investment: commercial real estate, second-hand brokerage, and property services, along with quality developers [5].

每经AI快讯，ST复华（SH 600624，收盘价：5.66元）12月16日晚间发布公告称，公司第十一届第十九 次董事会会议于2025年12月16日以通讯方式召开。会议审议了《关于聘任公司副总经理的议案》等文 件。 2024年1至12月份，ST复华的营业收入构成为：工业占比48.28%，软件开发占比42.88%，房地产业占比 6.57%，其他业务占比2.27%。 截至发稿，ST复华市值为38亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 王晓波） ...

Group 1 - The core viewpoint of the report indicates that China's economy continues to develop steadily, characterized by "demand decline and stable production" as of November [2] - Retail sales growth has shown a declining trend, with a year-on-year growth rate of 1.3% in November, down 1.6 percentage points from the previous value, marking six consecutive months of marginal slowdown [8] - Service consumption remains robust, while smart economy consumption, such as smart wearables and digital consumption, exhibits high growth potential [2][8] Group 2 - Fixed asset investment has seen a cumulative year-on-year decline of 2.6% from January to November, with the real estate market undergoing deep adjustments and construction investment growth in negative territory [15] - The average price of commercial housing in November was 9096.64 yuan per square meter, a year-on-year decrease of 9.94%, indicating a bottoming process in housing prices [16] - Industrial value-added growth remained relatively stable at 4.8% year-on-year in November, with mining and high-tech industries showing significant growth [28]

Group 1 - The company, Binjiang Group (002244.SZ), stated that it currently has no projects in Hainan [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国泰君安期货 市场分析师 张驰宁 投资咨询证号 Z0020302 最近A股反复震荡的行情着实磨人，更令人不安的是，市场几次在整理中突然大幅下探，搅得人心惶 惶。投资者进退两难：砍仓怕割在地板上，不砍又担心陷入连续阴跌。市场涨涨跌跌如同过山车，总是 缓步攀升后急促下跌，方向难辨，把许多忠实股民折腾得焦虑不已。 那么此时此刻，最需要做的，是对行情有一个明确的分析思路，当下和未来看些什么，哪些变化可能会 决定大A的走向，提前给每一次爬升和陡坡做好准备，自然在行情应对的时候就能更加得心应手。 【技术上最近的表现】 首先，我们来看一看上证指数目前的盘面表现：上证指数自11月21日以向下跳空缺口发出首个技术转弱 信号后，虽于12月8日反抽尝试回补缺口，但最终承压回落。此后指数持续走低，并于今日再度收阴， 跌破一个月前形成的低点。 数据来源：同花顺期货通 【"拉动经济的三驾马车"当下怎么样？】 1、投资： 数据来源：国家统计局 最新一期固定资产投资数据，当前延续了下降的过程，且似乎降幅在继续扩大，从细节来看，第一、第 二产业投的钱其实还在增加，问题主要出在第 ...

今日市场大幅调整，沪指跌幅超1%，创业板指跌超2%。资金抱团零售、食品饮料等消费主线。市场全 天成交1.7万亿，两市下跌个股超4300只。 从个股看，两市上涨1091家，下跌4302家，65家涨幅持平。两市共45股涨停，共39股跌停。 截至收盘，沪指跌1.11%报3824.81点，成交7333亿元；深成指跌1.51%报12914.67点，成交9882亿元。 创业板指下跌2.10%，报3071.76点。 资金动向 对于调整原因，综合市场各方观点，主要有以下三方面原因： 一是市场对"灰犀牛"风险的规避。日本央行将于12月18日至19日召开货币政策会议，市场普遍预期最可 能的方案是加息25个基点至0.75%。 二是美股甲骨文、博通近几日持续回调，再度引发市场对AI叙事逻辑的分歧。 三是A股商业航天板块盘中大跌，波及国防军工板块，压制市场人气。 盘面上，零售概念反复活跃，百大集团4连板，红旗连锁、广百股份双双2连板；智能驾驶概念逆势拉 升，浙江世宝、索菱股份等十余股涨停；数字货币概念走强，翠微股份、航天信息涨停；地产板块午后 拉升，世联行直线涨停，华夏幸福、特发服务、光大嘉宝、财信发展跟涨。下跌方面，贵金属、影视院 ...

Investment Rating - The report maintains a positive outlook for the real estate sector, indicating low financial risk and persistent economic pressure for 2026, with no expectation of systemic financial risks [1][61]. Core Insights - The real estate sector is expected to provide a favorable environment in 2026, continuing the trends observed in 2025, with a focus on financial stability [1][61]. - Key companies to watch include: 1) Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou, Gemdale; H-Shares - China Overseas Land & Investment 2) Residential and Commercial: Longfor Group 3) Property Management: Onewo, China Resources Mixc, China Overseas Property, Poly Property, China Merchants Property, ChongQing New DaZheng 4) Cultural and Tourism: Shenzhen Overseas Chinese Town [1][61]. Summary by Sections Investment Trends - In 2025, the cumulative development investment decreased by 15.9% compared to 2024, with a significant drop in new construction area by 20.5% and sales value by 11.1% [5][10]. - The report highlights a monthly decline in development investment of 31.4%, new construction area by 27.7%, and sales value by 26.1% [61][70]. Market Dynamics - The unsold area indicator suggests eased pressure on developers, with expectations of reduced real estate investment continuing into 2026 [62][70]. - The report indicates that the negative contribution of real estate to the macro economy may stabilize, with a projected investment decrease of approximately 1.6 trillion RMB in 2025 compared to 2024 [63][72]. Financial Sources - Total funding sources for real estate reached 8.51 trillion RMB in 2025, reflecting an 11.9% year-on-year decline [43][47]. - Domestic loans accounted for 15.44% of funding sources, with a decrease of 2.5% year-on-year [47][50].

Group 1 - The core analysis focuses on the supply-demand contradiction, particularly in the midstream sector, where the demand-investment growth differential has increased to 7.6% in November, up from 6.4% in the previous month, indicating a potential shift from "strong supply, weak demand" to "weak supply, strong demand" [1][4][30] - The methodology involves calculating the difference between demand growth and investment growth, with a positive differential suggesting that supply-demand contradictions are easing, which may lead to price stabilization in the future [3][32] - Current observations indicate that while midstream demand growth has slightly decreased to 8.9% in November from 9.3% in October, midstream investment growth has also declined to 1.3%, resulting in a continued upward trend in the demand-investment growth differential since May 2024 [4][33] Group 2 - Historical data suggests that the midstream demand-investment growth differential is likely to remain positive, with expectations for the midstream Producer Price Index (PPI) to stop declining and potentially rise in 2026 [2][31] - In November, the midstream PPI showed a month-on-month increase of 0.04%, marking the first positive change since June 2024, indicating a potential upward trend in midstream profitability [5][34] - The analysis of November's economic data reveals a weakening supply side, with industrial production growth at 4.8% and service sector production index at 4.2%, while consumer demand and investment remain weak [43][45] Group 3 - The real estate sector continues to face challenges, with property sales area down 17.3% year-on-year in November, and real estate investment declining by 30.3% [20][26] - Employment remains stable, with the urban survey unemployment rate holding steady at 5.1% in November, indicating a relatively stable labor market despite economic pressures [43][45] - Consumer retail sales growth has slowed to 1.3% in November, down from 2.9% in October, reflecting ongoing challenges in consumer spending [17][43]

Core Viewpoint - The article aims to assist taxpayers in understanding tax policies and procedures, specifically focusing on the key points for filling out the VAT deduction form for advanced manufacturing industries [1]. Group 1: VAT Deduction Form Filling Guidelines - Taxpayers eligible for the additional deduction policy should fill out lines 6 to 8 of the form, reflecting their deduction situation [2]. - The first column "Beginning Balance" should include the previous period's ending balance of the additional deduction amount, which is zero for first-time applicants [3]. - The second column "Current Period Amount" should reflect the additional deduction amount calculated at 5% of the deductible input VAT for the current period [3]. - For enterprises engaged in export business, the "Current Period Amount" will prompt a section to fill in the input VAT corresponding to export business, which cannot be deducted [5]. - The third column "Current Period Adjustment Amount" should be filled with 5% of the amount of input VAT that is reversed during the current period [6]. - The "Current Period Deductible Amount" is calculated as "Beginning Balance" + "Current Period Amount" - "Current Period Adjustment Amount" [8]. - The "Actual Deductible Amount" for the current period is determined based on whether the "Current Period Deductible Amount" is greater than or equal to zero, with two specific scenarios outlined for filling this out [10][11]. - The ending balance is calculated as "Current Period Deductible Amount" - "Actual Deductible Amount," which reflects the remaining additional deduction amount to be carried over to the next period [13]. Group 2: Tax Filing Extensions - Taxpayers can apply for an extension of tax filing under unforeseen circumstances such as natural disasters or public health emergencies that prevent timely filing [18]. - Extensions may also be granted for special financial processing reasons when accounting is not completed, making it difficult to calculate taxable amounts [18]. Group 3: R&D Expense Deduction Policy - Certain industries, including real estate, are not eligible for the additional deduction policy for R&D expenses, as specified by tax regulations [20]. - An example illustrates that a construction company investing in energy-saving technology cannot benefit from the R&D expense deduction due to its classification in the real estate sector [20].