从2022年开始，国内房价就步入到长期调整的趋势之中。而在进入到2025年之后，国内各地房价还是延续之前下跌的趋势。数据显示，全国百城二手住宅均 价，9月为13381元/平方米，同比下跌7.38%，前三季度累计跌幅达5.79%。全国百城二手房价格已连续41个月环比下跌。从当前情况看，国内房价调整的趋 势大局已定。 事实上，在当前房价长期下跌，楼市调整大局已定的情况下，对于那些只有一套房的家庭来说，影响并不是很大。他们买房就是为了自住，只要房子住得舒 服就可以了。但对于45%有多套房的家庭，影响就比较深远了，他们将要面临以下这"4个难题"。 另一个是，由于国内物价每年都会有不同程度的上涨。所以，持有多套房的家庭将面临物业费、取暖费、电梯费、维修基金等价格不断上涨的压力。实际 上，持有多套房子家庭的物业费用支出压力要远比只有一套房子的家庭大的多。 第四，"以租养贷"的梦想正在破灭 近些年，国内房价一直在下跌，这让拥有多套房了家庭损失惨重。2019年，上海居民杨斌购买了一套400万的房子。而在时隔6年之后，现在这套房子的市值 只有256万，房价跌幅超过30%。而未来各地的高房价仍有下跌空间，并逐步与当地居民收入挂钩 ...

说起中国民营企业的那些事儿，海航集团这出戏真是让人看完直摇头。曾经风光无限，员工超20万，资产规模上万亿，稳坐世界500强宝座。可转眼间，就 因为债务堆成山，创始人陈峰直接被抓，集团轰然倒下。这债务规模高达7500亿普通债权，总债权1.1万亿，搁谁身上都够呛。更别提比起恒大那2万亿的窟 窿，海航这事儿在速度和影响上，简直更扎心。恒大好歹拖了好几年才爆，海航从巅峰到崩盘，就几年工夫，员工失业、债权人血本无归，教训一个比一个 深刻。 先聊聊海航是怎么起家的吧。陈峰这人，1956年生，早年在民航系统干调度，1984年还去德国汉莎航空学院学了两年运输管理。1990年调到海南，当省长航 空助理，次年就开始筹建海南航空。1993年5月，海航正式开航，那时候启动资金才1000万，靠说服投资人和发行股票，凑了2.5亿，又从银行贷了3.5亿，买 了两架波音飞机。起步阶段，陈峰主打航空主业，航班慢慢多起来，到2000年左右，开始收购其他航空公司和酒店，多元化扩张。2010年，海航集团统一资 金管理，资产破千亿，2015年进世界500强，2017年资产规模达1.6万亿。听起来牛吧？但这背后，全靠高杠杆玩儿命并购，负债率一路飙到90 ...

【卡城华人网 www.calgarychina.ca】卡尔加里房地产委员会（CREB）发布的2025年9月房市报告显示，卡尔加里地区整体房市保持稳定，但周 边的 Airdrie（艾尔德里）和 Cochrane（科克伦）却迎来了房源井喷式增长，库存水平创下历史新高，让买家有了更多选择，房价压力也随之 减轻。 Airdrie：房源暴涨六成，价格微跌 9月，Airdrie新增挂牌房源 295套，创下历年9月新高，总库存达到 571套，比去年同期大增 63.6%。 不过，该市仅成交 133套，销售与新增挂牌比例降至 45%。 基准房价为 52.6万加元，较去年同期下降 4.5%，但从年初至今整体仅下跌 1%，显示市场正温和调整，而非急剧下滑。 Cochrane：库存翻倍，房价仍微涨 尽管供应大增，当地房价依旧坚挺，基准价 58.43万加元，同比 上涨1%。 Okotoks：稳中略降 相比之下，Okotoks市场表现平稳。9月新增挂牌 69套，库存 115套，成交 51套，销售与新增挂牌比例高达 74%，显示买气依旧旺盛。 不过房价略有下滑，基准价降至 61.39万加元，同比下跌 2.6%。 总体来看，Airdrie ...

Core Viewpoint - Recent actions by various cities to curb "bearish" sentiments in the real estate market have sparked widespread public attention, indicating a growing trend to restrict negative commentary on the housing market [1][3][4] Group 1: Government and Industry Responses - The Beijing Real Estate Brokerage Industry Association issued a statement on September 30, urging members to refrain from "bearish" market commentary and to prohibit malicious price reductions [1] - On September 9, the Harbin Real Estate Brokerage Industry Association criticized a self-media outlet for its negative statements about the local housing market, labeling them as "inappropriate remarks" [1] - These actions reflect a broader effort by local governments and industry associations to maintain market stability and prevent panic among potential buyers [4][5] Group 2: Public Sentiment and Debate - There is a divide in public opinion regarding the restriction of "bearish" commentary, with supporters arguing that such measures are necessary to maintain confidence in a market heavily reliant on public sentiment [5][7] - Critics question whether these negative statements truly constitute "inappropriate remarks" or if they are valid analyses based on market data, suggesting that limiting discourse may obscure the real state of the housing market [7][9] - The discussion surrounding housing prices is crucial for many households, and it should not be treated as a taboo subject; a transparent market environment is essential for the long-term health of the real estate sector [9]

Core Insights - The article discusses the critical issue of debt accumulation and risk in China, emphasizing the "government-enterprise-private enterprise" debt cycle mechanism as a significant factor in this context [4][5][21]. Group 1: Debt Cycle Mechanism - The "government-enterprise-private enterprise" debt cycle mechanism is characterized by a close relationship between local governments, state-owned enterprises (SOEs), and private enterprises, which has evolved into a core framework for understanding China's debt issues [4][6][11]. - Local governments play a decisive role in the debt cycle, often relying on SOEs to fund major projects and maintain operations, leading to significant debt accumulation [9][19]. - Government financing platforms and SOEs have become key intermediaries in the debt cycle, facilitating the accumulation of both explicit and implicit debts [10][19]. Group 2: Impact on Private Enterprises - Private enterprises, especially small and medium-sized enterprises (SMEs), are often the final bearers of the debt burden, facing challenges such as delayed payments from local governments and SOEs [11][12][25]. - The tight integration of private enterprises into the supply chains of SOEs and local governments results in a situation where they are adversely affected by the debt risks of these larger entities [12][25]. - The financing difficulties faced by private enterprises are exacerbated by the risk-averse lending practices of banks, which prioritize loans to government and SOE projects over private sector needs [24][25]. Group 3: Economic Implications - The debt cycle mechanism significantly hinders the efficiency of China's economic circulation, impacting growth and the overall economic environment [21][22]. - The mechanism creates barriers to the effective implementation of monetary and fiscal policies, as local governments struggle with fiscal deficits and debt management [24][25]. - The interaction between local government debt and the operational challenges faced by private enterprises contributes to a broader economic slowdown, affecting the overall market dynamics [22][24]. Group 4: Recommendations - Addressing the fundamental fiscal challenges faced by local governments is crucial for breaking the cycle of debt accumulation and risk [28][29]. - Tailored policy measures should be implemented to address the specific issues within different sectors, ensuring a more sustainable economic environment [29].

日前，国家外汇管理局发布《国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知》（以 下简称《通知》），其中涉及房地产的相关政策包括缩减资本项目外汇收入及其结汇所得人民币在境内 支付使用的负面清单，以及便利境外个人境内购房结汇支付。《通知》出台后，不少网友对政策产生误 解，误以为境外个人境内购房政策发生重大改变，甚至以为境外个人境内限购房令已经取消。 与此同时，《通知》还优化了境外个人境内购房结汇支付政策，这将为符合条件的境外人士在境内 购房提供付款便利。李斌介绍，此前，境外个人境内购房办理资金结汇支付，需提供房地产主管部门出 具的购房备案证明文件，而房地产企业或二手房出让方通常要求先收到首付款才办理网签。 为解决实际困难，国家外汇管理局针对港澳居民在粤港澳大湾区内地城市购房试点实施"先结后 补"便利措施，即购房者在取得房地产主管部门的购房备案证明文件之前，可凭购房合同或协议先行办 理结汇支付，后续再补交备案证明文件，相关试点取得积极反响和效果。为满足更多境外个人在境内工 作、生活等合理购房需求，推动区域融合和人才流动，国家外汇管理局此次将粤港澳大湾区试点实施的 结汇支付便利化政策推广至全国。 招联首席 ...

转自：北京日报客户端 为解决实际困难，国家外汇管理局针对港澳居民在粤港澳大湾区内地城市购房试点实施"先结后补"便利 措施，即购房者在取得房地产主管部门的购房备案证明文件之前，可凭购房合同或协议先行办理结汇支 付，后续再补交备案证明文件，相关试点取得积极反响和效果。为满足更多境外个人在境内工作、生活 等合理购房需求，推动区域融合和人才流动，国家外汇管理局此次将粤港澳大湾区试点实施的结汇支付 便利化政策推广至全国。 招联首席研究员董希淼提示，"先结后补"政策重在"便利结汇支付"，并非放松购房门槛，也不改变购房 资格、数量与房屋用途等规定。 来源：经济日报 作者: 勾明扬 日前，国家外汇管理局发布《国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知》（以 下简称《通知》），其中涉及房地产的相关政策包括缩减资本项目外汇收入及其结汇所得人民币在境内 支付使用的负面清单，以及便利境外个人境内购房结汇支付。《通知》出台后，不少网友对政策产生误 解，误以为境外个人境内购房政策发生重大改变，甚至以为境外个人境内限购房令已经取消。 国家外汇管理局副局长、新闻发言人李斌强调，此次境外个人境内购房结汇支付便利化调整，仅针对银 ...

日前，国家外汇管理局发布《国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知》(以 下简称《通知》)，其中涉及房地产的相关政策包括缩减资本项目外汇收入及其结汇所得人民币在境内 支付使用的负面清单，以及便利境外个人境内购房结汇支付。《通知》出台后，不少网友对政策产生误 解，误以为境外个人境内购房政策发生重大改变，甚至以为境外个人境内限购房令已经取消。 "取消境外个人境内限购房令"系误读 招联首席研究员董希淼提示，"先结后补"政策重在"便利结汇支付"，并非放松购房门槛，也不改变购房 资格、数量与房屋用途等规定。(经济日报 记者 勾明扬)【编辑:曹子健】 国家外汇管理局副局长、新闻发言人李斌强调，此次境外个人境内购房结汇支付便利化调整，仅针对银 行办理资金结汇支付的审核程序进行优化，并未改变现行境外个人境内购房政策。境外个人享受政策便 利的前提是符合房地产主管部门和各地购房资格条件。 "近年来，国内房地产市场形势已发生变化，房地产行业相关宏观调控措施也已优化调整。基于此，相 关外汇管理措施有必要加以优化调整，以适应新形势新要求，助力房地产市场稳健发展。因此，此次印 发的《通知》缩减了资本项目收入使用负面清单 ...

Industry Insights - The global storage chip prices have been continuously rising over the past six months, with a significant increase in the last month, leading to many manufacturers' stock prices reaching historical highs. Morgan Stanley predicts a "super cycle" for the storage chip industry driven by the AI boom [3] - The number of music festivals remains high, with over 60 events held in the first three days of the National Day holiday, generating ticket sales exceeding 220 million yuan. However, ticket prices are declining, with a 20% year-on-year decrease in the proportion of festivals priced between 501-800 yuan [3] Real Estate Dynamics - In September, real estate companies accelerated their sales strategies, resulting in a significant increase in new housing supply in Beijing, with over 4,600 units approved for sale, marking a monthly high for the past year. Despite a rise in transaction volume, the market is still characterized by a "price for volume" strategy [6] - In Shenzhen, the total number of new and second-hand residential transactions in September reached 7,633 units, a month-on-month increase of 20.7% and a year-on-year increase of 38.3%. The first-hand residential transactions accounted for 3,087 units, with a month-on-month increase of 43.5% [6] Stock Market Overview - The A-share market saw a strong performance in September and the third quarter, with the ChiNext index rising over 50% in the third quarter. The total trading volume in September reached approximately 3.3 trillion shares, marking the second-highest monthly volume in history [7] - The total scale of domestic ETFs has reached about 5.5 trillion yuan, surpassing Japan and making it the largest ETF market in Asia, with over 760 products available [7] Wealth Focus - Since October 1, gold prices have been rising, but jewelers are cautious about stockpiling gold due to the risk of price drops. They are adopting a strategy of buying back gold only as they sell it [8] - Financial institutions are launching special interest subsidy channels for large consumer loans, such as for automobiles, to stimulate holiday consumption [8] Company News - Hongmeng Zhixing reported a total of 18,500 pre-orders for its vehicles during the first three days of the National Day holiday, with the Aito M7 model accounting for 5,800 pre-orders [11] - Fujitsu is expanding its strategic partnership with NVIDIA to develop an integrated AI infrastructure, focusing on industry-specific AI platforms for healthcare, manufacturing, and robotics [11]

Market Performance - In September and the third quarter of this year, the A-share market showed strong performance, with the ChiNext Index and the STAR 50 Index particularly standing out, as the ChiNext Index recorded a cumulative increase of over 50% in the third quarter [1][2] - The ChiNext Index rose by 12.04% in September, while the STAR 50 Index increased by 11.48%. The Shenzhen Component Index and the Shanghai Composite Index rose by 6.54% and 0.64%, respectively, with the North Exchange 50 Index declining by 2.90% [2] Trading Volume - September saw a record monthly trading volume in the A-share market, with a total trading volume of approximately 53.2 trillion yuan, marking a historical high [5] - The daily trading volume has consistently exceeded 2 trillion yuan since August 13, indicating a new normal for market activity [6][7] Sector Performance - The third quarter witnessed a broad increase across major sectors, with most sectors showing positive performance. Notably, the electronics, non-ferrous metals, and power equipment sectors saw increases exceeding 20% [8][9] - In September, sector performance was more mixed, with power equipment, real estate, electronics, automotive, and non-ferrous metals leading the gains, while sectors like defense, banking, and food and beverage experienced declines [9] Individual Stock Performance - Over 3,800 stocks rose in the third quarter, with more than 1,000 stocks increasing by over 30%, and over 90 stocks doubling in value. Notable performers included Upwind New Materials, Tianpu Co., and Chunzong Technology, with increases exceeding 200% [10][11] - In September, over 2,000 stocks increased in value, while more than 3,000 stocks declined, indicating significant differentiation among individual stocks [12]