Core Viewpoint - The announcement from the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development extends the personal income tax refund policy for residents who sell their homes and purchase new ones within a year, aiming to stimulate housing demand and stabilize market expectations [1][2]. Group 1: Policy Details - The tax refund policy will be effective from January 1, 2026, to December 31, 2027, allowing taxpayers to receive a refund on the personal income tax paid on the sale of their current home if they purchase a new home within one year [1]. - If the purchase price of the new home is equal to or greater than the selling price of the current home, the entire amount of personal income tax paid will be refunded; if less, the refund will be proportional to the new home's purchase price relative to the selling price [1]. Group 2: Market Implications - The extension of the tax refund policy is seen as a continuation of previous measures aimed at reducing transaction costs, which is expected to enhance market activity and support housing demand, particularly for families looking to upgrade their homes [2][3]. - The combination of this policy with other measures, such as reduced VAT on homes sold within two years, is anticipated to accelerate transaction flows and improve market expectations, potentially leading to further extensions of beneficial policies [2]. Group 3: Expert Opinions - Analysts believe that the ongoing support for housing improvement and exchange demand reflects a commitment to stabilizing the real estate market, with expectations of robust demand for home exchanges in many cities [3]. - The expansion of second-hand home transactions is expected to positively impact the new home market and other improvement markets, suggesting that local governments should effectively utilize these policies to enhance market activity [3].

Core Viewpoint - The marathon symbolizes the victory of civilization and urban development, reflecting the sustainable future of cities and the importance of ecological coexistence in modern urban marathons [1][10]. Group 1: Marathon as a Symbol of Urban Civilization - The marathon originated from the historical victory of Athens, representing not just a race but a defense of independence and civilization [1]. - Modern marathons serve as a grand exhibition and stress test of urban civilization, emphasizing sustainability and ecological coexistence [1][10]. Group 2: Xiamen Marathon's Unique Features - The 2026 Xiamen Marathon, as the first World Athletics Platinum Label event of the year, showcases a beautiful running route that embodies the "City-Enterprise-Race" symbiosis [3][5]. - The marathon has evolved into a significant urban asset, enhancing city infrastructure and governance while promoting tourism and local culture [5][6]. Group 3: Long-term Partnership and Economic Impact - The partnership between Jianfa Group and the Xiamen Marathon has lasted for 24 years, creating a unique brand that promotes sustainable urban growth [6][7]. - The economic benefits of the Xiamen Marathon reached 1.98 billion yuan in 2025, highlighting its role as a catalyst for urban branding and economic development [7]. Group 4: Comprehensive Urban System Testing - Marathons test a city's collaborative capabilities, public service efficiency, and emergency management, reflecting the overall health of urban civilization [10]. - Jianfa Group's involvement in the marathon exemplifies its commitment to sustainable development and community engagement across various sectors [10][12]. Group 5: Commitment to Sustainable Development - Jianfa Group prioritizes green and low-carbon development, integrating sustainability into its operational blueprint and supporting a resilient ecological system [12]. - The group's initiatives include clean energy investments and environmental restoration projects, contributing to a sustainable urban ecosystem [12]. Group 6: The Future of Marathon Cities - The Xiamen Marathon represents a continuous journey towards urban civilization, merging the spirit of the marathon with the city's development [15]. - The event not only celebrates athletic achievement but also embodies the long-term vision of a sustainable and thriving "Marathon City" [15].

Core Viewpoint - The announcement by the Ministry of Finance, State Taxation Administration, and the Ministry of Housing and Urban-Rural Development extends the personal income tax refund policy for residents exchanging homes until the end of 2027, aiming to stimulate the housing market and reduce transaction costs for families [1][3]. Summary by Sections Policy Extension - The personal income tax refund policy for residents exchanging homes, initially introduced in September 2022, has been extended to December 31, 2027 [3]. - The policy allows taxpayers who sell their own homes and purchase new ones within one year to receive a refund on the personal income tax paid on the sale [3]. Tax Refund Details - If the purchase price of the new home is greater than or equal to the selling price of the current home, the entire personal income tax paid will be refunded [3]. - If the purchase price of the new home is less than the selling price of the current home, the refund will be proportional to the ratio of the new home's purchase price to the selling price of the current home [3]. Market Impact - The policy is expected to encourage families with homes held for less than five years or those owning multiple properties to engage in home exchanges, thereby increasing the activity in the secondary housing market [3]. - The continuation of the tax refund policy reflects a commitment to market stability and is anticipated to lower the purchasing costs for families looking to upgrade their housing, thus promoting demand for improved housing [3][4]. Broader Market Context - Recent policies aimed at stabilizing the housing market have focused on reducing transaction costs, as evidenced by the recent reduction in the value-added tax for homes sold within two years [4]. - Experts suggest that the ongoing decline in transaction prices in the secondary housing market indicates a need for policies that facilitate smoother home exchanges [4].

Downstream Consumption - The tourism sector continues to improve, with Shanghai Disneyland's crowd index increasing by 10.9% week-on-week and 103.5% year-on-year, indicating sustained high levels of visitor engagement [7] - Hainan's tourism price index rose by 11.7% week-on-week, driven by the lifting of travel restrictions, reflecting a significant improvement in tourism activity [7] - The real estate market remains under pressure, with a 38.9% year-on-year decline in transaction volume across 30 major cities, and a 17.4% decline in second-hand housing transactions in key cities [8] Technology & Manufacturing - The AI industry continues to thrive, with semiconductor sales in China reaching $20.23 billion in November 2025, a year-on-year increase of 22.9% [19] - DRAM prices for DDR4 and DDR5 increased by 8.3% and 6.6% respectively, indicating a tight supply-demand balance in the semiconductor market [19] - The manufacturing sector shows signs of recovery, with an increase in hiring intentions, as evidenced by a 21.8% year-on-year rise in job postings [33] Upstream Resources - Coal prices have rebounded by 2.5% week-on-week, attributed to improved winter demand [41] - Industrial metal prices are on the rise, with copper and aluminum prices increasing by 3.2% and 6.1% respectively, driven by supply disruptions and strong global demand expectations [43] Logistics and Passenger Flow - Passenger transport demand has decreased, with a 5.5% week-on-week drop in subway ridership in major cities, although year-on-year figures remain positive [47] - Freight logistics demand has rebounded post-holiday, with highway truck traffic and railway freight volumes increasing by 17.3% and 10.3% respectively [52]

证券日报网讯1月14日，天保基建（000965）发布公告称，公司将于2026年1月30日召开2026年第一次临 时股东会。 ...

1月14日，财政部、税务总局、住房城乡建设部发布《关于延续实施支持居民换购住房有关个人所得税政策的公告》（以下简称"公告"）表示，为继续支 持居民改善住房条件，延续实施支持居民换购住房有关个人所得税政策。 公告显示，自2026年1月1日至2027年12月31日，对出售自有住房并在现住房出售后1年内在市场重新购买住房的纳税人，对其出售现住房已缴纳的个人所 得税予以退税优惠。 其中，新购住房金额大于或等于现住房转让金额的，全部退还已缴纳的个人所得税。 新购住房金额小于现住房转让金额的，按新购住房金额占现住房转让金额的比例退还出售现住房已缴纳的个人所得税。 记者了解到，换房退个税政策于2022年9月30日落地，并在2023年8月延期至2025年12月31日，本次为第二次延期。此次三部门发文将退税政策延期至2027 年底，意在继续支持改善性住房需求，支持居民改善住房条件。 "该政策自推出以来续期了两次，反映出政策对市场持续的纾困力度。希望通过降低交易成本，从而涵养税源，促进市场交易活跃度提升，带动总税收的 稳定。同时，降税也有利于从交易成本来稳定市场情绪。"广东省城乡规划院住房政策研究中心首席研究员李宇嘉分析称。 中 ...

Group 1 - The company Kaisa Group Holdings Limited (01638) announced a change in its auditor's name from "SFAI (HK) CPA Limited" to "ZSZH (HK) Fuson CPA Limited" [1] - The Chinese name of the auditor has also changed from "永拓富信会计师事务所有限公司" to "中审众环(香港)富信会计师事务所有限公司" [1] - This change will take effect from January 9, 2026 [1]

Core Viewpoint - The Shenzhen second-hand housing market is experiencing a "tail-end" trend, with transaction volumes increasing significantly, driven by seasonal factors and a shift towards more rational pricing strategies [2][3][4]. Group 1: Market Performance - In the second week of 2026, Shenzhen recorded 1,595 second-hand housing transactions, a 43% increase compared to the previous week, attributed to a recovery in volume following the New Year holiday [2]. - The total annual transaction volume for second-hand homes in Shenzhen for 2025 was 56,200 units, a slight increase of 3% year-on-year, while the recorded volume reached 69,800 units, up 4.3% [3]. - The average price of second-hand homes in Shenzhen was approximately 59,000 yuan per square meter in 2025, reflecting a year-on-year decrease of 6.3% [3]. Group 2: Supply and Demand Dynamics - There has been a slowdown in the number of new listings for second-hand homes, with a 10% decrease in weekly new listings since late December 2025 [2][4]. - The proportion of second-hand home transactions has reached 60% of the market, driven by demand from first-time buyers who are sensitive to pricing [3]. - The overall inventory of new homes in Shenzhen decreased to 3.27 million square meters by the end of 2025, the lowest in four years, although the time required for inventory turnover has increased to approximately 15.3 months [6]. Group 3: Future Outlook - The market is expected to stabilize in 2026, with government efforts aimed at improving the quality and affordability of new housing supply, as well as facilitating the second-hand housing market [7]. - The transaction cycle for second-hand homes has extended, with an average of over 200 days, indicating challenges in selling properties [7]. - The overall sentiment in the market remains cautious, with expectations for more conservative sales strategies from developers in 2026 [7].

格隆汇1月14日丨华侨城Ａ(000069.SZ)公布，收到控股股东华侨城集团有限公司（简称"华侨城集团"） 出具的《关于增持深圳华侨城股份有限公司股份计划实施完成的告知函》。截止本公告披露日，华侨城 集团关于增持公司股份的计划实施期限届满，本次增持计划已实施完毕，华侨城集团通过深圳证券交易 所交易系统以集中竞价交易方式累计增持公司股份43,304,697股，占公司总股本的0.54%。 ...

报告期内，公司建材及房地产业务均处于行业下行周期。水泥业务，持续优化战略布局，扎实推进降本 增效工作，经营业绩同比实现扭亏为盈;房地产业务受市场影响，需求减弱，销售价格承压，影响公司 房地产业务经营利润。 金隅集团（601992）(601992.SH)发布公告，公司预计2025年度实现归属于上市公司股东的净利润为亏 损9亿元至12亿元。 ...