将结合城市更新推动楼市"去库存" 近月来，楼市库存压力已出现边际改善迹象。根据国家统计局最新数据，商品房待售面积今年连续9个 月环比下降，11月的待售面积较2月减少了4585万平方米。新开工面积也在缩量调整，促进压降在途供 应规模，改善供求关系。 根据会议，"十四五"期间，保交楼、保交房任务全面完成，全国累计销售新建商品住宅约50亿平方米， 累计发放住房公积金个人住房贷款6.5万亿元，支持缴存人提取9.4万亿元住房公积金用于住房消费。 但有业界观点认为，近年来，一方面，新房建设、"保交楼"等工作取得积极进展；但另一方面，房地产 市场进入楼市供给总量充足但需求释放不足的时期，全国楼市库存逐渐抬高，高库存又进一步制约了房 地产企业的投资意愿和房价企稳。 "要充分认识二手房交易占比上升是今后一个时期的趋势，把新房市场和二手房市场作为一个整体来看 待。" 12月22日至23日，全国住房城乡建设工作会议（以下简称"会议"）在北京召开。面向"十五五"，会议认 为，未来五年的住建工作既要准确把握房地产市场供求关系的重大变化，看到中国新型城镇化仍在持续 推进，城市存量空间仍有较大优化调整的可能性，也要认识到当城市进入存量发展 ...

申税小微，我公司购入了理财产品，取得的收益需要缴纳增值税吗？ 首先要区分购买的投资产品是保本型还是非保本型，让我们来看看相关规定吧！ 欢迎扫描下方二维码关注： - 01 - 持有期间（含到期）取得的收益 | 保本型 | 非保本型 | | --- | --- | | 若企业购买的是保本型理财产品，即合同中明确承诺到期本金可全部收 | | | | 若企业购买的是非保本型理财产品，金融 | | 回的投资收益，需按照"贷款服务"缴纳增值税。 | | | 税率： | 商品持有期间（含到期）取得的非保本收益， | | | 不属于利息或利息性质的收入，不征收增值 | | 一般纳税人：6% | | | | 税。 | | 小规模纳税人：3%（现行优惠政策3%减按1%） | | | 政策依据 | | 1.《财政部 税务总局关于明确增值税小规模纳税人减免增值税等政策的公告》（财政部 税务总局公告2023年第1号） 2.《财政部 税务总局关于增值税小规模纳税人减免增值税政策的公告》（财政部 税务总局公告2023年第19号） 3.《财政部 国家税务总局关于全面推开营业税改征增值税试点的通知》（财税〔2016〕36号）附件一《销售服务、 ...

2025年第51周，在本周周二，中央财办、发改委、住建部对接下来房地产相关发展方向进行了进一 步深入解读。 中央财办提出我国房地产高质量发展仍有较大空间， 并确定2026年房地产三大重点工 作：供需发力稳市场、促企业转型发展、构建发展新模式；发改委在《求是》发文：要求加快健全扩 大内需体制机制，推动清理汽车、住房等消费不合理限制性措施；人民日报发表了住建部长倪虹题为 《推动房地产高质量发展》的署名文章，该文章在10月份出版的"十五五"辅导读本中已有刊印，提 出了推动房地产高质量发展的六大重点任务。 地方层面，政策发布频次延续高位。至本周末已有27个省级行政区发布了"十五五"规划建议，除港 澳台外，省级行政区中仅有上海等4个省市尚未发布。此外郑州、沈阳等也在周内发布了市一级"十 五五"规划建议。 其他地方稳市场政策方面，则集中在公积金贷款额度提升，放松提取限制，以及加强购房补贴等方 面。此外本周北京、深圳、南京均继续展开行动遏制房地产领域网络乱象，约谈、整治不良账号，清 理违规信息。 01 周度中央：中央财办、发改委、住建部同日在三大官媒发声，明确房地产发展方向 1.中央财办（新华社）：房地产高质量发展仍有较大 ...

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - On December 19, the liquidity remained loose, the bond market continued to be bullish, the convertible bond market followed the equity market and continued to rise, most convertible bond issues increased, yields on US Treasuries of various maturities generally increased, and 10-year government bond yields in major European economies generally rose [2]. 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - The State Council executive meeting arranged the implementation of the decisions and deployments of the Central Economic Work Conference, emphasizing that all departments should implement the work to consolidate and expand the positive economic trend [4]. - The Shanghai and Shenzhen Stock Exchanges, together with China Securities Depository and Clearing Corporation Limited, issued notices to support overseas institutional investors in conducting bond repurchase business to deepen the opening-up of the exchange bond market [5]. - The National Financial Regulatory Administration released a draft for comments on the Asset-Liability Management Measures for Insurance Companies to strengthen supervision of the insurance industry's asset-liability [5]. - In November 2025, cross-border payments remained active, and securities investment fund flows became more stable, with a net inflow of $17.8 billion in cross-border funds from non-bank sectors [6]. 3.1.2 International News - The Bank of Japan raised interest rates by 25 basis points to 0.75%, the highest since 1995, and may continue to raise rates depending on economic and price conditions [7]. - New York Fed President John Williams said there is no urgency to cut rates further, strengthening the market's expectation of a short-term pause in rate cuts [8]. 3.1.3 Commodities - On December 19, international crude oil futures prices continued to rise, and international natural gas prices turned up. WTI January crude oil futures rose 0.91% to $56.66 per barrel, Brent February crude oil futures rose 1.09% to $60.47 per barrel, COMEX February gold futures rose 0.52% to $4,387.3 per ounce, and NYMEX natural gas prices rose 2.05% to $4.026 per ounce [9][10]. 3.2 Liquidity 3.2.1 Open Market Operations - On December 19, the central bank conducted 7-day reverse repurchase operations worth 56.2 billion yuan at an interest rate of 1.40% and 14-day reverse repurchase operations worth 100 billion yuan. With 120.5 billion yuan of reverse repurchases maturing, the net capital injection was 35.7 billion yuan [12]. 3.2.2 Funding Rates - On December 19, the liquidity remained loose. DR001 fell 0.11bp to 1.271%, and DR007 rose 0.21bp to 1.441% [13]. 3.3 Bond Market Dynamics 3.3.1 Interest Rate Bonds - **Spot Bond Yield Trends**: On December 19, boosted by LPR rate cut expectations, the bond market continued to be bullish. By 20:00, the yield on the 10-year Treasury bond active issue 250016 fell 0.70bp to 1.8350%, and the yield on the 10-year CDB bond active issue 250215 fell 1.55bp to 1.8920% [15]. - **Bond Tendering**: The issuance scale of the 3-year and 5-year Treasury bonds was 97 billion yuan and 99 billion yuan respectively, with corresponding winning yields of 1.3554% and 1.5603% [17]. 3.3.2 Credit Bonds - **Secondary Market Trading Anomalies**: On December 19, the trading prices of two industrial bonds deviated by more than 10%. "19 Shanghai Shimao MTN001" and "20 Shanghai Shimao MTN001" rose by more than 26% [17]. - **Credit Bond Events**: Multiple companies had events such as debt restructuring, being listed as an executor, being criticized for violations, and canceling bond issuances [20]. 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indexes**: On December 19, the three major A-share indexes rose, and the convertible bond market followed the equity market. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index rose 0.38%, 0.27%, and 0.52% respectively. Most convertible bond issues rose [19]. - **Convertible Bond Tracking**: On December 19, Changgao Electric's convertible bond issuance was approved, some convertible bonds proposed to lower the conversion price or were about to meet the conditions, and some were about to be redeemed early or met the early redemption conditions [24]. 3.3.4 Overseas Bond Markets - **US Bond Market**: On December 19, yields on US Treasuries of various maturities generally rose. The 2-year and 10-year yields rose 2bp and 4bp to 3.48% and 4.16% respectively. The 2/10-year yield spread widened 2bp to 68bp, and the 5/30-year yield spread narrowed 2bp to 112bp. The 10-year TIPS break-even inflation rate remained unchanged at 2.24% [22][23][25]. - **European Bond Market**: On December 19, 10-year government bond yields in major European economies generally rose. German, French, Italian, Spanish, and British 10-year yields rose 4bp, 5bp, 4bp, 5bp, and 5bp respectively [26]. - **Daily Price Changes of Chinese Dollar Bonds**: As of the close on December 19, some Chinese dollar bonds had significant price changes, with some rising and some falling [28].

大家好，在进入正文之前，给大家做一个推荐。 我的一个设计师好友夏夏，从LXD离职后，经历过设计创业的失败，后同小伙伴一起经营了一些自媒体账号，分享全球优秀设计工作室的作品。良心干 货，超前理念，你想看的好设计全都有❗ 如果你也是设计师，想邀请你一起关注一下，这里只有好设计，真的超有料❗ ▼ 计~ 不知大家是否留意到，近来有越来越多的人，将目光投向了那些房龄较长且没有电梯的"步梯房"， 这些房子外观看似普通，甚至略显陈旧，然而却在地下市场中悄然走红，成为了一批内行人眼中备受青睐的对象，这背后究竟潜藏着怎样的秘密呢？今日 便来和大家探讨一下这个话题。 步梯房为何会突然变得"吃香"呢？ 步梯房有一个极为突出的优势，那便是得房率高 相较于当下流行的电梯房，步梯房由于没有电梯等公共设施，实际的使用面积往往会比同等建筑面积的电梯房高出10%至15%，这意味着，倘若同样购买 100平米的房子，步梯房有可能会多出一个房间的面积。 步梯房的价格相对较为低廉 其一，拆迁改造潜力较大 随着城市更新进程的加速，许多城市的步梯房小区已然步入了拆迁或改造的窗口期。那些楼层不高且占地面积较大的老小区，大多时候会成为开发商眼中 的"香饽饽" ...

2026年作为"十五五"规划开局之年，房地产行业的发展走向直接关乎民生福祉与国民经济稳定运行。近 期住建部联合相关部门出台的系列部署，以"稳市场、防风险、优供给、促转型"为四大核心目标，不仅 勾勒出2026年房地产行业的发展蓝图，更标志着行业正式告别全域普涨的旧模式，迈入"总量趋稳、结 构分化"的高质量发展新阶段。这一系列政策调整并非短期应急调控，而是推动行业从"增量扩张"向"存 量优化"转型的关键举措，其对房价的影响呈现鲜明的结构性特征，将深刻重塑市场格局。 住建部最新部署的核心逻辑在于"精准施策、双向发力"，通过供需两端的协同调控破解当前"供强需 弱"的结构性矛盾，为市场平稳运行筑牢基础。在需求端，部署明确延续宽松导向，一方面深化住房公 积金制度改革，推动贷款额度提升、异地互认互贷等政策落地，降低刚需与改善型群体的购房门槛， 2025年全国已出台超260条公积金优化政策，这一趋势在2026年将持续强化，尤其利好新市民、青年群 体置业； 另一方面支持各地因城施策放宽限购限制、降低首付比例与房贷利率，结合个税补贴、交易税费减免等 措施，切实减轻居民购房成本。在供给端，部署聚焦"控增量、去库存、优供给"三大任务 ...

民法院深入贯彻落实党中央支持民营经济发展方针政策的坚决态度和有力行动。 最高法积极回应民营 企业关切，7月30日，发布《最高人民法院关于贯彻落实〈中华人民共和国民营经济促进法〉的指导意 见》，结合人民法院审判执行工作实际提出25条意见，进一步细化裁判规则，健全完善工作机制，指导 涉民企审判执行具体工作，确保党中央决策部署和民营经济促进法在司法审判工作中落实落细。 破解 民营企业融资难融资贵问题、聚焦构建全国统一大市场、严厉惩戒网络媒体恶意侵害企业名誉行为…… 这一年最高法围绕民营企业发展和企业家普遍关心关切的方面共7次及时发布典型案例。 "人民法院对 民营企业、企业家保护精准度显著提升。" "发布典型案例示范引领，让法律边界更清晰、市场预期更 稳定，这正是民营企业最需要的发展土壤。" "人民法院传递清晰信号——司法机关依法平等保护民营 企业合法权益，让我感受到实打实的鼓舞和沉甸甸的安全感。" …… 今年12月4日国家宪法日，受邀走 进最高法的企业家们如是说，人民法院守护民营企业发展愿景，增强发展的法治底气。 提振发展信心 今年冬天，位于黑龙江省的桦某热电有限公司（以下简称桦某公司）承担县域64.5%供暖面积的 ...

Group 1 - The company, Yatai Group, announced the convening of its 18th temporary board meeting on December 19, 2025, to review documents including a proposal for new daily related transactions [1] - For the year 2024, the revenue composition of Yatai Group is as follows: construction materials account for 45.0%, pharmaceuticals for 24.9%, real estate for 10.81%, other industries for 8.13%, and trade for 4.56% [1] - As of the report date, Yatai Group has a market capitalization of 6.2 billion yuan [1]

Summary of Key Points Core Viewpoint - The bond market has shown a weak performance recently, with mixed net value changes across various fixed-income products. Short-term products have outperformed, while long-term products have faced declines. The overall sentiment in the bond market is expected to remain weak in the short term, with potential for increased volatility [2][3]. Group 1: Fixed Income Product Performance - In the past month, the sentiment in the bond market has weakened, leading to mixed performance in product net values. High-grade interbank certificates of deposit (CDs) yielded 0.13%, cash management products at 0.10%, and short-term bond funds at 0.05%, while medium to long-term bond funds and equity-linked bond funds saw negative returns of -0.09% and -0.69% respectively [3][9]. - The performance of various indices over the past month shows that short-term bond indices have achieved positive returns, while long-term indices have declined significantly [8][9]. Group 2: Market Review - The bond market has experienced a notable decline, with the yield curve steepening. Key factors influencing this include expectations of diminishing interest rate cuts, a high-risk appetite favoring equities, and increasing long-term bond supply against weakening demand [9][10]. - The liquidity in the market remains stable, with short-term funding rates slightly decreasing. The average rates for 3-month and 1-year AAA interbank CDs have risen marginally to 1.60% and 1.65% respectively [10][12]. Group 3: Future Outlook - In the short term, the interbank CD rates are expected to remain stable, while government bond yields may fluctuate slightly, with the 10-year government bond yield projected to range between 1.7% and 2.0% [28][29]. - The bond market is anticipated to experience a weak and volatile phase, with the 10-year government bond yield likely to face upward pressure, although the extent of this increase is expected to be limited [28][29]. Group 4: Investment Strategies - For investors focused on liquidity management, it is recommended to maintain positions in cash-like products and consider increasing allocations to stable low-volatility financial products and short-term bond funds [34][35]. - Conservative investors are advised to hold onto short-term pure bond products, while those with a higher risk tolerance may consider long-term bond funds when yields rise to the upper range of their expected levels [36][37]. - For more advanced conservative investors, it is suggested to allocate to fixed-income plus products, which may include convertible bonds and equity assets, taking advantage of the anticipated strong correlation between stocks and bonds [37].

Group 1 - The management of Vanke A has confirmed that there has been no change in their personal shareholdings, addressing concerns about potential sell-offs [1] - Vanke A reported that senior management must disclose any plans to reduce shareholdings at least 15 trading days prior to selling, and no such plans have been communicated [1] - As of the 2025 semi-annual report, current board member and executive vice president Yu Liang holds 7,394,945 shares, representing 0.0620% of total shares, while executive vice president and CFO Han Huihua holds 141,000 shares, representing 0.0012% [1] Group 2 - Vanke A has completed 19 bulk asset transactions in the first three quarters of the year, achieving a signed amount of 6.86 billion yuan, covering various asset types [1] - The company has established asset exit channels, including asset securitization, and its REITs have performed well [1] - Vanke A is seeking to extend the maturity of its bonds, with a total of 5.871 billion yuan due for repayment by the end of December [4] Group 3 - The company announced a second bondholders' meeting to discuss the extension of the bond repayment schedule [4] - As of December 19, Vanke A's stock price was 4.9 yuan per share, reflecting a 0.62% increase [4] - The bondholders' meeting for the 22 Vanke MTN004 bond had 20 participating institutions, with 18 voting, representing 99.45% of the total voting rights [2]