这一天，距离他1990年加入万科，恰好过去了35年；距离他从王石手中接过帅印开启"郁亮时代"，也已 接近9年。 最强"辅助" （文/解红娟 编辑/张广凯） 在万科化债的关键节点，郁亮退休了。 1月8日晚间，万科企业股份有限公司发布《关于董事、执行副总裁辞任的公告》。 公告称，因到龄退休，郁亮于2026年1月8日向万科企业股份有限公司（以下简称"公司"）董事会提交了 书面辞职报告，申请辞去公司董事、执行副总裁职务。辞去上述职务后，郁亮将不再担任公司任何职 务。 在1999年王石决定卸任总经理、抽身聚焦战略与企业文化时，他首先选定的是被称为"王石第二"的姚牧 民。 郁亮的职业生涯，自始至终带着一种与行业狂欢格格不入的审慎。 1990年，外贸行业遇冷，郁亮放弃深圳外贸集团298元月薪的"铁饭碗"加入万科时，房地产尚未成为全 民追逐的风口。 姚牧民执行力极强，对王石的战略部署坚定不移地执行，风格与王石的强势、果决高度契合，王石曾公 开表示，姚牧民"能精准理解并落地公司战略"，这种"高度认同+强力执行"的特质，是当时他眼中理想 接班人的核心标准。 郁亮的位置更偏向"辅助"。彼时的分工明确：姚牧民任总经理，负责业务执行落 ...

Group 1 - The "land king" project in Hangzhou has launched a global naming contest with a prize of 100,000 yuan for the winning name [1][2] - The project, developed by Binjiang Group, is located in a prime area with a floor price of 77,400 yuan per square meter, making it the second highest in Hangzhou [2] - Marketing activities in the real estate sector have evolved, with various innovative strategies being employed to attract buyers, such as "buy after living" campaigns and promotional gifts [1][5] Group 2 - In Shanghai, projects are also adopting name changes to boost sales, with price increases following the rebranding [3] - The "buy after living" initiative by Guangzhou Chengtou Real Estate allows buyers to experience the property before making a purchase, addressing concerns about the quality of off-plan properties [5][6] - Despite the variety of marketing strategies, industry experts suggest that the underlying issues affecting buyer confidence are related to financial constraints and insufficient price appreciation expectations [5][6]

Group 1 - Hefei Urban Construction's stock price increased by 5.34% on January 9, reaching 14.00 CNY per share, with a trading volume of 837 million CNY and a turnover rate of 7.91%, resulting in a total market capitalization of 11.246 billion CNY [1] - The stock has risen for six consecutive days, with a cumulative increase of 20.93% during this period [1] - Hefei Urban Construction was established on September 7, 1999, and listed on January 28, 2008, primarily engaged in real estate development, operation, sales, leasing, and property management, with 99.87% of its revenue coming from real estate sales and leasing [1] Group 2 - Among the top ten circulating shareholders of Hefei Urban Construction, a fund under Southern Fund holds a position, specifically the Southern CSI Real Estate ETF Initiated Link A (004642), which reduced its holdings by 37,300 shares in the third quarter, now holding 5.0825 million shares, accounting for 0.63% of circulating shares [2] - The fund has realized a floating profit of approximately 3.6086 million CNY today and a total floating profit of 11.6897 million CNY during the six-day increase [2] - The Southern CSI Real Estate ETF Initiated Link A was established on August 24, 2017, with a current scale of 202 million CNY, yielding 3.98% this year, ranking 2072 out of 5509 in its category, and 11.09% over the past year, ranking 3802 out of 4198 [2]

Core Insights - The current stock of housing that meets the "good house" standard is less than 5%, with an annual demand for housing improvement projected to reach 700 million to 1 billion square meters, indicating a shift towards a "product certainty era" in the industry [1] - The real estate sector is transitioning from quantity expansion to quality enhancement, making product strength the core competitive advantage for companies in this new development phase [1] - The current housing prices are at a low point, while product standards have reached historical highs, presenting an optimal time for buying and upgrading homes, with expectations for the next five years to be the "year of products" in Chinese real estate [1] Industry Trends - According to the latest report by CRIC, leading real estate companies are excelling in product strength by focusing on safety, comfort, sustainability, and intelligence, as reflected in the "2025 China Real Estate Enterprise Product Strength TOP 100" rankings [2] - The rankings include traditional categories such as top enterprises and products, along with new categories like "Top 10 Good House Enterprises" and "Top 20 Good House Works," showcasing the industry's focus on quality [2] - Despite challenges such as market saturation and structural declines in purchasing power, the relationship between good products and sales is not direct, necessitating a deep integration of market analysis, customer insights, and product refinement to overcome these challenges [2] Product Development - CRIC's CEO highlighted the importance of selecting unique market opportunities, with projects like Shenzhen Bay and Shanghai Gao Fu achieving strong sales due to their prime locations [3] - Emphasizing product uniqueness and differentiation is crucial, as seen in projects like Zhengzhou Jinmao and Puyang Zhuyou, which have achieved competitive advantages through differentiated offerings [3] - The industry is expected to evolve by 2026 from a focus on individual product competition to a more integrated approach involving product, customer research, and operational strategies [3]

2015年12月22日，郁亮迎来50岁生日。那一年，万科总部的空气并不轻松，"宝万之争"正胶着。资本在门外叩击，公司治理的边界被反复拉扯，王石被媒 体称为"门口的野蛮人"所逼宫。 生日当天，王石写下七个字相赠："郁亮，风雨见彩虹。" 从财务官到掌舵者，"没有王石就没有郁亮" 1988年，刚从北京大学国际经济学系毕业的郁亮，怀揣着南下闯荡的理想，进入深圳外贸集团工作。两年后，这名25岁的年轻人转身走进万科，开启了一 段长达35年的职业旅程。 彼时的万科，正处于筹备上市的关键阶段。郁亮被安排在证券与投资相关岗位，很快展现出突出的专业能力。1991年，万科成功登陆资本市场，成为深圳 证券交易所第二家上市公司，股票代码000002.SZ，企业治理随之进入规范化阶段。 两年后，风雨渐歇。 深圳地铁以664亿元入股万科，成为第一大股东，控制权之争落幕。也是在这一年，郁亮正式走到台前，接棒出任万科董事会主席。创始人退居幕后，职 业经理人完成接管，这被视为中国房地产公司治理史上的一个标志性时刻。 时间再向前走十年。 当郁亮年满60岁，行业的凛冬再度降临。万科一边与债权人反复博弈，一边也在重新校准自身的生存姿态。 在这样的节点 ...

Core Viewpoint - Yu Liang's retirement marks the end of a 35-year career at Vanke, during which he played a crucial role in transforming the company from a billion-yuan enterprise to a leading player in the real estate industry, but the company now faces significant challenges and uncertainties ahead [1][8]. Group 1: Career and Contributions - Yu Liang joined Vanke in 1990 and quickly rose through the ranks, becoming the general manager in 2001, just seven years after joining [2]. - He was instrumental in Vanke's "Thousand Billion Plan," achieving a sales milestone of over 100 billion yuan within six years, making Vanke the first company in China's real estate history to surpass 100 billion yuan in sales by 2010 [2][3]. - Under his leadership, Vanke's sales surged, reaching 3,647.7 billion yuan in 2016 and 5,299 billion yuan in 2017, with a peak of 7,041.5 billion yuan in 2020 [3]. Group 2: Strategic Decisions and Challenges - Despite the rapid growth, Vanke faced issues related to organizational structure and management, leading to the implementation of the "180 Plan" to streamline operations [3]. - Yu Liang introduced the "Partner System" in 2014 to align employee and shareholder interests, which contributed to Vanke's strong performance during a high-demand period in the real estate market [3]. - However, strategic missteps, such as focusing on first- and second-tier cities and missing opportunities in third- and fourth-tier markets, allowed competitors like Country Garden and Evergrande to gain market share [6]. Group 3: Recent Developments and Future Outlook - Vanke's performance began to decline in 2021, with a reported revenue of 452.8 billion yuan, a mere 8% increase, while net profit dropped by 45.7% to 22.52 billion yuan [6]. - The company is currently facing a severe financial crisis, with a projected loss of 49.48 billion yuan in 2024, prompting support from major shareholder Shenzhen Metro Group [7][8]. - As Yu Liang retires, Vanke must navigate its ongoing challenges and strategize for a new chapter in its corporate history [9].

Core Viewpoint - Vanke is facing significant challenges with a debt burden of over 362.93 billion yuan, and the recent retirement of its long-serving chairman, Yu Liang, marks a pivotal transition in the company's leadership and strategy [1][14]. Group 1: Leadership Changes - Yu Liang has retired from all positions at Vanke as of January 8, 2025, after 36 years with the company, starting from the securities department to becoming the chairman [1][16][18]. - Unlike previous high-level resignations at Vanke, the announcement of Yu Liang's retirement did not include any expressions of gratitude for his contributions, which is considered unusual [3][4][19]. - Yu Liang's departure signifies the end of the "Yu Liang era" and the transition to a new phase under the influence of state-owned enterprises [14][29]. Group 2: Financial Situation - As of the end of Q3 2025, Vanke's total interest-bearing debt reached 362.93 billion yuan, with 151.39 billion yuan due within one year, while cash reserves stood at only 65.68 billion yuan, resulting in a cash-to-short-term debt ratio of 0.43, significantly below the safety line [14][29]. - Vanke is facing imminent debt obligations, with nine bonds maturing in 2025, of which seven are domestic bonds, and the approval rate for the extension plan of "22 Vanke MTN004" was only 20.2% [14][29]. - Despite receiving nearly 30 billion yuan in financial support from its major shareholder, Shenzhen Metro Group, Vanke continues to struggle with debt pressures and has been downgraded to "junk" status by international rating agencies [14][29].

资金流向方面，主力资金净流出18.79万元，大单买入296.54万元，占比13.35%，卖出315.33万元，占比 14.20%。 天地源今年以来股价跌1.83%，近5个交易日跌1.83%，近20日跌11.54%，近60日跌5.57%。 1月9日，天地源盘中下跌2.13%，截至13:01，报3.22元/股，成交2220.94万元，换手率0.79%，总市值 27.82亿元。 截至9月30日，天地源股东户数2.90万，较上期减少3.17%；人均流通股29827股，较上期增加3.28%。 2025年1月-9月，天地源实现营业收入28.77亿元，同比增长10.92%；归母净利润-2.20亿元，同比减少 318.72%。 分红方面，天地源A股上市后累计派现14.48亿元。近三年，累计派现1.03亿元。 机构持仓方面，截止2025年9月30日，天地源十大流通股东中，南方中证房地产ETF发起联接A （004642）位居第八大流通股东，持股545.57万股，相比上期减少4.66万股。 责任编辑：小浪快报 资料显示，天地源股份有限公司位于陕西省西安市高新区科技路33号高新国际商务中心数码大厦34层， 成立日期1992年12月2 ...

盘面上，大型科技股走势分化，阿里巴巴涨2.81%，腾讯控股跌0.73%，京东集团涨2.95%，小米集团跌 0.42%，网易跌1.64%，美团跌2.38%，快手涨2.85%，哔哩哔哩涨3.32%；；商业航天概念强势，亚太卫 星涨超15%；黄金股涨幅居前，山东黄金涨超6%；光伏太阳能股走弱，协鑫科技跌超8%；内房股、航 空股集体弱势；大模型企业MiniMax上市首日午间收涨超78%报294港元。 企业新闻 1月9日，港股高开后维持震荡下行走势，盘中股指集体转跌，截止午盘，恒生指数涨0.03%报26158.21 点，恒生科技指数跌0.06%报5674.78点，国企指数涨0.04%报9042.8点，红筹指数涨0.07%报4097.29点。 万科企业(02202.HK)：郁亮因到龄退休辞任公司董事、执行副总裁职务。 宝龙地产(01238.HK)：2025年合约销售总额约72.72亿元，同比减少43.13%。 中广核电力(01816.HK)：2025年总上网电量约为2326.48亿千瓦时，同比增长2.36%。 捷利交易宝(08017.HK)：2025年12月，新增机构客户数量7个，同比增长1个；注册用户数量为约88.67 ...

长期来看，中金认为华润置地的企业模型可能会先接近日本的龙头房企，即实现表内资产比例的有序压 降，并同时实现资产管理规模(AUM)的有序提升。 中金又指，以企业形态来看，持有型物业占比相对较高的企业（比如龙湖集团(00960））均有做此类转 型的契机，轻重平台分立的资本市场架构在企业当中也有一定的共识，可以实现企业价值的充分释放。 智通财经APP获悉，中金发布研报称，近年来政策持续强调房地产行业向新模式转型。从企业的角度 看，未来住房业务的高质量发展，经营性不动产业务的重心增加是基本趋势，围绕资产管理这个关键词 来建设新能力、新生态也已经具备一定的共识。 中金表示，过去40年海外不动产企业形态演变的过程，最终使得部分产业主体成功向资产管理平台转 型，这一转型架构在资产证券化和资本全球化程度不断提升的背景之上。而中国处在城镇化和金融市场 发展的双拐点上，房企向资产管理业务探索转型是必然方向，"十五五"或将是制度建设的关键期。 中金指，中国去库存、去杠杆的进程尚处早期阶段，未来不仅市场化企业要承担商业转型的先锋角色， 对于地方财政如何构建更可持续的资产管理模式，或也有诸多可供构想之处。中金又表示，华润置地 (011 ...