来源：风财讯 真正的归家，从不始于推开房门的那一刻。中建·云境，以百亿综合体的宏大设计，于丰科之芯，敬呈一场独一无二的、充满仪式感的"归心之路"，进而完 成一场从世界潮流向内心诗意的优雅穿越。 从开放街区潮流名店橱窗的流光溢彩，到小众买手店散发的独立美学，步履所及，是扑面的活力与新鲜感，每一步都踩在时尚的脉搏上。这短短的归家之 旅，是每日更新的都市橱窗，更是中建云境的业主与世界精彩始终同步的潮流前站。 从流光溢彩的"街"，到静谧尊崇的"门"，这数十米的距离，被设计成一段宝贵的心理缓冲区。它让归家，不是从一处空间仓促进入另一处空间，而是完成一 场从"潮流客"到"生活家"的身份升华。每一天，都是一次专属的、充满诗意的抵达——在世界的中央，转身即入自我的境域。 效果图（非最终仅示意） 丰科热土，产业聚合的价值高地 北京丰科，作为承载城市发展雄心的价值高地，凭借两大千亿级、四大百亿级产业集群的硬核实力，叠加全维醇熟的配套基底，早已超越单纯的地理板块概 念，成为聚合产业动能、精英人群与优质资源的城市核心区。 国匠中建，怀揣央企的远见卓识与时代担当，深刻读懂城市生长脉络与丰科的发展未来，以精准的战略眼光布局这片价值热土。 ...

Group 1 - The core viewpoint of the news is that China Merchants Shekou Industrial Zone Holdings Co., Ltd. (招商蛇口) has shown a positive stock performance recently, with a 7.29% increase in stock price year-to-date and a significant net inflow of funds [1][2] - As of January 9, the stock price reached 9.27 yuan per share, with a total market capitalization of 83.579 billion yuan [1] - The company reported a revenue of 89.766 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 15.07%, while the net profit attributable to shareholders decreased by 3.99% to 2.497 billion yuan [2] Group 2 - The company has a diversified revenue structure, with 77.54% from development business, 15.75% from property services, and 6.71% from asset operations [1] - The number of shareholders decreased by 26.89% to 102,600, while the average number of circulating shares per person increased by 36.78% to 82,431 shares [2] - The company has distributed a total of 38.997 billion yuan in dividends since its A-share listing, with 6.429 billion yuan distributed in the last three years [3]

Group 1 - Wanhua Chemical's Yantai Industrial Park's ethylene unit has completed a technical upgrade and resumed production, achieving flexible feedstock switching between ethane and propane, enhancing competitiveness in the petrochemical industry [1] - United Water has won a long-term operation contract for municipal wastewater treatment in Saudi Arabia, with an estimated total investment of approximately 378 million RMB over a 15-year cooperation period [2] - Minsheng Health plans to invest 98 million RMB to establish a fund focused on the health industry, contributing 49% of the total fund size of 200 million RMB [3] Group 2 - Jialitu's shareholder, Anle Group, plans to reduce its stake by up to 3% of the company's total shares [4] - Laiyifen's controlling shareholder intends to reduce its stake by no more than 3% of the total shares [5] - Taifu Pump's actual controller's concerted action party plans to reduce its stake by up to 0.535% [7] Group 3 - Vanke A's executive vice president, Yu Liang, has resigned due to retirement [8] - Tian Sheng New Materials has suspended trading due to a potential change in control involving its largest shareholder [10] - Taisun Wind Power is in the early stages of business layout in the commercial aerospace sector [11] Group 4 - Lushin Investment holds only 0.89% equity in Blue Arrow Aerospace, indicating minimal impact on its financial status [12] - Huibo Pu's controlling shareholder is planning a change in control, leading to stock suspension [13] - Tubaobao's subsidiary is selling a stake in Daziran Home and acquiring specific equity for 4 billion RMB [14] Group 5 - Xingchen Technology plans to repurchase shares worth between 60 million and 120 million RMB for employee stock ownership plans [15] - Pulite expects no large-scale orders for its LCP film products in the brain-computer interface sector in the short term [16] - Rijiu Optoelectronics plans to raise up to 800 million RMB through a private placement for a functional film project [17] Group 6 - Yingqu Technology forecasts a net profit increase of 114.69% to 162.4% in 2025, with expected revenue growth of 13% to 18% [19] - Shanda Electric has won a project from Southern Power Grid worth approximately 13.43 million RMB [20] - Changhong Technology's subsidiary has secured over half of a major semiconductor customer's procurement share, amounting to over 10 million RMB [21] Group 7 - Pairui Co. has signed a framework agreement for bulk procurement of IGBT chips, with projected orders totaling approximately 1.74 billion RMB [22] - Aimeike has received a drug registration certificate for its exclusive distribution of injectable botulinum toxin products in China [23] - Quanyin High-Tech's stock will resume trading after a takeover offer from Zhongzhong Group, which now holds 40.51% of the company [24] Group 8 - Hailiang Co. has decided to suspend its investment in Jinlong Group due to significant external changes [25] - Quanxin Co. plans to issue convertible bonds to raise up to 312 million RMB for aviation communication projects [26] - Kangtai Bio's clinical trial application for a combined vaccine has been accepted by the National Medical Products Administration [27] Group 9 - Huaxia Happiness expects to report a net loss for 2025, with losses projected to exceed the previous year's audited net assets [28] - Xianju Pharmaceutical has received a drug registration certificate for Betamethasone Sodium Phosphate Injection [29] - Huaxia Happiness's controlling shareholder is involved in arbitration with a claim amount of approximately 6.4 billion RMB [30] Group 10 - Shaoneng Co. has launched its smart control center project, with an investment of 8.7 million RMB [31] - Jiangshun Technology is planning to establish an investment fund with professional institutions, with details still under discussion [32] - Beifang Changlong intends to acquire 51% of Shunyi Technology, which may constitute a major asset restructuring [33] Group 11 - Guoji Heavy Industry's revenue from "controlled nuclear fusion" products is currently negligible [34] - Hongrun Construction's shareholder plans to reduce its stake by up to 0.12% [35] - Puni Testing expects a net loss of 200 to 250 million RMB for 2025, although this represents an improvement from the previous year's loss [36] Group 12 - Kede Education's controlling shareholder is planning a change in control through a share transfer agreement [38] - Zhongwei Company’s major shareholder plans to reduce its stake by up to 2% [39] - Tongcheng New Materials is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [40] Group 13 - ST Jianyi's shareholder plans to reduce its stake by up to 1.23% [41]

最近，下沙金沙湖一带的中介"忙到飞起"。 带看、约看、连轴转已成常态。市场上甚至出现多组客户争抢同一套房源的情况，房东临时毁约、中介之间抢单等现象也有发生。 意外的是，这波热度并非聚焦于品质次新房，而是集中在安置房小区——幸福雅苑。 01 伴随高热度的，是价格的快速跳涨。据中介反馈，幸福雅苑约55㎡的小户型，单价已从去年9月的2万左右，跃升至目前的3万+。 在整体低迷、破发成风的年末，这样的上涨显得尤为显眼。尤其它还是安置房，且涨幅高达约50%。作为对比，周边一众次新盘却几乎没有波澜。 为何安置房成了市场"逆袭者"？"主要是学军效应带动，而低总价安置房更受家长青睐。"一位本地中介解释道。 去年 3月，钱塘区发布了文海湖畔学校（原幸福河中学）的规划公示。 学校东至海达南路，南至学林街（绿城紫棠园东北侧），规划30班初级中学标准， 预计容纳1500名学生。 官方虽未正面回应，但多方信息表明，该校将由学军托管，对接幸福河小学学区（乔下路以东、德胜东路以南、海达南路以西、金沙大道以北区域）。 有附近家长透露，孩子去年9月升初一，现在幸福河小学教室借读，上课老师都是学军班底。去年11月，学校正式开建，其公布的立面设计， ...

历时近10个月，合肥苏宁悦城置业有限公司（简称"合肥苏宁悦城公司"）破产重整有了最终结果。 近日，据全国企业破产重整案件信息网，合肥市中级人民法院裁定，因不能清偿到期债务，且明显缺乏清偿能力，亦不具备破产重整及和解的条件，合肥苏 宁悦城公司正式破产。 公开信息显示，合肥苏宁悦城公司成立于2018年4月3日，注册资本5000万元，股东苏宁置业集团有限公司持股51%，股东安徽融创房地产开发有限公司持股 49%，公司经营范围为房地产开发、商品房销售、土地开发等业务，营业期限至2068年4月2日，登记机关为合肥市庐阳区市场监督管理局。 历时近10个月，破产案件迎来终章 回溯案件进程，2025年4月2日，应国家税务总局合肥市庐阳区税务局、徐州苏宁置业有限公司的申请，合肥中院裁定受理合肥苏宁悦城公司破产申请，并指 定国浩律师（合肥）事务所担任管理人。 2025年4月8日，苏宁置业与其他37家苏宁系公司被南京中院裁定合并重整。但因受理破产清算时间更早，合肥苏宁悦城公司被排除在合并重整范围之外。 2025年8月，管理人发布《重整投资人预招募公告》，试图引入战略投资者盘活资产，要求投资人实缴注册资本不低于6亿元。 其中，坐落于 ...

Core Viewpoint - The real estate industry is undergoing a transformation towards asset management, driven by financial deepening and the need for high-quality development in housing business and operational real estate [1][2][3] Group 1: Overseas Market Insights - The transition of real estate companies to asset management firms has been primarily driven by financial deepening over the past 40 years, with Western economies progressing faster than Asian markets [2] - The real estate sector's contribution to GDP in developed countries has shown an upward trend when including virtual rent in calculations, despite a downward trend in housing development investment's share of GDP [5][6] - Financial deepening has led to a stabilization of supply-demand cycles in real estate, with more fluctuations arising from capital flows and asset prices [7][8] Group 2: China's Market Outlook - China is at a dual turning point of urbanization and financial market development, making the exploration of asset management by real estate companies an inevitable direction [3][41] - The "14th Five-Year Plan" period is expected to be crucial for institutional development in asset management, with a need for policy support to address challenges in market structure and organizational capabilities [3][41] - The transition from traditional development to asset management is recognized, but significant challenges remain, including reliance on policy guidance and the need for further market cultivation [3][41] Group 3: Structural Changes and Opportunities - The post-urbanization era presents structural growth opportunities in the real estate sector, with a focus on professional deepening and business segmentation as key trends [10][19] - The evolution of asset management companies has been marked by the rise of REITs and alternative asset management firms, which have significantly increased their scale and market presence [25][26] - The diversity of real estate business models and the changing commercial logic within various asset types highlight the industry's structural development characteristics [9][10] Group 4: Comparative Analysis of East Asia and Western Markets - There are notable differences in the development stages of real estate companies between East Asia and Western markets, with East Asian firms often exhibiting a mixed business model while Western firms tend to focus on specialization [14][15] - The marketization and competitive environment in Western economies have led to stronger overall competitiveness among their real estate firms compared to those in East Asia [15][16] - The capital dynamics and external investment strategies differ significantly, with East Asian firms generally being more conservative in their international expansion compared to their Western counterparts [16][18] Group 5: Future Development Directions - The future of China's real estate market will focus on managing existing assets and optimizing new developments, with a shift towards a more market-oriented pricing mechanism for new homes [43][44] - The ongoing process of destocking and deleveraging in the real estate sector is expected to continue, with a gradual improvement in cash flow and market stability [46][49] - The development of a securities market for operational real estate is anticipated to gain momentum, supported by policy initiatives aimed at revitalizing existing assets [47][48]

转自：贝壳财经 郁亮的退休，标志着地产旧时代的结束，但万科的故事还在继续。2025年第三季度，万科单季净亏损 160.69亿元。如今，其正面临债务展期的胶着局面，债权人大会将于1月21日召开，距离宽限期1月28日 仅有一周时间。（搜狐） #汇源重整方案彻底失败# 自25岁从深圳外贸跳槽加入万科，从证券与投资业务起步，历经董秘、副总经理、总裁，到2017年"宝 万之争"后接班王石、全面掌舵万科，再到2025年转任副总裁，郁亮亲历了房地产从"黄金时代"到"黑铁 时代"的转变。 万科宣告郁亮退休的公告里，并未按照惯例对其贡献表示感谢。 【#地产时代最后一位大佬退场#，万科的困境还在继续】#万科并未在退休公告中对郁亮表示感谢# 1月8日，现年61岁的郁亮递交辞呈，申请辞去万科董事、执行副总裁，不再担任万科任何职务。 ...

Group 1: Reliance Industries - Reliance Industries (RIL) is awaiting clarity on access to Venezuelan crude oil for non-US buyers following a major military operation by Washington in Venezuela [1] - Speculation suggests that the US intervention is unlikely to result in an immediate increase in crude oil production and exports from Venezuela's aging infrastructure within the next six months [1] Group 2: Bharat Forge - Bharat Forge has signed a strategic collaboration agreement with Germany-based Agile Robots SE to explore AI-driven robotics and intelligent industrial automation [2] - The collaboration aims to deploy advanced solutions in the automotive, healthcare, and consumer electronics sectors [2] Group 3: Bajaj Finserv - Bajaj Finserv, along with Bajaj Holdings & Investment Ltd and Jamnalal Sons Private Ltd, has acquired a 23% stake in its insurance subsidiaries from Allianz SE for ₹21,390 crore [3] - This acquisition increases Bajaj Group's ownership in Bajaj General Insurance and Bajaj Life Insurance to 97%, providing complete control with a 75.01% stake [3] Group 4: Hindustan Unilever - Hindustan Unilever Ltd (HUL) has received an income tax assessment order of ₹1,559.69 crore for the financial year 2021-22 [4] - HUL stated that the order will not materially impact its financials or operations and plans to appeal the decision [4] Group 5: National Stock Exchange of India - The National Stock Exchange of India (NSE) is in discussions for a strategic collaboration with Indian Gas Exchange (IGX) to develop Indian Natural Gas Futures [5] - This partnership aims to leverage NSE's derivatives market expertise and IGX's capabilities in spot natural gas trading [5] Group 6: Bartronics India - Bartronics India has approved an investment of up to ₹3 crore to acquire up to 51% equity in Shree Naga Narasimha [6] - The investment is intended for strategic expansion and to achieve operational and financial synergies [6] Group 7: Prestige Group - Prestige Group, through Canopy Living LLP, has signed an agreement to purchase a 16.381-acre land parcel in Padi, Chennai, from Sundaram Clayton [7] Group 8: PM Green - PM Green, a subsidiary of Power Mech Projects, has secured a ₹3,126 crore order from WBSEDCL to set up a 1,000 MWh battery storage system [8] - The order includes a 100% off-take guarantee and a greenshoe option of 250 MW/1,000 MWh for the Durgapur Project Ltd campus [8] Group 9: UPL Ltd - UPL Ltd has acquired the remaining 25% stake in UPL Agro Ltd for $17.86 million, making it a wholly-owned subsidiary [9] - This acquisition consolidates UPL's control over Yoloo (Laoting) Biotechnology Ltd in China, enhancing its position in the Chinese crop protection market [9] Group 10: Brainbees Solutions - Brainbees Solutions (Groww) has completed the acquisition of 100% equity in Solis Hygiene Private Ltd through a share-swap transaction [10] - This deal increases Brainbees' shareholding in Swara Baby Products from 75.92% to 76.59% [10] Group 11: Eureka Forbes - Eureka Forbes Ltd is involved in a tax dispute regarding an assessment order demanding ₹16.22 crore for alleged excess input tax credit claims [11] - The company has contested the order and is in the process of fulfilling a court condition to deposit 10% of the disputed amount [11]

冥冥之中，自有天命。 有些传闻只是传闻，很多传闻会成真，当传闻成真的时候，却也不意外。 01 1月8日，万科公告，郁亮到龄辞任万科执行副总裁。 郁亮生于1965年，今年61岁，今年是加入万科的第36年。以北大毕业生的光鲜履历南下，第一站是深圳 外贸集团，此后离职加入万科。巧合的是，原万科董事长辛杰从沈阳工业大学毕业南下，在深圳的第一 站，也是深圳外贸集团。 郁亮后来加入万科，从证券事务部起，直至接班王石，先后出任CEO、董事局主席，又在中年瘦身成 功，成为健康运动达人，职场成就与个人魅力兼具，一时为人追捧，成为"个人奋斗成为精英"的最好诠 释。 关于此番辞任，我们无意推测，其实也无须推测。很多答案就在谜题本身之中。 郁亮的成长经历，已大为人所熟知，此时回顾，没有太大意义。倒是他在万科走向前台，尤其是在历经 万宝之争王石退任接获权杖之后，万科经营战略和风格发生的变化值得思考。 郁亮主政万科期间，销售规模、资产规模快速增长，虽然"第一"被碧桂园、恒大超越，但在企业地位 上，仍是老大；同样是在他主政期间，万科资本运作、资产交易的数量和规模明显增大，有多宗堪 称"漂亮"的资产买卖。正是在此期间，跟投制、"合伙人制"都 ...

Group 1: Macro Trends and Strategy - The report indicates that the overall industry prosperity index has shown signs of a turning point, with PMI exceeding expectations, particularly in upstream resources, public industries, TMT, and essential consumer goods [2] - Key drivers for the recent improvements include price increases in metals, coal, certain chemicals, and paper products, as well as advancements in AI applications, particularly in gaming and software [2] - The report suggests a balanced investment strategy focusing on both growth and cyclical sectors, recommending attention to industries such as non-ferrous metals, chemicals, military industry, storage, gaming, and new energy [2] Group 2: Fixed Income Insights - The report discusses the emergence of "negative duration" strategies in the bond market, which have gained attention due to certain products appreciating despite overall market adjustments [3] - It highlights that the negative duration strategy involves using derivatives and short selling to create a portfolio with a negative duration, which is a more extreme form of hedging [3] - The report notes that while the strategy is gaining traction, it faces challenges such as performance benchmarks and regulatory attitudes in the domestic market [3] Group 3: Real Estate Sector Analysis - The report states that the sales advantages of leading real estate companies continue to consolidate, with the top 100 firms experiencing a narrowing decline in sales compared to the overall market [4] - It emphasizes that the concentration of resources among top firms has increased, with state-owned enterprises outperforming for six consecutive years [4] - The report anticipates that policies aimed at stabilizing the real estate market will benefit leading firms with strong resource acquisition capabilities [4] Group 4: Aerospace and Defense Industry Outlook - The report highlights a significant increase in global defense spending, with the U.S. proposing to raise military expenditure from $1 trillion to $1.5 trillion by FY2027, reflecting heightened international security concerns [5] - It notes that China's military trade market share remains low at 5.87% compared to the U.S. at 42.64%, indicating potential for growth in China's military exports [5] - The report suggests that the internationalization of Chinese military enterprises will be a key focus in the upcoming five-year plan, potentially leading to rapid development in military trade [5] Group 5: Key Company Insights - The report initiates coverage on WeRide (WRD US/800 HK) with a "buy" rating, projecting a target price of HKD 52 and USD 20, citing its dual focus on domestic and international markets [6] - It mentions that WeRide has established a significant Robotaxi fleet in the Middle East and is expanding its product offerings, which may not yet be fully reflected in its valuation [6] - The report also discusses Alibaba's expected revenue growth of 3.7% year-on-year for Q3 FY26, driven by AI cloud demand, although it anticipates challenges in e-commerce profitability due to weak GMV performance [7]