每经编辑｜程鹏 1月8日晚，万科A(000002.SZ)公告称，郁亮因到龄退休，于2026年1月8日向公司董事会提交书面辞职报告，申请辞去公司董事、执行副总裁职务。 公告显示，辞去上述职务后，郁亮将不再担任公司任何职务。郁亮的辞职不会导致公司董事会成员低于法定人数，不会影响公司董事会的正常运作和公司 的日常经营。公司将尽快完成董事的补选工作。 根据《万科企业股份有限公司章程》等规定，郁亮的辞职报告自送达公司董事会之日起生效。郁亮已确认与公司董事会无任何意见分歧，亦无其他事项需 提请公司股东、债权人、深圳证券交易所或香港联合交易所有限公司关注。 截至公告披露日，郁亮持有公司股票739.49万股。 校对|金冥羽 每日经济新闻综合自公司公告、读创新闻 资料显示，郁亮于1965年出生。其于1988年获北京大学学士学位；1997年获北京大学经济学硕士学位。 郁亮1990年加入公司，1994年起任公司董事，1996年任公司副总经理，1999年任公司常务副总经理兼财务负责人，2001年-2018年1月任公司总裁，2017年 7月至2025年1月任公司董事会主席，2025年1月起，任公司执行副总裁。加入公司之前，郁亮曾供职于 ...

Group 1 - Vanke's personnel changes have attracted market attention, with Yu Liang announcing his retirement effective January 8, 2026, and will no longer hold any position in the company after resigning as a director and executive vice president [1] - Yu Liang joined Vanke in 1990 and became general manager of Shenzhen Vanke Financial Consulting Co., Ltd. in 1993, later taking over as general manager (president) in 2001, marking the full implementation of the professional manager system at Vanke [1] - On January 27 of the previous year, Yu Liang had already applied to resign from the position of chairman of the board while continuing as a director and executive vice president [1] Group 2 - Vanke's two medium-term note creditor meetings are scheduled for January 21, just a week before the grace period ends on January 28, to discuss bond extension matters [2] - If Vanke can reach an agreement with creditors or pay the principal and interest during the grace period, the bonds may avoid default risk [2] - Vanke's stock price rose nearly 3.5% on January 8, with reports indicating that the company has reached an agreement with domestic lenders, including China Bank, to adjust quarterly interest payments to annual payments, with some interest payments deferred until September 2026 [2] - For Q3 2025, Vanke reported revenue of 56.065 billion yuan, a year-on-year decline of 27.3%, and a net loss of 16.069 billion yuan, attributed to reduced settlement scale in development business, low gross margins, and asset disposals below book value [2] - The significant decline in the area of real estate development settlements has further weakened cash flow generation capabilities [2]

Group 1 - Vanke announced that Mr. Yu Liang will submit his resignation report to the board of directors on January 8, 2026, due to retirement [1] - After resigning, Mr. Yu Liang will no longer hold any position within the company [1] Group 2 - Sinopec and China Aviation Oil have officially announced a restructuring [3] - Nearly 100 Chinese semiconductor companies have entered the A-share and Hong Kong stock markets, with 10 already having completed their IPOs [3]

1月8日，在前一交易日下跌近1%后，周四亚市黄金价格企稳，在地缘政治避险情绪有所降温后，市场 正等待年度大宗商品指数再平衡以及美国关键经济数据的发布。金价接近每盎司4455美元，被动型追踪 基金将于周四开始抛售贵金属期货，以匹配指数新的权重要求。由于过去一年黄金和白银价格的飙升， 预计此次抛售规模将高于往常。 专题：ATFX外汇专栏投稿 黄金在周三一度下跌1.7%后在美国数据公布后收复部分失地，白银周三下跌3.8%，鉴于其近期的波动 性，极易受到大幅抛售的影响。花旗集团估计，此次重新平衡可能导致约68亿美元的白银期货被抛售， 相当于纽约商品交易所未平仓合约的约12%。 ▲ATFX图 由于地缘政治因素叠加市场数据喜忧参半影响市场整体风险偏好，周三的美股市场因为特朗普的言论而 从纪录高位突然掉头，创纪录的涨势暂停，标普500指数和道琼斯工业平均指数刷新高位后转为收跌， 反倒是科技股重新获得关注而带动纳指反弹。 特朗普表示将禁止机构投资者购买独栋住宅后，黑石集团和其他房地产相关公司的股价暴跌。包括霍顿 公司、普尔特集团和莱纳公司在内的房屋建筑商股价均出现下滑。股市风险偏好受到打压，间接为贵金 属提供部分支撑。 此外 ...

1月8日，万科A公告，郁亮先生因到龄退休，于2026年1月8日向公司董事会提交书面辞职报告，辞去董 事、执行副总裁职务。辞职报告自送达董事会之日起生效。郁亮先生辞职后不再担任公司任何职务，且 与董事会无意见分歧。公司董事会将尽快完成补选工作。郁亮先生持有公司股票739.49万股，将继续遵 守相关减持规定。 1月8日，万科A公告，郁亮先生因到龄退休，于2026年1月8日向公司董事会提交书面辞职报告，辞去董 事、执行副总裁职务。辞职报告自送达董事会之日起生效。郁亮先生辞职后不再担任公司任何职务，且 与董事会无意见分歧。公司董事会将尽快完成补选工作。郁亮先生持有公司股票739.49万股，将继续遵 守相关减持规定。 ...

Core Insights - The real estate market has experienced its most severe adjustment in over 20 years, with significant declines and prolonged duration, leading to the collapse of some well-known companies while others have managed to survive and recover [2] - In 2025, debt restructuring has become a critical process for risk mitigation in the real estate sector, with 21 distressed companies, including Sunac China and Country Garden, making significant progress in their debt restructuring efforts, totaling approximately 1.2 trillion yuan [2] - Longfor Group has demonstrated strong financial resilience by consistently meeting debt obligations and providing a model for cash flow-driven development [3][4] Group 1: Industry Overview - The real estate industry is undergoing a deep adjustment, with a shift from an incremental market to a stock market, as evidenced by a 15.9% year-on-year decline in real estate development investment from January to November 2025 [6] - The restructuring of debts has been essential for many companies to navigate through the financial storm, with Longfor Group leading by example through its proactive debt management strategies [3][5] Group 2: Longfor Group's Performance - Longfor Group's operational revenue reached 133 billion yuan in the first half of 2025, accounting for 22.6% of total revenue, with a gross margin exceeding 50%, highlighting its stable profit and cash flow sources [5] - The company has successfully reduced interest-bearing liabilities by over 40 billion yuan since mid-2022, with plans to further decrease liabilities by approximately 10 billion yuan annually starting in 2026 [5] - Longfor Group's cash flow generation capabilities have remained positive, with net cash inflow exceeding 2 billion yuan in the first half of 2025, even after capital expenditures [11] Group 3: Strategic Shifts - Longfor Group transitioned from a "development-led" model to a diversified approach encompassing development, operations, and services, which has provided a solid foundation during the current market challenges [4] - The company has established a healthy internal "blood-making" mechanism through its operational and service businesses, which not only cover debt repayment needs but also support cautious expansion [12] - Longfor Group is also innovating with its "One Longfor Direct to Users" strategy, integrating various products and services into a single app to enhance customer engagement and streamline operations [12]

城建发展(600266)今日平盘报收，全天换手率24.70%，成交额35.40亿元，振幅16.46%。龙虎榜数据显 示，沪股通净买入1.05亿元，营业部席位合计净卖出7898.72万元。 具体来看，今日上榜的营业部中，沪股通为第一大买入营业部，买入金额为1.05亿元，合计净买入1.05 亿元。 城建发展1月8日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 沪股通专用 | 10484.41 | | | 买二 | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 7701.61 | | | 买三 | 中信证券股份有限公司上海分公司 | 5753.40 | | | 买四 | 东方财富证券股份有限公司山南香曲东路证券营业部 | 4918.84 | | | 买五 | 中国银河证券股份有限公司无锡梁溪路证券营业部 | 4131.05 | | | 卖一 | 浙商证券股份有限公司宁波分公司 | | 8579.76 | | 卖二 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | | ...

Core Viewpoint - The real estate market is experiencing renewed confidence due to strong policy signals and a shift towards "good housing" as a fundamental industry focus, with companies like Longfor leading the way in adapting to these changes [1][3][30]. Group 1: Policy and Market Signals - The publication of "Qiu Shi" emphasizes the foundational status of real estate, signaling strong policy support and a shift in expectations [1]. - The era of "buying off the plan" is ending, with a surge in demand for "seeing is believing" in home purchases [2]. Group 2: Longfor's Strategic Adaptation - Longfor has maintained its sales base while innovating with real-life demonstration areas and comprehensive service offerings, aligning with the market's need for certainty [3][4]. - The concept of "good housing" is being refined through various policy directives, emphasizing quality and safety in housing supply [3][6]. Group 3: Product and Service Innovations - Longfor has established a comprehensive value system for "good housing," integrating customer insights and practical experience into its product standards [7]. - The launch of innovative projects like "Fengcui" in Kunming showcases disruptive designs that enhance the perception of "good housing" [8]. - Longfor's "cloud delivery" service and its commitment to delivering quality homes have set industry standards, with plans to deliver nearly 70,000 quality homes across 39 cities in 2025 [9]. Group 4: Community and Lifestyle Integration - Longfor's approach transcends mere housing, focusing on creating a "good life" through community engagement and lifestyle offerings [16][20]. - The company leverages its extensive experience in commercial operations to enhance residential projects, creating vibrant community ecosystems [19][20]. Group 5: Financial Discipline and Long-term Strategy - Longfor's commitment to financial discipline and self-regulation has positioned it favorably amidst industry challenges, allowing it to navigate debt peaks with confidence [28][29]. - The company plans to reduce its interest-bearing debt by approximately 10 billion annually starting in 2026, maintaining a low debt level for future growth [29].

Core Viewpoint - The announcement from Baolong Properties (01238) indicates a significant decline in contract sales for December 2025, reflecting broader challenges in the real estate market [1] Group 1: Contract Sales Performance - The contract sales amount for December 2025, including joint ventures and associates, is approximately RMB 607 million, representing a year-on-year decrease of 42.41% [1] - The total contract sales for the 12 months ending December 31, 2025, including joint ventures and associates, is approximately RMB 7.272 billion, showing a year-on-year decline of 43.13% [1] - The total contract sales area for December 2025 is 71,290 square meters, while the total sales area for the 12 months is 667,082 square meters [1]

Core Viewpoint - Baolong Real Estate (01238) reported a significant decline in contract sales for December 2025, indicating challenges in the real estate market [1] Group 1: Contract Sales Performance - The group's contract sales amount (including joint ventures and associates) for December 2025 was approximately RMB 607 million, representing a year-on-year decrease of 42.41% [1] - The total contract sales for the 12 months ending December 31, 2025, was approximately RMB 7.272 billion, reflecting a year-on-year decline of 43.13% [1] - The total contract sales area for December 2025 was 71,290 square meters, while the total sales area for the 12 months was 667,082 square meters [1]