文/夏虫工作室 近日，祥源控股因在浙江金融资产交易中心发行的多款金融产品逾期兑付引发旗下上市公司股价地震。 据公开资料显示，"祥源系"的爆雷传闻始于11月底，祥源控股通过浙金中心发行的2-3款金融产品（预 期收益率4%-5%）出现逾期，涉及金额据统计超百亿元。据悉，"祥源系"产品的增信人为祥源控股、俞 发祥。 随着事件发酵，"祥源系"旗下上市公司交建股份、祥源文旅（维权）、海昌海洋公园纷纷发布公告紧急 澄清。 出品：新浪上市公司研究院 核心观点：祥源系三家上市公司中，为何交建股份（维权）股价冲击最大？值得注意的是，公司与控股 股东体外地产业务存在不少关联交易，公司近70亿资产是否埋雷？与此同时，交建股份的关联应收属性 资产坏账计提显著低于外部应收款，随着母公司爆雷，公司相关坏账计提风险是否在急剧攀升？ 祥源系三家上市公司中，遭受股价冲击最大的为交建股份，股价跌幅接近30%。为何市场给出如此反 映？ 其二，三家公司明确表示，本次事件涉及的金融产品与其及参、控股子公司均无关； 其三，三家公司进一步称，其不承担任何兑付及担保义务，三家公司亦未为任何金融理财产品的兑付提 供担保或增信。 我们注意到，交建股份与控股股东 ...

合作重点领域包括：战略基础设施，探讨参与特州战略性交通基础设施建设，增强区域联通能力， 释放城市发展潜力；绿色交通，拟推出印度首个大规模"XanhSM"电动出租车服务，整合智能出行平 台，并评估在当地开展电动汽车生产潜在可能性；智慧城市，拟开发占地约1080公顷大型智慧可持续城 市；可再生能源，拟通过VinEnergy投资建设装机容量500兆瓦大型太阳能电站，占地面积约485公顷； 社会基础设施，拟建70公顷配套体系，涵盖Vinschool全龄段学校、Vinmec国际综合医院及V-Green电动 汽车充电网络；旅游娱乐，拟以VinWonders品牌建设350公顷综合体，集主题公园、动物园及半野生动 物保护区于一体。 （原标题：Vingroup拟在印投资30亿美元构建现代产业生态） 越通社12月9日报道，越南大型企业集团Vingroup近日宣布，与印度特伦甘纳邦政府签署合作谅解 备忘录，拟分阶段投资约30亿美元，在该邦开发现代产业生态体系。这是其多产业生态系统迈向国际化 的重要里程碑，显著提升越南企业在国际市场的品牌影响力。 备忘录显示，双方将就智慧城市、高端制造、医疗健康、教育培训、旅游开发、可再生能源、充电 ...

对此，我们将主要的变化趋势做出以下浓缩和提炼： 同时，我们还应关注到： 一、为什么市场化谎言被揭穿？ 写在前面 2023年以来，基建融资领域新政频出，地震不断：管理库PPP被叫停；城投债遭到严控，专项债也被传闻用于实体建设项目比重渐弱；特许经营新机制项 目适用逐渐狭窄；以EOD为代表的XOD系列模式被迫与基建融资划清界限；另一方面，城市更新概念收编城中村改造，实现了概念上的大一统，成为涵 盖了全部城镇建设领域的"统一大概念"；而城中村改造成为了城市更新范畴中唯一能够实现基建融资的核心路径。基建融资领域的信仰体系，发生了翻天 覆地的变化。 十几年来，打着所谓的"市场化经营收益"之虚假名号，行政府兜底固定回报之实，已经成为了"投资人-EPC"系列模式违规操作的"固定造型"。特许经营新 机制及EOD导则的发布，一把掀开了"市场化基建融资"的遮羞布。 (一) 盖不住：经营收益远小于基建投入 市场化收益仅能获得市场平均利润，按照马克思基本经济理论，如果某一行业利润超出平均利润水平，其他行业的投资就会加入竞争，将超额利润挤回平 均水平。市场化收益的可怜利润，是无论如何也拿不出几十个亿来覆盖基建投资的。 (二) 盖不着：纯 ...

2025年，中国A股市场在政策东风的吹拂下，呈现出稳步向上的良好态势。10月27日，证监会在金融街论坛年会上明确表示将督促上市公司加大分红、回购 和增持力度，以稳健的业绩夯实价值基础。紧随其后，11月10日，国务院办公厅发布的关于促进民间投资的13条意见，为资本市场注入了新的活力。截至12 月初，一股密集发布的利好公告浪潮席卷A股，众多上市公司在增持回购、产品纳入医保、重大合同签订等多个方面释放出积极信号。其中，14家公司的利 好消息尤为引人注目，它们不仅紧密契合了政策导向，更有着坚实的业绩支撑。对于普通投资者而言，这些并非零散的"消息刺激"，而是产业趋势与政策红 利深度交织的清晰信号。把握其中的核心逻辑，方能精准捕捉投资良机。 作为最了解公司运营状况的"内部人士"，公司高管的增持行为，无疑是对公司价值的直接认可。自2025年以来，A股市场已有27家公司的高管进行了大幅增 持，其中不乏位列14家核心利好名单的企业，这些公司广泛分布于医疗、新能源、半导体等高景气度赛道。 一、高管增持：以"真金白银"投票，聚焦高景气赛道 从具体数据来看，凯利泰的高管增持了230万股，增幅达14%。这家专注于椎体成形微创介入手术的 ...

本文自南都·湾财社。 采写 | 南都·湾财社记者 赵元 本次事件涉及的金融产品与祥源文旅及其参、控股子公司均无关，祥源文旅不承担任何兑付及担保义 务，公司亦未为任何金融理财产品的兑付提供担保或增信。 然而，公告并未能打消投资者的担忧，截至12月9日收盘，交建股份一字跌停，祥源文旅跌7.51%，海 昌海洋公园跌10%。 南都湾财社记者也就此事致电浙江省地方金融管理局，工作人员回应称相关融资产品仍在全面排查梳理 中，后续将根据工作进展及时通报相关信息，确保投资者合法权益得到公平公正对待。 编辑 | 子衿 11月底以来，陆续有投资者在浙金中心购买的祥源系理财产品出现到期无法兑付及无法提现的传闻出 现。这一传闻很快被证实，12月5日，祥源集团执行总裁沈保山在接受媒体采访时坦言，到期未兑付的 产品约有2至3款，"现在我们没有钱了"。 当晚，陆续有投资者收到来自浙金中心的群发短信，称"祥源俞老板"已和绍兴市越城区钱区长见面并沟 通，"绍兴作为责任主体一定会积极解决"。短信还邀请投资者次日到绍兴祥源大厦"见面"，称其已专门 设立工作组。 不过，投资者们普遍担忧尚未到期的产品究竟是否能如期兑付。有投资者向南都湾财社记者表示， ...

Core Viewpoint - The liquidity crisis faced by Xiangyuan Holdings, led by Yu Faxiang, is primarily attributed to the downturn in the real estate market, which has historically been the company's main profit driver, while the tourism sector has not generated significant profits [3][4][11]. Group 1: Financial Crisis - Xiangyuan Holdings' financial products have faced overdue payments, which the company claims are unrelated to its listed subsidiaries, but rather stem from real estate cooperation projects [3][4]. - The company has acknowledged a cash flow issue, with total assets around 60 billion yuan and liabilities of approximately 40 billion yuan, indicating that while assets may cover liabilities, cash flow is currently insufficient [8][12]. - Investors have reported that overdue payments began as early as November 28, with a significant amount of funds pending redemption, totaling over 10 billion yuan [6][7]. Group 2: Real Estate Business - Historically, Xiangyuan Holdings has relied heavily on its real estate business, which generated sales of 20-30 billion yuan annually, but has seen a drastic decline in performance recently [4][12]. - The company's real estate sales and settlement amounts have dropped sharply in the first half of the year, with figures of 1.15 billion yuan and 698 million yuan respectively, indicating a severe downturn [13]. - The company has been criticized for its insufficient land acquisition strategy compared to other real estate firms, leading to a depletion of land reserves and a lack of new projects [11][12]. Group 3: Capital Operations - Xiangyuan Holdings has engaged in significant capital operations, including the acquisition of listed companies and assets, but these have not translated into substantial profits [15][17]. - The company has a high pledge ratio for its shares, with 95.63% of Xiangyuan Culture's shares pledged, raising concerns about the liquidity and realizable value of its assets [17][18]. - Despite the poor performance of its tourism assets, the company continues to pursue acquisitions, such as the recent purchase of a controlling stake in Haichang Ocean Park for approximately 2.3 billion HKD [17].

推动经济实现质的有效提升和量的合理增长 经济运行态势方面，今年宏观经济顶住外部环境剧烈波动压力，经济增长韧性超出市场普遍预期，代表 新质生产力发展的高技术制造业增速领先。近日，国家发展改革委党组书记、主任郑栅洁撰文指出，预 计今年经济总量将达到140万亿元左右。 关于明年的目标任务，会议要求"推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实 现'十五五'良好开局"。东方金诚首席宏观分析师王青分析称，预计各地各部门未来会将主要精力放在 全面贯彻新发展理念、加快构建新发展格局、着力推动经济转型升级等高质量发展上，同时也要保留必 要的政策空间，避免政府负债率过快增长。 王青进一步表示，当前中国经济基础稳、潜力大，人才资源丰富，特别是民营经济灵活性高、抗压能力 强等优势没有变，再加上宏观政策延续稳增长取向，2026年经济有望实现较快增长，进而为稳就业、稳 企业、稳市场、稳预期提供关键支撑。 继续实施更加积极的财政政策和适度宽松的货币政策 关于2026年的宏观政策安排，会议指出，继续实施更加积极的财政政策和适度宽松的货币政策，发挥存 量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理 ...

Group 1: Background and Motivation - Local government debt risks have intensified due to increasing fiscal imbalances, prompting the need to activate state-owned assets[4] - As of the end of 2024, China's state-owned assets total approximately 957.8 trillion yuan, highlighting the potential for asset activation to stabilize economic growth[6] - The central and local governments have emphasized the importance of activating existing assets to alleviate debt risks and enhance fiscal revenues[6] Group 2: Impact on Regional Development - In 2024, Chongqing activated assets worth 485.5 billion yuan, recovering 261 billion yuan, demonstrating the effectiveness of asset activation in generating cash flow[7] - Non-tax revenue in China is projected to grow by 25.4% in 2024, largely due to the activation of state-owned resources, contributing to 20.36% of the general public budget revenue[9] - The activation of idle assets can significantly enhance resource allocation efficiency, allowing for better utilization of land and infrastructure[14] Group 3: Effects on Urban Investment Companies - Urban investment companies can alleviate short-term debt pressures by selling non-core and idle assets, thereby optimizing their balance sheets[16] - The issuance of public REITs or asset-backed securities allows urban investment companies to broaden financing channels and reduce reliance on traditional financing methods[16] - Asset activation fosters the development of market-oriented operational capabilities, enabling urban investment companies to transition from financing to urban operation roles[17] Group 4: Case Studies in Fujian Province - Fujian Province employs restructuring and financing activation methods tailored to local fiscal conditions and resource endowments, exemplifying a "localized" approach[5] - Coastal cities like Fuzhou and Xiamen focus on upgrading low-efficiency industrial land through innovative financial instruments like REITs, enhancing land utilization[19] - Resource-rich mountainous cities like Longyan utilize resource certification methods to convert idle rural assets into tradable capital, balancing social and economic benefits[28]

Group 1: Investment in Physical Capital - China's capital stock reached approximately $93 trillion in 2024, accounting for about 503% of GDP[29] - The average growth rate of capital stock from 1961 to 1993 was about 5.2%, while from 1994 to 2016 it was approximately 10.8%, and is projected to decline to 5.8% by 2024[29] - In 2024, the total capital formation in China is estimated to be around 54.8 trillion yuan, contributing approximately 25.2% to GDP growth[2] Group 2: Investment in Human Capital - Investment in human capital focuses on enhancing capabilities across the entire population, including education, healthcare, and skills training[47] - The proportion of public spending on social welfare in China was 53.7% in 2023, compared to 60%-70% in developed countries, indicating significant room for improvement[6] - The government aims to increase the share of public investment in social welfare during the "14th Five-Year Plan" period, particularly in areas like education and healthcare[44] Group 3: Economic and Social Development - The urbanization rate in China is expected to reach 70% within five years, with a projected rate of about 67% in 2024, driving infrastructure and public service improvements[42] - The report emphasizes the need for a balanced approach between investment in physical and human capital to foster sustainable economic growth[1] - The government plans to enhance public services in nine key areas, including education, healthcare, and social security, to ensure equitable access for all citizens[52]

雅江工程启动后，很多成都人非常开心。虽然各种信息，已经表明雅江集团总部在林芝，但仍架不住大家畅想林芝总部只是虚设，成都才是真正的基地。甚 至雅江成都分公司在天府新区拿地，都能被炒上今日头条热搜。 这种格局一直持续到本世纪初。但就在短短十几年内，成都突然又王者归来，不光碾压本区域的重庆；甚至同样有长江，还有江汉平原做腹地，并扮演着九 省通衢角色的中部第一城武汉，在经济上跟成都比，都逐渐落了下风。 这明显不符合工业时代的经济规律。这样一个偏居西部一隅，地缘环境闭塞又不通江达海的城市，按理说完全没有超过重庆、武汉的实力。 原因何在？ 当然，这些人关注的不是雅江总部本身，而是成都经济和房价。毕竟1.2万亿的工程，几十上百万人的参与，一家全新央企，想想就觉得兴奋。 但在这里，我想给这拨人泼泼冷水。短期看，雅江工程确实是成都楼市乃至经济的重大利好；但从长期角度，却是不折不扣的超级大利空。 为什么这么说？这里倒不是因为雅江工程本身，而是雅江工程背后的林芝崛起。 其实大家可以想想，为什么成都近年来会反压西安，武汉，重庆，成为中西部第一城？ 当然，在农耕时代可以理解，毕竟成都平原沃野千里嘛，好种粮食，所以有扬一益二之说。但进入 ...