7月11日，原千亿房企阳光城的总部大厦"滨江国际广场1号楼"在阿里资产处置平台上开拍，起拍价为 14.57亿元，但因在24小时竞拍期限内无人出价，于7月12日宣告流拍。 阿里资产处置平台显示，滨江国际广场1号楼原名为"阳光控股大厦"，坐落于上海市杨浦区黄浦江畔， 毗邻杨树浦路和东方渔人码头，拥有一线黄浦江景色。 该标的用途为写字楼，占用土地面积达1.86万平方米，建筑面积为4.77万平方米。 2012年，闽系房企阳光城集团将管理总部乔迁上海，开始以长三角为根基，加速布局全国。2014年、 2015年，阳光城在杨浦滨江连拿"地王"，不断创造区域楼面价新纪录。2017年，阳光城集团及其母公司 阳光控股一起将总部迁到了杨浦滨江北外滩，当时，阳光控股凭借236.7亿美元的年营收首次跻身"世界 500强"。2017年8月，一场盛大的乔迁仪式曾在滨江国际广场1号楼大厅内隆重举行，当时阳光城集团董 事局主席林腾蛟、阳光控股董事长何玫、阳光城集团董事林贻辉等一众高管共庆乔迁之喜。 当年的盛景已成过去式。此次拍卖，已经是滨江国际广场1号楼第三次被摆上货架，也是第三次流拍。 这栋大厦首次流拍发生在2024年1月，当时的起拍价是2 ...

先看看7月7日这一天，深圳发生了两件楼市大事。 今天咱来聊聊现在这魔幻的房地产市场，尤其是深圳，那新房和二手房市场的走势，简直就像坐了不同 轨道的过山车，反差大到让人惊叹。 一边呢，龙华区一宗土地出让，那竞争叫一个激烈，经过108轮的"大战"，中海地产最终以23.7亿元成 功拿下，折合楼面价约38975元/平方米，溢价率高达40.74%。 这就好比一场激烈的竞拍大战，各路开发商都红了眼，抢着这块"肥肉"。 另一边，深圳市房地产中介协会公布的数据显示，截至7月7日，深圳共有75169套有效二手房源在售， 比上周又多了1311套，在售量创下了新高。 而且啊，深圳6月二手房成交周期是244天，虽说环比减少了13天，但和去年同期比起来，还是处于高 位。 这就像一场拔河比赛，二手房市场的挂牌量不断增加，就像绳子那一端的力量越来越大。 同样在深圳这个市场里，新房市场土拍不断冒出高溢价率， 二手房市场挂牌量却一个劲儿地往上蹿，这直接导致新房和二手房市场走出了完全不同的路线。 二手房市场现在就像一个着急出手商品的小商贩，持续地用降价来吸引买家，以价换量。而新房市场 呢，部分重点城市已经开始出现上涨的苗头。 就拿深圳龙华区这宗 ...

Core Viewpoint - The company, Yuhua Development (000514), is focusing on diversifying its business model and enhancing its market competitiveness through various strategic initiatives in response to the evolving real estate market in Chongqing [2][3][5]. Group 1: Business Development and Strategy - Yuhua Development is a state-controlled listed company in Chongqing, actively constructing an industrial investment system and promoting industrial transformation and upgrading [2]. - The company operates in multiple sectors including real estate development, property management, exhibition services, municipal facilities, and commercial leasing, which helps mitigate risks associated with real estate market fluctuations [2]. - The company has acquired the operating rights of the Shihuang Tunnel for 20 years, expiring in June 2026, which is expected to contribute to its revenue [2]. Group 2: Market Environment - The Chongqing real estate market is adapting to central government policies, optimizing housing credit policies, and enhancing the housing rental market, which has boosted confidence among enterprises [3]. Group 3: Project Development - As of December 31, 2024, the company has four ongoing and for-sale projects, with three remaining after a subsidiary's change in status in Q1 2025 [4]. - The company has established a full-cycle project operation plan to ensure objective decision-making and reasonable planning of development pace [4]. Group 4: Future Direction and Transformation - The company aims to position itself as a city development service provider, focusing on a business model centered around "residential + commercial" [5]. - To counteract the seasonality and cyclicality of the real estate business, the company is actively developing supporting and expanding businesses, including exhibition services, asset management, property management, and area development [5]. Group 5: Financing and Capital Increase - In August 2024, the Shenzhen Stock Exchange accepted the company's application for a private placement of shares, with the total fundraising amount adjusted from "not exceeding 700 million yuan" to "not exceeding 640 million yuan" [6]. - The company is currently progressing normally with the related work for the issuance of shares to specific targets [6]. Group 6: Financial Performance - In Q1 2025, the company reported a main revenue of 77.04 million yuan, a year-on-year decrease of 1.64%, while the net profit attributable to shareholders increased by 786.39% to 180 million yuan [7]. - The company recorded a debt ratio of 42.61% and an investment income of 245 million yuan, with financial expenses amounting to 12.06 million yuan and a gross profit margin of 18.39% [7].

债券研究 证 券 研 究 报 告 【债券月报】 长久期信用债后续如何参与，何时止盈？ ——7 月信用债策略月报 5 月下旬以来信用债挖票息行情向长端演绎，长久期信用债净买入规模明显放 量，市场参与热情较高。去年资产荒行情极致演绎下长久期信用债在同期时点 也走出了独立行情，但去年 8 月后债市波动较大，长久期信用债流动性不足的 风险暴露，估值出现明显调整。今年机构参与长端品种相对谨慎、关注止盈时 点，近期股债翘板效应扰动债市，后续长久期信用债如何参与？ 长久期信用债行情演绎期间机构参与情况如何？ 机构净买入力量是影响长久期信用债行情演绎的重要因素。1）5-7y 中票：去 年长久期信用债行情演绎阶段机构净买入量较前期涨幅较小，但部分时点规模 相对较高，进一步推动了其利差收窄。今年 5 月下旬以来净买入量明显增长， 机构行为对该期限区间的行情驱动较去年或有增强。2）7-10y 中票：基金净买 入力量的波动是影响利差变化的重要因素，两轮长久期信用债行情中基金连续 大规模净买入的同时信用利差也出现快速收窄，而在去年 8 月中下旬基金转 为大规模净卖出，利差开始出现快速大幅走阔。3）10y 以上中票：今年基金参 与力量有 ...

Core Viewpoint - The announcement of the "China Overseas · Qingyun Residence" project by Liaoning China Overseas marks a significant development in the Shenyang real estate market, indicating that new projects are set to enter the market soon [1][5]. Group 1: Project Announcement and Location - Liaoning China Overseas officially announced the project name "China Overseas · Qingyun Residence" on July 11, signaling the imminent launch of new products in the market [1]. - The project is located in the core area of the New Municipal Government District, specifically at the southern part of Gaoshendong Road-2, within walking distance of key amenities such as Tianjie Shopping Mall and Metro Line 2 [3]. Group 2: Market Impact and Expectations - The continuous expansion of brand real estate developers in the New Municipal Government District is expected to enhance the development landscape of the area [5]. - The project is anticipated to attract significant attention from homebuyers, with expectations that it could become a standout offering in the 2025 real estate market in Hunnan [5]. - Previous projects by China Overseas, such as the adjacent China Overseas Xiyue, have generated considerable market interest and sales success, setting high expectations for the new project [5]. Group 3: Product Innovation and Market Positioning - The "good housing" concept is becoming a key focus for the Shenyang real estate market in 2025, with the "China Overseas · Qingyun Residence" expected to embody innovative residential products [7]. - The project aims to establish a new quality benchmark in the New Municipal Government District, reinforcing the brand's position in the market [7]. - As the project develops, it is expected to contribute positively to the vision of Shenyang as an "administrative and cultural new center" [7].

智通财经7月12日电，住房城乡建设部表示，上半年全国新房和二手房交易总量同比增长，房地产市场 总体保持稳定态势。记者近日在北京、上海、深圳等一线城市采访也发现，一线城市新房市场"活跃 度"正在不断提升。记者梳理各地楼市调整优化政策后发现，今年上半年各地共出台了超过340条措施， 主要围绕公积金政策优化、发放购房补贴与以旧换新、调节土地供应等内容。 (央视新闻) 房地产市场"活跃度"不断提升 上半年各地出台政策超340条 ...

其他热点还有：国有险资长周期考核迎新机制，有助于其入市意愿提升；6月CPI由降转升，核心CPI创 14个月新高。 特朗普宣布将对23国加征新关税 6月CPI由降转升，核心CPI创14个月新高 本周，美国总统特朗普在自己创立的"真实社交"网站上，先后给23国发出关税信，称将从8月1日起对这 些国家征收20%~50%不等的关税。 此外，从8月1日起对所有进口到美国的铜征收50%的关税。 根据这些信的内容，菲律宾将被征收20%的关税，日本、韩国、马来西亚、突尼斯、哈萨克斯坦、文莱 和摩尔多瓦将被征收25%的关税，南非、波黑、利比亚、伊拉克、斯里兰卡和阿尔及利亚将被征收30% 的关税，印度尼西亚将被征收32%的关税，加拿大、塞尔维亚和孟加拉国将被征收35%的关税，泰国和 柬埔寨将被征收36%的关税，老挝和缅甸将被征收40%的关税，巴西则面临高达50%的关税。 特朗普还在美国全国广播公司新闻台10日播出的采访中说，其他尚未收到关税信的贸易伙伴可能面临 15%至20%的全面关税。 【点评】美国"对等关税"90天暂缓期已经到期并且推迟到8月1日。3个月来，美国贸易谈判进度明显不 及预期。目前美国仅与英国、越南达成贸易协议， ...

Core Insights - The article highlights the strategic asset liquidation by Li Ka-shing, a prominent businessman, as part of a broader global asset reallocation strategy [2][5][10] Group 1: Business Strategy - Li Ka-shing's business philosophy is centered around the cold balance of risk and profit, exemplified by his rapid divestments in response to market conditions, such as selling American ports to avoid trade war risks and liquidating European assets during the pandemic [2] - The sale of the "Yucui Garden" properties at a significant discount reflects a calculated move to quickly generate cash flow, with the properties sold at 76,000 yuan per square meter, a reduction of nearly 20,000 yuan from the original price [1][5] - Li's family wealth management strategy includes placing core equity in a trust fund to prevent fragmentation during inheritance, while his sons manage different aspects of the family business [2] Group 2: Market Impact - The rapid sale of "Yucui Garden" triggered a chain reaction in the real estate market, leading to a significant price drop in similar properties and causing other luxury projects in the area to halt sales for reevaluation [8][10] - The article notes a 43% decline in commercial real estate transaction volume in the Asia-Pacific region in Q1 2025, indicating a broader market retreat as major investment firms withdraw from the Chinese market [8][10] - Li's actions serve as a warning signal regarding market liquidity, suggesting that when major investors hoard cash, high-leverage assets become increasingly risky [10] Group 3: Financial Performance - The land for the "Yucui Garden" project was acquired in 2001 at a cost of 1,750 yuan per square meter, resulting in a profit margin exceeding 40 times even at the discounted sale price [6] - Li Ka-shing's historical strategy of selling assets at significant discounts has resulted in over 350 billion yuan in cash generation over 23 years, demonstrating a consistent approach to maximizing returns without holding out for the last penny [6]

当前市场呈现三重特征：其一，核心区资产韧性增强，如南山区科技园片区曾在5月创下5.7%的涨幅记录； 其二，外围区域分化加剧，龙岗中心城与平湖部分楼盘逆势上涨超18%，而同类区域不乏跌幅超6%的案 例；其三，改善需求持续释放，120㎡以上户型成交占比提升的趋势，正在重塑部分片区的价格体系。 对于买卖双方而言，这或是新一轮价值发现的起点。随着"金九银十"传统旺季临近，政策窗口期的博弈将更 趋复杂。 政策环境持续影响市场预期 7月的深圳楼市正上演"冰与火之歌"。截至7月7日，全市有效二手房源突破7.5万套大关，两周内激增3000余 套，龙岗、宝安、福田三区贡献了超60%的新增供应。这种放量并非偶然——上半年深圳二手房成交量同比 大增30.7%的市场惯性，正推动更多业主选择此时入市套现。 价格博弈进入深水区 尽管71.8%的监测片区均价仍在下跌，但微观数据已显露积极信号：下跌楼盘占比收窄至51.9%，上涨楼盘 比例提升至36.2%。 这种分化在区域间尤为明显：龙岗区以7个楼盘跻身涨幅榜TOP20，成为最大赢家；而宝安西乡的双龙花园 更以19%的涨幅领跑全市，其4.8万元/㎡的报价凸显出"洼地补涨"逻辑。值得注意的是， ...

本周市场情况 一级市场： 据新华财经统计，近两周（2025年6月30日至7月11日）共发行49笔中资离岸债券，其中包括8笔离岸人民币债券、25笔美元债券、6笔港 币债券、10笔欧元债券，发行规模分别为66.87亿人民币、35.652亿美元、32.5亿港币和21.24亿欧元。本周发行方式为直接发行的债券共 30只，担保发行的债券共13只，直接发行+担保发行共4只，维好协议+担保发行共2只。 在离岸人民币债券领域，近两周人民币企业债单笔最大发行规模为35亿元人民币，由厦门象屿集团有限公司发行。近两周人民币债券发 行最高票息为7.5%，由伊川财源实业投资有限责任公司发行。 在中资美元债券市场，近两周美元企业债单笔最大发行规模为6亿美元，由中信证券国际有限公司发行。近两周最高美元债发行票息为 6.9%，由泰安高新建设集团有限公司发行。 二级速览： 本周中资美元债收益率多数上涨。截至北京时间7月11日18时，Markit iBoxx中资美元债综合指数上涨0.12，报244.3；投资级美元债指数 周度上涨0.14%，报236.96；高收益美元债指数周度下跌0.03%，报239.29。本周，地产美元债指数周度下跌0.1%， ...