津投城开（600322）公告，公司计划通过天津产权交易中心公开挂牌竞价方式购买天科数创名下碧岭园 C15别墅房产，预计交易金额为718.54万元。此举旨在提高资产经营水平，完善资产经营管理业务。本 次交易构成关联交易，不构成重大资产重组，已获董事会审议通过，关联董事回避表决。本次交易尚需 履行天津产权交易中心的相应程序，能否成功存在不确定性。过去12个月，公司与控股股东津投资本发 生的关联交易共3笔，累计交易金额为15.03亿元，占公司最近一期经审计净资产的8886.87%(不含本次 交易)。 ...

乐山电力：上半年净利润790.31万元 同比下降14.55% 7月24日晚，乐山电力（600644）发布2025年半年度快报，公司上半年实现营业收入16.23亿元，同比增 长1.94%；实现归属于上市公司股东的净利润790.31万元，同比下降14.55%；实现扣除非经常性损益后 的净利润627万元，同比增长66.35%。 资料显示，乐山电力成立于1988年5月，主营业务是电力业务、天然气业务、自来水业务、新兴业务、 服务业务五大业务。 所属行业：公用事业–电力–电能综合服务 智明达：上半年净利润3830万元 同比增长2147.93% 7月24日晚，智明达（688636）发布2025年半年度报告，公司上半年实现营业收入2.95亿元，同比增长 84.83%；实现归属于上市公司股东的净利润3830万元，同比增长2147.93%。 资料显示，智明达成立于2002年3月，主营业务是提供定制化嵌入式模块和解决方案。 所属行业：国防军工–军工电子Ⅱ–军工电子Ⅲ 大湖股份：上半年亏损257.16万元 7月24日晚，大湖股份（600257）发布2025年半年度报告，公司上半年实现营业收入4.26亿元，同比下 降14.40%；实 ...

大家好，这几天来到非洲，我一直在做一件事——校正自己的判断。 我喜欢反复琢磨一件事，不断打磨自己的想法。出发之前，我们每个人对非洲多少都会有一些先入为主 的判断；到了现场，又会有一些新的体会；再听听同行伙伴的看法，思维又会被进一步激发。在这个过 程中，最重要的不是一时的感受，而是在持续观察、倾听和思考中，有意识地形成一个更加清晰、更加 成熟的想法。 像嘉里 30 年前在北京 CBD 拿地，盖了 10 万平方米左右的项目，现在这块地的资产市值非常高。李嘉 诚当年在上海和北京拿地，很多压了 10年 都不动，最后依然赚得盆满钵满。核心逻辑很简单：地段 好、资产优、时间够长。 今天借这个机会，我也想和大家分享一下，经过这几天的反复观察思考，最终聚焦下来的三个核心想 法。 一、重新理解房地产：在非洲，看见过去与未来 第一是关于行业的思考，也就是房地产。我们大多数人都来自这个行业。这次非洲之行，让我对房地产 这个行业有了很多新的感触。 其中最大的触动，是一种"向下"的观察视角。以往我们看房地产，总是"向上看"，研究人均 GDP 三 万、五万美金的国家是怎么做房地产的，想象未来可能的样子。而这一次，我们是"向下看"。我们看 ...

进一步理清了权利和责任，对购房者是利好。 此外，"商品房消费者因房屋不能交付且无实际交付可能导致房屋买卖合同已经解除，提起执行异议之 诉，请求在建筑物及其建设用地使用权的变价款中排除相对应的强制执行并申请向其发放的，人民法院 应予支持。" 有律师指出，这两项条款意味着，已经解除购房合同的"烂尾楼"业主，可在一定的情况下拿回购房款。 但并不意味着烂尾楼业主可以随意不还款。 该《解释》自2025年7月24日起施行。 避免业主"钱房两空" 近年来，房地产市场进入调整期，一些商品房项目因无法按时交付出现"烂尾"，并损害购房者的利益。 烂尾楼涉及开发商、银行、购房者等多方利益，在破产清算或强制执行等一些特定情形下，还将涉及更 多的利益相关方。因此，在司法案件的实际操作中，容易引发异议。 最高法也指出，执行异议之诉案件呈逐年上升态势。《解释》进一步完善执行异议之诉制度的法律适 用，为人民法院通过审理程序对案外人合法财产权益进行实体保护提供裁判依据。 7月23日，最高人民法院对外发布《关于审理执行异议之诉案件适用法律问题的解释》（以下简称《解 释》），针对商品房买卖、强制执行等相关问题，做了细化的规定。 《解释》共有二十三 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Viewpoints - The real estate sector continues to see low allocation, with leading real estate companies presenting good investment opportunities. The total market value of heavy holdings in the real estate sector among public funds was 25.67 billion yuan in Q2 2025, a decrease of 11.3% quarter-on-quarter, with a holding ratio of 0.83%, which is 0.37 percentage points lower than the industry standard [4][10][17]. Summary by Sections Industry: Fund Holdings Decline, Low Allocation Trend Continues - In Q2 2025, the total market value of heavy holdings in the real estate sector among sample funds was 25.67 billion yuan, down 11.3% quarter-on-quarter. The holding ratio was 0.83%, a decrease of 0.12 percentage points, indicating a relative underweight of 0.37 percentage points compared to the industry standard [10][17]. Sector: Development and Service Sectors See Decline - In Q2 2025, the heavy holding ratios for the real estate development and service sectors were 0.74% and 0.09%, respectively, both showing a quarter-on-quarter decline of 0.11 and 0.02 percentage points [11][22]. Individual Stocks: Focus on State-Owned Enterprises and Commercial Real Estate - The top five heavy holdings in the real estate development sector were Poly Developments (4.902 billion yuan), China Merchants Shekou (3.193 billion yuan), and others. Notably, New Town Holdings and China Resources Land saw increases in holdings of 466 million yuan and 202 million yuan, respectively [12][24]. Funds: Northbound Funds Increase Holdings in Poly, Southbound Funds Add to Beike, Longfor, and Greentown - In Q2 2025, the top five companies with increased northbound fund holdings included Poly Developments (+1.37 percentage points) and others. Southbound funds increased holdings in Beike-W (+2.15 percentage points) and Longfor Group (+2.04 percentage points) [13][35]. Investment Recommendations: Continue to Recommend Leading State-Owned Enterprises and Improvement-Oriented Real Estate Companies - The real estate sector's valuation remains at historical lows, with policies supporting market stabilization. The report suggests focusing on leading state-owned enterprises and improvement-oriented real estate companies with strong land acquisition capabilities and high-quality products, such as Jianfa International Group and Greentown China [14][38].

Core Viewpoint - The real estate industry, once considered a "golden bowl," is now facing significant challenges, leading to a sense of despair among industry insiders and investors [1] Group 1: Current Market Conditions - The latest research from the Ministry of Housing and Urban-Rural Development and the Ministry of Finance indicates that the multi-property ownership rate among urban households has reached 43.7%, potentially exceeding 45% when including unreported properties [3] - Major cities like Beijing and Shenzhen have seen property prices drop significantly, with declines of 28.3% and 42.1% respectively, reverting to levels seen in 2015 [4] - The emergence of negative equity is concerning, with some homeowners facing substantial losses; for instance, a property bought for 3.5 million is now valued at only 2.3 million, resulting in a loss of 500,000 [4] Group 2: Market Liquidity Issues - The second-hand housing market in cities like Nanyang is experiencing a liquidity crisis, with a staggering 87,000 properties listed for sale but only 1,200 transactions in the first quarter of 2025, a 63% drop from six years ago [5] - In cities with lower income levels, such as those with an average annual income of 30,000, banks are hesitant to lend against older properties, further complicating sales [5] Group 3: Financial Struggles of Households - Many households are facing increasing debt burdens, with cases like a single mother in Wuhan carrying 370,000 in debt, leading to severe financial stress [6] - The number of mortgage defaults in third and fourth-tier cities is projected to rise by 20% by 2025, exacerbating the financial strain on homeowners [6] Group 4: Strategies for Survival - Recommendations for homeowners include selling underperforming properties while retaining essential real estate in major cities and areas with scarce resources [7] - Homeowners are advised to stay informed about policy changes that could provide financial relief, such as increased loan limits for families with multiple children [7] - Debt restructuring is suggested as a means to alleviate financial burdens, emphasizing the importance of maintaining basic living expenses during legal proceedings [7]

Group 1: Q3 Super Long Credit Bond Strategy - The report suggests gradually taking profits on super long credit bonds and switching to shorter-term, more liquid varieties while waiting for the next investment opportunity [6][10][26] - In Q2, the issuance of super long credit bonds increased significantly, with a total of 539.8 billion yuan, marking a 63% increase from the previous quarter [10][12] - The report indicates that the current market conditions do not support further exploration of super long credit bonds due to declining odds of capital gains and limited arbitrage opportunities [26][27] Group 2: Q3 Industry Bond Strategy - The strategy focuses on identifying investment opportunities under the "anti-involution" initiative across various industries [6][10] - In the construction sector, while there is a marginal improvement expected due to funding acceleration and the "anti-involution" initiative, the overall industry remains under pressure [6][10] - The steel industry shows strong expectations for marginal improvement, with opportunities for continued compression of spreads among mid-tier players like Hebei Steel and Shandong Steel [6][10] - The coal sector anticipates a rebound in prices, with a focus on major players like Jin Energy, while cash flow improvements may exceed expectations [6][10] - The real estate sector faces increasing downward pressure, but state-owned enterprises still present attractive absolute returns [6][10] - In the non-ferrous metals sector, the report highlights a divergence in market conditions, with opportunities for compression in spreads among quality private enterprises [6][10] - The cement industry is under significant pressure, with risks of losses and limited opportunities for excess returns [6][10] - The overall strategy recommends focusing on medium-quality entities across industries, particularly in steel, coal, real estate, and construction, while keeping an eye on the "anti-involution" initiative and the commencement of the Yajiang Hydropower Station [6][10]

亚通股份（600692）日前公告，公司于近日收到上海证监局《关于对上海亚通股份有限公司采取责令改 正措施并对梁峻、翟云云、顾培采取出具警示函措施的决定》，公司存在三项违规事项。 一是收入确认不准确。2023年4月，华盛建设中标亚通股份控股子公司保障房建设项目的桩基工程，亚 通股份全资子公司混凝土公司向华盛建设提供管桩及相关服务。亚通股份合并层面确认了混凝土公司向 华盛建设提供管桩及附加服务产生的收入6049.11万元，但因未在报告期内让渡管桩控制权，该收入确 认不符合相关规定，导致公司2023年年报披露的收入不准确。 二是人工成本归集不准确。2023年，混凝土公司及亚通股份其他子公司共同向华盛建设提供安装、焊接 等管桩销售附加服务。根据桩基工程施工日记记载，施工周期为3个月。但亚通股份核算了4个月的人工 成本，对管桩销售附加服务相关人工成本归集不准确，导致公司2023年年报披露的利润总额不准确。 三是客户销售额披露不合规。亚通股份在2021年至2023年年报中披露前五名客户销售额占年度销售总额 比例时，没有将属于同一控制人控制的客户视为同一客户合并列示，不符合相关规定。 为维护市场秩序，促进上市公司规范运作， ...

大面积高总价"越豪越好卖"，上海"独占鳌头"全面领涨；高端豪宅预期供求持稳，蓉汉等产品竞争白热 化。 ◎ 文 / 杨科伟、俞倩倩 研究视点 2025年上半年重点城市总价千万以上新房豪宅成交规模稳中有增，究竟当前各地豪宅市场有怎样的分化特征，背 后驱动原因几何，未来豪宅市场热度能否延续，我们将通过下文一一解析。 0 1 引子：2025年仍是千万豪宅"成交大年"，同比增幅显著好于新房平均 （本节有删减） （一）2 0城2 0 2 5年上半年千万豪宅成交同比增2 1%，二三线增幅超一线 2025年依旧是豪宅成交大年， 重点城市总价千万以上新房豪宅成交规模稳中有增。 20个核心城市 （北京、上 海、广州、深圳、杭州、宁波、成都、南京、青岛、苏州、厦门、佛山、珠海、无锡、天津、福州、西安、武 汉、合肥、郑州） 2025年上半年总价1000万元以上商品住宅合计成交2.1万套，环比微降7%，同比增长21%，而 百城新房成交上半年同比仅微增5%，可见豪宅领涨全国，成交韧性较强。 二三线城市千万豪宅成交增长相对明显。 具体来说，核心城市中，4个一线城市千万豪宅成交达1.6万套，同比增 长15%,16个二三线城市成交5871套， ...

来源：金融界 资料显示，公司于2007年11月由中国金茂控股集团有限公司（以下简称"中国金茂"）出资成立，控股股 东中国金茂是中化香港（集团）有限公司（以下简称"中化香港"）旗下城市运营领域的平台企业，于 2007年在香港联交所主板上市（股票代码：HK.00817），核心业务主要包括城市运营、物业开发、酒 店经营等业务板块。2020年，中国金茂将其持有的运盛控股有限公司等10家BVI/香港公司的股权注入公 司控制、管理的下属子企业，公司作为中国金茂境内最主要运营主体的定位进一步明确。2024年12月， 中国金茂旗下金茂（海南）投资有限公司将持有的四家子公司100%股权以实物出资形式对公司进行增 资。公司主营业务为城市运营和房地产开发，开发项目以中高端住宅为主，同时持有物业的稳健运营亦 为公司提供一定收入补充。 2025年7月1日，中诚信国际公布评级报告，上海金茂投资管理集团有限公司2025年度第一期中期票据 获"AAA"评级。 中诚信国际肯定了上海金茂投资管理集团有限公司（以下简称"金茂投资"、"发行人"或"公司"）可得到 中国中化控股有限责任公司（以下简称"中国中化"）和中国金茂控股集团有限公司（以下简称" ...