2025.06. 11 本文字数：899，阅读时长大约1分钟 6月10日，万科发布公告称：公司于2025年6月10日通过集中竞价交易方式首次出售了A股库存股 2200万股，占公司总股本的0.18%，减持所得资金总额为1.46亿元，成交均价为6.63元/股。 本次 出售符合公司既定方案，有利于补充公司流动资金，不会对公司当期利润产生影响。 vanke 万科企业股份有限公司 关于 A 股库存股首次出售及相关进展的公告 证券代码:000002、299903 证券简称:万科 A、万科 H 代 公告编号:< < 万>2025-085 | 本公司及董事会全体成员保证公告内容真实、准确和完整,没有虚假记载、误导性 1. Bill Contract of Contract Control one 114 10 CALL Production Controller Section of the Comments of Children | | --- | | 陈述或者重大遗漏。 | 万科企业股份有限公司(以下简称"公司"或"本公司")于2022年3月 30 日召开第十九届董事会第十五次会议,审议通过《关于回购公司部分 A 股股 ...

Core Insights - The Small and Medium Enterprises Development Index (SMEDI) in China rose to 89.5 in May, an increase of 0.3 points from April, marking a significant recovery after two months of decline [1] - The improvement in the index is attributed to enhanced macroeconomic policies, better supply-demand relationships in certain industries, and a noticeable recovery in economic sentiment, which has positively influenced small and medium enterprises' performance and investment willingness [1] Economic Indicators - In May, various economic indices showed positive changes compared to April: - Macroeconomic sentiment index increased by 0.7 points - Comprehensive operation index rose by 0.6 points - Market index up by 0.2 points - Capital index increased by 0.3 points - Labor index grew by 0.2 points - Input index up by 0.4 points - Efficiency index increased by 0.4 points - The cost index remained stable compared to April, indicating a favorable trend in the operational environment for small and medium enterprises [1] Industry Performance - In May, several industries experienced growth compared to April: - Industrial sector increased by 0.6 points - Transportation sector rose by 0.6 points - Real estate sector up by 0.2 points - Wholesale and retail sector increased by 0.1 points - Information transmission and software sector grew by 0.4 points - Accommodation and catering sector also rose by 0.4 points - However, the construction and social services sectors saw declines of 0.2 points and 0.3 points, respectively, indicating a mixed performance across industries [1] Regional Analysis - The development indices for small and medium enterprises in May by region were as follows: - Eastern region: 90.5 - Central region: 90.3 - Western region: 88.7 - Northeastern region: 81.8 - The ongoing release of policy effects has led to a noticeable recovery in development expectations for small and medium enterprises, although challenges remain due to external uncertainties and the need for further domestic demand and consumption stimulation [2]

当住房市场从"规模扩张"转向"质量时代"，一场关于居住价值的深层变革正在发生——由住房和城乡建设部主导的"好房子"政策体系已进入全面实施阶段， 成为住房品质的核心度量衡。北京房地产业协会副会长兼秘书长陈志在接受北京商报记者专访时指出，"好房子"政策正通过安全标准升级、功能弹性设计、 价值体系重构三大维度，系统性重塑住宅评价体系，推动房地产转向"居住价值创造"。他强调，高品质住宅业主满意度较传统项目的提升，也印证了"以质 破局"的转型可行性。当政策将适老接口预埋等细节纳入规范，行业才能真正破解"高周转后遗症"，实现从"居者有其屋"到"居者优其屋"的历史跨越。 从"住有所居"到"住有优居"的时代必然 在房地产行业转型的关键期，"好房子"概念的提出绝非偶然。陈志指出，随着人均住房建筑面积的显著提升，居民需求已从"有没有"转向"好不好"，政策引 领成为行业升级的核心驱动力。"当城镇居民住房自有率超过90%，存量住宅规模突破300亿平方米，提升居住品质已成为民生改善的必然要求。" 政策的必要性首先体现在消费升级的迫切需求上。陈志以北京、上海等一线城市为例，改善型购房需求占比已过半，消费者对住宅的要求从"满足基本居 住" ...

股票市场对贸易战预期反应趋于理性，而债券市场主要定价流动性而非 贸易战影响，央行政策是关键驱动因素。 未来需密切关注 6 月份出口数据，特别是抢出口效应减弱的迹象，这将 是判断债券市场机会的重要信号。 债券市场的大机会主要来自经济数据催化，尤其是地产数据，地产下行 会放大出口和生产的负面影响。 贸易战对中国债市的影响已部分定价，未来需关注实际影响；美债表现 疲软，反映了增长和流动性预期以及金融秩序重塑。 美元信用资产表现偏弱，与传统避险逻辑不符，反映了金融秩序重塑的 不确定性和对美国财政扩张的担忧。 全球市场中，股票定价贸易规则影响，避险资产如黄金、比特币因对金 融秩序重塑敏感而走强，大宗商品震荡。 预计 2025 年将是 10 年期国债牛市的尾部阶段，下半年基本面定价逻 辑将主导，出口带动地产走低，利率仍有下行空间。 Q&A 当前市场对中美贸易战的预期定价趋势如何？ 当前市场对中美贸易战的预期定价呈现出疲软趋势。最初在四五月份，市场风 险偏好极度收缩，但随着时间推移，市场选择不提前判断贸易规则的不确定性。 因此，从四月下旬到整个五月，相关板块并未获得非常乐观的定价，更加侧重 现实端。尽管上周中美两国首脑会谈 ...

Group 1: Guangdong Government Investment Fund Management - The Guangdong Provincial Government has issued the "Management Measures for Government Investment Funds," which clarifies that government-funded funds do not need to set internal benchmark return rates [2] - The establishment of government investment funds requires approval from the same-level government, and county-level governments must control the creation of new funds [2] - The performance evaluation of government investment funds will focus on the comprehensive achievement of policy objectives rather than profitability [2] Group 2: Chongqing State-Owned Enterprise Reform - Chongqing has completed the strategic restructuring and professional integration of its key state-owned enterprises, reducing the number from 51 to 33 large enterprise groups [4] - The overall loss rate of key state-owned enterprises in Chongqing has decreased from 40% to 18.6%, with operational losses down to 13.7% after significant loss reduction efforts [4][5] - Chongqing's state-owned enterprises have activated assets worth 151 billion yuan, recovering 59.5 billion yuan, contributing to economic growth and job creation [5] Group 3: Hubei Green Low-Carbon Industry Development Alliance - The Hubei Green Low-Carbon Industry Development Alliance has been established, consisting of 124 initial member units, including key enterprises, research institutions, and financial organizations [7] - The alliance aims to support the green transformation and high-quality development of various enterprises in Hubei Province by enhancing strategic guidance and building cooperative platforms [7] - The alliance's council includes major companies and institutions, indicating a collaborative effort towards advancing the green low-carbon industry in the region [7]

Core Viewpoint - The company is undergoing a significant asset sale and related party transaction, proposing to sell 90% of its stake in Shanghai Mining to its controlling shareholder's subsidiary, which is part of a strategic shift towards new energy business [1][2]. Group 1: Transaction Details - The company plans to sell its 90% stake in Shanghai Mining for cash to Zhejiang Wolong Shunyu Investment Co., Ltd., a wholly-owned subsidiary of its controlling shareholder, Wolong Holdings [1][2]. - The transaction aims to divest the copper concentrate trading business, which was added after the company acquired 100% of Shanghai Mining for 68 million yuan [2]. - The valuation of Shanghai Mining is set at 226.9 million yuan, reflecting a 22.49% increase in value [3]. Group 2: Business Transition and Strategy - The company is transitioning from real estate to new energy sectors, having completed acquisitions of multiple companies in the new energy space [2]. - The company is required to clarify the core competitiveness of its remaining business and outline future development plans, including potential risks and mitigation strategies [2][3]. Group 3: Financial and Operational Insights - The company must provide detailed information on Shanghai Mining's business model, recent operational data, and financial performance, including reasons for fluctuations in gross margin and net profit over the past three years [3]. - The company is also tasked with explaining the rationale behind the sale and how it aligns with the interests of minority shareholders [2][3]. Group 4: Guarantees and Financial Arrangements - The company has provided guarantees and financial support to Shanghai Mining, and it must disclose the total amounts involved and the status of these arrangements [5]. - Wolong Holdings has committed to providing counter-guarantees to cover any potential losses resulting from the transaction [4][5].

以下文章来源于ONE文艺生活 ，作者震撼的 ONE文艺生活 . 让文艺成为一种流行的生活方式。 多少断供夫妻，决定免费送房? 文 ｜ 牛小玲 编辑 ｜ 奇妙 设计｜ JANE 来源｜ ONE文艺生活（ID： one_hanhan） 封面来源 ｜ 《心居》剧照 朋友们，晚上好。 从小我妈就跟我说：天下没有白吃的午餐，也没有白吃的晚餐和夜宵。 但长大了开眼看世界了，才发现大城市就是不一样。 最近我总在社交平台刷到"送房子/倒贴送房子"的帖子；意思是白送房子，或者白送房子再给你十几万补贴。小时候只做过全国人民一人给我一块钱的美 梦；没想到长大了房子也能白送了？ 买房，真正进入到0元购时代了吗？ "送你套房子， 再给你20万"的魇幻楼市 没人知道谁是第一 个发起的房子0元购活动的人；刚听说的时候我以为是搞抽象的行为艺术；后来我在小某书和某鱼上刷到了大量这种帖子。标题基本都 是"房子免费送，直接过户"。 但仔细一看内容，原来不仅送房子，还送房贷。 啥意思呢？ 就是房主因为经济压力还不上房贷了，为了避免影响征信就着急出手；基本是送房子送家具家电，首付一分钱不要，但是买房者要偿还后续房子的银行贷 款。 就比如这位网友，18 ...

美联储褐皮书：受关税影响的商品支出有所增加 金十数据6月5日讯，美联储褐皮书表示，半数地区报告经济活动轻微至中度下滑，3个地区表示无变 化，3个地区报告略有增长。所有地区均指出，经济和政策不确定性处于高位，导致企业和家庭在决策 时犹豫不决并采取谨慎态度。制造业活动略有下降。消费支出报告喜忧参半，多数地区称支出略有下降 或无变化；然而，部分地区报告称预计受关税影响的商品支出有所增加。住宅房地产销售变化不大，多 数地区关于新屋建设的报告显示施工活动持平或放缓。银行贷款需求和资本支出计划的报告情况不一。 港口活动活跃，但其他地区的运输和仓储活动报告喜忧参半。 ...

Report Industry Investment Rating - Not provided in the given content Core View - In May, the bond market showed differentiation. Interest rate bonds mostly had rising yields, while credit bonds generally had falling yields. There was no obvious α in the industry dimension of credit bonds, a significant negative α in 10 - year - plus treasury bonds, and a certain α in insurance company bonds. Among public bond funds, hybrid bond - type secondary funds had the leading average increase in May [1][2][10]. Summary by Relevant Catalogs 1. Each Variety Yield Panorama - In May, the bond market performance was differentiated. For interest rate bonds, the yields of treasury bonds and China Development Bank bonds increased by an average of 4BP, and the yields of local government bonds decreased by an average of 1BP. For credit bonds, almost all credit bond varieties had falling yields, with the 7 - year, AA + and below implicit - rated commercial bank ordinary bonds having the largest yield decline of 19BP on average [11]. - As of May 31, the historical percentile levels of interest rate bond yields were relatively high, especially for short - term varieties. Most interest rate bond varieties had a three - year historical percentile level of over 8%, and the 1 - year treasury bond had the highest three - year historical percentile of 20%. For credit bonds, low - grade long - term financial bond varieties had relatively high historical percentile levels of yields, with the 7 - year, 10 - year, and 5 - year AA - bank secondary capital bonds having the top three percentile levels of 18%, 17%, and 15% respectively [13]. 2. Industry Alpha Tracking - In the industry dimension, credit bonds in various industries generally rose in May, with an average net - price change of 0.14%. The increases in each industry were relatively balanced, and there was no obvious α. The mining and financial industries had relatively small increases of 0.09% and 0.07% respectively [17]. - In the real - estate bond sector, AAA - rated and public - enterprise real - estate bonds had obvious positive α in May. The average net - price increase of AAA real - estate bonds was 0.18%, significantly higher than other real - estate bond varieties. Public - enterprise bonds had an average increase of 1.38%, far higher than other enterprise - type real - estate bonds. The top - rising bond was Vanke Bond with a net - price increase of about 4%, while the top - falling bonds were 24 Lianfa MTN004 and 22 Longhu 03, with net - price decreases of 0.56% and 4.48% respectively [21]. - In the urban investment bond sector, all regional urban investment bonds had rising net prices in May, with an overall increase of 0.15%. Hebei and Tianjin had obvious positive α, with average increases of 0.23% and 0.22% respectively. Guangxi had the smallest increase of 0.06%. AA - urban investment bonds had negative α, with an average net - price decrease of 0.02% [28]. - In the financial bond sector, there was little difference in the net - price changes of financial bonds of various ratings and types in May, and no obvious α appeared. The top - rising bonds were 24 Yuandong IV, 24 Yuandong Leasing MTN005, and 25 Ganzhou Leasing 01, with net - price increases of 1.03%, 1.03%, and 0.84% respectively. The top - falling bonds were 21 Shenzhen Jushenghua 02 and 21 Shenzhen Jushenghua 01, with net - price decreases of 6.55% and 6.69% respectively [31]. 3. Term Alpha Tracking - In May, 10 - year - plus treasury bonds had a significant negative α. The change rate of 10 - year - plus treasury bonds in May was - 1.5%, significantly higher than other interest rate bond varieties. The reasons were that the yield increase of ultra - long - term interest rate bonds in May exceeded other term varieties, and the yield increase of ultra - long - term treasury bonds was significantly higher than that of local government bonds [37]. - Among long - term representative bonds, the ultra - long - term credit bond 23 Sanxia K2 led the increase in May, with a monthly increase of 0.49% [42]. 4. Sub - Alpha Tracking - In May, insurance company bonds had a certain α. The average increase of insurance company bonds in May was 0.1%, 0.03% higher than that of commercial bank ordinary bonds and sub - bonds. The α of insurance company bonds mainly came from the fact that the yield decline of insurance capital supplementary bonds within 7 years in May was greater than that of commercial bank bonds and sub - bonds, and the long - term bond scale of these three varieties was relatively small, so short - and medium - term interest rate fluctuations had a more significant impact on the overall price [44]. 5. May Public Bond Fund Ranking - In May, hybrid bond - type secondary funds led other types of public bond funds in average change rate. The average change rate of hybrid bond - type secondary funds was 0.41%, that of hybrid bond - type primary funds was 0.27%, that of short - term pure - bond funds was 0.18%, and that of medium - and long - term pure - bond funds was 0.12% [47].

证券研究报告 宏观 "再平衡"中孕育新机遇 我们维持今年实际 GDP 增长 5%左右的判断不变，名义 GDP、尤其是名义 内需增长有望比去年小幅回升，主要受地产、租金及国内服务业价格降幅收 窄推动。2025 年 2-4 季度的总需求增长路径总体平稳，但内外需动能转换 加剧：内需增长有望逐季回升。而外需对总需求的实际贡献有序下降，但油 价大幅下跌可能推动贸易顺差扩张。价格指数层面，油价和食品价格形成拖 累，但中下游物价和利润率有望企稳、局部回升。 除了周期自身的规律外，我们对 2025 中国增长"达标"（5%）的预测也基 于对海内外政策"基准情形"的一些预判：① 美国对全球加征关税水平在 15%左右，对华加征关税在 30-40%之间；② 财政政策从此前实际偏紧的 立场转向温和宽松，全年中央+地方财政支出增长有望高于名义 GDP，广义 财政政策多措并举稳增长；③ 货币政策小幅宽松，进一步降准降息仍有空 间，但幅度较小；同时，结构性货币政策持续发力，市场流动性保持宽松。 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 中国 2025 年下半年宏观展望 1. 复盘 2025 以来宏观走势：惊喜、挑战与机 ...