Group 1 - The 2025 Chinese capital market is characterized by the rise of new players amidst deep adjustments in traditional industries, highlighting a trend where both veteran leaders and new generations must embrace innovation and risk management to thrive [13][12] - Notable figures in the capital market include Zhu Jiusheng, Lei Jun, Wang Chuanfu, and others, whose experiences reflect personal turning points and broader industry cycles [13] - The ongoing power struggle within the Double Star Group, marked by the founder's public declaration to sever ties with his son, exposes governance crises and challenges for the century-old brand [14] Group 2 - The 毛戈平 family plans to cash out over 1.4 billion HKD through a collective share reduction, indicating significant financial maneuvers within the company [15] - Huawei and GAC Group have signed a comprehensive cooperation framework agreement to jointly innovate in areas like AI and smart vehicles, aiming to enhance competitiveness in the global automotive market [18] - The real estate sector is entering a critical transformation phase, with experts emphasizing the need for policies that stabilize market expectations and improve conditions for second-hand housing [19] Group 3 - The appointment of seasoned executives at 招商银行 reflects a strategy focused on stability and internal talent development, as the bank promotes experienced individuals to its leadership team [24] - The recent passing of Liu Hui, a prominent fund manager at 银华基金, marks a significant loss for the investment community, highlighting the impact of individual contributions to the industry [25]

Core Viewpoint - The article discusses the current economic trends in China, highlighting both positive and negative indicators, including the performance of the macroeconomic WEI index, consumer demand, production levels, trade activities, and price movements in various commodities [2][3][4][25][36]. Group 1: Economic Indicators - The Huachuang Macro WEI index has risen to 6.05% as of January 4, up by 0.46 percentage points from the previous week [2][9]. - In the first week of January, subway passenger volume in 26 cities increased by 6% year-on-year, while domestic flight operations averaged 12,400 flights per day, a decrease of 0.6% year-on-year [2][15]. - Container throughput at Chinese ports rebounded slightly, with a week-on-week increase of 6.3% as of January 5, and a year-on-year increase of 7.7% [2][25]. Group 2: Consumer Demand - Real estate sales have seen a significant decline, with a 43% year-on-year drop in transaction area for commercial housing in 67 cities during the first ten days of January, compared to a 24% decline in December [3][16]. - The average land premium rate across 100 cities fell to 0.45% as of January 4, down from 1.64% in December [3][16]. Group 3: Production Trends - Construction activity is declining, with cement shipment rates dropping to 29% as of January 2, down 2.4 percentage points from the previous week [3][18]. - The operating rate of asphalt plants also decreased to 25.4% as of January 7, down 2 percentage points week-on-week [3][18]. Group 4: Trade Activities - Container throughput at ports showed a slight rebound, with a week-on-week increase of 6.3% as of January 5, and a year-on-year increase of 7.7% [2][25]. - The number of outbound vessels from Chinese ports increased by 42.1% year-on-year in the first ten days of January [25]. Group 5: Price Movements - Prices of gold, copper, and oil have all risen, with COMEX gold reaching $4,473 per ounce (up 3.6%), LME copper at $12,990 per ton (up 3.8%), and Brent crude oil at $63.3 per barrel (up 4.3%) [2][36]. - Lithium carbonate prices surged by 15.6% in the same period [36].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the second half of 2025, the "anti-involution" policy has catalyzed the stabilization and recovery of commodity prices, and the fundamentals of some industries have shown signs of repair. For example, the non-ferrous metals industry has seen an upward shift in the price center of major metals under the multiple positive factors of continuous increase in policy support for stable growth, rapid expansion of downstream emerging industry demand, and steady improvement in domestic resource security capabilities. The profitability, operational capacity, and solvency of issuing entities have been enhanced. In 2026, the excess returns in the credit bond market may come from the value discovery of industries with fundamental repair. For the non-ferrous metals industry with fundamental repair, it is recommended to focus on allocating AA+/AAA-level central enterprises and regional leading state-owned enterprises and appropriately extend the duration, while also paying attention to avoiding the credit risks of bonds issued by small and medium-sized smelting and processing enterprises with low resource self-sufficiency rates and single industrial chain layouts [5][7][48] - Overall, this week, the credit spreads of most industries and ratings were compressed by less than 10BP, while the AA+ credit spread of the non-bank financial sector widened significantly by 20BP. In terms of urban investment bonds, the credit spreads of urban investment bonds with different maturities were compressed by 1-4BP compared with last week. In terms of industrial bonds, the short-term (1Y) credit spreads of industrial bonds widened significantly, while those above 1Y were mostly compressed to varying degrees. In terms of bank capital bonds, the short-term (within 1Y) spreads of bank perpetual and secondary capital bonds widened slightly, the 3Y spreads were significantly compressed, and the medium- and long-term (5-10Y) spreads were slightly compressed [6][47][48] 3. Summary According to the Directory 3.1 This Week's Credit Hot Events - On January 9th, the National Association of Financial Market Institutional Investors (NAFMII) issued a business reminder on further standardizing the issuance of debt financing instruments, emphasizing five aspects: distribution information entry, withdrawal reporting, subscription record-keeping, lead underwriting syndicate mechanism, and information disclosure quality. It is expected that in the short term (Q1 2026), the issuance efficiency of inter-bank bonds may decline, and the issuance difficulty of some weakly qualified issuers may increase. In the long term, the inter-bank bond issuance market will become more standardized and transparent, which is conducive to improving market liquidity and pricing efficiency [11][12][13] - On January 9th, the Guizhou Provincial People's Government issued policies to support the integrated development of industry, county prosperity, and people's well-being. In the short term, the policies will directly support county-level "Three Guarantees" and debt risk mitigation. In the long term, they will support the continuous improvement of local debts through industrial upgrading and fiscal revenue growth. For the existing platform debts in Guizhou, the policies strengthen the financing support for high-quality projects and force county-level platforms to transform into operating entities, which may further intensify regional credit differentiation [14][15] 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset-backed securities) was 115.3 billion yuan, an increase of 191.6 billion yuan compared with last week. The total issuance was 285.5 billion yuan, an increase of 209.2 billion yuan, and the total repayment was 170.3 billion yuan, an increase of 17.6 billion yuan. The net financing of asset-backed securities was 14.7 billion yuan, an increase of 15 billion yuan [16] - By product type, the net financing of urban investment bonds was 30.9 billion yuan, an increase of 37.5 billion yuan; the net financing of industrial bonds was 89.7 billion yuan, an increase of 144.5 billion yuan; and the net financing of financial bonds was -5.4 billion yuan, an increase of 9.6 billion yuan [16] 3.2.2 Issuance Cost - This week, the issuance volume of urban investment bonds and industrial bonds increased significantly, and the issuance rates of AA and AA+ decreased significantly compared with last week. Specifically, the average issuance rates of AA urban investment bonds and industrial bonds were in the range of 2.6-2.8%, the average issuance rates of AA+ urban investment bonds and industrial bonds were in the range of 2.2-2.3%, and the issuance rates of AAA-level bonds of different varieties were all below 2.3% [23] 3.3 Secondary Market 3.3.1 Transaction Volume - In terms of trading volume, the trading volume of credit bonds (excluding asset-backed securities) increased by 554.6 billion yuan compared with last week. Among them, the trading volume of urban investment bonds was 246 billion yuan, an increase of 139.5 billion yuan; the trading volume of industrial bonds was 329.6 billion yuan, an increase of 172.8 billion yuan; the trading volume of financial bonds was 498.8 billion yuan, an increase of 242.3 billion yuan. The trading volume of asset-backed securities was 16.2 billion yuan, an increase of 4.8 billion yuan [24] - In terms of turnover rate, the overall turnover rate of credit bonds increased compared with last week. Specifically, the turnover rate of urban investment bonds was 1.58%, an increase of 0.89 percentage points; the turnover rate of industrial bonds was 1.7%, an increase of 0.89 percentage points; the turnover rate of financial bonds was 3.21%, an increase of 1.56 percentage points. The turnover rate of asset-backed securities was 0.44%, an increase of 0.13 percentage points [25] 3.3.2 Yield - This week, the yields of 5Y credit bonds of different ratings widened slightly, while the yields of credit bonds of other ratings and maturities fluctuated by no more than 3BP compared with last week. Taking AA+ 5Y bonds of each variety as an example, the yields of different varieties all increased to varying degrees [27][28] 3.3.3 Credit Spread - Overall, the credit spreads of most industries and ratings were compressed by less than 10BP this week, while the AA+ credit spread of the non-bank financial sector widened significantly by 20BP. Specifically, the credit spreads of AA media, mining, commercial trade, and transportation industries were compressed by 7BP, 6BP, 7BP, and 6BP respectively; the credit spreads of AA+ building materials and machinery industries were compressed by 8BP and 10BP respectively; the credit spread of the AAA computer industry was compressed by 7BP. The credit spreads of other industries and ratings fluctuated by no more than 5BP [31] - **Urban Investment Bonds**: In terms of maturity, the credit spreads of urban investment bonds of different maturities were compressed by 1-4BP compared with last week. In terms of regions, the credit spreads of urban investment bonds in different regions were compressed to varying degrees [36][37] - **Industrial Bonds**: This week, the short-term (1Y) credit spreads of industrial bonds widened significantly, while those above 1Y were mostly compressed to varying degrees [40] - **Bank Capital Bonds**: This week, the short-term (within 1Y) spreads of bank perpetual and secondary capital bonds widened slightly, the 3Y spreads were significantly compressed, and the medium- and long-term (5-10Y) spreads were slightly compressed [43] 3.4 This Week's Bond Market Sentiment - This week, the implied ratings of 41 bond issues of 8 entities were downgraded, including 16 issues of AVIC Industry Finance Holdings Co., Ltd. and 10 issues of New Hope Wuxin Industrial Group Co., Ltd. The "21 Wantong 02" issued by Guangxi Wantong Real Estate Co., Ltd. was extended; the "H20 Zhengrong 2" issued by Zhengrong Real Estate Holdings Co., Ltd. defaulted substantially; Shandong Zhangqiu Blower Co., Ltd. was placed on the watch list, and its "Zhanggu Convertible Bond" was also placed on the watch list [4][45] 3.5 Investment Recommendations - This week, a total of 1,323.6 billion yuan of reverse repurchases matured in the open market, and the central bank conducted a total of 102.2 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 1,221.4 billion yuan for the whole week. As of the close on Friday, DR001 closed at 1.28% [6] - For the non-ferrous metals industry with fundamental repair, it is recommended to focus on allocating AA+/AAA-level central enterprises and regional leading state-owned enterprises and appropriately extend the duration, while also paying attention to avoiding the credit risks of bonds issued by small and medium-sized smelting and processing enterprises with low resource self-sufficiency rates and single industrial chain layouts [7][48]

深圳商报·读创客户端首席记者 李秀瑜 深铁珑境项目位于龙华，与地铁4号线龙胜站相邻，多维轨交网络畅达全城。社区内规划约3.58万平方米森系园林，巧妙融汇分龄泳池、儿童乐园、环形慢 跑径及阳光草坪等全龄活力空间，加之项目自资打造的滨水景观明渠，细节之处皆引人驻足。 来自中山的林先生因业务常年穿梭于珠三角，他告诉记者："对深铁品牌和TOD模式早有耳闻，实地体验后确实很心动。"高效便捷的跨城交通与深圳持续释 放的发展潜力，成为看房团决策的关键考量。 深铁项目对香港客群的吸引力尤为显著。香港客户黄女士现场算了一笔"时间账"，高效的通勤使其"工作在港、生活在深"的双城生活构想变得触手可及。截 至目前，深圳轨道交通运营里程已达634.5公里，线网四通八达，地铁无缝接驳各大口岸，使轨道沿线物业成为港人北上置业的优选。现场成交的香港家庭 直言，龙华位于深圳中轴区位，历来是港人关注的热门置业区域。 记者从深铁集团获悉，1月10日，"2026深圳掘金机遇沙龙暨大湾区好房子品鉴会"在深铁珑境举行，吸引了香港、广州、中山等地组成的"湾区看房团"，现 场成功认购2套房源，分别来自香港、中山客户。 业内专家指出，随着粤港澳大湾区"一小时 ...

中新社香港1月11日电 题：机构看好香港楼市2026年迎新一轮上升周期 中新社记者 香卢平 2025年香港楼市成绩不俗，新年伊始更不断传来"喜讯"。在经济向好、降息预期和财富效应等利好因素 持续涌现下，多个机构普遍看好香港楼市于2026年迎来新一轮上升周期。 过去一年，香港经济稳步前进，全年整体楼宇买卖合约登记量达80702宗，创四年以来新高，其中12月 有8999宗，是近20个月新高；去年楼宇买卖合约总值6142.77亿港元，同比上升一成五，实现"价量齐 升"。 图为香港维多利亚港一带高楼大厦资料图。 中新社记者 李志华 摄 这一势头在新年假期后得到延续。今年香港首个大型新盘、位于新界西沙的"Sierra Sea2A期"未开售已 接获逾4.2万个认购申请，以价单形式发售213伙计算，超购逾197倍，是香港历来首轮开售认购最多的 新盘。1月10日开售，首批213伙即日沽清，其中有本地买家以约4631万港元购入8伙。业内人士认为， 这反映了今年楼市气氛持续好转。 香江观澜：机构看好香港楼市2026年迎新一轮上升周期 资金涌入楼市的背后，是政策效应、利率走势与需求增加的共同作用。近年来，香港特区政府在调整楼 市政 ...

Core Viewpoint - The new policies introduced by the Ministry of Housing and Urban-Rural Development aim to fundamentally eliminate unfinished buildings in the real estate market, marking a shift towards high-quality development and a departure from the previous high-risk, high-turnover model [1][11]. Group 1: Causes of Unfinished Buildings - The root causes of unfinished buildings are complex, primarily stemming from uncontrolled financial supervision and distorted development models. Developers often misuse pre-sale funds for expansion, leading to project funding chain breaks [3]. - Before 2020, deposits and pre-sale funds accounted for over 34% of real estate developers' funding, with some small and medium-sized enterprises relying on pre-sale funds for over 80% of their project financing [3]. Group 2: New Policy Measures - The new policy introduces a "three firewall" approach to mitigate the risk of unfinished buildings. The first firewall is the implementation of a current housing sales system, allowing buyers to see and verify the property before purchase, thus eliminating the anxiety associated with pre-sale properties [4]. - The second firewall focuses on restructuring development and financing mechanisms, requiring each project to establish an independent company to manage funds, ensuring that all sales and loan funds are used exclusively for the project [6]. - The third firewall aims to enhance regulatory and judicial protections, ensuring that pre-sale funds are strictly monitored and used for project construction, while also providing legal safeguards for buyers [7]. Group 3: Impact on the Real Estate Market - The implementation of the new policies will significantly reduce risks for buyers, enhancing transparency regarding property quality and reducing the costs associated with post-purchase rights protection [9]. - Developers will face increased financial pressure as they must rely on their own funds to complete projects, leading to a shift from competition based on scale to competition based on quality [9]. - The new policies will not be implemented uniformly but will consider market differences across cities, allowing for a tailored approach that balances stability and transformation [10]. Group 4: Future Outlook - The implementation of these policies signifies a historic transformation in China's real estate market, with the elimination of unfinished buildings representing a major breakthrough in public welfare and a key indicator of high-quality industry development [11]. - The focus will shift towards building quality housing and communities, establishing a new market ecology characterized by quality and controllable risks [11].

南京发布人才新政，销售数据下降 ——20260109 房地产行业周报 房地产 证券研究报告/行业定期报告 2026 年 01 月 11 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：由子沛 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523020005 | | 保利发展 | 6.57 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 6.5 | 15.6 | 14.3 | 12.9 | 12.2 | 买入 | | Email：youzp@zts.com.cn | | 招 ...

以下文章来源于凤凰网财经 ，作者公司研究院 作者： 公司研究院 来源： 凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ ------------------------------ 2011年，当郁亮以一身精炼的肌肉登上时尚杂志封面时，人们很难将这位"型男"与两年前在南极 点大腹便便的形象联系起来。 为了洗刷外界对其"不敬业"的质疑，这位万科掌门人用十年长跑完成了自我重塑。他常言：" 做企 业就像跑马拉松，关键不是某段配速，而是全程节奏。 " 郁亮喜欢跑马拉松，这在地产圈并非新鲜事，而这场关于郁亮万科节奏的"马拉松"，在2026年1月 8日迎来终点。万科A公告宣布，61岁的郁亮因到龄退休，正式辞去董事及执行副总裁职务，结束 其在万科长达36年的职业生涯。 离别前的最后一段路并不平坦。据《安生世界观》报道，2025年10月下旬，一则"配合调查"的传 闻将这位地产老兵推向风口浪尖。尽管官方随后证实其已"回岗"，但风波未平。短短两个多月后， 辞职消息靴子落地。 郁亮的转身，不仅是个人的 ...

Core Viewpoint - The articles emphasize the importance of prioritizing people's livelihoods to drive economic development, advocating for a strong domestic market as a foundation for modernization and sustainable growth [2][43]. Group 1: Economic Development and Livelihood Improvement - The central economic work conference highlights the need to focus on improving people's livelihoods while expanding development space, integrating consumption and investment to stimulate economic growth [2][43]. - The demand for housing quality and living conditions remains significant, with a projected urbanization rate of 67% for permanent residents by 2024, indicating ongoing housing demand [3][44]. - The shift in consumer preferences towards service-oriented and experiential consumption is evident, with per capita service consumption expenditure increasing from 5,000 yuan to 13,000 yuan from 2013 to 2024, representing a rise from 39.7% to 46.1% of total consumption [4][45]. Group 2: Investment and Consumption Dynamics - The articles advocate for a dual approach to stimulate both consumption and investment, emphasizing their interdependent relationship in driving economic growth [9][51]. - Investment in high-quality urban renewal and affordable housing is essential to meet the evolving housing needs of urban residents, particularly in densely populated areas [4][45]. - The integration of new technologies and creative solutions in product and service offerings is crucial to meet diverse consumer demands, as seen in various regional initiatives [5][46]. Group 3: Policy Support and Economic Governance - Strengthening policy support and reform is necessary to enhance the quality and quantity of consumption and investment, with a focus on improving income distribution and consumer confidence [12][54]. - The government aims to implement measures that facilitate a virtuous cycle of employment, income, consumption, and investment, ensuring a balanced economic development model [6][47]. - The emphasis on localized economic strategies reflects the need for tailored approaches to address regional disparities and promote sustainable growth [34][38].

这篇文章分析加拿大年底房产市场：260万买的房子186万贱卖，四居室两年血亏73.5万加元，每天睁眼就欠银行1000加元，多伦多5月房价跌4%，2022年高 位接盘者正上演'割肉'大赛，有业主跑得快少赔30万，慢一步直接腰斩，不知道卖家在这个时间段里是什么心情。 年末清仓：开发商促销的真实动机 进入第四季度，加拿大房地产市场呈现显著变化，开发商推盘节奏明显加快，促销手段层出不穷，这种现象背后存在多重因素共同作用。 资金周转压力是首要驱动力，加拿大央行将基准利率维持在较高水平，直接影响开发商的融资成本，多数房地产企业依赖银行贷款推进项目，利息支出持续 增加，有财务数据显示，部分中型开发商的利息成本占项目总成本比例，已从两年前的8%上升至当前的15%左右。 | | 2025 | 2024 | % C | | --- | --- | --- | --- | | Sales | 6,244 | 7,206 | -13 .: | | New Listings | 21,819 | 19,147 | 14.0 | | Active Listings | 30,964 | 21,880 | 41 .! | | Averag ...