Core Viewpoint - The retirement of Yu Liang from Vanke is seen as a significant event, marking the end of an era for the company and reflecting the challenges faced by the real estate industry in China [3][6][10]. Group 1: Yu Liang's Career and Contributions - Yu Liang joined Vanke in 1990 and has been a pivotal figure in the company's growth, witnessing its rise to become one of China's leading real estate firms [3][4]. - Under his leadership, Vanke's sales grew from 3 billion in 2001 to over 700 billion, establishing it as a top player in the industry [3][4]. - Yu's tenure included navigating significant corporate governance challenges, successfully defending Vanke against hostile takeovers [3][4]. Group 2: Current Challenges and Context - Vanke is currently facing liquidity pressures, with the major shareholder, Shenzhen Metro, having injected 30.8 billion to help the company avoid default [6][9]. - The company's market value has dropped to below 60 billion, raising concerns about its financial stability and the effectiveness of its management [9][10]. - The transition of power within Vanke has shifted from professional managers to state-owned shareholders, indicating a significant change in governance and operational control [9][10]. Group 3: Retirement Implications - Yu Liang's retirement announcement lacked the customary expressions of gratitude typically extended to departing executives, highlighting the strained circumstances surrounding his exit [6][8]. - The timing of his retirement raises questions about accountability, as the company grapples with its current difficulties while he departs [10][12]. - The narrative suggests a disconnect between the rewards enjoyed by management during prosperous times and the responsibilities they face during downturns [9][12].

Core Viewpoint - *ST Yangguang is undergoing a potential change in control due to its major shareholder, Jingji Group, planning to transfer control, which has led to a temporary suspension of its stock trading. The company has faced significant financial challenges, including negative profits and a risk of delisting, raising concerns about its future viability [1][5][6]. Group 1: Company Overview - *ST Yangguang primarily engages in commercial operation management, property leasing, and housing sales. Since September 2021, it has managed commercial projects under Jingji Group, expanding its business footprint in major cities like Beijing, Shanghai, Shenzhen, Chengdu, and Shenyang [4]. - As of January 7, 2026, *ST Yangguang's stock price was 3.05 yuan per share, with a total market capitalization of 2.287 billion yuan [1]. Group 2: Financial Performance - The company has been under "delisting risk warning" since April 2025 due to negative audited profits and revenues below 300 million yuan for the fiscal year 2024 [5][6]. - In the first three quarters of 2025, *ST Yangguang reported approximately 252 million yuan in revenue, a year-on-year increase of 5.11%. However, it faced a significant net loss of approximately 72.06 million yuan, a year-on-year decline of 258.43%, with a non-recurring net profit loss of 76.12 million yuan [7]. - The liquidity crisis is severe, with cash reserves of only 60.28 million yuan against interest-bearing liabilities of 415 million yuan, resulting in a current ratio of 0.16 and cash covering only 10.07% of current liabilities [7]. Group 3: Shareholder Actions - In November 2025, Jingji Group transferred approximately 7.499 million shares (10% of total shares) to individual Liu Dan at a price of 2.42 yuan per share, totaling about 181 million yuan. Post-transfer, Jingji Group's shareholding was diluted from 29.97% to 19.97% [8][9]. - Jingji Group's financial situation is concerning, as it has pledged 100% of its remaining shares in *ST Yangguang to supplement liquidity, indicating its own financial pressures [12]. - The planned change in control may be a strategic move for Jingji Group to mitigate its financial exposure and seek new capital, given the company's precarious position and the looming delisting risk [13].

点击图片▲立即报名 12月CPI同比涨幅创34个月新高 1月9日，国家统计局公布数据显示，中国2025年12月全国居民消费价格指数（CPI）同比上涨0.8%，涨幅创2023年2月以来最大，前值为 0.7%。12月CPI环比由上月下降0.1%转为上涨0.2%。环比上涨主要受除能源外的工业消费品价格上涨影响。扣除能源的工业消费品价格上涨 0.6%，影响CPI环比上涨约0.16%。12月份，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以上。2025年全年，CPI 与上年持平。 12月份，全国工业生产者出厂价格指数（PPI）同比下降1.9%，连续第39个月下降，并且降幅比上月收窄0.3%；环比上涨0.2%，连续3个月上 涨，涨幅比上月扩大0.1%。2025年全年，PPI价格下降2.6%，工业生产者购进价格下降3%。（国家统计局） ｜点评｜ 2025年12月国内CPI和PPI出现了少见的联手上涨，国内物价在年末整体呈现出温和回升的趋势。从CPI分项上看，进入冬季，鲜菜鲜 果价格上涨，猪肉价格降幅收窄，成为推动CPI回升的有利因素。12月消费品价格同步上涨，金饰价格继续走高，"国补"政策延续， ...

特此公告。 北京万通新发展集团股份有限公司 董事会 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 经北京万通新发展集团股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度归属于上市 公司股东的净利润为负值，公司2025年度经营业绩将出现亏损。 公司将严格遵循《上海证券交易所股票上市规则》等相关规定，加快推进财务核算工作，尽快披露2025 年度业绩预告。最终财务数据请以公司正式披露的2025年年度报告为准。 公司指定的信息披露媒体为《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交易 所网站（www.sse.com.cn），有关公司信息均以公司在上述指定媒体披露信息为准，敬请广大投资者注 意投资风险。 证券代码：600246 证券简称：万通发展（维权） 公告编号：2026-003 北京万通新发展集团股份有限公司 2025年度业绩预亏的提示性公告 2026年1月10日 ...

〓今日谈〓 >>多地年初再出新政，激活住房需求 ★本报由河南日报社、河南移动联合出品 2026年伊始，围绕住房公积金、购房补贴等着力点，多地再出新政持续激活住房需求。 ◆多地调整公积金支持措施 〓千万大报·如影随形〓 1月7日，厦门市住房公积金管理委员会连发四份优化调整住房公积金政策的文件，在优化调整住房公积金贷款政策方面，厦门市进一步提出，多子女家庭 （二孩及以上，其中至少有一名未成年子女）申请住房公积金贷款的，在现有政策可贷额度基础上增加25万元。 同日，沈阳市也宣布实施新一轮住房公积金贷款政策优化方案，包括延长最低首付款比例15%的政策适用期限，提高"商转公"贷款比例限额，放宽新市民、 青年人贷款政策等。 此外，莆田市1月4日发布通知，提到调整公积金支持措施。 ◆河南支持发放购房补贴、契税补贴 除围绕住房公积金政策继续优化调整外，年初以来，多地在提振购房消费过程中，也在不断加速购房补贴政策的落地。 1月6日，河南省发布的《推动2026年第一季度经济发展实现良好开局若干政策措施》明确提出，积极支持住房消费。支持各地因地制宜发放购房补贴、契税 补贴，组织住房促销活动200场（次）以上，支持各地加快发行地方政 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 特此公告。 海南高速公路股份有限公司 证券代码：000886 证券简称：海南高速 公告编号：2026-001 董 事 会 海南高速公路股份有限公司 2026年第一次临时董事会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 公司2026年第一次临时董事会会议通知于2026年1月4日以书面方式、传真方式或邮件方式向全体董事发 出，会议于2026年1月9日在海南省海口市美兰区国兴大道5号海南大厦42层第一会议室以现场结合通讯 表决方式召开。会议应出席董事7人，实际出席董事7人，其中独立董事刘欣女士以通讯表决方式出席。 会议由董事长陈泰锋先生主持，公司高级管理人员列席会议，会议的召开符合《中华人民共和国公司 法》和《公司章程》的有关规定。会议以记名投票方式，审议通过《关于海南儋州东坡雅居置业有限公 司B-03-08等六宗地块公开挂牌招商合作的议案》。 为加快盘活资产，整合资源，董事会同意公司全资子公司海南儋州东坡雅居置业有限公司将其名下的位 于海南省儋州市那大城北片区的B-03-08、B-03-10、B-03 ...

Core Viewpoint - The company, Heimu Dan (Group) Co., Ltd., reported significant declines in real estate sales and project developments for the fourth quarter of 2025, indicating challenges in the real estate market [1][2]. Group 1: Real Estate Operations - In December 2025, the company acquired approximately 56,400 square meters of state-owned land use rights through its wholly-owned subsidiary [1]. - As of the end of Q4 2025, the company had 225,200 square meters of undeveloped land, with a maximum construction area of 500,600 square meters [1]. - No new projects were started in Q4 2025, and there was no new completed area reported [2]. Group 2: Sales Performance - The company achieved a contracted sales area of 32,400 square meters in Q4 2025, a year-on-year decrease of 82.17%, with the equity contracted sales area at 25,000 square meters, down 77.11% [2]. - The total contracted sales amount was approximately RMB 417.74 million, reflecting a year-on-year decline of 71.05%, with the equity contracted sales amount at RMB 327.36 million, down 61.13% [2]. Group 3: Rental Operations - As of December 31, 2025, the company had a rental area of 246,500 square meters, with an equity rental area of 241,300 square meters [2]. - The rental income for Q4 2025 was approximately RMB 14.26 million, with the equity rental income at RMB 13.90 million [2]. Group 4: Guarantee and Financing - In December 2025, the company signed external guarantee contracts totaling RMB 346 million, primarily for its subsidiaries seeking bank loans [6]. - The company provided a joint liability guarantee of up to RMB 306 million for its subsidiary, Green Capital Real Estate, and a maximum guarantee of RMB 40 million for another subsidiary, Dahui Construction [6][10]. - The total amount of external guarantees by the company and its subsidiaries reached approximately RMB 4.01 billion, accounting for 38.66% of the latest audited net assets [13].

■ 王丽新 2025年，核心一二线城市仍是土地市场成交主力军，但总体表现又有新的变化。 2025年土地市场平稳收官。据中指研究院数据，全年300城住宅用地成交规划建筑面积6.2亿平方米；出 让金总额2.3万亿元。2026年1月6日，上海迎来新年首场土拍，浦东、闵行两宗宅地顺利出让，表现符 合预期。 笔者认为，在市场整体"以销定投"与土地供应"缩量提质"的审慎基调下，土地市场催生出一系列结构性 新特征，折射出房地产行业转型的新投资逻辑。 特征一：核心地块竞价升温，多城楼面单价再刷新。 一方面，二线城市跃升为土地市场核心支撑。中指研究院数据显示，2025年，一二线城市宅地出让金占 300城总出让金比例升至57.0%，较2024年提升4.4个百分点，其中二线城市占比提升至41.5%，例如，杭 州去年前7个月出让金已超2024年全年；成都超800亿元；武汉、苏州均超600亿元。这一态势背后， 是"好房子"工程的推进提振了房企在高能级城市扩储的信心，也预示着未来洋房、小高层等改善型产品 供给将大幅增加，满足改善性需求。 另一方面，高总价大宗地块成交量增加。据中指研究院数据，2025年，全国重点城市住宅用地单宗地块 成交 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000838 证券简称：财信发展 公告编号：2026-001 财信地产发展集团股份有限公司 关于控股股东财信地产、间接控股股东财信集团破产重整第二次债权人会议表决再次延期的公告 本公司控股股东财信地产及间接控股股东财信集团保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体董事保证公告内容与信息披露义务人提供的信息一致。 一、控股股东破产重整情况概述 财信地产发展集团股份有限公司于（以下简称"公司"、"上市公司"或"财信发展"）2024年10月19日披露 了《关于控股股东财信地产、间接控股股东财信集团完成预重整备案登记的提示性公告》（公告编号： 2024-035），公司控股股东财信地产及间接控股股东财信集团已根据重庆市第五中级人民法院（以下简 称"五中院"）《预重整与破产重整衔接工作规范（试行）》的规定，向法院申请预重整并完成了备案登 记。 2025年2月24日财信地产及财信集团分别收到五中院出具的（2025）渝05破申88号、84号的《重庆市第 五中级人民法院民事裁定书》，裁定受理财信地产、财信集团的重 ...

Group 1 - The company achieved a total commercial operating revenue of approximately 1.238 billion yuan in December 2025, representing a year-on-year increase of 6.44%. For the entire year of 2025, the total commercial operating revenue reached approximately 14.09 billion yuan, an increase of 10.00% compared to the previous year [1][2] - The rental income includes rent, management fees, parking fees, and other miscellaneous management fee income, with the total commercial operating revenue for 2025 being 14.09 billion yuan, which includes taxable rental income [2] - The occupancy rate is based on the commercial property rental situation as of December 31, 2025 [3] Group 2 - In December 2025, the company realized a contract sales amount of approximately 1.354 billion yuan, a decrease of 57.80% year-on-year, with a sales area of approximately 184,300 square meters, down 51.34% year-on-year [4] - For the entire year of 2025, the cumulative contract sales amount was approximately 19.27 billion yuan, a decrease of 52.03%, with a cumulative contract sales area of approximately 2.5358 million square meters, down 52.94% year-on-year [4] Group 3 - In the fourth quarter of 2025, the company repaid 3.788 billion yuan of bonds in the domestic and overseas public markets [5] - As of December 31, 2025, the company's joint ventures had a total interest-bearing debt of 2.385 billion yuan [6]