智通财经APP讯，中原建业(09982)公布，由于复牌指引已获履行，公司已申请股份自2025年12月22日上 午九时正起于联交所恢复买卖。 ...

Core Insights - The real estate market is experiencing a shift, with an increase in sellers and a growing number of buyers adopting a wait-and-see approach, leading to a phenomenon referred to as "selling wave" [1] - Homeowners are reassessing the costs associated with property ownership, focusing on annual expenses rather than potential appreciation [3] - The value of properties is increasingly influenced by population movement, with demand concentrated in areas with strong educational, transportation, and employment support [7][9] Group 1: Cost Considerations - Homeowners are now calculating the total cost of ownership, including mortgage interest, property fees, heating costs, and maintenance funds, which have become more apparent as income growth slows [5] - Many landlords find that rental income only partially covers mortgage payments, leading to a shift in mindset from "waiting" to "considering selling" when properties remain vacant for extended periods [5] Group 2: Changing Value Perception - The traditional view of property value based on city location is evolving, with significant disparities emerging between different areas within the same city [7] - Properties in areas with population inflow and strong demand are less likely to face selling challenges, while those in declining areas struggle to maintain value [9] Group 3: Shifts in Buyer Preferences - Buyers are increasingly focused on practical living conditions, such as commuting times and local amenities, rather than symbolic aspects of property ownership [11] - Older properties with outdated designs and poor management are becoming harder to sell, as buyers are more selective [13] Group 4: Price Trends and Market Dynamics - The anticipated "selling wave" may not lead to uniform price declines; instead, some properties may experience rapid price drops while others remain stable [15] - Properties in prime locations, smaller sizes, and with good liquidity show stronger resilience against market fluctuations, while larger, less desirable properties may face more significant price adjustments [17] Group 5: Future Market Outlook - The real estate market is entering a more rational and differentiated phase, where properties are viewed as long-term investments requiring careful consideration rather than short-term speculation [19] - The future trajectory of housing prices may exceed expectations, with opportunities and risks becoming unevenly distributed across the market [19]

Core Viewpoint - The article discusses the comprehensive reforms and developments in Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing risk prevention, regulatory strength, and high-quality development [35]. Group 1: Market Expansion - The number of listed companies increased from 60 to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [6]. - The total market value of listed companies rose from 920.3 billion yuan to 1,656.6 billion yuan, an 80% increase compared to the end of the "13th Five-Year Plan" [6]. - The number of companies listed on the New Third Board reached 118, with 39 in the innovation layer, a 1.29 times increase year-on-year [7]. - The bond market's outstanding scale reached 12.8 trillion yuan, ranking among the top in the country [8]. - The total assets of eight securities, fund, and futures institutions reached 113.7 billion yuan, with net assets growing by 22% and 20% respectively compared to the end of the "13th Five-Year Plan" [8][9]. Group 2: Structural Optimization - The focus is on enhancing quality and efficiency, with a strong emphasis on technology innovation and industrial upgrades [10]. - There are 49 high-tech and specialized new listed companies in Tianjin, accounting for 69% of the total, with a total market value share of 78% [12]. - Cumulative R&D investment by listed companies exceeded 100 billion yuan, an 80% increase compared to the "13th Five-Year Plan" [12]. - The overall R&D intensity of listed companies is projected to be 3.01% in 2024, with key industry chain companies at 7.64% [12]. Group 3: Capital Market and Industry Renewal - 40 listed companies belong to key industrial chains in Tianjin, accounting for nearly 70% of the total market value [14]. - Six listed companies have undergone major asset restructuring to eliminate inefficient assets and transition to emerging industries [14]. - Nearly 20% of listed companies are expanding production or investing in weak links of the industrial chain through refinancing [14]. - The amount of mergers and acquisitions by listed companies exceeded 26 billion yuan after the release of the "Six Merger Guidelines" in September 2024 [14]. Group 4: Asset Activation - Two public REITs were issued, with one revitalizing 220,000 square meters of industrial park assets and another raising 2.5 billion yuan for highway expansion projects [17]. - The outstanding scale of ABS products in the region reached 72.1 billion yuan, ranking among the top in the country [18]. Group 5: Function Enhancement - Over the past five years, the region has utilized multi-level capital markets to finance 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [21]. - Among 14 new listed companies, 11 were issued through the registration system, and 10 were listed on the "Two Innovation Boards" and the Beijing Stock Exchange [21]. - The wealth management scale of capital market institutions in the region exceeded 2.2 trillion yuan [23]. Group 6: Ecological Improvement - The regulatory framework for the capital market has been established, guiding further comprehensive reforms [26]. - The implementation of the "New National Nine Articles" and the "1+N" policy has led to the introduction of various supportive measures for high-quality development [28]. - A specialized working group has been established to implement capital market reform policies and coordinate high-quality development of listed companies [29].

12月19日，在华尔街见闻和中欧国际工商学院联合主办的「Alpha峰会」上，摩根士丹利中国首席经济学家邢自强发表了题为《中国新篇章: 科技 与再平衡》的演讲。 他表示，2024年9月以来的政策转向是扭转中国经济局势的关键，中国企业在复杂的地缘政治与监管环境"严寒大考"后展现出强大韧性和创新能 力，在多项前沿科技领域已取得领先优势。 邢自强同时表示，单靠"星辰大海"的新质生产力和企业出海，难以弥补内需不足这一"柴米油盐"的现实挑战，中国经济破局之道在于通过房地产 企稳、财政从"投资于物"转向"投资于人"、夯实社保与刺激消费，重塑增长动能与市场信心。 以下为演讲精彩观点： 以下为演讲实录： 大家好，我是邢自强。很荣幸来到华尔街见闻Alpha峰会。 关于国际资产配置、地缘政治的种种消息，我相信不管是对于在座的企业家还是中欧的学员都有相当强的帮助。今天我作为第一个开场的嘉宾， 更多起的是抛砖引玉的作用。因为我的本行是进行宏观经济政策研判，以及关于地缘政治、国际资本市场配置的大类方向研究。我相信接下来还 有很多不管是科学家、企业家还是教授，会更多从具体的行业落地，给大家带来一些值得投资、值得进行明年布局的赛道启发。 2 ...

格隆汇12月19日丨三元股份(600429.SH)公布，为进一步聚焦主责主业，公司拟通过非公开协议转让方 式将三元德宏10%股权转让给南郊农场。公司拟按照评估值以2685.15万元的交易价格将北京三元德宏 房地产开发有限公司（简称"三元德宏"）10%股权转让给北京市南郊农场有限公司（简称"南郊农 场"）。本次交易完成后，公司将不再持有三元德宏股权。 ...

Market Overview - On December 19, the Shanghai Composite Index closed at 3890.45 points, up 0.36%, with a trading volume of 738.1 billion yuan. The Shenzhen Component Index closed at 13140.21 points, up 0.66%, with a trading volume of 987.849 billion yuan. The ChiNext Index closed at 3122.24 points, up 0.49%, with a trading volume of 444.704 billion yuan. The total trading volume of both markets was 1.725949 trillion yuan, an increase of 70.462 billion yuan compared to the previous trading day [1]. Sector Performance - Various sectors showed positive performance, with retail, real estate, light industry manufacturing, environmental protection, education, steel, textile and apparel, and automotive sectors leading the gains. Concepts such as duty-free, Hainan Free Trade Zone, rental and sale rights, dairy, beer, community group buying, superconductors, and controllable nuclear fusion were notably active. Conversely, banking, precious metals, and electronics sectors experienced declines [2]. Fund Flow Analysis - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 4.444 billion yuan, with the ChiNext seeing a net outflow of 3.881 billion yuan. However, the CSI 300 index saw a net inflow of 0.988 billion yuan, and the Sci-Tech Innovation Board had a net inflow of 0.925 billion yuan. Among the 31 primary industries, 12 sectors had net inflows, with the automotive sector leading at 2.348 billion yuan [3]. Individual Stock Performance - A total of 2077 stocks saw net inflows, with 83 stocks receiving over 1 billion yuan in net inflows. The stock with the highest net inflow was Xue Ren Group, with 1.379 billion yuan, followed by Shan Zi Gao Ke, Aerospace Development, N You Xun, Gan Feng Lithium, and Salt Lake Co., with net inflows of 1.059 billion yuan, 0.928 billion yuan, 0.748 billion yuan, 0.641 billion yuan, and 0.473 billion yuan respectively [5]. Major Sell-offs - There were 3085 stocks that experienced net sell-offs, with 72 stocks seeing over 1 billion yuan in net outflows. The stock with the highest net outflow was Meinian Health, with 0.942 billion yuan, followed by Saiwei Electronics, Shunhao Co., Shenghong Technology, and Xiangnan Chip, with net outflows of 0.719 billion yuan, 0.545 billion yuan, 0.500 billion yuan, and 0.481 billion yuan respectively [7]. Institutional Activity - According to the post-market data, institutional investors had a net sell of approximately 27.7851 million yuan, with 11 stocks seeing net purchases and 12 stocks experiencing net sales. The stock with the highest net purchase was Aerospace Intelligence, with 90.6183 million yuan, followed by Shan Zi Gao Ke, West Materials, and Hua Ren Health [9][10].

二，克服情绪主导，"有一句我特别喜欢的话，投资是一项反人性的活动，加一个注脚，巴菲特说过非 常类似的话，别人贪婪的时候我就恐惧，别人恐惧的时候我就贪婪，但你很难克服，很多人没有意识到 自己的情绪在主导你的投资决策，所以从这个角度讲，人是从众的，人有非常强烈的羊群效应，人是跟 着感觉走的，这些都是非常错误的投资行为和投资决策，这是第二点，不要屈从于你的情绪和社会整体 的情绪。"他说。 三，推行个性化资产配置，根据自身职业、现有资产状况调整策略。 针对普通投资者，朱宁给出三大核心建议。 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。上海交通 大学上海高级金融学院金融学教授、耶鲁大学国际金融中心研究员朱宁表示，中国资产重估与A股走 势，当前正处于厚积薄发的阶段，他个人A股持仓已达近十年最高，美股持仓则为近十年最低，秉持逆 周期价值投资理念。 他指出，中国资产的重估与宏观经济高质量发展、新质生产力培育紧密相关，而散户情绪往往是可靠的 反向指标，当前投资者的犹豫担忧，反而为长期布局提供了契机。 从资金端来 ...

住建部"收购存量房转保障房"政策引发连锁反应。中指研究院数据显示，6500亿元专项债已瞄准闲置土地收储，这既为商品房市场腾挪出改善型需求空间， 又通过保障房供应激活中低收入群体消费能力。深圳公积金支付首付、山东商办房"以旧换新"等创新模式，正在构建"市场+保障"的双轮驱动格局。当新市 民能以更低门槛安家，消费升级的自然传导链就形成了。 当青岛港提前15天突破7亿吨货物吞吐量，当中国外贸顺差历史性站上1万亿美元高点，中央经济工作会议却将"内需主导"列为2026年首要任务。这看似矛盾 的决策背后，藏着中国经济转型的深层密码。 外贸高增长下的隐忧：顺差破万亿难掩结构失衡 前11个月41.21万亿元的进出口总额中，藏着两个关键数字：对美出口下降18.9%的897.6亿美元缺口，被对东盟多出的723.76亿美元和对欧增长的384亿美元 精准填补。中国国际经济交流中心研究员张茉楠指出，这种"东方不亮西方亮"的贸易格局，正是2018年以来市场多元化战略的成果。但民营企业贡献的 23.52万亿元进出口额中，超七成锂电池、近六成医疗器械的硬核出口数据，反而暴露出内需市场的短板——高端产能过度依赖外需。 消费引擎的53.5%贡献 ...

随着城市化加速推进与人口持续增长，巴基斯坦房地产行业正面临着供需失衡加剧的巨大压力。据2025 年12月发布的行业分析，该国住房短缺量已达1000万至1200万套，且随着人口增长与城乡迁移规模扩 大，这一缺口每年还在持续扩大。 融资渠道不畅是巴房地产业最突出的问题之一，该国按揭贷款占GDP比例仅为0.2%，缺乏广泛的按揭 贷款体系。即便政府在2025年7月推出了720亿巴基斯坦卢比(简称"卢比"，约合2.6亿美元)的首套房补贴 贷款计划，但在主要城市，土地和建筑成本已飙升至极高水平，该计划仅适用于有限群体，而非更广泛 的中低收入群体。 监管改革层面，2025年10月，巴基斯坦证券交易委员会(SECP)恢复了房地产项目预付款监管框架，要 求房地产公司在广告宣传或收取公众预付款前必须获得开发证书，并将所有存款存入专用托管账户，确 保资金用于项目建设。这一措施被专家视为恢复市场纪律和投资者信心的关键一步，有望遏制投机行 为，减少欺诈和停滞项目。同时，政府计划激活房地产监管局，对提供虚假房产估值的个人和中介处以 包括监禁和罚款在内的严厉处罚。 总体而言，巴基斯坦房地产行业正处于转型关键期，住房短缺与市场潜力并存。巴政 ...

1 | | 项 目 | | | 数 额 比上年同期增长 | | --- | --- | --- | --- | --- | | | 二、地产业务情况 | | | | | 1. | 合约销售额（亿元 | RMB） | | 3,246 -9.9% | | 2. | 合约销售面积（万 m | 2） | | 1,215 -4.1% | | 3. | 期末土地储备（万 m | 2） | | 7,190 | | 4. | 新购置土地储备（万 | m | 2） | 831 | 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能 存在差异，因此相关数据为阶段性数据，仅供参考。 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-079 2025 年 1-11 月经营情况简报 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。 现将本公司 2025 年 1-11 月主要经营情况公布如下，供各位投资者参阅。 | 项 目 | 数 额 比上年同期增长 | | --- | --- | | 新签合同总额（亿元 RMB） | ...