北京商报讯（记者 王寅浩 李晗）12月17日，中指研究院发布数据显示，2025年11月房地产行业债券融 资总额为620.4亿元，同比增长28.5%。从融资结构来看，房地产行业信用债融资262.2亿元，同比下降 1.6%，占比42.3%；海外债融资64.2亿元，占比10.3%；ABS融资294.0亿元，同比增长36%，占比 47.4%。债券融资平均利率为2.66%，同比下降0.07个百分点，环比上升0.1个百分点。 ...

Core Viewpoint - The real estate industry in China is experiencing a significant increase in bond financing, with a total of 620.4 billion yuan in November 2025, marking a year-on-year growth of 28.5% [1] Financing Overview - From January to November 2025, the total bond financing for real estate companies reached 550.28 billion yuan, reflecting a year-on-year increase of 10.5% [3] - The structure of financing shows that credit bond financing amounted to 320.2 billion yuan, a slight increase of 2.9% year-on-year, accounting for 58.2% of the total [3] - Overseas bond financing surged to 161.5 billion yuan, up 141% year-on-year, representing 2.9% of the total [3] - Asset-backed securities (ABS) financing reached 213.93 billion yuan, with a year-on-year growth of 19%, making up 38.9% of the total [3] Credit Bond Issuance - In November, credit bond issuance saw a slight decline, primarily from state-owned enterprises, with major issuances from companies like China Merchants Shekou and Poly Development exceeding 3 billion yuan [3] - The average issuance term for credit bonds was 3.56 years, with a focus on 1-3 year and over 3-year bonds [3] Overseas Bond Issuance - China Resources Land successfully issued overseas bonds in November, contributing to an increase in overseas bond issuance [3] - On November 13, China Resources Land issued 4.3 billion yuan and 300 million USD in dual-currency green bonds, with a 3-year USD bond at a coupon rate of 4.125% and a 5-year yuan bond at 2.40% [3] ABS Market Dynamics - The ABS issuance scale reached 294 billion yuan, showing significant growth, with REITs being the largest category at 51.7% [4] - Other categories included CMBS/CMBN at 24.5%, supply chain ABS at 12.7%, and affordable housing ABS at 11.1% [4] Financing Costs - The average bond financing rate was 2.66%, a slight year-on-year decrease of 0.07 percentage points, but a 0.1 percentage point increase compared to the previous month [6] - The average rate for credit bonds was 2.23%, down 0.55 percentage points year-on-year, while overseas bonds had an average rate of 2.97%, decreasing by 0.33 percentage points month-on-month [6] Notable Company Activities - China Merchants Shekou had the highest issuance amount in November at 50.4 billion yuan, while Suzhou High-tech had the lowest financing cost at 1.73% [6]

Economic Performance - In November, the industrial production growth rate was 4.8%, a slight decrease of 0.1 percentage points from the previous month[11] - Fixed asset investment (excluding rural households) fell by 2.6% year-on-year from January to November, with a deeper decline compared to the previous period[11] - The total retail sales of consumer goods in November reached 43,898 billion yuan, growing by 1.3%, which is a decrease of approximately 1.6 percentage points from the previous month[11] Investment Trends - Manufacturing investment grew by 1.9%, with a decline of 0.8 percentage points in growth rate[18] - Infrastructure investment decreased by 1.1% year-on-year, with the decline expanding by 1 percentage point[18] - Real estate development investment from January to November was 78,591 billion yuan, down 15.9%, with the decline widening by 1.2 percentage points[19] Consumer Behavior - Retail sales excluding automobiles grew by 2.5%, indicating that the decline in automobile consumption negatively impacted overall consumer performance[25] - The growth rate of retail sales in urban areas was 1.0%, while rural areas saw a growth of 2.8%[21] - Consumption of furniture, building materials, and jewelry saw significant declines, with automobile consumption experiencing a deepening drop[22] Policy Outlook - The government aims to maintain stable economic growth while enhancing quality and efficiency, with a focus on expanding domestic demand and optimizing supply[28] - Policies will include increasing central budget investment and implementing measures to stabilize investment and consumption[28] Risk Factors - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China-U.S. policies[29]

Core Viewpoint - The ongoing payment crisis at Zhejiang Financial Asset Trading Center (now Zhejiang Zhejin Asset Operation Co., Ltd.) has led to significant judicial freezes on shares held by its core related party, Yu Faxiang, affecting multiple listed companies under Xiangyuan Holdings [2][4]. Group 1: Judicial Freezes and Impact on Companies - Yu Faxiang's shares in listed companies have been judicially frozen, with Xiangyuan Holdings and its actual controller facing high percentages of frozen shares, raising concerns about potential impacts on company control stability [2][4]. - Xiangyuan Wenlv announced that its controlling shareholder, Xiangyuan Tourism Development Co., Ltd., has approximately 390 million shares frozen, accounting for 99.06% of its holdings and 37.03% of the company's total share capital [4]. - The total number of shares frozen for Xiangyuan Wenlv and its related parties amounts to 612 million shares, representing 58.08% of the total share capital [5]. Group 2: Financial Crisis and Government Intervention - Since November 28, multiple financial asset products guaranteed by Yu Faxiang and Xiangyuan Holdings have faced payment defaults, with an estimated total payment scale exceeding 10 billion [2]. - A working group has been established to assist Xiangyuan Holdings in addressing its asset and liability situation, ensuring the company fulfills its debt responsibilities and maintains normal operations [9][10]. - The local government has taken measures to support Xiangyuan Holdings, which has actively sought government assistance to mitigate its current debt crisis [10]. Group 3: Market Reaction - Following the announcements regarding the judicial freezes and the ongoing crisis, shares of Xiangyuan Wenlv and Jiaojian Co. have seen significant declines, with Jiaojian Co. dropping over 8% and Xiangyuan Wenlv nearly 2% [10].

[Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 临期低价转债风险或已基本定价 ——可转债周报 20251213 报告要点 [Table_Summary] 当周受外部信用事件扰动，部分低价临期转债显著回调，市场正逐步定价偿债风险。鉴于宏观 稳健与债底坚实，若因担忧过度导致超调或提供布局良机，整体信用风险可控。当周 A 股窄幅 震荡，创业板及中盘风格相对占优，通信、军工等科技制造板块回暖明显，周期类行业相对较 弱，板块拥挤度呈分化特征。可转债市场整体略有走强，大盘与小盘表现优于中盘，估值整体 拉伸，隐含波动率维持高位，行情主要由高价券及科技板块带动。一级市场发行平稳，审核有 序推进，条款博弈仍是焦点，下修分化与强赎频现并存，需警惕情绪扰动对估值结构的影响。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 临期低价转债风险或已基本定价 ...

希腊Moneyreview网站12月7日报道，今年房地产在希腊整体外国直接投资中的占比显著下降。根据希 腊银行国际收支数据，今年上半年外国对希腊经济的总投资额为28亿欧元，其中9.383亿欧元（占 33.4%）与房地产投资相关。尽管占比不低，但比较上年同期下降几乎一半（-42.2%）。据房地产市场 消息人士透露，外国资本对希腊房地产的投资已开始从投机型向长期型转变，度假屋和豪华房产的需求 显著增加。 ...

Group 1 - Nabacuan's gross margin has declined for four consecutive quarters, and its operating cash flow has turned negative, with monetary funds at only 188 million [1] - Dongguan Bank has been waiting for 17 years to enter the A-share market and has been fined 13.32 million in the past two years, while executive salaries have increased by 2.25 million [1] - Lin Qingxuan has spent 1.1 billion on marketing over three and a half years, which is 12 times its R&D expenditure, and has faced multiple fines for false advertising [1] Group 2 - Xinfang Pharmaceutical has been sued for unit bribery, leading to a stock price drop and poor performance [1] - Zijin Mining, under Chen Jinghe's leadership, has created a trillion-dollar mining empire with interest-bearing liabilities of 169.6 billion [1] - Tianfeng Securities may be involved in regulatory violations related to the Contemporary Group and reported a profit of 153 million in the first three quarters [1] Group 3 - Country Garden delivered 140,000 units in the first 11 months, and its debt restructuring is expected to alleviate over 90 billion in liabilities [1] - Guangzhou Rural Commercial Bank has reduced 48.1 billion in debt over three years, with a loan impairment loss of 3.1 billion in six months [1] - 37 Interactive Entertainment has been fined 32.55 million for information disclosure violations and has spent 25.8 billion on customer acquisition over three years [1] Group 4 - "Zootopia 2" has achieved a box office of 2 billion in six days, with China's film industry seeing a 13-fold increase in quarterly profits [1] - Enjie shares are under pressure with 15.6 billion in debt, and plans to restructure with Zhongke Hualian to integrate upstream industries [1] - Shanxi Fenjiu has a return on equity of 31.82%, surpassing Moutai [1] Group 5 - Changan Technology has incurred losses of 462 million over the past two years, with Hefei Guotou investing 1.419 billion to deepen cooperation between central and local governments [1] - Xiaomi Group's third-quarter report shows an adjusted net profit increase of 80.9%, while its market value has evaporated by 360 billion in six months [1] - Master Kong has a dividend payout ratio of 100%, with Japanese capital realizing a 20% return, and the Wei brothers earning nearly 10 million annually [1] Group 6 - Founder of Bawang Tea Ji has partnered with the "photovoltaic goddess," creating a new model of capital market collaboration worth 60.3 billion [1]

ST中迪盘中涨停，上演"地天板"，成交额2.4亿元。 ...

Core Viewpoint - The ongoing financial crisis involving Zhejiang Jin Asset Operation Co., Ltd. has led to the judicial freezing of shares held by Yu Faxiang, the actual controller of Xiangyuan Holdings, affecting two listed companies under his control, Xiangyuan Cultural Tourism and Jiaojian Co., Ltd. [1][2] Group 1: Share Freezing Details - Yu Faxiang's direct and indirect holdings in listed companies have entered judicial freezing status, with Xiangyuan Cultural Tourism's controlling shareholder, Xiangyuan Tourism Development Co., Ltd., having approximately 390 million shares frozen, accounting for 99.06% of its holdings and 37.03% of the total share capital [2][3] - The total number of shares frozen for Xiangyuan Cultural Tourism and its associated parties amounts to 612 million shares, representing 58.08% of the company's total share capital [3] - Jiaojian Co., Ltd. reported that Xiangyuan Holdings holds 274 million shares, with 452 million shares frozen, which is 7.31% of the total share capital [3] Group 2: Causes of Judicial Freezing - The freezing of shares is primarily due to pre-litigation preservation procedures related to financial loan guarantee contract disputes and debts associated with a platform linked to Xiangyuan Holdings [4] - The freezing actions involve multiple legal entities, including the Shanghai Financial Court and the Shaoxing Public Security Bureau, indicating a complex web of financial obligations and disputes [4] Group 3: Government Intervention - A workgroup has been established to assist Xiangyuan Holdings in addressing its asset and liability situation, ensuring the company fulfills its debt responsibilities and maintains normal operations [6][7] - The local government is actively investigating the debt risks associated with Xiangyuan Holdings, responding to public concerns and complaints [6][7] - The online service platform of Zhejiang Jin Asset is currently suspended for fund transactions while basic services remain operational, pending the outcome of the investigation [7] Group 4: Market Reaction - Following the announcements, shares of Jiaojian Co., Ltd. fell over 8%, while Xiangyuan Cultural Tourism's stock dropped nearly 2%, reflecting investor concerns regarding the stability of the companies involved [7]

年报 2025 年 12 月 摘要： 展望 2026 中国经济，投资方面，政府财政规模严格受限，货币宽松有度， 投资总额可能延续 25 年温和增长的态势；外贸方面，国际形势更加复杂，2026 年可能小幅增长；消费可能成为未来中国最重要的经济支撑和政策抓手。 中美贸易协议持续至 2026 年 11 月，因此美国关税政策可能不会出现更多 变化。美联储现任主席鲍威尔任期持续至 5 月 15 日，新任主席为哈塞特或沃 尔什，预计两者都会顺应特朗普大幅宽松和持续降息的想法，2026 年下半年 可能再次迎来降息周期。 现货方面重点关注美国铜库存情况。目前美铜库存已经累积至 55 万吨左 右，足够扭转全球铜现货供需格局，所以导致全球铜现货供应紧张，成为 12 月铜价大涨的主导因素之一。 研究员： 张天骜 南京大学理学学士 爱尔兰都柏林大学数理金融学 硕士 从业资格证：F3002734 投资咨询证：TZ0012680 电话：025-52278450 邮箱： zhangtianao@ftol.com.cn 年报 2025-12 总体而言，2026 铜价首要决定性因素仍是中美货币政策和财政政策；次 要影响因素是全球经济数据和就业 ...