楼市新周期：四大挑战下的理性抉择与安居之道 "房子，早已不是那个闭眼买、稳赚不赔的'金饭碗'了。"朋友小周的一声叹息，道出了当下房地产市场深层的变革。去年岁末，在经济承压之下，他无奈地 挂牌出售了2019年以每平方米14500元购入的房产。然而，三年光景，市场风向已然调转，他只能以每平方米13200元的价格割肉离场。算上中介费、税费等 一系列隐性支出，这套曾经寄托着美好期望的居所，竟让他亏损了近30万元。小周的经历，并非个例，而是折射出当前中国房地产市场步入深度调整期的真 实写照。 市场巨变：从"黄金时代"到"新常态" 中国房地产业协会发布的《2025年中国房地产市场现状分析报告》冷峻地揭示了这一现实：2025年一季度，全国商品房销售面积同比下滑8.7%，销售金额 更是锐减12.3%。数字背后，是楼市发展方向的根本性转变，告别了过去数年高歌猛进的"黄金时代"，迈入了充满挑战的"新常态"。 住建部住房政策研究中心在《2025-2030年中国住房市场展望》中，更是为未来五年描绘了一幅严峻图景：全国约45%的家庭将面临住房市场的四大严峻挑 战。这四大挑战，不仅关乎冰冷的房价数字，更触及住房功能的重塑、人口结构的变迁 ...

避开"魔咒"，拥抱品质：购房者必知的楼层选择"雷区"与"宝藏" 前不久，我应邀前往好友王磊的新家做客。电梯门缓缓开启在四楼，我出了电梯，却在茫茫的楼层标识中迷失了方向，四处 张望也找不到王磊家的门牌。正当我百思不得其解之际，手机铃声响起，是王磊打来的："你是不是走错楼层了？我家在七 楼！"细问之下才得知，这栋楼的设计颇为奇特，竟然直接从三楼跳过了四楼，直接跃至五楼。这一番波折，不禁让我想起了 最近购房群里热议不休的那个话题：买房时，究竟哪些楼层是绝对不能碰的"禁区"？ 不少人对四楼、十三楼、十四楼甚至十八楼这类数字有着天然的"恐惧"，认为它们是"凶楼"，购房时应当避之不及。然而，所 谓的"不吉利"楼层，其背后大多是民间传说和约定俗成的心理暗示，远不及那些真正会影响生活品质和资产价值的楼层来得重 要。作为一名在此行业摸爬滚打十余载的房产顾问，我更倾向于从实际居住体验和投资回报的角度，为您剖析那些真正需要 慎重选择的楼层。 纵观我所处理的上千个购房案例，真正不建议购入的楼层，主要可以归纳为三大类。这些考量因素，均立足于实实在在的实 用性和舒适度，与所谓的迷信风水无关。现在，就让我们一同揭开购房楼层选择的真相，看看 ...

发行人及公司拟将建议票据发行所得款项净额用于偿还现有债务及用于一般企业用途。 新城发展(01030)发布公告，公司全资子公司新城环球有限公司建议进行由公司及新城控股（601155） 担保以美元计值的优先担保票据的国际发售，并将向机构投资者开展一连串推介会。 ...

Group 1: Monetary Policy and Economic Indicators - The LPR in China has remained unchanged for four consecutive months, with the 1-year LPR at 3.00% and the 5-year LPR at 3.50% [2] - The stability in LPR pricing is attributed to unchanged policy rates, indicating a cautious approach by the People's Bank of China [2][3] - There is speculation that the central bank may implement a slight interest rate cut in Q4 to enhance liquidity in response to weakening export growth and slowing domestic demand recovery [3] Group 2: Real Estate Market Trends - A luxury property in Shanghai sold for over 32 million yuan per square meter, with total sales reaching 98.43 billion yuan in a single day [4] - Despite an overall downturn in the real estate market, the luxury segment remains robust, driven by high-net-worth individuals and a scarcity of prime properties [4][5] - The luxury market is showing independent trends compared to the general housing market, which is more affected by policy changes and income levels [5] Group 3: Corporate Developments and Market Reactions - OpenAI is collaborating with Luxshare Precision to develop a consumer-grade hardware product, indicating a strategic move to diversify revenue streams [8] - Nvidia has established its first AI technology center in the Middle East, partnering with the Abu Dhabi Technology Innovation Institute to advance AI models and robotics [10][11] - Anta Sports' stock price fell by 2.22% following controversy over an art event in the Himalayas, highlighting the impact of environmental concerns on brand reputation [12][13] Group 4: Investment Movements - Berkshire Hathaway has completely exited its investment in BYD, which had previously yielded a 3890% return, reflecting a shift in investment strategy [14][15] - The competitive landscape in China's new energy vehicle sector has intensified, prompting Berkshire to reassess its position in the market [15] Group 5: Stock Market Performance - The Chinese stock market experienced slight gains, with the Shanghai Composite Index rising by 0.22% amid strong performance in the semiconductor sector [16] - Market dynamics show a clear divergence between sectors, with technology stocks gaining while consumer sectors face challenges [17]

Core Insights - The Chinese real estate market is undergoing a deep adjustment period, with many unfinished projects posing significant challenges that need urgent solutions [1][3] - The Pingwen Fund in Nanning has emerged as a successful model for addressing these challenges, focusing on both "guaranteeing delivery" and "stabilizing assets" through market-oriented operations [1][4] Group 1: Pingwen Fund Overview - Established in May 2022, the Pingwen Fund is one of the earliest real estate relief funds in China, successfully delivering 5,127 housing units over three years [1][4] - The fund operates under principles of government guidance, market-oriented operations, and risk prevention, showcasing a unique approach to reviving stalled projects [4][7] Group 2: Challenges in Real Estate Delivery - Many projects face complex issues such as debt complications, asset freezes, and funding shortages, making traditional solutions inadequate [3][4] - Specific challenges include difficulties in project handover, funding disputes, and management issues due to prolonged construction halts [3][6] Group 3: Innovative Solutions by Pingwen Fund - The Pingwen Fund employs a dual isolation strategy involving equity transfer and asset transfer to mitigate risks associated with developer bankruptcies [5][7] - It has successfully navigated funding challenges by utilizing asset segmentation, special loans, and commercial development profits to cover funding gaps [6][8] Group 4: Replicable Model - The success of the Pingwen Fund has led to the development of a replicable model known as the "Nanning Experience," which emphasizes market-oriented and legal frameworks to resolve common industry issues [7][8] - This model highlights the importance of protecting homeowner rights throughout the entire process, from delivery to property management [8]

楼市寒冬下的抉择：房价迷局与普通人的破局之道 当前，中国房地产市场正经历一场漫长而深刻的寒冬。在这片迷雾笼罩之下，一个核心问题牵动着无数家 庭的心弦：未来的房价究竟会走向何方？身处经济转型期的中国人，正承受着日益增大的收入压力。房 子，对他们而言，早已超越了单纯的居住功能，成为抵御通胀、保卫财富的关键堡垒。那么，是时候果断 出手，还是继续按兵不动？拨开纷繁复杂的市场表象，我们亟需一场冷静的审视，以洞悉当前形势，预见 未来走向。 冰冷数据下的深度调整 一组触目惊心的数据揭示了市场的严峻现实：全国70个大中城市新建商品住宅价格指数同比下滑3.2%，二 手房价格指数更是骤降5.7%。这已是市场连续第八个季度呈现同比下跌的颓势。即便是在过去被视为"避风 港"的北上广深一线城市，房价也显现出疲态，虽然相对坚挺，但整体已难掩颓势。而二三线城市，则普遍 陷入了深刻的调整之中。其中，东北、西北等部分地区，房价跌幅甚至超过了10%，刷新了近十年的最低纪 录。 人口结构演变：需求萎缩的根本动因 影响房价的根本性力量，源自宏观的人口结构变迁。2024年末，中国人口净减少近221万人，出生率跌至 5.5‰，创下有记录以来的历史新低。 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 【金工】配置主题龙头或更优——金融工程市场跟踪周报20250922 点击注册小程序 您可点击今日推送内容的第1条查看 【固收】曲线短端调控的"新搭档"和"老辅助"——14D OMO逆回购招标方式调整的点评 我国主要政策利率为7D OMO利率，其肩负着不断释放利率信号、表明政策立场的任务，因此采用固定利 率招标是最为适宜的。与固定利率招标相比，可变利率招标、多标位中标令资金价格在央行资金这一稀缺 资源配置中发挥出决定性作用。 （张旭）2025-09-21 您可点击今日推送内容的第2条查看 【房地产】政策利好持续叠加，上海新房成交放量——光大地产板块及重点公司跟踪报告 北上深的楼市政策利好持续叠加，外汇及结汇收入不再限制购房。上海新房成交放量，成交强度 ...

Group 1 - The company will hold a half-year performance briefing on September 30, 2025, from 10:00 to 11:30 [6][7] - The briefing will be conducted via video live streaming and online interaction, allowing investors to engage with the company [3][7] - Investors can submit questions from September 23 to September 29, 2025, through the Shanghai Stock Exchange Roadshow Center website or via email [5][8] Group 2 - Key personnel attending the briefing include the company's Vice Chairman and President, independent directors, and the Chief Financial Officer [4] - The purpose of the briefing is to provide a comprehensive understanding of the company's half-year operational results and financial status [2][3] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [8]

Group 1 - The company held its seventh extraordinary general meeting of shareholders on September 22, 2025, with a total of 747,098,401 shares and 193 shareholders (or their representatives) present, representing 58.6896% of the voting shares [3][4][22] - The meeting adopted a combination of on-site and online voting methods for the proposals [5][7] - The election of non-independent directors Ye Chaofeng and Zeng Yiming was approved with 96.5490% and 96.5452% of the votes respectively [5][8][46] Group 2 - The proposal to amend the company's articles of association was approved with 99.3276% of the votes in favor [10][47] - The proposal to revise the rules of the shareholders' meeting and other four basic systems was also approved with similar high support [12][49] - The legal opinion provided by Beijing Zhongzhou Law Firm confirmed the legality and validity of the meeting's procedures and resolutions [22][58] Group 3 - The company announced a change of office address and investor contact information following a major asset restructuring [30] - The company emphasized the importance of maintaining effective communication channels with investors [30] - Other contact details, such as the registered address and email, remain unchanged [30]

2025年第二次临时股东大会 决议公告 证券代码：600791 证券简称：京能置业 公告编号：临2025-035号 京能置业股份有限公司 (二)股东大会召开的地点：北京市丰台区汽车博物馆东路2号院4号楼二单元公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由京能置业股份有限公司（以下简称"公司"）董事长昝荣师先生主持。会议采取现场投票 与网络投票相结合的表决方式，符合《公司法》及公司《章程》的规定。 (五)公司董事和董事会秘书的出席情况 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年9月22日 1.公司在任董事7人，出席7人； 2.公司在任监事3人，出席1人, 监事会主席许群娥女士、职工代表监事王贺杰女士因工作原因，未能出 席本次会议； 3.董事会秘书张捷先生出席了本次股东大会，公司其他高管列席 ...