截至2025年6月30日，绿地控股大基建板块在建项目总金额为6282亿元，其中：房屋建设业务4333亿 元，占比69%；基建工程1779亿元，占比28%。 （责任编辑：马欣） 中国经济网北京8月27日讯 绿地控股(600606.SH)昨日晚间发布2025年半年度报告。报告期内，该公司实 现营业收入944.96亿元，同比下降18.06%；实现归属于上市公司股东的净利润-35.06亿元，上年同期为 2.10亿元；实现归属于上市公司股东的扣除非经常性损益的净利润-30.96亿元，上年同期为1.10亿元； 经营活动产生的现金流量净额为-24.79亿元，上年同期为-52.18亿元。 2025年上半年，绿地控股实现房地产合同销售金额339亿元，同比增长6.6%。其中住宅占比31%，商办 占比69%；实现房地产合同销售面积373万平方米，同比增长25.6%。其中住宅占比32%，商办占比 68%。 ...

恒宝股份有限公司 风险投资管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为规范恒宝股份有限公司（以下简称"公司"）的风险投资及相关信息披露行 为，防范投资风险，强化风险控制，保护投资者的权益和公司利益，根据《中华人民共 和国公司法》、《中华人民共和国证券法》、《深圳证券交易所股票上市规则》、《上 市公司规范运作指引》等法律法规、规范性文件以及《公司章程》的有关规定，制定本 制度。 （四） 以战略投资为目的，购买其他上市公司股份超过总股本的10%，且拟持有3年以 上的证券投资； （五） 以套期保值为目的进行的投资； （六） 公司首次公开发行股票并上市前已进行的投资。 第三条 风险投资的原则 （一） 公司的风险投资应遵守国家法律、法规、规范性文件等相关规定； 第二条 本制度所称的风险投资是指公司进行证券投资、房地产投资、信托产品投资以 及深圳证券交易所认定的其他投资行为。 其中，证券投资是指在国家政策允许的范围内，在投资风险可控的前提下，以提高 资金使用效率和获得收益为目的，有利于公司发展为原则，在证券市场投资有价证券的 行为。证券投资的具体内容包括新股配售或者申购、证券回购、股票投资、基金、债券 ...

2025 年 08 月 26 日 开源晨会 0826 ——晨会纪要 | 行业名称 | 涨跌幅(%) | | --- | --- | | 美容护理 | 0.010 | | 纺织服饰 | 0.169 | | 石油石化 | 0.391 | | 轻工制造 | 0.547 | | 汽车 | 0.706 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】机构关注度提升：电力设备、基础化工、食品饮料、钢铁——机构调研 周跟踪-20250825 晨 会 纪 -24% 0% 24% 48% 72% 96% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 4.852 | | 有色金属 | 4.634 | | 房地产 | 3.319 | | 综合 | 3.311 | | 钢铁 | 2.741 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 行业公司 【社服】潮玩龙头引领全球风潮，中餐关注到家场景增量——行业 ...

证券代码：600697 证券简称：欧亚集团 公告编号：临 2025—020 长春欧亚集团股份有限公司 2025 年半年度主要经营数据的公告 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个别及连带责任。 根据上海证券交易所《关于做好主板上市公司 2025 年半年度报 告披露工作的通知》的要求及《上市公司自律监管指引第 3 号行业信 息披露——第四号零售》的规定，现将公司 2025 年半年度主要经营 数据公告如下： 报告期，公司减少门店 4 个，均在吉林省。其中：购物中心 1 个，长春欧亚集团白城欧亚购物中心有限公司镇赉欧亚分店因经营亏 损而闭店；连锁超市 3 个，四平欧亚商贸有限公司地直街店因租赁到 期而闭店，长春欧亚集团松原欧亚购物中心有限公司龙嘉城市广场超 市扶余分公司因经营亏损而闭店，长春欧亚集团通化欧亚购物中心有 限公司集安分公司因房屋出售而闭店。 1 二、报告期主要经营数据： | 地区 | 经营业态 | 营业收入（元） | | 毛利率 | 营业收入比 | 毛利率比 | | --- | --- | --- | --- | --- ...

Summary of Key Points from Conference Call Records Industry Overview - The records discuss the impact of tariffs on Asian exports and the overall economic growth in the region, particularly focusing on the effects of U.S.-China trade relations and the performance of various markets including India, Japan, and China [1][2][3]. Core Insights and Arguments 1. **Asian Export Performance**: Asian exports have shown limited improvement after a brief rebound, with exports to the U.S. stagnating and non-tech sector exports fluctuating within a narrow range, indicating significant impacts from global economic slowdown [1][2][3]. 2. **Tariff Impact**: Tariffs have had a notable negative effect on both Asian and U.S. economic growth, with U.S. GDP growth expected to slow from 2% in Q2 to 1% in Q4 of 2025, while global growth is projected to decline from 3.9% to 3.5% [2][9]. 3. **Capital Expenditure Stagnation**: U.S. capital expenditures have stagnated, with capital goods imports showing zero growth, which poses challenges for Asian economies, particularly in tech and non-tech sectors [5][9]. 4. **India-U.S. Trade Tensions**: Trade tensions between India and the U.S. may lead to a reduction in Indian exports to the U.S., but the overall impact is deemed manageable, with Indian corporate revenue expected to improve by Q3 2025 due to government policy actions [6][7][25]. 5. **Market Dynamics**: Recent market volatility suggests a significant directional change, with high valuations and risks of downturns in both U.S. and Chinese markets. Financial stocks have outperformed hardware companies, while AI-driven software firms have shown better performance [8][9]. 6. **China's Market Performance**: The onshore Chinese market has outperformed offshore markets, driven by rising long-term bond yields and positive liquidity indicators, with the Shanghai Composite Index reaching its highest level since 2015 [12][13][14]. 7. **Japan's Market Outlook**: Japan's stock market has rebounded strongly but may be overbought, with potential short-term correction risks. Long-term factors supporting the market include U.S. tax reforms and political changes in Japan [18][19]. 8. **Sector Performance in Japan**: Attractive sectors in Japan include construction software, information communication, real estate, and utilities, while the automotive sector faces uncertainties due to trade policies [19][20]. Additional Important Insights 1. **CPI and Deflationary Pressures**: Deflationary pressures from China are spreading across the region, contributing to downward pressure on CPI, which has remained below central bank targets [21][22]. 2. **Investment Strategy in A-shares**: Increasing positions in A-shares can effectively reduce portfolio risk due to their low correlation with global markets, especially during periods of significant volatility [16]. 3. **Monitoring Indicators for China**: Investors should focus on financing balance ratios, government bond yields, and upcoming policy events to assess the sustainability of the Chinese market [15]. 4. **Political Landscape in Japan**: The political situation in Japan remains uncertain, with potential leadership changes that could impact economic policies and market dynamics [27][28]. This summary encapsulates the critical insights and data points from the conference call records, providing a comprehensive overview of the current economic landscape and market dynamics in Asia.

Core Insights - The article emphasizes the importance of investment in various asset classes to enhance wealth, highlighting that stock investments yield the highest long-term returns compared to other assets [1][3]. Group 1: Historical Performance of Assets - From 1890 to 2020, the average annual growth of the Consumer Price Index in the U.S. was 2.6%, while stocks had an annualized return of 9.5%, 10-year Treasury bonds returned 4.7%, gold returned 3.5%, oil returned 3.0%, and real estate returned 3.2% [1]. - A $1 investment in the S&P Composite Index in 1890 would grow to $128,000 by 2020, while the same amount in 10-year Treasury bonds would only be worth $395, gold would be $85, and real estate would be $62 [1]. Group 2: Investment Strategies - Investing in stocks provides the most significant opportunity to benefit from economic growth, with two main methods: direct stock trading and investing through stock mutual funds, which offer professional management and risk diversification [3]. - The annualized return of the CSI 300 Total Return Index from December 31, 2004, to May 12, 2021, was 12.58%, with a cumulative return of 558% [4]. Group 3: Future Outlook - China's economy is expected to achieve high-quality and sustainable growth due to its large market size and domestic demand potential, supported by technological innovation strategies [4]. - The implementation of a registration-based IPO system and a normalized delisting mechanism is anticipated to enhance the vitality and overall quality of the Chinese stock market [4].

Group 1 - The latest stock price of China Overseas Land & Investment (华侨城Ａ) is 2.32 yuan, reflecting an increase of 0.05 yuan or 2.20% from the previous trading day's closing price [1] - The company operates in the real estate development sector, with its main business segments being tourism and real estate, contributing 50.18% and 49.47% to the revenue composition in 2024, respectively [1] - In July 2025, the company reported a contract sales area of 140,000 square meters, a year-on-year decrease of 1% but a month-on-month increase of 47%; the contract sales amount was 1.69 billion yuan, down 24% year-on-year but up 16% month-on-month [1] Group 2 - For the period from January to July 2025, the cumulative contract sales area reached 740,000 square meters, representing a year-on-year increase of 3%, while the contract sales amount totaled 11.18 billion yuan, a year-on-year decrease of 7% [1] - In July 2025, the company's tourism segment received 7.88 million visitors, marking a year-on-year decline of 10% [1] - On August 15, 2025, the net inflow of main funds into the company was 10.41 million yuan, accounting for 0.07% of the circulating market value, with a five-day net inflow of 7.99 million yuan, representing 0.05% of the circulating market value [1]

Group 1 - The company Shahe Co., Ltd. announced the resignation of Mr. Chen Yong from the positions of chairman, director, and related committee roles due to job relocation [2] - After his resignation, Mr. Chen Yong will no longer hold any position within the company [2] Group 2 - For the fiscal year 2024, the revenue composition of Shahe Co., Ltd. is as follows: real estate accounts for 96.7%, rental income for 3.02%, and property management for 0.28% [2]

Investment Rating - The report maintains a "Positive" outlook for the real estate industry in China [6]. Core Viewpoints - The report suggests that the recovery of the real estate sector and stock prices does not solely depend on the timing of policy implementation, but rather on the decline of the risk-free interest rate and the reduction of industry risk assessments [2][3]. - The real estate sector is entering a new bottoming phase, with the influence of the denominator (risk-free rate) now outweighing the numerator (fundamental factors), which is expected to lead to a rebound in stock prices [2]. - Confidence in national governance will bolster investor trust in policies aimed at stabilizing the real estate market [2]. Summary by Sections Policy Developments - Beijing's recent policy changes, including the relaxation of purchase restrictions outside the Fifth Ring Road and increased support for housing provident funds, signal a positive shift for the market [4]. - The new policy is expected to stimulate demand in suburban areas, where over 80% of new residential sales occur, aiding in inventory reduction [4]. Investment Recommendations - The report recommends focusing on specific stocks: China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Accumulate) [9].

Group 1 - The latest stock price of International Industry is 5.73 yuan, up 1.24% from the previous trading day, with a highest intraday price of 5.73 yuan and a lowest of 5.64 yuan, and a trading volume of 0.59 billion yuan [1] - The company's main business involves the trade of petrochemical products and real estate development [1] - International Industry has recently established a wholly-owned subsidiary, Shandong Jiangyun Supply Chain Co., Ltd., in Shandong with a registered capital of 10 million yuan, primarily engaged in the sales of auto parts and electronic products [1] Group 2 - On August 5, the net outflow of main funds was 1.4945 million yuan, with a cumulative net outflow of 31.1964 million yuan over the past five trading days [1]