Group 1 - The core concept of "fair value changes" reflects unrealized gains or losses from financial assets or liabilities due to market price fluctuations, which include trading financial assets, investment properties, and certain derivatives [1] - Fair value changes are highly dependent on external market factors such as interest rates, stock markets, exchange rates, and commodity prices, making them volatile and not directly indicative of a company's operational capabilities [1][2] - Investors should focus on net profit after excluding non-recurring gains and losses, as well as the cash flow from core business operations, rather than relying heavily on fair value changes for profit growth [1] Group 2 - Companies may have different accounting policies and valuation methods for similar assets, which can affect the comparability of profits; thus, investors should assess the source and reasonableness of fair value changes by reviewing the notes [2] - Fair value changes serve as a window to observe a company's financial performance but should not be the primary basis for evaluating long-term value; a rational perspective on their volatility can help in accurately assessing a company's true profit quality and risk resilience [2]

Core Viewpoint - The article discusses the significant amount of capital, approximately 1.3 trillion, that is tied up in real estate by listed companies in China, highlighting the phenomenon of these companies acting as major players in the real estate market rather than focusing solely on their core businesses [1][3]. Group 1: Real Estate Investment by Companies - Nearly half of the listed companies in the A-share market, totaling 1,826 firms, hold substantial investment properties, collectively valued at 1.3 trillion [3]. - Companies from various sectors, including clothing, technology, and even agriculture, are involved in real estate speculation, indicating a widespread trend of "part-time" real estate investment among diverse industries [3]. Group 2: Reasons for Real Estate Investment - Companies engage in real estate investment primarily for quick financial returns, with some firms relying on property sales to improve their financial statements and avoid losses [5][10]. - Selling just a few properties can lead to significant profits, allowing companies to turn losses into profits, exemplifying a reliance on real estate for financial survival [5][10]. Group 3: Impact of Real Estate on Financial Health - A case study illustrates a company that, facing substantial losses, sold eight properties to potentially avoid delisting, highlighting the reliance on real estate to maintain operational status [8]. - Many companies consistently report losses but remain unconcerned due to their valuable real estate holdings, which they can liquidate to cover operational costs [10][12]. Group 4: Market Dynamics and Challenges - The article notes a surge in property listings as companies attempt to sell off real estate, but the current market conditions make it difficult to find buyers, leading to a potential oversupply situation [17][18]. - Only about 16% of investors are willing or able to purchase properties, indicating a significant mismatch between supply and demand in the real estate market [18]. Group 5: Broader Implications for Society - The speculative nature of real estate investment by companies has led to inflated property prices, adversely affecting ordinary citizens who struggle to afford homes [21]. - If companies proceed with large-scale property sales, it could trigger a chain reaction in the market, resulting in declining property values and increased financial risks for the broader economy [22][24].

1、数据名称：上市公司企业金融化程度面板数据+stata代码（2000-2024年） 上市公司企业金融化程度是一个复杂且动态变化的概念，它反映了企业在经营过程中金融资产的配置比例以及通过金融渠道获利的能力。 2、范围：2000 - 2024 年 说明：包括原始数据、运行代码、最终结果(Excel和Dta)、参考文献 金融资产包括：交易性金融资产 衍生金融资产 发放贷款及垫款净额 可供出售金融资产净额 持有至到期投资净额 投资性房地产净额 指标说明： * 定义企业是否购买金融资产（finratio）这个哑变量作为企业金融化的替代变量， * 即企业是否购买了交易性金融资产、衍生金融资产、可供出售金融资产、持有至到期投资、投资性房地产以及是否存在发放贷款及垫款 Finratio1= 非金融企业投资收益、公允价值变动损益以及其他综合收益等金融渠道获利加总占营业利润的比例 对金融渠道获利进行标准化，即公司金融化程度（Finratio2）= ( 金融渠道获利 － 营业利润) / |营业利润| | িন | 文件名 | 修改时间 | T 大小 | | --- | --- | --- | --- | | > | 金融化代码. ...

Group 1 - The core point of the article is that China New City (01321) has seen its stock price surge over 100%, reaching a peak increase of over 150% during trading, attributed to its announcement of participating in the establishment of the "Hong Kong RWA Global Industry Alliance" [1] - The alliance will focus on digital transformation of assets in sectors such as real estate, green finance, and cross-border trade, leveraging technologies like blockchain, artificial intelligence, and the Internet of Things [1] - As of December 31, 2024, the group's investment properties are valued at approximately 4.337 billion RMB, indicating a significant asset base [1] Group 2 - The board has noted that the group's market value has long been below its net asset book value, suggesting that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] - The group aims to utilize the alliance's technological expertise and regulatory knowledge to explore RWA tokenization, providing a more objective fair value measurement for its assets and facilitating asset value release [1]

Group 1 - China New City (300778) shares surged over 100%, reaching a peak increase of 150%, with a current price of 1.57 HKD and a trading volume of 3.28 million HKD [1] - The company announced its participation as a founding member in the "Hong Kong Real World Assets Global Industry Alliance," set to launch on July 30, 2025, focusing on blockchain, AI, and IoT technologies [1] - The alliance aims to enhance asset digitalization in sectors such as real estate, green finance, and cross-border trade, while exploring digital asset cooperation mechanisms with ASEAN [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board noted that the company's market value has consistently been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] - The company plans to leverage the alliance's technological expertise and regulatory knowledge to explore RWA tokenization, aiming to provide a more objective valuation of its assets and facilitate value release [1]

Group 1 - The company, China New City (01321), announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the digital transformation of assets in real estate, green finance, and cross-border trade [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board has noted that the company's market value has long been below its net asset book value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization, which is intended to provide a more objective fair value measurement for the company's held assets [1] - The initiative is expected to facilitate the release of asset value [1]

Group 1 - The company, China New City, announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the realms of real estate, green finance, and cross-border trade asset digitization [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board has noted that the company's market capitalization has long been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization, which is intended to provide a more objective fair value measurement for the company's held assets and promote asset value release [1]

截至2024年12月31日，集团账目所示投资性房地产价值约为43.369亿人民币。董事会观察到，集团市值 长期低於净资产账面值，反映资产价值未在资本市场充分体现。随着全球企业及机构日益接纳数字货币 及去中心化金融，RWA代币化正逐渐成为融资需求和资产管理的战略组成部分。集团将利用联盟的技 术专长、监管知识及协同资源，通过探索RWA代币化，旨在为集团持有的资产提供更客观的公允价值 衡量途径，推动资产价值释放。 联盟的成立旨在推动现实世界资产("RWA")的数字转型，目标为整合全球资源，并促进学者、专家及不 同行业机构之间的跨界合作，为RWA生态体系的成长提供合规和有序的支持。预期联盟将(其中包括)(i) 聚焦区块链、人工智能及物联网技术，重点突破房地产、绿色金融及跨境贸易等领域的资产数字化改 造；及(ii)探索与东盟的跨境资产数字化合作机制。 格隆汇7月31日丨中国新城市(01321.HK)宣布，公司于2025年7月30日正式作为联合发起单位之一，参与 共同发起成立"香港RWA全球产业联盟"(Hong Kong Real World Assets Global Industry Alliance，"联 盟")。 ...

Group 1 - Vanke A announced that it has received a loan of up to 869 million yuan from Shenzhen Metro Group [2][6] - The loan interest rate is set at the one-year Loan Prime Rate (LPR) minus 66 basis points, with collateral provided by investment properties, fixed assets, and non-listed company shares [6] - Shenzhen Metro Group has previously provided loans to Vanke, including a loan of up to 6.249 billion yuan announced on July 3, and an extension of an existing loan of 890 million yuan [6] Group 2 - Vanke's management indicated at a recent shareholders' meeting that the company has established leading advantages in various sectors such as property management, apartments, logistics, and commercial services, achieving a revenue of 28.7 billion yuan in the first five months of 2025, a year-on-year increase of 7.8% [7] - The company is accelerating the establishment of asset exit channels, including asset securitization, and has made progress with its Pre-REIT fund, collaborating with well-known institutions to form a housing rental fund [7] Group 3 - Vanke's mid-year performance forecast indicates a sales revenue of 69.1 billion yuan for the first half of the year, with over 45,000 units delivered and a collection rate exceeding 100% [8] - The company expects a net loss attributable to shareholders of 10 billion to 12 billion yuan for the period from January 1 to June 30, 2025, primarily due to a decrease in project settlement scale, low gross margins, and asset impairment provisions [8] - The real estate market is anticipated to face significant pressure in the second half of the year, with potential improvements contingent on stronger policy support [8]

Core Viewpoint - The company, TuoSiDa (300607.SZ), plans to convert part of its self-owned real estate into investment properties to enhance asset utilization and generate rental income while ensuring orderly production and operations [1]. Group 1: Real Estate Conversion - The company aims to transform some of its self-used real estate into investment properties to improve asset efficiency [1]. - This strategy is aligned with the company's future operational development needs [1]. Group 2: Real Estate Details - The total area of the self-owned real estate is 73,337.77 square meters [2]. - As of June 30, 2025, the book value of the properties is 216.3747 million yuan, with a net book value of 166.2071 million yuan [2].