1.3万亿！这是什么概念？这么多钱，能修多少高速公路、建多少医院和学校啊？可现实是，它们都被"锁"在了一栋栋水泥楼里，牢牢被钉在了房地产 里。 这期我们不聊房价是涨是跌，也不分析政策怎么调，就来说说这个牵动千亿、万亿资金的庞大"炒房阵营"。 01. 很多人还单纯地以为，"温州炒房团"或者零散的有钱人是囤房主力，那就大错特错了。实际上，真正最大的"炒房团"，其实是一些上市公司。 根据资料显示，2019年，A股市场上所有上市公司中，有将近一半——1826家企业，都持有大量投资性房地产。这些房地产市值加起来，正好是1.3万亿！ 如果把它们罗列出来，几乎就是一个庞大的房地产"黑市"。 这些公司五花八门，做什么的都有：搞服装的、做科技的、甚至还有养猪的——几乎没有不"兼职"炒房的。 为啥行外企业对炒房如此情有独钟？ 用一位大佬的话说："炒房是来钱最快的路子。"所以你会发现，有些公司主业根本不赚钱，但手握一堆"金砖"——核心地段的房产。 你问它们，为啥炒房？原因很简单：拿房子来"保壳"、赚钱、让财务报表更好看… 有的公司，随便卖一两套房就能赚成百上千万，一下子公司就"扭亏为盈"了。典型的"靠房子续命"。 最大的"炒房团" ...

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].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on the acquisition of a 60% stake in Shanghai Pu Jing Enterprise Management Center (Limited Partnership) and the related financial implications [1][2]. Group 1: Acquisition Details - The company acquired a 60% stake in Shanghai Pu Jing for a cash consideration of 90 million yuan, with the identifiable net assets of the acquired entity showing a book value of -942 million yuan and a fair value of 135 million yuan, resulting in an assessment increment of 1.076 billion yuan [1][2]. - The acquisition was driven by the need to stabilize control and management of the acquired entity due to financial difficulties faced by one of its partners, Shanghai Jing Rui Investment Co., Ltd. [2][3]. Group 2: Financial Impact - The acquisition led to an increase in the book value of intangible assets by 1.929 billion yuan, primarily due to mining rights, and an increase in investment property by 483 million yuan [1][2]. - The total assets of the acquired entity amounted to 3.032 billion yuan, with a net profit of -325.6 million yuan for the year 2024 [5][6]. Group 3: Management and Operational Strategy - Post-acquisition, the company plans to appoint a senior management team to enhance governance and operational efficiency, focusing on cost reduction and revenue enhancement through improved sales and marketing efforts [6][7]. - The company aims to leverage its experience in mining rights management to mitigate potential impairment risks associated with the acquired assets [1][3]. Group 4: Asset Valuation and Assessment - The identifiable assets and liabilities of the acquired company were assessed using various valuation methods, including the discounted cash flow method for mining rights, which were valued at 2.0009436 billion yuan [7][8]. - The fair value of investment properties was determined to be 452 million yuan, reflecting a 17.82% increase from the book value [7][8].