Core Viewpoint - The recent auction of a residential land parcel in Chengdu's Jinjiang District has set a new record for starting floor prices, indicating strong demand in the local real estate market [3][10]. Group 1: Auction Details - A residential land parcel of approximately 18.7 acres was publicly auctioned in the Yixinqiao area of Jinjiang District, Chengdu, with Xiamen Guomao winning the bid at a floor price of 25,100 yuan per square meter [1][5]. - The starting floor price of 21,000 yuan per square meter broke the previous record set in June for a nearby Chengdu tea factory site, which had a starting price of 20,200 yuan per square meter [3][10]. Group 2: Market Context - The auctioned land is located near the Niuwangmiao subway station and has a plot ratio of 2.5, designated solely for residential use [3]. - The surrounding area includes well-known residential projects such as New Hope D10 Tianfu and Jinjiang Shoufu, which have sold out, indicating a lack of new housing supply in the vicinity [7][11]. - The competitive bidding environment reflects the limited availability of land in Jinjiang District, which has seen three land parcels auctioned this year, attracting significant attention from real estate companies [11]. Group 3: Historical Comparisons - In June, Xiamen Guomao also acquired the Chengdu tea factory site for 35,500 yuan per square meter, marking it as the second-highest floor price in Chengdu's history, with a total price of approximately 2.326 billion yuan and a premium rate of 75.74% [7]. - Earlier this year, in March, Jianfa set a record for the highest single price per square meter in Jinjiang District at 41,200 yuan [10].

Core Insights - Xiamen's recent land auction on September 23 resulted in the sale of four residential land parcels for a total of 81.25 billion yuan, all sold at the base price [1] - The land parcels are located in both island and offshore areas, with significant participation from state-owned enterprises, indicating a stable market force [3] Group 1: Land Auction Details - The four land parcels sold include two in the Siming and Huli districts with starting residential floor prices of 40,000 yuan per square meter, and two in the Jimei and Haicang districts with starting prices of 22,000 and 18,000 yuan per square meter respectively [1] - Xiamen Guomao Real Estate Co. won the Siming district parcel for 22.20 billion yuan, while Jianfa Real Estate Group acquired the Huli district parcel for 20.38 billion yuan [1] Group 2: Market Dynamics - The Xiamen real estate market shows signs of support, with new residential sales area reaching 1.4975 million square meters in the first half of 2025, a year-on-year increase of 24.6% [2] - The market is characterized by a differentiation in sales performance, with prime locations experiencing faster sales while ordinary projects face longer sales cycles [2] Group 3: Role of State-Owned Enterprises - State-owned enterprises are becoming a stabilizing force in the land market due to their financial strength and urban development experience [3] - The active participation of these enterprises in land acquisition is expected to stabilize market expectations, although overall market confidence recovery will take time [3]

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

Core Points - The Shanghai Composite Index closed at 3822.59 points, above the six-month moving average, with a slight increase of 0.07% [1] - The total trading volume of A-shares reached 13556.41 billion yuan, indicating active market participation [1] - A total of 49 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3822.59 points, reflecting a 0.07% increase [1] - The total trading volume for A-shares today is 13556.41 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 49 A-shares have broken through the six-month moving average [1] - Stocks with the highest deviation rates include: - Shengyuan Environmental Protection: 6.76% - Zhixin Electronics: 6.18% - Weixing Intelligent: 6.16% [1] Additional Stock Information - Other stocks that have recently crossed the six-month line with lower deviation rates include: - Shuanglu Pharmaceutical - China Merchants Jiyu - Libote [1]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

Core Viewpoint - As of September 18, a total of 149 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the highest number of consecutive days of net buying is Tianpu Co., which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Jiankangyuan, Shandong Publishing, Aima Technology, Mosi Co., Hunan Haili, Xiamen Guomao, Zhuojin Co., and Botuo Biotechnology [1]

Group 1 - The second extraordinary general meeting of shareholders was held on September 16, 2025, at the Guomao Center in Xiamen, Fujian Province [2] - The meeting was convened by the board of directors and chaired by the vice chairman, Mr. Cai Yingbin, in compliance with the Company Law and the Articles of Association [2][3] - Attendance included 8 out of 9 current directors and 2 out of 3 current supervisors, with the chairman and the supervisor chairman absent due to official duties [3] Group 2 - All proposed resolutions were approved, including a special resolution regarding changes to the company's registered capital and the cancellation of the supervisory board [4][5] - Other resolutions included amendments to the company's articles of association and various management systems, all of which received majority approval [5] - The special resolution required more than two-thirds of the valid voting rights held by attending shareholders to pass [5] Group 3 - The meeting was witnessed by Fujian Tianheng United Law Firm, with lawyers confirming the legality of the meeting's procedures and voting results [6][7] - The legal opinion concluded that the qualifications of attendees and the voting procedures were in accordance with relevant laws and regulations [7]

福建天衡联合律师事务所 关于厦门国贸集团股份有限公司 2025 年 第二次临时股东大会的 法律意见书 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 中国 · 厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 传真:86 · 592 · 5881668 电话:86 · 592 · 5883666 厦门 · 泉州 · 福州 · 龙岩 · 上海 www.tenetlaw.com 关于厦门国贸集团股份有限公司 2025 年 在本法律意见书中,本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人资格、会议表决程序以及表决结果是否符合《公司法》《股 东会规则》以及《公司章程》的规定发表意见,并不对本次股东大会所审议的提 案内容以及这些提案所表述的事实或数据的真实性、准确性和完整性发表意见。 本所律师假定公司提交给本所律师的资料(包括但不限于有关人员的身份证明、 股票账户卡、授权委托书、营业执照等）是真实、完整的,该等资料上的签字和 1 | 天衡联合律师事务所 第二次临时股东大会的 法律 ...

证券代码：600755 证券简称：厦门国贸 公告编号：2025-58 厦门国贸集团股份有限公司 2025年第二次临时股东大会决议公告 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 16 日 (二)股东大会召开的地点：福建省厦门市湖里区仙岳路 4688 号国贸中心 5 层会议室 (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： | 1、出席会议的股东和代理人人数 | 564 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 873,823,587 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 40.8783 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集、副董事长蔡莹彬先生主持。会议召集、召开及 表决方式符合《公司法》和《公司章程》等有关规定。 (五 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the National Index of Free Cash Flow and its corresponding ETF, highlighting the positive trends in liquidity and returns [1][2] - As of September 12, 2025, the Free Cash Flow ETF has seen a net inflow of 97.92 million yuan over the last 10 trading days, with 7 days of net inflow [1] - The Free Cash Flow ETF has achieved a net value increase of 12.46% over the past 6 months, with a maximum monthly return of 7% since its inception [1] Group 2 - The National Index of Free Cash Flow closely tracks the performance of companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the National Index of Free Cash Flow as of August 29, 2025, include SAIC Motor, China National Offshore Oil Corporation, Midea Group, and others, accounting for 57.95% of the index [2] - The performance of individual stocks within the top ten includes SAIC Motor with a 1.46% increase and China National Offshore Oil Corporation with a 0.57% decrease [4]