金融界8月25日消息 截至午间收盘，港股恒生指数涨2.08%，报25866.49点，恒生科技指数涨3.1%，报 5822.51点，国企指数涨2.05%，报9266.29点，红筹指数涨1.65%，报4417.16点。 稀土概念股大涨，金力永磁放量涨超11%，铜、黄金等有色金属股跟涨。工业和信息化部、国家发展改 革委、自然资源部发布《稀土开采和稀土冶炼分离总量调控管理暂行办法》。暂行办法指出，稀土生产 企业违反本办法规定，或者拒绝、阻碍监督检查部门依法履行监督检查职责的，由县级以上人民政府工 业和信息化、自然资源主管部门按照职责分工责令改正，依照《中华人民共和国矿产资源法》《稀土管 理条例》等法律、行政法规的规定予以处罚。稀土生产企业违反本办法规定，受到行政处罚的，核减下 一年度总量控制指标。工业和信息化、自然资源、发展改革主管部门工作人员在稀土开采和稀土冶炼分 离总量调控管理工作中滥用职权、玩忽职守、徇私舞弊的，依法给予处分。违反本办法规定，构成违反 治安管理行为的，依法给予治安管理处罚；构成犯罪的，依法追究刑事责任。 内房股集体拉升，万科企业涨超15%领衔。消息面上，8月22日晚间，万科（000002.SZ） ...

2025.08. 25 本文字数：1217，阅读时长大约2分钟 作者 | 第一财经 郑娜 时隔大约半年，万科A（000002.SZ）又迎来涨停。8月25日上午，万科A高开高走，开盘半小时左右 便触及涨停，报7.22元；同时，万科企业（02202.HK）报5.75港元，涨幅超11%。 从公司基本面来看，万科8月22日发布的最新财报显示，今年上半年，该公司实现营业收入1053.2亿 元，归属于上市公司股东的净亏损119.5亿元；同时，实现销售面积538.9万平方米，销售金额691.1 亿元，同比分别下降42.6%和45.7%，但在15个城市销售金额仍排名前三。 中指研究院政策研究总监陈文静认为，7月30日中央政治局会议后，北京率先落地优化楼市政策，未 来预计更多城市跟进，上海、深圳进一步优化限购政策、加大公积金政策支持存在较强预期。 8月18日，国务院相关会议上再次提及房地产，并表示要采取有力措施巩固房地产市场止跌回稳态 势，结合城市更新推进城中村和危旧房改造，多管齐下释放改善性需求。 在陈文静看来，7.30中央政治局会议后，监管层再提"房地产"，释放了积极信号，进一步明确了"止 跌回稳"依然是房地产政策目标，有 ...

25 August 2025 | 8:06AM CST China Vanke (000002.SZ, 2202.HK) 1H25 below expectation: Early signs of liquidity improvement but not yet sustainable; retain Sell China Vanke (A/H) reported 1H25 net losses of Rmb11.9bn (lower range of Rmb10bn-12bn net loss estimated by profit warning), as above-expectation revenue and gross margin (+9pp qoq to 10% in 2Q25, the highest level since 4Q23) were offset by further impairment charges (total Rmb5.4bn on inventory and AR) alongside higher SG&A, taxation and MI payout. T ...

证券时报·数据宝统计，截至上午10:28，今日沪指涨1.19%，A股成交量910.41亿股，成交金额14702.65 亿元，比上一个交易日增加29.97%。个股方面，3895只个股上涨，其中涨停71只，1340只个股下跌， 其中跌停5只。从申万行业来看，有色金属、房地产、钢铁等涨幅最大，涨幅分别为4.65%、3.56%、 3.16%；银行、美容护理等跌幅最大，跌幅分别为0.50%、0.23%。（数据宝） | 轻工制造 | | | | 劲嘉股份 | | | --- | --- | --- | --- | --- | --- | | 纺织服饰 | 0.17 | 76.06 | 1.92 | 奥康国际 | 7.49 | | 美容护理 | -0.23 | 39.44 | -11.01 | 丸美生物 | -6.60 | | 银行 | -0.50 | 184.67 | 13.45 | 农业银行 | -2.19 | （文章来源：证券时报网） 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- ...

早盘，地产股走强。截至发稿，万科A（000002）涨停，港股万科企业涨超11%，荣盛发展涨停。金地集团涨超8%，华发股份、保利发展、首开股份、香 江控股等多股领涨。 指数走强。截至发稿，沪指涨近1%，深证成指涨近1.8%，创业板指涨超2%，两市成交额超1.6万亿元，较上个交易日此时放量超4000亿元。 香港恒生指数一度涨超2%，创2021年来新高，恒生科技指数涨近3%。 作者：孟妹 （文章来源：上海证券报） | | | | 10:34 | 7.22 | 291 | | --- | --- | --- | --- | --- | --- | | | | | 10:34 | 7.22 | 341 | | 5.90 | | -10.06% | 10:34 | 7.22 | 587 | | 成交额 | 34.19亿 | | 10:34 | 7.22 | 955 | | 3.44亿 | | | 10:34 | 7.22 | 806 | | | | | 10:35 | 7.22 | 260 | | | | | 10:35 | 7.22 | 217 | | | | | 10:35 | 7.22 | 1372 | | | | ...

MACD金叉信号形成，这些股涨势不错！ 8月25日，截至10时6分，地产飙涨，代表A股龙头地产行情的中证800地产指数上涨4.4%，成份股方 面，万科A涨停，绿地控股上涨7.22%，华发股份上涨6.19%。 热门ETF方面，全市场唯一跟踪中证800地产指数的地产ETF（159707）场内价格上探5%创年内新高， 成交额超5000万元，资金净申购1700万份！ 中泰证券发布研报称，2025年1-7月房地产行业各项销售数据虽仍处低位，但"止跌回稳"政策基调延 续，核心城市购房政策持续优化，市场信心仍处修复期，预计随着稳销售、稳资金等政策持续落地，行 业有望迎来底部企稳。继续看好房地产板块的中长期配置机会，建议关注布局一二线城市、基本面稳 健、安全边际较高的房企。 布局央国企及优质房企，建议重点关注地产ETF（159707）。资料显示，地产ETF（159707）跟踪中证 800地产指数，汇集市场13只头部优质房企，在投资方向上具有明显的头部集中度优势，前十大成份股 权重超9成，央国企含量高！在行业出清大背景下，龙头地产或更具弹性！ 数据来源：沪深交易所等。 风险提示：地产ETF被动跟踪中证800地产指数，该指数基日 ...

19 August 2025 | 7:23AM CST China Property Weekly Wrap Week 33 Wrap - Transactions remain plateaued amidst stable market sentiments Key highlights for the week: On the inventory buyback front, in addition to offshore media reports that policymakers are preparing to mobilize central SOEs to purchase unsold homes from distressed property developers, the PBOC's Q2 monetary policy report reiterated focus on enhancing the implementation of existing supportive measures, namely ARH relending program (Rmb16.2bn iss ...

Core Viewpoint - Vanke A reported disappointing financial results for the first half of 2025, with a significant decline in revenue and net profit compared to the previous year, indicating ongoing challenges in the real estate market [1] Financial Performance Summary - Total revenue for the first half of 2025 was 105.32 billion yuan, a decrease of 26.23% year-on-year [1] - The net profit attributable to shareholders was -11.947 billion yuan, down 21.25% year-on-year [1] - The gross margin improved to 9.97%, an increase of 22.83% year-on-year, while the net margin fell to -10.32%, a decrease of 72.86% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 9.465 billion yuan, representing 8.99% of revenue, an increase of 36.52% year-on-year [1] - Earnings per share were -1.01 yuan, a decrease of 21.69% year-on-year [1] Significant Financial Changes - Trading financial assets decreased by 92.16% due to the maturity of bank wealth management products [3] - Short-term borrowings increased by 44.9% due to changes in financing structure [3] - Investment income dropped by 133.13% due to losses recognized from joint venture projects [3] - The company reported a significant increase in other non-current liabilities by 824.33% due to borrowings from the subway group [3] Debt and Cash Flow Management - The company successfully repaid over 24 billion yuan in public debt this year and has no foreign public debt due before 2027 [6] - The company achieved a sales amount of 69.11 billion yuan with a collection rate exceeding 100% [6] - Cash flow from operations has been a concern, with cash and cash equivalents accounting for only 6.2% of total assets [4] Fund Holdings and Market Sentiment - The largest fund holding Vanke A is the Southern CSI Real Estate ETF, which has increased its holdings [5] - Analysts expect a net loss of 7.322 billion yuan for 2025, with an average earnings per share forecast of -0.61 yuan [4] Strategic Outlook - The company plans to enhance cash flow through accelerated sales and dynamic management of development pace [8] - It aims to stabilize financing through collaboration with financial institutions and leverage support from its major shareholder, Shenzhen Metro Group [8]

Macro News - The State Council, led by Premier Li Qiang, discussed the implementation of large-scale equipment updates and the old-for-new policy for consumer goods, emphasizing the need for effective subsidy use and coordination to boost domestic demand [5] - The State Council also addressed the potential of sports consumption and the development of the sports industry, focusing on increasing supply, enhancing service levels, and fostering growth points in the sector [5] Industry News - Goldman Sachs reported that hedge funds have net bought Chinese stocks at the fastest pace in seven weeks, indicating a strong interest in the Chinese market [8] - The National Development and Reform Commission released a draft on internet platform pricing behavior, requiring platforms to adhere to transparent pricing rules and publicize subsidy activities [8] - Several express delivery companies in Guangdong and Zhejiang have raised prices for e-commerce clients, with price adjustments ranging from 0.3 to 0.7 yuan per item [8] - The China Photovoltaic Industry Association called for enhanced industry self-discipline to maintain fair competition and avoid harmful practices [10] - The Ministry of Industry and Information Technology published interim measures for the total control of rare earth mining and smelting, requiring companies to maintain records of product flows [10] - The insurance asset management industry showed a preference for stocks as the top investment asset for the second half of 2025, followed by bonds and securities investment funds [10] - The electronic sector's A-share market capitalization reached 11.54 trillion yuan, marking a historical high, with major companies like Industrial Fulian leading the market [11] - The Ministry of Industry and Information Technology emphasized the need for orderly development of computing power facilities to enhance resource supply quality [11] Company News - Changjiang Electric Power announced plans for its controlling shareholder to increase holdings by 4 to 8 billion yuan [14] - Vanke A reported a net loss of 11.947 billion yuan for the first half of the year [14] - TCL Zhonghuan disclosed a net loss of 4.242 billion yuan for the first half of the year [16] - Jiangsu Guotai announced plans to use up to 12 billion yuan of idle funds for entrusted wealth management [18] - Jiu Gui Jiu reported a 92.6% decline in net profit for the first half of the year [18]

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 (8621)23297818× guzheng@swsresearch.com 2025 年 08 月 24 日 国常会要求有力控股止跌回稳，建发国 证 券 研 究 报 告 - ⚫ 地产行业数据：一二手房成交环比提升，新房成交推盘比回落。上周(8.16-8.22)34 个重 点城市新房合计成交 183.4 万平米，环比+11.7%，其中，一二线环比+11.7%，三四线 环比+10.2%。8 月(8.1-8.22)34 城一手房成交同比-20.9%，较 7 月-6.7%。其中，一二 线同比-19.9%，三四线同比-32.7%，分别较 7 月-6.3pct 和-12.4pct。上周 13 城二手房 合计成交 108.1 万平米，环比+7.2%；8 月截至上周累计成交同比-0.1%，较 7 月- 1.2pct。库存方面，上周 15 城合计推盘 100 ...