投资前瞻：中期趋势并未逆转

Market News - Southbound trading of Hong Kong Stock Connect has been active this year, with average daily trading volume of ETFs reaching a new high since the launch of the mutual market access [2] - The CEO of Hang Seng Index Company stated that the demand from mainland investors for Hong Kong stocks remains strong, leading to the launch of cross-market products [2] - On September 5, former US President Trump criticized the EU's $3.5 billion fine on Google, warning of potential retaliatory measures if similar actions continue against US tech giants [2] Employment and Recruitment - The Ministry of Human Resources and Social Security announced the launch of a nationwide joint recruitment event for college graduates in Urumqi, Xinjiang, attracting over 20,000 participants and offering more than 15,000 job positions [4] Sector Developments - The World Nuclear Association reported a significant increase in global uranium demand due to the expansion of nuclear power, projecting a rise to 86,000 tons by 2030 and 150,000 tons by 2040 [6] - Spot uranium prices have surged from $30 per pound in 2020 to around $80 per pound currently, driven by supply-demand imbalances [6][7] Industrial Policy - The Ministry of Industry and Information Technology outlined key tasks for the "14th Five-Year Plan" period, focusing on maintaining a reasonable proportion of manufacturing, promoting technological innovation, and fostering emerging industries [8] Environmental Initiatives - The Ministry of Ecology and Environment reported that during the "14th Five-Year Plan" period, significant investments have been made in water pollution prevention, with a total of 124.5 billion yuan allocated to support over 6,000 key projects [9] Real Estate Market Insights - Recent reports from listed real estate companies indicate a recovery in market confidence, with most firms believing the market has bottomed out, although the rebound is expected to be weak [10] Company-Specific News - Jilin Electric Power received 1.271 billion yuan in renewable energy subsidies from January to August 2025, a 154.2% increase year-on-year, significantly improving cash flow [12] - Hongchuan Wisdom announced a conditional redemption of its convertible bonds due to stock price performance, allowing bondholders to redeem at 100.312 yuan per bond [13] - Jiangtian Chemical plans to reduce its stake by up to 3% due to funding needs [14] - Runhe Materials and Xiangshan Co. also announced plans to reduce their stakes by up to 3% for similar reasons [15][16] Lock-up Expiration - A total of 40 companies will have lock-up shares released this week, with a total of 4.054 billion shares and a market value of approximately 95.021 billion yuan based on the closing price on September 5 [19][20] New Stock Calendar - Three new stocks are scheduled for subscription this week, including Shichang Co. on September 9 and Haocreat on September 11 [22] Market Outlook - CITIC Securities noted a divergence in ETF fund flows, with a shift towards industry/theme funds and increased interest in Hong Kong stocks [25] - Galaxy Securities expects A-shares to continue a trend of oscillating upward, supported by recent policy expectations and market conditions [26] - Zhongtai Securities indicated that despite short-term adjustments, the mid-term trend remains intact, with potential catalysts from upcoming policy events [27]