Core Viewpoint - The article emphasizes the importance of achieving the annual economic and social development goals set by the Chinese Communist Party, focusing on stabilizing employment, businesses, markets, and expectations to maintain the economic foundation and promote recovery momentum [1] Group 1: Economic Stability Measures - The meeting highlighted the need for macro policies to continue to exert force and to be adjusted as necessary, ensuring the implementation of enterprise support policies and special actions to boost consumption [1] - It is crucial to safeguard the "three guarantees" at the grassroots level and to actively and prudently resolve local government debt risks [1] Group 2: Employment and Social Welfare - The meeting stressed the importance of ensuring livelihood security through multiple channels, enhancing job stability for key groups, and increasing efforts to rectify wage arrears [1] - There is a focus on improving basic public services and addressing urgent issues faced by the public, particularly in disaster recovery and ensuring warmth for affected populations during winter [1] Group 3: Safety and Stability - The meeting underscored the necessity of ensuring safety in production and maintaining stability, with a strong emphasis on accountability for safety production and strict enforcement of regulatory systems to prevent major accidents [1] - It also called for comprehensive supervision of food and drug safety, conflict resolution, and the legal crackdown on various crimes, alongside effective public opinion guidance to mitigate ideological risks [1]

Core Viewpoint - The overall economic performance in the first three quarters shows stability and progress, with effective high-quality development measures being implemented [1] Economic Indicators - Major macroeconomic indicators remain stable, indicating a steady economic operation with positive developments [1] - The need for further consolidation of the economic recovery foundation is emphasized due to existing risks and challenges [1] Policy Recommendations - The next phase should focus on implementing more proactive macro policies to enhance effectiveness [1] - Key areas of focus include stabilizing employment, businesses, markets, and expectations to promote sustainable and healthy economic development [1]

Core Insights - Longhua District achieved the highest new residential sales volume in Shenzhen with 4,977 units sold in the first half of 2025 [1] - The launch of Hongshan Huafu sold out within an hour, indicating strong market demand [1] - The district's housing authority has actively responded to new policies and organized promotional events to stimulate the market [1] Sales Performance - The "Golden Autumn Property Fair" was held on September 27, featuring multiple developers offering promotional discounts and policy consultations [1] - By the end of the event, 34 contracts were signed, with nearly 500 potential buyers showing interest [1] - During the National Day and Mid-Autumn Festival, the sales of Pengchen Yunzhu exceeded 120 units, with a total transaction value surpassing 800 million [1] Secondary Market Activity - The second-hand housing market in Longhua has also seen significant growth, with 403 units sold by the end of September, a 26.7% increase month-over-month [1] - The total transaction area for second-hand homes reached 41,006 square meters, reflecting a 23.0% month-over-month increase [1] Market Expansion Efforts - Longhua District's housing authority is actively participating in the "Vibrant Shenzhen · Livable Future" promotional activities to showcase the district's livability in Northeast China [2]

Core Insights - The current real estate situation is prompting many to reassess their investment decisions, with contrasting views on whether multiple property ownership is a dream or a nightmare [1] Group 1: Market Trends - Core assets in first-tier cities are facing declining transaction volumes, particularly high-end properties, leading to concerns about potential panic selling [2] - In third and fourth-tier cities, property owners are experiencing significant challenges, with some property values reverting to levels seen five years ago, causing distress among investors [4] - Rental yields are dropping, making it increasingly difficult for homeowners to cover mortgage payments through rental income, raising questions about the viability of such investments [5][6] Group 2: Inheritance and Ownership Attitudes - There is a growing trend of younger individuals refusing to inherit their parents' properties due to high maintenance costs and minimal appreciation potential [8][10] - The phenomenon of "children refusing to inherit properties" is emerging, as older, less desirable properties are viewed as burdens rather than assets [10][11] Group 3: Policy and Market Response - Government policies are focused on stabilizing the market and reducing inventory, primarily benefiting first-time buyers and those seeking improved living conditions [12][13] - The market is increasingly punishing investors who expanded recklessly, particularly those with holdings in lower-tier cities, indicating a shift towards a "light asset" era as predicted by industry leaders [16][17] Group 4: Strategic Adjustments - Ordinary families are advised to optimize their existing assets rather than continue purchasing properties, with many opting to sell non-core city properties in favor of high-quality assets in first-tier cities [18][19] - This strategic shift may become a prevailing trend in the coming years, reflecting a broader reassessment of real estate investment strategies [19]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on stabilizing electricity and coal prices, preventing "involution-style" vicious competition, and enhancing the foundation for high-quality development of state-owned enterprises [1] - Central enterprises have shown resilience in facing various risks and challenges this year, with steady improvement in value creation and operational efficiency [1] - SASAC will optimize the regular communication mechanism for economic operations of state-owned enterprises and actively coordinate to address practical issues raised by enterprises [1] Group 2 - Zhang Yuzhuo emphasized the need for state-owned enterprises to align their thoughts and actions with the central government's economic judgments and decisions, maintaining strategic focus [2] - Enterprises are encouraged to enhance operational efficiency by optimizing investment structures and focusing on key areas such as industrial chain strengthening, infrastructure construction, and energy resource security [2] - There is a strong emphasis on resisting "involution-style" competition and promoting differentiated development and brand competition to foster a healthy and sustainable industry ecosystem [2]

Core Viewpoint - The Guangxi government is launching a subsidy program for purchasing new residential properties to stimulate consumption, stabilize the market, and benefit the public, running from September 15 to October 31, with a total subsidy amount of 120 million yuan [1] Summary by Categories Subsidy Details - The total subsidy amount for the program is 120 million yuan [1] - Two categories of eligible buyers: 1. Buyers of the first or second new residential property in Guangxi can receive a subsidy of 10,000 yuan per property 2. Buyers of new residential parking spaces can receive a subsidy of 1,000 yuan per space [1][1] - If there are two or more buyers, one buyer can apply for the subsidy [1] Application Process - Buyers can submit their application materials online through the Yunshangfu App [1] - On-site consultation services are available at the housing and urban-rural development service windows in various cities, counties, and districts [1] - Telephone consultation services are provided by the Guangxi Housing and Urban-Rural Development Department and local housing departments [1] Program Conditions - The subsidy program operates on a "first-come, first-served" basis, and will end once the funds are exhausted [1] - If the subsidy funds are used up before the end date, the program will be terminated immediately, with announcements made through official channels [1]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Macroeconomic policies aim to strengthen the domestic market, with China's August CPI, core CPI, and PPI showing specific trends, and US inflation unexpectedly falling. Fundamentally, zinc ore imports and processing fees are rising, along with increased smelter profits and supply growth. Import losses are widening, reducing imported zinc inflows. On the demand side, downstream is at the end of the off - season, with stable and rising processing enterprise operating rates. Zinc prices are at a low level, downstream purchases on - demand, domestic social inventories are increasing, and overseas LME inventories are decreasing, supporting zinc prices. Technically, with decreasing positions and price fluctuations, it's recommended to wait and see or go long on dips [3]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai Zinc main contract is 22,250 yuan/ton, up 35 yuan; the 10 - 11 month contract spread is - 5 yuan/ton, down 10 yuan. The LME three - month zinc quote is 2,887.5 dollars/ton, up 20.5 dollars. The total Shanghai Zinc open interest is 222,719 lots, up 970 lots; the net position of the top 20 in Shanghai Zinc is - 6,229 lots, up 3,619 lots. Shanghai Zinc warehouse receipts are 44,925 tons, up 596 tons. The SHFE inventory is 87,032 tons, up 1,052 tons; the LME inventory is 50,825 tons, down 200 tons [3]. Spot Market - The SMM 0 zinc spot price is 22,180 yuan/ton, up 90 yuan; the Yangtze River Non - ferrous market 1 zinc spot price is 22,180 yuan/ton, up 260 yuan. The ZN main contract basis is - 70 yuan/ton, up 55 yuan; the LME zinc cash - 3 months spread is 23.01 dollars/ton, up 5.39 dollars. The Kunming 50% zinc concentrate arrival price is 16,860 yuan/ton, down 50 yuan; the Shanghai 85% - 86% broken zinc price is 15,600 yuan/ton, unchanged [3]. Upstream Situation - The WBMS zinc supply - demand balance is - 124,700 tons, down 104,100 tons; the ILZSG zinc supply - demand balance is - 69,100 tons, up 10,400 tons. The ILZSG global zinc mine production is 1,007,500 tons, down 4,300 tons; domestic refined zinc production is 617,000 tons, down 11,000 tons. Zinc ore imports are 455,900 tons, up 124,900 tons [3]. Industry Situation - Refined zinc imports are 35,156.02 tons, down 22,615.39 tons; refined zinc exports are 483.88 tons, up 266.83 tons. Zinc social inventories are 140,100 tons, up 1,800 tons [3]. Downstream Situation - Galvanized sheet production is 2.32 million tons, down 130,000 tons; sales are 2.34 million tons, down 120,000 tons. The new housing construction area is 352.06 million square meters, up 48.4168 million square meters; the housing completion area is 250.34 million square meters, up 24.6739 million square meters. Automobile production is 2.51 million vehicles, down 298,600 vehicles; air - conditioner production is 19.6788 million units, up 3.4764 million units [3]. Option Market - The implied volatility of the at - the - money zinc call option is 13.01%, down 0.03%; the 20 - day historical volatility of the at - the - money zinc option is 6.16%. The implied volatility of the at - the - money zinc put option is 13.02%, down 0.02%; the 60 - day historical volatility of the at - the - money zinc option is 11.12%, down 0.04% [3]. Industry News - China aims to stabilize employment, enterprises, markets, and expectations, implement active fiscal and moderately loose monetary policies, and promote various aspects of development. China's August CPI, core CPI, and PPI show specific trends, and US inflation unexpectedly falls [3].

Core Viewpoint - The report presented by the National Development and Reform Commission indicates that the execution of the national economic and social development plan for this year is generally good, with positive progress in various economic indicators despite external and internal challenges [1][2]. Group 1: Economic Performance - Economic growth, employment, consumption, foreign trade, and residents' income have shown smooth progress [1]. - The report highlights six key areas of work effectiveness, including proactive macro policies, expansion of domestic demand, optimization of industrial development, deepening reform and opening up, and steady progress in regional coordination and urban-rural integration [1][2]. Group 2: Future Economic Work - The focus for the second half of the year will be on maintaining stability while seeking progress, implementing new development concepts, and enhancing domestic and international economic coordination [2][3]. - Key tasks include promoting domestic demand, advancing technological and industrial innovation, and ensuring the stability of employment, enterprises, and market expectations [2][3]. Group 3: Policy Implementation - The report emphasizes the need for effective implementation of central policies, including proactive fiscal and moderately loose monetary policies to maximize policy effects [3]. - It also calls for the release of consumption potential through targeted actions and the removal of restrictive measures, alongside the promotion of high-quality investment projects [3].

Group 1 - The core viewpoint of the report emphasizes the implementation of a more proactive fiscal policy to ensure stable budget execution and financial operations [1][2] - The report outlines the intention to accelerate budget execution, improve fund utilization efficiency, and ensure fund security [1] - Key areas of focus include supporting employment and foreign trade, fostering new growth drivers, enhancing public welfare, and mitigating risks in critical sectors [1] Group 2 - The strategy will prioritize strengthening domestic circulation and implementing flexible macro policies to address uncertainties while ensuring high-quality development [2] - The government aims to maintain policy continuity and stability while enhancing flexibility and predictability in economic management [2]

Group 1 - The report highlights the implementation of various policies and measures deployed by the central government to stabilize employment, businesses, markets, and expectations [1] - It emphasizes the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [1] - The report calls for a thorough evaluation of policy implementation and suggests optimizing policies and measures based on assessment results to enhance their effectiveness [1] Group 2 - There is a focus on normalizing policy research and reserve, continuously improving the policy toolbox [1] - The report stresses the importance of addressing capacity governance in key industries and implementing measures to resolve structural contradictions while promoting quality upgrades [1] - It also mentions the need for comprehensive regulation of irrational competition and strengthening policy coordination and expectation guidance [1]