Group 1: Market Performance - During the "Double Festival" holiday, the automotive market saw a significant increase in sales, with a total of over 48,500 vehicles sold from September 30 to October 7 [1] - The retail sales volume of passenger vehicles reached 1.776 million units from September 1 to 27, marking a 12% month-on-month increase [5] - The overall market is expected to maintain a "high open and flat" trend in October, with 44.4% of dealers optimistic about a 5% to 10% year-on-year sales growth [8] Group 2: Policy Impact - The surge in car sales during the holiday was driven by two national policy adjustments: the reduction of the new energy vehicle purchase tax and the early end of the "trade-in" subsidy policy in some provinces [2] - Local governments and car manufacturers have introduced layered subsidies, with some consumers in Shanghai able to receive up to 24,000 yuan in total subsidies [3] Group 3: New Energy Vehicle Sales - New energy vehicle sales continued to rise, with companies like Chery, Changan, and Geely reporting significant year-on-year growth rates of 55.4%, 87%, and 81% respectively in September [6] - A single store of XPeng sold over 60 new cars during the "Double Festival," indicating a strong demand for popular new energy models [4] Group 4: Traditional Fuel Vehicle Market - Traditional fuel vehicles showed resilience during the holiday, primarily relying on "one-price" policies to stabilize the market [7] - However, dealers are facing increasing pressure, with a reported 52.6% of dealers experiencing losses, leading to reduced willingness to offer additional discounts [7]

Core Insights - The real estate market in September showed mixed signals, with new home prices experiencing slight increases while second-hand home prices continued to decline [1][2][5]. New Home Market - In September, the average price of new homes in 100 cities was 16,926 yuan per square meter, reflecting a month-on-month increase of 0.09% and a year-on-year increase of 2.68% [1][2]. - The third quarter saw a cumulative increase of 0.47% in new home prices, although this was a slowdown compared to the previous quarter [2]. - First-tier cities, such as Shanghai and Guangzhou, led the price increases, with Shanghai seeing a month-on-month rise of 0.82% [3][4]. - The new home market is characterized by a structural increase in prices driven by the active launch of quality projects by developers in core cities [3][4]. Second-Hand Home Market - The average price of second-hand homes in September was 13,381 yuan per square meter, marking a month-on-month decrease of 0.74% and a year-on-year decrease of 7.38% [5][6]. - Second-hand home prices have been in a continuous decline for 41 months, with a cumulative drop of 5.79% in the first three quarters of the year [1][5]. - The second-hand market is under significant pressure, particularly in second-tier cities, which experienced the largest declines [6][7]. Policy and Market Dynamics - Recent policy adjustments in cities like Shenzhen and Shanghai aim to alleviate pressure on the second-hand market, including relaxed purchase restrictions and tax incentives [7]. - The overall sentiment in the real estate market remains cautious, with high inventory levels and weak market expectations contributing to ongoing price adjustments [7].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the real estate market in China, focusing on the performance of key cities during the National Day holiday in 2025 and the overall trends in the housing market [1][4][7]. Core Insights and Arguments - **Market Performance During National Day**: The real estate market in key cities was generally sluggish during the National Day holiday, with new home subscription areas in 22 key cities dropping by 33% year-on-year and 38% month-on-month [4][8]. - **Sales Data**: The total transaction area of commercial housing nationwide during the National Day holiday was 654,900 square meters, representing a significant month-on-month decline of 81% and a year-on-year decrease of 20% [8]. - **New Home Subscription Trends**: In September 2025, the subscription amount for new homes in Tianjin fell by 46% year-on-year, marking a three-year low, while Changsha saw a nearly 40% decline in subscription area [1][7]. - **Top 100 Real Estate Companies**: The operational amount for the top 100 real estate companies in September was 252.8 billion yuan, a slight year-on-year increase of 0.4%, marking the first positive growth of the year [9][10]. - **Supply and Demand Imbalance**: The market faces significant challenges, including an imbalance between supply and demand, intense price competition, and a lack of new stimulating policies [11][12]. Additional Important Insights - **Regional Variations**: Some cities like Guangzhou, Zhengzhou, and Xian showed notable performance during the holiday, with Guangzhou's new home subscription volume increasing by 232% compared to the week before the holiday [6][7]. - **Second-hand Housing Market**: The second-hand housing market in 30 key cities saw a month-on-month decline of 1% in September, although it experienced a year-on-year growth of 10% [20]. - **Future Market Expectations**: The overall transaction volume is expected to remain low in October, with no new stimulating measures anticipated, leading to a continued downward trend in most regions [12][23]. - **Land Investment Trends**: Major cities accounted for nearly 40% of the total land investment in 2025, with the top ten real estate companies holding over 70% of new land investments [13][14]. Conclusion - The real estate market in China is currently facing a challenging environment characterized by declining sales, regional disparities, and a lack of confidence among consumers. The outlook for the coming months suggests continued low activity levels, with potential for further declines in transaction volumes across various segments of the market [12][23].

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Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The copper price broke through the oscillation range and is expected to rise mainly due to entering the interest - rate cut cycle, mine - end disturbances, and the "Golden September and Silver October" peak - demand season expectations [1] Summary by Relevant Catalogs Strategy Analysis - The Shanghai copper futures opened and closed higher today. During the holiday, the Fed's shutdown due to a lack of funds increased market risk - aversion sentiment, and the copper price rose. After the holiday, copper prices increased significantly. The US September "small non - farm" ADP employment decreased by 32,000, the largest decline since March 2023, far lower than the expected increase of 50,000 and the previous value of 54,000. Investors expect overseas liquidity to remain loose, and the Fed's independence is in doubt, supporting the copper price to enter an upward cycle. Mine - end disturbances in Chile and Indonesia and the hopeless resumption of production in Panama intensified supply concerns. In September, China's electrolytic copper production decreased by 50,500 tons month - on - month, a decline of 4.31% and a year - on - year increase of 11.62%. It is expected that the subsequent production will continue to decline. Although the real estate sector is a drag, new technologies such as new energy vehicles and AI strengthen downstream expectations during the peak - demand season [1] Futures and Spot Market Quotes - Futures: Shanghai copper opened and closed higher, with the closing price at 86,750 yuan/ton. Spot: The spot premium in East China was 10 yuan/ton, and in South China was 30 yuan/ton. On September 25, 2025, the LME official price was $10,771/ton, and the spot premium was - $33/ton [4] Supply - side Situation - As of September 30, the spot rough smelting fee (TC) was - $40.3/ton, and the spot refining fee (RC) was - 4.03 cents/pound. In terms of inventory, SHFE copper inventory was 29,700 tons, an increase of 2,880 tons from the previous period; as of September 29, Shanghai Free Trade Zone copper inventory was 80,700 tons, a decrease of 10,000 tons from the previous period; LME copper inventory was 139,500 tons, a decrease of 225 tons from the previous period; COMEX copper inventory was 335,500 short tons, an increase of 1,947 short tons from the previous period [7][10]

这个国庆中秋假期期间，全国多地楼市迎来促销高峰，房企大力促销，核心城市新房供应量显著增加，政策利好叠加传统销售旺季，推动市场活跃度回升。 在这当中记者发现，不少房企国庆中秋假期都推出了符合"好房子"标准的产品，得到了购房人的青睐。 北京某楼盘销售负责人 费腾：从3日开始，整体的客户到访量明显增加，基本维持在每天在130~170组之间，截止到6日总体的来访量是585组，我们现在延 迟到9点（下班），的确晚上看房的客户也比较多。 在北京8月出台的楼市新政推动下，9月1日—29日，新房网签0.32万套，同比增长12.6%，环比增长21.6%。受此影响，随后的这个假期，多数在售楼盘的到 访量和成交量都有所上升。 北京某楼盘负责人 兴萌：基本上成交的客户，从认购确定了这套房子开始，基本上一周到两周之内，就会来做相关的这个贷款手续。 不只是北京，在上海、广州、深圳等城市，多家头部房企都选择在国庆中秋长假期间，通过特价房、购房补贴等组合拳来刺激销售。据不完全统计，9月下 旬以来，已有包括重庆、合肥、武汉、广州、长春、邵阳、东莞等多地发布楼市相关新政，涵盖公积金政策优化、限购松绑、购房补贴等举措，推动市场活 跃度显著提升。业 ...

Market Performance - On October 9, A-shares surged, with the Shanghai Composite Index breaking through 3900 points, reaching a new high not seen in over a decade, closing up 1.24% at 3931.07 points [2][3] - The ChiNext Index and Shenzhen Component Index also saw significant gains, rising 1.77% and 1.75% respectively, with the ChiNext Index closing at 3295.58 points [2][3] - The total trading volume for the Shanghai and Shenzhen markets reached approximately 1.72 trillion yuan, indicating a notable increase in trading activity compared to the previous trading day [2][3] Sector Performance - The STAR 50 Index performed exceptionally well, closing up 5.59% at 1578.88 points, with several stocks like Huahong Semiconductor and CanSemi hitting their historical highs [3] - The precious metals sector led the market, with stocks such as Sichuan Gold and Shandong Gold reaching their daily limit up [3] - The semiconductor sector continued its strong performance, with significant gains in related concepts like controllable nuclear fusion and high-bandwidth memory [3] Investor Sentiment - Investor sentiment was notably positive, with 3233 stocks in the A-share market showing gains, and 80 stocks hitting the daily limit up [3] - The trading atmosphere was described as vibrant, with major stocks like ZTE Corporation achieving a half-day trading volume of 14.77 billion yuan [3] Future Outlook - Analysts are optimistic about a "red October" for A-shares, anticipating that the upcoming third-quarter reports and significant policy expectations will catalyze market focus on growth opportunities [4] - The chief economist at Qianhai Kaiyuan Fund noted that despite a pause in southbound capital during the National Day holiday, the strength of Hong Kong stocks suggests a long-term bullish trend for both A-shares and Hong Kong stocks [4]

记者来到位于北京五环外的几个新房楼盘时看到，每个楼盘都有不少市民在看房和洽谈，户型从70多平方米的两居到160多平方米的四 居，种类和户型丰富。销售人员介绍，今年这个假期，为了满足大家的看房需求，他们特意延长了下班的时间。 在北京8月出台的楼市新政推动下，9月1日—29日，新房网签0.32万套，同比增长12.6%，环比增长21.6%。受此影响，随后的这个假期， 多数在售楼盘的到访量和成交量都有所上升。 不只是北京，在上海、广州、深圳等城市，多家头部房企都选择在国庆中秋长假期间，通过特价房、购房补贴等"组合拳"来刺激销售。据 不完全统计，9月下旬以来，已有包括重庆、合肥、武汉、广州、长春、邵阳、东莞等多地发布楼市相关新政，涵盖公积金政策优化、限购松 绑、购房补贴等举措，推动市场活跃度显著提升。业内人士表示，从假期期间的政策效果来看，政策在一定程度上提振了市场信心，为"金九 银十"需求释放奠定了基础。在湖北，省住建厅的数据显示，国庆中秋假期期间，全省房地产销售面积同比增长12.9%，武汉、黄石、咸宁、 孝感、十堰等多地涨幅明显。 今年这个假期记者还注意到一个特点，就是不少城市正在销售的楼盘都在主打"好房子"，不但 ...

深圳9·5房地产新政已"满月"，房地产市场热度明显回升。记者从市住房建设局获悉，9月6日至10月6 日，全市新建商品住宅网签数量2824套，同比增长23.48%；二手住宅网签数量3699套，同比增长 32.63%。 国庆节、中秋节假日期间，深圳前海冰雪世界、南山博物馆等多个热门景点举办了房地产项目系列宣传 推介活动，吸引了大量市民和游客问询，为深圳楼市持续回暖增添新动力。 记者了解到，有关部门、行业协会及房地产开发企业在国庆中秋假日期间，以及近期开展近30场宣传推 介活动，全方位呈现深圳宜居特质、区位优越性及城市魅力，吸引购房者投资置业、兴业。随着"金 九"行情向"银十"延伸，在政策与假日因素的双重助力下，深圳房地产市场有望继续保持稳健向好的发 展态势。 国庆假期，记者来到前海冰雪世界房地产项目推介活动现场，很多市民正在咨询相关项目。"本来是带 孩子来玩冰雪的，没想到遇到这么多优质楼盘，边逛边看挺方便！"市民陈女士一边翻看现场展示的项 目资料，一边点赞这种"休闲+看房"的创新形式。 现场相关负责人介绍，此次双节房地产推介活动在南山博物馆、罗湖益田假日等景点和购物中心同步展 开，覆盖福田、罗湖、南山等核心区域， ...

沪镍 每日观点 1、基本面：外盘国庆期间总体震荡小幅走高，主要还是宏观面对于美联储在10月继续降息的预期，金 属走强影响。基本面上，镍矿价格继续坚挺，镍铁价格维稳，下方支撑依旧有力。不锈钢去库存化良好， 金九银十表现较佳。新能源汽车产销数据良好，但随着电池端的技术替代，镍的需求增长或受限，三元 电池装车量环比下降。从中长线来看镍的过剩局格不变。偏空 2、基差：现货122450，基差1550，偏多 3、库存：LME库存232632，+1320（假期间），上交所仓单24817，-240，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2511：维持震荡思路，如有反弹，逢高压力位可试空。 交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年10月9日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客 ...