Core Viewpoints - The report maintains a positive outlook on the building materials industry, indicating a potential stabilization in the supply chain due to ongoing anti-involution efforts [1][4]. Industry Analysis - The anti-involution movement is expected to continue impacting the real estate supply chain, with the photovoltaic industry leading the way through a combination of gradual policy adjustments and market-oriented measures [6]. - Recent government initiatives aim to address issues such as chaotic competition and unreasonable procurement practices, which are anticipated to enhance market efficiency and fair competition within the building materials sector [6]. - The cement industry is experiencing improved supply-demand dynamics, with various regions implementing staggered production schedules to stabilize prices. For instance, companies in Jiangxi, Sichuan, and other provinces are reducing output significantly during peak season [6]. - Investment recommendations highlight the cement sector's attractive dividend yield and the expectation of price recovery, with specific companies like Conch Cement and Huaxin Cement being emphasized for potential investment [6]. Investment Recommendations - The report suggests actively monitoring the cement sector due to its favorable fundamentals, with a focus on companies such as Conch Cement and Huaxin Cement, while also considering related photovoltaic industry stocks like Qibin Group [6]. - The consumer building materials sector is expected to see a reversal of its current challenges, with anticipated stabilization in demand and pricing, leading to improved performance for companies like Sangke Tree and Rabbit Baby [6].

证券研究报告 2025 年 09 月 21 日 湘财证券研究所 策略研究 策略周报 8 月固定资产投资累计同比增速下滑，A 股指数高位震荡 ——2025.09.15-2025.09.19 日策略周报 1. 《20250802湘财证券-策略研 数震荡下行》 2025.08.02 究-7月宏观短周期略有反弹，A股 指数震荡上行》 2025.08.09 2024年10月高点》 2025.08.16 分析师：仇华 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 中国人寿金融中心10楼 相关研究： 核心要点： 2025.09.15-2025.09.19 日，A 股指数高位震荡 究-7月PMI有所下滑，A股指数多 2. 《20250809湘财证券-策略研 据 Wind 数据，2025.09.15-2025.09.19 日，我们关注的 6 个 A 股指数高位震 荡，涨跌互现：上证指数下跌 1.30%、深证成指上涨 1.14%，创业板指上 涨 2.34%、沪深 300 下跌 0.44%、科创综指上涨 0.96%、万得全 A 微跌 0.18%。 周振幅 ...

Core Insights - The "Nansha Plan" has achieved significant milestones in its three years of implementation, including tax reductions exceeding 1.9 billion yuan and nearly 1,000 new Hong Kong and Macau investment enterprises [1][2] - The recent seminar in Hong Kong highlighted the collaborative achievements between Nansha and Hong Kong/Macau, focusing on key areas such as technological innovation, youth entrepreneurship, and high-quality urban development [1][3] - Nansha is positioned as a strategic platform for the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the integration of various development strategies and the importance of innovation [2][3] Policy and Economic Impact - The "Nansha Plan" has led to a substantial increase in the number of enterprises and youth engagement, with over 3,000 young people participating in internships [1] - Major projects have accelerated in the past six months, including the establishment of the Bay Area Shipping Trading Center and the launch of ecological research facilities [2] - Nansha's recognition as a "Global Natural City" reflects its commitment to ecological protection and sustainable development, meeting international standards [2] Future Directions - The year 2025 is critical for the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," with Nansha aiming to address new challenges in the context of global technological and industrial changes [3] - Nansha is encouraged to maintain its pioneering spirit and focus on integrating technological and industrial innovation to contribute to the modernization of China [3] - A call for research contributions has been initiated to gather insights on the strategic positioning of Nansha, focusing on marine economy, regional collaboration, and the establishment of an international consumption center [5]

Core Viewpoint - The article emphasizes the importance of developing regional comparative advantages through four key aspects: location advantages, institutional advantages, market advantages, and brand advantages, which are essential for high-quality economic development during the "14th Five-Year Plan" period [7][8][26]. Group 1: Location Advantages - The concept of location advantages has expanded significantly with the rapid development of the flow economy and regional strategies, focusing on how to leverage urban clusters and innovate development paths along coastal, border, river, and belt areas [8][12]. - Cities should integrate their development into urban clusters and align regional development plans with urban cluster strategies, enhancing transportation connectivity and filling functional gaps left by core cities [10][11]. - The flow economy has redefined location advantages, making flow (people, logistics, capital, information, and data) a critical factor in assessing urban attractiveness [12][13]. Group 2: Institutional Advantages - Institutional advantages are crucial for regional competitiveness and should focus on creating a market-oriented, rule-of-law, and international business environment while supporting the digital economy [15][16]. - There is a need for substantial improvements in the business environment, emphasizing the reduction of comprehensive costs for enterprises and enhancing the soft environment for business operations [16][17]. - Local governments should create favorable conditions for new economies and new business models, ensuring that the regulatory framework aligns with the needs of emerging industries [18][19]. Group 3: Market Advantages - Market advantages are seen as the core engine for activating regional economic momentum, with a focus on expanding consumption markets and enhancing the efficiency of resource allocation [20][21]. - The article suggests that local governments should prioritize expanding consumption markets and leveraging local ecological and cultural resources to create unique consumption markets [21][22]. - Further market-oriented reforms are necessary to activate local factor markets, including optimizing the use of traditional and new factors, and enhancing the role of talent in driving economic growth [23][24][25]. Group 4: Brand Advantages - City branding is essential for enhancing urban image and attracting suitable industries, talent, and capital, with a focus on creating unique and recognizable city identities [26][27]. - Local governments should deeply explore and creatively transform local cultural genes to develop differentiated city brands that resonate with contemporary audiences [28][29]. - Continuous efforts in brand promotion and management are necessary to ensure that cities maintain their attractiveness and competitiveness in the long term [30][31][32].

Domestic Policy Insights - The Chinese government is making progress in addressing "involution" in the automotive, pig farming, and photovoltaic sectors, with a focus on pig farming and silicon materials [2] - The automotive industry is seeing the release of a payment standard initiative aimed at ensuring supplier payments do not exceed 60 days [2] - In pig farming, a meeting has been held to discuss reducing the number of breeding sows, with accompanying financial measures suggested [2] - The photovoltaic sector is tightening energy consumption standards, which may accelerate the exit of outdated production capacity, particularly in silicon material pricing [2] Autonomous Driving Developments - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on intelligent connected vehicle driving assistance systems, aiming to fill safety gaps in large-scale applications [3] - The new standards emphasize safety boundaries and monitoring of driver status, suggesting a focus on three types of companies: leading autonomous driving suppliers, companies enhancing driving safety, and automotive testing institutions [3] Service Consumption Policies - The Ministry of Commerce and other departments have announced measures to boost service consumption, with 19 initiatives aimed at stimulating demand and supporting high-quality economic development [4] - Key areas of focus for future investment include cultural tourism, intellectual property consumption, and sports consumption [4] International Relations and Business Implications - Recent talks between Chinese and U.S. leaders have been described as pragmatic and constructive, with discussions on the TikTok transaction being a central issue [5] - The TikTok deal involves core algorithms and shareholding ratios, with Oracle and other companies potentially becoming buyers [5] Industry Policy Updates - The State Council is actively discussing policies related to ecological protection and domestic product standards in government procurement [6] - Recent industry policies include a growth plan for light industry and various regional initiatives to integrate artificial intelligence into industrial processes [7]

当今世界经济,最宝贵的资源之一是市场,而中国超大规模且极具增长潜力的市场,是我国经济发展的巨大优势。"十四五"时期,面对纷繁复杂的外部环境,中国 经济顶住压力、迎难而上,展现了强大的韧性。这其中,市场的建设发挥了关键作用。五年来,中国的营商环境越来越好,全国统一大市场的"四梁八柱"基本建立 起来,成为中国经济高质量发展的"压舱石"。 今年8月26日凌晨,长征八号甲运载火箭在海南文昌的商业航天发射场成功发射,将卫星互联网低轨10组卫星送入预定轨道。这是海南商业航天发射场第五次成 功发射。就在不久之前,这里还实现了五天之内两次成功发射,证明这里已经具备了常态化的发射能力,这也吸引了越来越多的商业航天企业落户海南文昌。 在距离发射场不到3公里的地方,一家民营航天企业的新一代火箭总装工厂已经初见规模,下个月就可以投入使用。 2021年,国家发布《关于支持海南自由贸易港建设放宽市场准入若干特别措施的意见》,其中给予海南自贸港开放商业航天的政策,文昌的商业航天发射场就是 为了满足未来密集的商业航天发射任务而兴建的。 正是看到这样的发展契机,星际荣耀公司成为了首家落户文昌航天城的商业航天企业,当地也对企业的落地提供了全方位 ...

当今世界经济，最宝贵的资源之一是市场，而中国超大规模且极具增长潜力的市场，是我国经济发展的巨大优势。"十四五"时期，面对纷繁复杂的外部环 境，中国经济顶住压力迎难而上，展现了强大的韧性，其中市场的建设发挥了关键作用。五年来，中国的营商环境越来越好，全国统一大市场的"四梁八 柱"基本建立起来，成为中国经济高质量发展的压舱石。 2025年，国家发布的最新版《市场准入负面清单》进一步缩减了商业航天领域的市场准入限制，这也吸引了更多像星际荣耀这样的民营企业加入这条前景广 阔的新赛道。截至今年上半年，已经有超过700家航天相关企业入驻文昌航天城，涵盖了火箭链、卫星链、数据链等八个方向。我国在商业航天领域持续放 开准入门槛、不断优化营商环境，正是他们的信心来源。 商业航天领域是我国市场准入逐步放开的一个缩影。党的十八大以来，我国逐步建立全国统一的市场准入负面清单制度。历经4次修订，清单数量从2018年 版的151项压减到2025年版的106项，压缩比例约30%。准入的放开也体现在实打实的数据上，"十四五"以来，我国企业净增1999.9万户，个体工商户净增 3394.6万户。 今年8月26日凌晨，长征八号甲运载火箭在海南文 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall production is stable, and investment is better than consumption during the period from September 14 to September 20, 2025 [1]. - The industrial production shows marginal improvement, with mixed performance in different sectors. The personnel flow slightly rebounds, and the freight price slightly drops. The consumption shows a decline in the year - on - year wholesale sales of automobiles and a differentiation in prices. The investment has good performance in construction and a recovery in the commercial housing market. The port throughput in exports increases, while most shipping indices decline. - The bond indices generally rise, most stock indices increase, commodities show mixed performance, and most foreign currencies depreciate against the RMB [1]. 3. Summary According to the Table of Contents 3.1. Category of Assets - This week, bond indices generally rose, most stock indices increased, commodities showed mixed performance, and most foreign currencies declined. The China Bond 7 - 10 - year China Development Bank Bond Index had the largest increase, with a weekly increase of 0.15%. The ChiNext Index had the largest gain among stock indices, with a weekly increase of 2.34%. The Nanhua Black Index among commodities had the largest increase, with a gain of 2.27%, while the Nanhua Precious Metals Index had the largest decline, with a drop of 0.80%. The British pound had the largest decline among foreign currencies, with a weekly decline of 0.50%, and the US dollar depreciated against the RMB, with a weekly decline of 0.14% [1][6]. 3.2. Industrial Production - Production showed marginal improvement. From the upstream perspective, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants decreased by 0.50 pcts to 34.40% week - on - week, the blast furnace operating rate increased by 0.15 pcts to 84.00% week - on - week, and the crude steel output increased by 7.19% week - on - week. In the real - estate chain, the operating rate of rebar and float glass remained flat compared to last week at 42.96% and 76.31% respectively, and the mill operation rate increased by 1.18 pcts to 38.55% week - on - week. In the consumer goods chain, the operating rate of polyester filament increased by 0.11 pcts to 91.54% week - on - week, the PTA operating rate increased by 2.34 pcts to 77.29% week - on - week, and the methanol operating rate decreased by 1.81 pcts to 79.39% week - on - week. In the automotive chain, the operating rate of semi - steel tires for automobiles increased by 0.20 pcts to 73.66% week - on - week, and the operating rate of all - steel tires for automobiles increased by 0.07 pcts to 65.66% week - on - week [1][9]. 3.3. People and Freight Flow - The personnel flow slightly rebounded, and the freight price slightly dropped. The 7 - day moving average (7DMA) of the national migration scale index increased by 0.07% week - on - week. The 7DMA of the number of domestic flights increased by 0.80% week - on - week, and the 7DMA of the number of international flights increased by 2.56% week - on - week. The subway passenger volumes in Beijing, Shanghai, Guangzhou, and Shenzhen all increased. The 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.04% week - on - week, and the total volume was higher than the same period in previous years [1][27]. 3.4. Consumption - The year - on - year wholesale sales of automobiles declined, and the prices showed differentiation. The year - on - year wholesale sales of passenger cars decreased by 1.00%, while the year - on - year retail sales increased by 1.00%. The 4WMA of the year - on - year growth rates of both wholesale and retail sales declined. The weekly box office of movies increased by 170% week - on - week, and the 7DMA of the number of movie - goers increased by 176% week - on - week. Most agricultural product prices declined, with the pork price decreasing by 2.01% week - on - week and the vegetable price decreasing by 3.27% week - on - week [1][44]. 3.5. Investment - Construction showed good performance, and the commercial housing market recovered. The cement inventory - to - capacity ratio increased by 0.5 pcts week - on - week, the cement price index increased by 0.42% week - on - week, and the cement shipping rate remained flat compared to last week. The rebar inventory decreased by 0.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts week - on - week, and the apparent demand for rebar increased by 6.0% week - on - week. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 7.7% week - on - week, with increases in first - tier, second - tier, and third - tier cities. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 1.6% week - on - week, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 cities decreased, and the land transaction premium rate decreased week - on - week [1][49]. 3.6. Exports - The port throughput increased, and most shipping indices declined. The weekly port cargo throughput increased by 1.8%, and the weekly container throughput increased by 0.1%. The BDI Index increased by 3.62% week - on - week, while the SCFI Index and CCFI Index decreased by 14.30% and 0.45% respectively week - on - week [1][68].

Group 1 - The core viewpoint emphasizes that China's vast and rapidly growing market is a significant advantage for its economic development, particularly during the "14th Five-Year Plan" period, showcasing resilience amid external pressures [1] - The establishment of a unified national market framework has been a key factor in enhancing China's high-quality economic development, with significant improvements in the business environment over the past five years [1] Group 2 - The successful launch of the Long March 8 rocket from Hainan's commercial space launch site marks the fifth successful launch, indicating the site's capability for regular operations and attracting more commercial space enterprises [3] - The establishment of the Wenchang commercial space launch site aligns with national policies to support the construction of the Hainan Free Trade Port, facilitating the growth of the commercial space sector [3][5] Group 3 - The latest version of the "Negative List for Market Access" released in 2025 has further reduced market access restrictions in the commercial space sector, encouraging more private enterprises to enter this promising field [5] - As of mid-2023, over 700 space-related companies have settled in Wenchang, covering various sectors such as rocket, satellite, and data chains, reflecting the ongoing relaxation of market access in the commercial space industry [5] Group 4 - The optimization of the business environment in China is evident not only in market access but also throughout the entire business lifecycle, including significant improvements in government services during the "14th Five-Year Plan" [7] - The introduction of integrated online government services has streamlined processes for businesses, significantly enhancing efficiency and reducing time spent on administrative tasks [7] Group 5 - The construction of a unified national market is crucial for achieving high-quality development and integrating domestic and international economic cycles, with a focus on "five unifications" and "one openness" [11] - The establishment of a unified market framework has facilitated data flow and improved operational efficiency for businesses, as demonstrated by successful cross-province administrative collaborations [11][13] Group 6 - The ongoing reforms aim to eliminate local protectionism and monopolistic practices, with significant actions taken against administrative monopolies and unfair competition, enhancing the competitive landscape [15] - The establishment of a fair, transparent, and standardized domestic market is essential for attracting global resources and fostering a collaborative environment within China's large market [15][17] Group 7 - The efforts to create a vibrant and equitable market environment during the "14th Five-Year Plan" period are expected to provide strong support for high-quality economic and social development [17] - The focus on building a robust business environment will ensure that both domestic and foreign enterprises can operate with confidence, contributing to China's economic growth and modernization [17]

Group 1 - The recent news about the Beijing Civil Affairs Bureau's decision to legally dissolve the "China Low Altitude Economy Alliance" highlights the growing concern over "involution" competition within the low-altitude economy sector, which is seen as a strategic emerging industry with significant potential [1] - The dissolution is viewed as a critical first step in addressing the chaotic competition in the low-altitude industry, signaling the authorities' commitment to optimizing the industry ecosystem and curbing unhealthy competition practices [1] - Various industries, including both emerging sectors like photovoltaics and traditional sectors like coking and landscaping, have faced similar issues of "involution," characterized by excessive price competition and low-level repetitive construction, leading to overcapacity and thin profit margins [1] Group 2 - The persistent issue of "involution" competition is closely linked to resource misallocation and distorted market mechanisms, where companies focusing on short-term gains through price wars neglect quality and service improvements, resulting in inefficiency [2] - Governments that create "policy depressions" without considering local industry foundations and resource endowments contribute to homogenized industry layouts and resource waste, further exacerbating the problem [2] - Effective governance of "involution" competition requires a multi-faceted approach, emphasizing the need for a collaborative market environment that combines effective markets with proactive government intervention [2] Group 3 - To combat "involution" competition, it is essential to optimize the business environment, which involves reducing costs while increasing value, encouraging businesses to move away from zero-sum price wars and reliance on subsidies [3] - The focus should shift from resource-driven competition to innovation-driven growth, allowing businesses to unlock innovation, quality, and brand advantages [3] - The governance approach has evolved from merely preventing "involution" competition to actively regulating low-price disorderly competition, reflecting a systematic and legal framework for long-term management of the issue [3]