1. Report Industry Investment Rating No information provided in the document. 2. Core Views of the Report - The stock market is trending upwards, and the linkage between stocks and bonds is weakening. In the stock index futures market, the sector rotation between high - and low - performing sectors does not change the upward trend. In the stock index options market, the sentiment remains optimistic, and buying call options is still a strong strategy. In the bond market, the sentiment is warming up [1]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **View**: The sector rotation between high - and low - performing sectors does not change the upward trend. The basis, spread, and position of IF, IH, IC, and IM have changed. The Shanghai Composite Index opened higher and fluctuated on Thursday, hitting a new high. The hot sectors rotated, with agriculture, forestry, animal husbandry, and petrochemical industries leading the rise, while machinery, power equipment, and national defense and military industries leading the decline. Due to high trading volume and continuous inflow of leveraged funds, the upward trend remains unchanged. It is recommended to hold IM long positions [7]. - **Operation Suggestion**: Allocate IM long positions [7]. 3.1.2 Stock Index Options - **View**: The sentiment remains optimistic, and buying call options is still a strong strategy. The underlying market continued the optimistic sentiment of last week, with all varieties rising. The trading volume of the options market exceeded 20 billion yuan, up 36.72% from the previous trading day. All sentiment indicators in the options market give optimistic expectations. The volatility of each variety continued to rise significantly, approaching the level of April 8, 2025, but still about 10% away from the previous high on April 7 [2][8]. - **Operation Suggestion**: Buy call options and construct bull spreads [8]. 3.1.3 Bond Index Futures - **View**: The bond market sentiment is warming up. The yields of major inter - bank interest - rate bonds generally declined significantly, with long - term bonds performing better than short - term bonds. The central bank made a net investment of 219 million yuan in the open market and a net MLF investment of 30 billion yuan in August. The capital market remains loose. The reaction of long - term bond yields to the stock - bond seesaw effect has weakened. The 30 - year bond yield around 2% has certain cost - effectiveness for insurance and other institutional investors [3][8][10]. - **Operation Suggestion**: Adopt a cautious stance on trends. Consider long - position alternatives for hedging due to high short - position hedging costs. Pay attention to the narrowing of long - term basis and the steepening of the yield curve [10]. 3.2 Economic Calendar - The economic data of the United States on August 25, 2025, shows that the seasonally - adjusted annualized number of new home sales in July was 652,000 units, and the month - on - month change was - 0.61%. The economic data to be released includes China's cumulative year - on - year industrial enterprise profits in July, the US continued and initial jobless claims in August, the US second - quarter real GDP quarterly - adjusted annualized rate, PCE price index, and core PCE price index, as well as Japan's industrial production index and retail sales in July, and the US core PCE and PCE price indices in July [11]. 3.3 Important Information and News Tracking - **Expanding Domestic Demand and Stabilizing Employment Policies**: On August 25, the director of the National Development and Reform Commission held a symposium to listen to suggestions on expanding domestic demand and stabilizing employment, and promised to improve policies, create a fair market environment, and support enterprises [12]. - **Real Estate**: Six departments in Shanghai jointly issued a notice to optimize and adjust real estate policies, including removing the housing purchase limit for eligible households outside the outer ring and treating single adults as households for housing purchase limit policies [12][13]. - **Stock Market**: The three major A - share indices opened and closed higher. The Shanghai Composite Index rose 1.51%, the Shenzhen Component Index rose 2.26%, the ChiNext Index rose 3%, and the Beijing Stock Exchange 50 rose 0.23%. The trading volume of the two markets was 3.14 trillion yuan, an increase of 594.4 billion yuan from the previous trading day [13]. 3.4 Derivatives Market Monitoring - The document only lists the sections of stock index futures data, stock index options data, and bond index futures data, but no specific data is provided in the given content.

报告类型 股指日评 日期 2025 年 8 月 26 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 8 月 25 日，万得全 A 跳空高开后震荡上行，午间有所回落，随后再度走高， 收涨 1.80%，超 6 成个股上涨；指数现货方面，沪深 300、上证 50、中证 500、中 证 1000 收盘分别上涨 2.08%、2.09%、1.89%、1.56%，中小盘股表现更优。指数 期货表现弱于现货，IF、IH、IC、IM 主力合约分别收涨 1.83%、1.79%、1.46%、 0.87%（按前一交易日收盘价为基准计算 ...

没有意外，紧随北京， 上海的限购政策进一步打开。 8月25日，上海市住房城乡建设管理委、市房屋管理局、市财政局、市税务局、人民银行上海市分行、 市公积金管理中心等六部门联合印发《关于优化调整本市房地产政策措施的通知》（以下简称《通 知》），包括调减住房限购、优化住房公积金、优化个人住房信贷以及完善个人住房房产税等政策。 《通知》自2025年8月26日起施行。 公积金额度提高 "825新政"的四点内容 1 限购优化，外环外不限购 符合条件的居民家庭，沪籍家庭/单身人士，外环外不限购，外环内限购2套（维持不变）； 非户籍家庭/成年单身人士，自购房之日起，连续缴纳社保/个税满一年，外环外不限购；外环内（维持 不变），连续缴纳社保/个税满三年及以上，限购一套； 2 首套最高的额度，从160万提高到184万，多子女家庭，从192万提高到216万； 二套最高贷款额度从130万提高到149.5万； 支持提取公积金支付首付款、允许"又提又贷"； 3 商贷利率不区分首套、二套，都按首套算 在利率定价机制安排方面，不再区分首套住房和二套住房； 4 房产税政策完善 非沪籍家庭首套免征；二套及以上，免60㎡/人。 六点解读 1 8月 ...

Core Viewpoint - Shanghai has announced a significant adjustment to its real estate policies, which will take effect on August 26, 2025, aimed at stimulating the housing market and addressing inventory issues [2][5][18]. Group 1: Policy Adjustments - The new policy allows households from Shanghai and non-local residents who have paid social insurance or income tax for over one year to purchase an unlimited number of homes outside the outer ring [5][6]. - Single adults will be treated as households under the new purchasing limits, effectively increasing their eligibility for home purchases [6][8]. - The mortgage interest rates will no longer differentiate between first and second homes, reducing the cost of borrowing for buyers [9][11]. Group 2: Market Response - Following the announcement, real estate developers and agents in Shanghai quickly mobilized to reach out to potential buyers, indicating a strong market reaction [3][4]. - New marketing campaigns have been launched by developers to promote new properties, highlighting the urgency to capitalize on the new policy [4]. Group 3: Market Outlook - Industry experts believe that the new policy will significantly boost the recovery of the Shanghai real estate market, particularly during the upcoming "Golden September and Silver October" sales period [5][14]. - The overall real estate market in Shanghai has shown signs of stability, with a notable increase in transaction volumes and prices in the first half of the year [12][13]. - The adjustments are seen as a strategic move to address the uneven recovery in the market, particularly in areas outside the city center where inventory levels remain high [14].

周一，中概房地产板块股票走高，截至发稿，房多多(DUO.US)涨超12%，报1.635美元，贝壳 (BEKE.US)涨超2%，报18.94美元。消息面上，地产突发利好，今日上海市住房城乡建设管理委、市房 屋管理局等六部门联合印发《关于优化调整本市房地产政策措施的通知》，涉及住房限购、公积金、住 房信贷、住房税收等 6 项调整。新政自2025年8月26日起施行。其中，限购政策迎来大调整。符合条件 的家庭，外环外购房不限套数；成年单身按照居民家庭执行住房限购政策；公积金账户可支付首付款； 商贷利率不再区分首套和二套。 ...

Core Viewpoint - The People's Bank of China announced adjustments to the pricing mechanism for commercial personal housing loans in Shanghai, eliminating the distinction between first and second homes, which is expected to reduce mortgage burdens for residents and stimulate housing demand [1][2]. Group 1: Loan Rate Adjustments - The new loan rate mechanism sets the commercial personal housing loan rate uniformly at LPR-45 basis points for all types of homes, down from LPR-25 basis points for second homes in certain districts and LPR-5 basis points for core urban areas [1]. - This change is anticipated to alleviate the financial pressure on borrowers, particularly benefiting over 95% of first-time homebuyers who rely on bank loans [1]. Group 2: Housing Policy Changes - The Shanghai government has relaxed housing purchase restrictions, allowing eligible families to buy an unlimited number of homes outside the outer ring of the city [4]. - The new policy applies to both Shanghai residents and non-residents who have paid social insurance or income tax in Shanghai for over a year [4]. Group 3: Housing Fund Policy Optimization - The housing provident fund policy has been optimized to increase loan limits and allow withdrawals for down payments, facilitating easier access to housing finance [5]. - Non-residents purchasing their first home in Shanghai will be exempt from property tax, while those buying second homes will receive a tax deduction based on a per capita exemption of 60 square meters [5].

Group 1: Gree vs Xiaomi Air Conditioners - Gree's marketing director Zhu Lei responded to claims that Xiaomi's air conditioner online sales surpassed Gree's, questioning the validity of the data and suggesting it was due to changes in statistical methods by the data provider [3][6] - The dispute escalated after Xiaomi executives made statements celebrating their market position, with Xiaomi's president emphasizing the importance of capability for high-quality growth [5][6] - This rivalry is not new, as Gree's chairman has previously criticized Xiaomi's pricing strategies, while Xiaomi aims to be among the top three in the home appliance market by 2030 [6] Group 2: Xiaomi Financial Performance - Xiaomi reported a revenue of 116 billion yuan for Q2 2025, marking a 30.5% year-on-year increase, with an adjusted net profit of 10.8 billion yuan, up 75.4% [8] - The company’s air conditioner shipments exceeded 3 million units in 2022, with a projected growth to 4.4 million units in 2023 and 6.8 million units in 2024, reflecting a 49% and 50% increase respectively [8] Group 3: Real Estate Policy Changes in Shanghai - Shanghai's housing authorities announced adjustments to real estate policies, effective August 26, 2025, including the removal of restrictions on the number of properties that eligible families can purchase outside the outer ring [21][24] - The new policy aims to unify purchasing conditions for single individuals and married families, potentially increasing market activity in the outer ring areas [21][24] - Following the announcement, real estate stocks surged, with Vanke A hitting a trading limit for the first time in six months, indicating positive market sentiment [24][25] Group 4: UTree Technology Lawsuit - UTree Technology is facing a lawsuit for patent infringement, with the case set to be heard on August 26, 2025, which could impact its upcoming IPO [9][11] - The company has rapidly developed in the robotic dog sector, achieving a global market share of over 60% in consumer-grade robotic dogs [11] Group 5: Lao Pu Gold Price Increase - Lao Pu Gold announced its second price increase of the year, following a significant rise in sales and market interest, with a reported revenue of 12.354 billion yuan for the first half of 2025, up 251% year-on-year [12][14] - The company's stock has seen a dramatic increase since its IPO, with a peak rise of over 26 times from its initial offering price [14][17] Group 6: Recruitment Surge at Pang Dong Lai - Pang Dong Lai's recent recruitment drive attracted over 130,000 registrations, leading to system crashes due to high traffic [19][20] - The company aims to hire 900 new employees, with a focus on local candidates, and offers competitive salaries, reflecting its strong market position and employee value [19][20]

值得关注的是，此次政策明确支持提取住房公积金支付购房首付款。购买上海市新建预售商品住房 的缴存人，可以按规定申请提取本人及配偶的住房公积金支付购房首付款。 商业性个人住房贷款利率定价机制也进行了优化调整。通知明确优化个人住房信贷政策，银行业金 融机构根据上海市市场利率定价自律机制要求和本机构经营状况、客户风险状况等因素，在利率定价机 制安排方面不再区分首套住房和二套住房，合理确定每笔商业性个人住房贷款的具体利率水平。居民购 房利息负担有望进一步减轻。 个人住房房产税政策也将进行相应完善。通知规定，对符合条件的非沪籍居民家庭购买的第一套住 房暂免征收房产税；购买的第二套及以上住房在合并计算家庭全部住房面积后，给予人均60平方米的免 税面积扣除。 新华社上海8月25日电（记者郑钧天）符合条件的家庭外环外不限购、住房公积金可用作购房首 付、房贷利率不再区分首套和二套房……上海市住房城乡建设管理委、上海市房屋管理局等六部门25日 联合印发《关于优化调整本市房地产政策措施的通知》，次日起施行。 通知明确，符合条件的居民家庭在外环外购房不限套数，即上海户籍居民家庭、在上海市连续缴纳 社会保险或个人所得税满1年及以上的非沪 ...

Core Viewpoint - Shanghai has introduced new real estate policies aimed at optimizing housing purchase regulations, which are expected to stimulate the housing market and improve sales in the outer ring areas starting from August 26, 2025 [1][2][11]. Policy Adjustments - The new policies include reducing housing purchase restrictions, optimizing housing provident fund policies, improving personal housing credit, and refining property tax regulations [2][7]. - Housing purchase limits have been relaxed, allowing eligible residents to buy unlimited properties outside the outer ring, while single adults will be treated similarly to family units in terms of purchase limits [7][11]. - The maximum loan amount for housing provident funds has been increased, with first-time buyers now eligible for up to 216 million yuan, and second-time buyers up to 149.5 million yuan [7][8]. Market Reaction - Following the announcement, the real estate sector saw significant gains, with the real estate development sector rising by 3.4%, and individual companies like Vanke A and Rongsheng Development experiencing increases of over 9% and 8%, respectively [5][6]. - The policy is expected to alleviate inventory pressure in the outer ring areas, where 80% of the inventory is located, and improve the balance in the housing market [11][13]. Implications for Buyers - The changes are anticipated to benefit two main groups: middle-class families looking to upgrade their homes and those previously limited by purchase restrictions who now have more flexibility [12][14]. - The removal of interest rate differences between first and second homes is expected to reduce financial burdens for buyers, facilitating the release of pent-up demand [14]. Strategic Outlook - The policy aligns with broader market trends observed in other major cities, indicating a shift towards more flexible housing regulations to stimulate demand and support economic growth [11][13].

为更好满足居民刚性住房需求和多样化改善性住房需求，促进房地产市场平稳健康发展，8月25日，上海市住房城乡建设管理 委、市房屋管理局、市财政局、市税务局、人民银行上海市分行、市公积金管理中心等六部门联合印发《关于优化调整本市房 地产政策措施的通知》（以下简称《通知》），包括调减住房限购、优化住房公积金、优化个人住房信贷以及完善个人住房房 产税等政策。《通知》自2025年8月26日起施行。 一、调减住房限购政策 为更好满足居民改善性需求，促进宜居安居、职住平衡，《通知》明确进一步调减住房限购政策。一是符合条件居民家庭在外 环外购房不限套数。对符合本市住房购买条件的居民家庭，包括本市户籍居民家庭、在本市连续缴纳社会保险或个人所得税满 1年及以上的非本市户籍居民家庭，在外环外购买住房不限套数，包括新建商品住房和二手住房。二是成年单身人士按照居民 家庭执行住房限购政策。 按照上述规定，沪籍居民家庭和沪籍成年单身人士，在外环外购买住房不限套数；在外环内限购2套住房。非沪籍居民家庭和 非沪籍成年单身人士，自购房之日前在本市连续缴纳社会保险或个人所得税满1年及以上的，在外环外购买住房不限套数；自 购房之日前在本市连续缴纳社会 ...