Group 1: Macro Economic Insights - The year-on-year growth rate of PPI rebounded to -2.9% in August, up from -3.6% in the previous month, indicating a slight improvement in industrial price pressures [4][8] - CPI in August decreased by 0.4% year-on-year, which is lower than the expected -0.2%, suggesting ongoing deflationary pressures in consumer prices [4][5] - The core CPI has remained above seasonal levels for five consecutive months, indicating a potential stabilization in consumer demand [7][9] Group 2: Real Estate Industry Overview - The A-share real estate sector reported a revenue of 712.8 billion yuan in the first half of 2025, a year-on-year decline of 11.6%, although the decline rate has narrowed compared to the previous year [28] - Key real estate companies have shown improved land acquisition efforts, with a total land purchase amount of 399.9 billion yuan, representing 72% of their total for 2024 [29] - The overall policy environment remains supportive, with measures aimed at stabilizing the market and promoting housing demand, leading to a gradual recovery in transactions in some first- and second-tier cities [30][31] Group 3: Financial Sector Developments - The new regulations on fund sales are expected to lower subscription fees and standardize service fees, which may alter investor preferences towards more liquid financial products [22][23] - The demand for high liquidity financial products is anticipated to increase, particularly for those with minimal holding periods, as investors seek better returns amid changing fee structures [24] - The shift towards ETF trading and long-term holding of bonds is likely as investors adapt to the new redemption fee structures [25] Group 4: Company-Specific Updates - The company "Saiwei Times" announced a stock incentive plan aimed at enhancing its long-term incentive mechanisms, with a target net profit growth of 70%/155%/215% from 2025 to 2027 [33][34] - The company is leveraging digital transformation to enhance its product development, brand management, and supply chain efficiency, which is expected to strengthen its competitive advantage [35]

业 研 究 2025 年 09 月 10 日 投资评级：看好（维持） 行业走势图 -14% 0% 14% 29% 43% 58% 2024-09 2025-01 2025-05 银行 沪深300 数据来源：聚源 相关研究报告 《测算：高息定存到期规模、节奏与 成 本 改 善 空 间 — 行 业 点 评 报 告 》 -2025.8.21 《"过度减点"贷款减少，定价暂难突 破成本线—2025Q2 央行货币政策执 行报告学习》-2025.8.17 《2025Q2 银行经营：盈利修复、息差 平稳、风险改善 —行业点评报告》 -2025.8.17 理财规模有望受益，投资基金偏好或生变 ——基金销售费新规征求意见稿点评 | 刘呈祥（分析师） | 吴文鑫（分析师） | | --- | --- | | liuchengxiang@kysec.cn | wuwenxin@kysec.cn | | 证书编号：S0790523060002 | 证书编号：S0790524060002 | 居民仍偏好高流动性产品，理财性价比凸显，规模有望加速上升。2025 年 1-5 月理 财增长最多的产品为"最小持有期"型（比如最短持有 7 天/ ...