MacroX 锐衍 . Trade Macro, Own Crypto, Your Convergence Engine 点击上方卡片加入交易理想国知识星球 查看更多精华内容 来源 | 交易理想国知识星球 编辑 | 杨兰 根据《中国期货市场品种属性研究报告（2025-09-22）》，以下是整理出的核心关键内容摘要，包括关键多空品 种、量仓变化、交易机会、风险提示与核心逻辑： 一、关键多空品种概览 以下文章来源于MacroX 锐衍 ，作者交易理想国 ✅ 多头品种（Cur v e Long / Good Cur ve Long）： • IC.CFE（中证5 0 0期货）：强多头，年化滚动收益高（6 . 0 7%），市场处于多头状态。 • IM.CFE（中证1 0 0 0期货）：强多头，年化滚动收益达9 . 5 7%，流动性好。 ❌ 空头品种（Cur v e Sho r t / Go od Cur v e Sho r t）： 二、量仓变化与流动性分析 | 品种代码 | 品种名称 | 成交量/持仓变化 | 流动性评级 | 备注 | | --- | --- | --- | --- | --- | | IIH.CFE | ...

Group 1 - The China Securities Regulatory Commission has approved the official launch of a direct sales service platform for institutional investors in the public fund industry [1] - The Ministry of Commerce has preliminarily identified dumping of imported pork and pork by-products originating from the European Union [1] - Shenzhen is further optimizing and adjusting its real estate policy measures [1] Group 2 - The People's Bank of China reported that as of the end of August, the country's foreign exchange reserves stood at $332.22 billion, an increase of $29.9 billion from the end of July [1] - The central bank also noted that as of the end of August, gold reserves reached 74.02 million ounces, marking the tenth consecutive month of increase [1]

Group 1 - Shenzhen has optimized housing purchase policies in 8 districts, allowing eligible families to buy unlimited properties in certain areas, which is expected to stimulate market activity and boost confidence in the real estate sector [1] - China Overseas Development, together with partners, has acquired 90% stakes in two companies related to significant land parcels in Shanghai, reinforcing their market position and promoting resource integration [2] - The nomination of Wu Bingqi as the new general manager of China Overseas Chinese Town Group may lead to a shift in management strategies, potentially revitalizing the company's operations in real estate and cultural tourism [3] Group 2 - Shanghai is set to release 1,099 new housing units across 11 projects, with most located outside the inner ring, reflecting a response to recent policy changes that encourage new developments [4] - The Shanghai Stock Exchange has publicly reprimanded the former executives of Ronshine Group for failing to disclose annual reports on time, highlighting significant governance issues within the company [5][6]

Core Insights - Shenzhen has introduced further measures to optimize and adjust real estate policies, including relaxing purchase restrictions and improving credit options [1] Market Response - Following the implementation of the new policies, there was a noticeable increase in customer inquiries and transactions during the first weekend, with overall sales volume rising by over 20% compared to typical weekends [1] - Many buyers expressed increased confidence in the housing market after the new policies were enacted [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The relaxation of purchase restrictions in Shenzhen has led to a month-on-month increase in new home transactions, while year-on-year sales remain lower [1][8] - The report highlights that the real estate market is in a recovery phase, with ongoing policy support expected to bolster demand [8] - Key companies with strong financials and performance are recommended for investment, including Yuexiu Property, China Merchants Shekou, Poly Developments, and others [8] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index fell by 1.48%, underperforming the CSI 300 Index, which declined by 0.81% [5][13] 2. Industry Fundamentals - For the week of August 29 to September 4, new home sales in 38 monitored cities totaled 25,688 units, a year-on-year decrease of 10.4% but a month-on-month increase of 5.3% [6][21] - The total transaction area for new homes was 2.425 million square meters, with a year-on-year decrease of 17.7% and a month-on-month increase of 5.3% [6][21] - In the same period, second-hand home sales in 16 monitored cities reached 15,607 units, showing a year-on-year increase of 5% but a month-on-month decrease of 13.3% [6][38] 3. Land Market Analysis - Land supply for the week was 36.101 million square meters, a year-on-year increase of 29.3%, with an average price of 1,808 yuan per square meter [7] - Land transactions totaled 23.902 million square meters, with a year-on-year increase of 43% and a transaction value of 30.78 billion yuan, up 61.7% year-on-year [7] 4. Investment Recommendations - The report suggests focusing on financially stable leading real estate companies that can effectively navigate market fluctuations, as well as property management firms that may see performance recovery [8]

继北京、上海之后，深圳房地产政策也迎来了调整。 9月5日深夜，深圳市住房和建设局、中国人民银行深圳市分行联合印发《关于进一步优化调整本市房地产政策措施的通知》（下称"《通知》"），自9月6 日起，深圳分区优化调整居民购买商品住房政策、分区优化调整企事业单位购买商品住房政策、优化调整个人住房信贷政策。 | | | 这次核心的调整集中在，罗湖、宝安西乡街道被移出核心限购区，深户、或者在深圳有1年连续社保、个税缴纳证明的非深户在罗湖、宝安（不含新安街 道）、龙岗、龙华、坪山、光明购房不限套数，非深户则限购2套。 李旭是乐有家的一名中介。新政发布之后的半小时，他迅速整理好了政策要点并连夜发给潜在客户，"除了福田、南山和宝安新安街道，其他的地方都不 限购了，我有些客户能满足购房需求了而且可以看的范围扩大，我要安排好明天的带看。" 深圳贝壳研究院院长肖小平也分享了成交的典型案例，"外地客户想在深圳核心区域核心位置购房，在此之前已经带看了多个区域的新盘，但因为没有名 额始终没有决定。新政发布后，第一时间发给客户，最终选在了罗湖，客户约了一早订房。" 不仅是中介，房企更是"一夜风起"。 据21世纪经济报道记者从房企获得的数据 ...

记者丨吴抒颖 编辑丨张伟贤 继北京、上海之后，深圳房地产政策也迎来了调整。 9月5日深夜，深圳市住房和建设局、中国人民银行深圳市分行联合印发《关于进一步优化调整本市房地产政策措施的通知》（下称"《通 知》"），自9月6日起，深圳分区优化调整居民购买商品住房政策、分区优化调整企事业单位购买商品住房政策、优化调整个人住房信贷政 策。 | 首页 | 信息公开 | 政务服务 | 互动交流 | 请输入关键词 | | --- | --- | --- | --- | --- | | 深圳市住房和建设局 | | | | | 这次核心的调整集中在，罗湖、宝安西乡街道被移出核心限购区，深户、或者在深圳有1年连续社保、个税缴纳证明的非深户在罗湖、宝安 （不含新安街道）、龙岗、龙华、坪山、光明购房不限套数，非深户则限购2套。 深圳龙岗区一处新房营销中心，现场不少购房者正在咨询。图/证券时报 短期市场向好 深圳此次新政的力度相对温和，但是对于刚需客户而言，却是入市的窗口期。 从购房成本来看，《通知》指出，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。 据乐有家研究中心计算， 新政后 ...

Core Viewpoint - Shenzhen's real estate policy has been adjusted to optimize housing purchase regulations, aiming to stimulate market activity and attract buyers, particularly from outside the city [1][5][8]. Policy Adjustments - The new policy, effective from September 6, allows residents and eligible non-residents to purchase multiple properties in certain districts, with restrictions lifted in areas like Luohu and Baoan [1][3]. - The previous requirement of continuous social security and tax payment for one year has been relaxed, enabling more potential buyers to enter the market [1][4]. Market Response - Following the announcement, real estate agents and developers quickly engaged with potential buyers, leading to increased activity in the market, particularly in non-core areas [2][4]. - Reports indicate a surge in customer inquiries and viewings, with some properties experiencing a notable uptick in interest [4][5]. Financial Implications - The adjustment in mortgage rates, with both first and second homes now at 3.05%, represents a decrease from the previous 3.45% for second homes, potentially saving buyers significant interest costs [3][4]. - For an 8 million yuan property over 30 years, the new policy could save buyers approximately 510,000 yuan in interest [3]. Market Outlook - Analysts suggest that the new policy may enhance market confidence and stimulate demand, particularly in non-core areas, while maintaining some restrictions in core districts to prevent speculation [5][8]. - The overall market sentiment remains cautious, with expectations that the policy will improve conditions without causing drastic fluctuations [7][8]. Current Market Conditions - Recent data indicates a decline in new and second-hand property transactions in August, highlighting the need for policy intervention to revitalize the market [7][9]. - The traditional peak season for real estate transactions, "Golden September and Silver October," is anticipated to be influenced by the new policy, though its effectiveness remains to be seen [9].

Core Viewpoint - Shenzhen has adjusted its real estate policies to further optimize housing purchase regulations, effective from September 6, following similar moves in Beijing and Shanghai [1][3]. Group 1: Housing Purchase Policy Adjustments - The new policy allows eligible residents, including local households and non-local households who have paid social insurance or individual income tax in Shenzhen for over one year, to purchase an unlimited number of commercial housing units in specified districts [1]. - Non-local households unable to provide proof of continuous social insurance or tax payments for one year are limited to purchasing two housing units in certain districts [3]. - In Yantian District and Dapeng New District, there will be no qualification review for purchasing commercial housing [3]. Group 2: Housing Credit Policy Adjustments - The new regulations optimize personal housing credit policies, allowing banks to no longer differentiate between first and second home loan interest rates, enabling a more reasonable determination of interest rates for each commercial personal housing loan [3].

Group 1 - The Shenzhen Municipal Housing and Construction Bureau and the People's Bank of China Shenzhen Branch jointly issued a notice to further optimize and adjust real estate policies in the city [1][2] - From September 6, the purchasing policies for residential properties will be optimized and adjusted for different districts, including changes to personal housing credit policies [1] - Single adults will be subject to the same housing purchase restrictions as resident families, and loan rates will no longer differentiate between first and second homes [1] Group 2 - Eligible resident families for purchasing properties include Shenzhen household residents and non-Shenzhen residents who have paid social insurance or individual income tax for over one year [1] - In specific districts like Luohu, Baoan (excluding Xin'an Street), Longgang, Longhua, Pingshan, and Guangming, there are no limits on the number of properties purchased for eligible families [1] - In districts such as Futian, Nanshan, and Baoan's Xin'an Street, Shenzhen household residents are limited to two properties, while non-residents with the required proof can purchase one [1] Group 3 - In Yantian District and Dapeng New District, there will be no review of household registration or social security conditions for purchasing properties, and there will be no limit on the number of properties [2] - Enterprises can purchase residential properties within Shenzhen to meet employee housing needs, with specific conditions for certain districts [2] - The personal housing credit policy will be optimized, with banks no longer differentiating loan rates between first and second homes based on market conditions and client risk [2]