最近关于房地产的消息可以说是沸沸扬扬，王健林当年的那些话，如今看来真是一语成谶。 一线城市核心资产还能撑多久？ 所以，会不会出现这样的情况：那些手握一线城市学区房的家庭，依然可以稳坐钓鱼台。 但现实也是残酷的，据财新说，即便是北上广深的房子，成交量也在下滑。 尤其是那些动不动就是千万级别的豪宅，势必会面临更严峻的考验。 听说有朋友想卖掉深圳的一套房，挂了半年都没人看。 这会不会掀起一波恐慌性抛售潮？ 三四线城市的房子成了烫手山芋 多套房家庭的梦想即将成真了吗？还是噩梦开始了？ 据说现在的情况，无疑让很多人开始重新审视自己的投资决策。 所以，会不会三四线城市的多套房家庭，现在正在经历最痛苦的时刻？ 一方是每月的房贷压力，另一方确是有价无市的现实。 据说某些城市的房价，已经跌回了五年前的水平。 无疑也是让那些前几年疯狂扫货的投资者，开始怀疑人生。 比如，像我一个朋友的邻居，在老家县城买了三套房，现在想卖一套都难。 甚至降价30%，都没人愿意接手。 这或许就是王健林当年说的"泡沫破灭"的真实写照。 租金回报率持续探底 现实也是如此，那些指望"以租养贷"的家庭，势必会发现这条路越来越难走。 据不完全统计，很多城市的租 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on stabilizing electricity and coal prices, preventing "involution-style" vicious competition, and enhancing the foundation for high-quality development of state-owned enterprises [1] - Central enterprises have shown resilience in facing various risks and challenges this year, with steady improvement in value creation and operational efficiency [1] - SASAC will optimize the regular communication mechanism for economic operations of state-owned enterprises and actively coordinate to address practical issues raised by enterprises [1] Group 2 - Zhang Yuzhuo emphasized the need for state-owned enterprises to align their thoughts and actions with the central government's economic judgments and decisions, maintaining strategic focus [2] - Enterprises are encouraged to enhance operational efficiency by optimizing investment structures and focusing on key areas such as industrial chain strengthening, infrastructure construction, and energy resource security [2] - There is a strong emphasis on resisting "involution-style" competition and promoting differentiated development and brand competition to foster a healthy and sustainable industry ecosystem [2]

Core Viewpoint - The Guangxi government is launching a subsidy program for purchasing new residential properties to stimulate consumption, stabilize the market, and benefit the public, running from September 15 to October 31, with a total subsidy amount of 120 million yuan [1] Summary by Categories Subsidy Details - The total subsidy amount for the program is 120 million yuan [1] - Two categories of eligible buyers: 1. Buyers of the first or second new residential property in Guangxi can receive a subsidy of 10,000 yuan per property 2. Buyers of new residential parking spaces can receive a subsidy of 1,000 yuan per space [1][1] - If there are two or more buyers, one buyer can apply for the subsidy [1] Application Process - Buyers can submit their application materials online through the Yunshangfu App [1] - On-site consultation services are available at the housing and urban-rural development service windows in various cities, counties, and districts [1] - Telephone consultation services are provided by the Guangxi Housing and Urban-Rural Development Department and local housing departments [1] Program Conditions - The subsidy program operates on a "first-come, first-served" basis, and will end once the funds are exhausted [1] - If the subsidy funds are used up before the end date, the program will be terminated immediately, with announcements made through official channels [1]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Macroeconomic policies aim to strengthen the domestic market, with China's August CPI, core CPI, and PPI showing specific trends, and US inflation unexpectedly falling. Fundamentally, zinc ore imports and processing fees are rising, along with increased smelter profits and supply growth. Import losses are widening, reducing imported zinc inflows. On the demand side, downstream is at the end of the off - season, with stable and rising processing enterprise operating rates. Zinc prices are at a low level, downstream purchases on - demand, domestic social inventories are increasing, and overseas LME inventories are decreasing, supporting zinc prices. Technically, with decreasing positions and price fluctuations, it's recommended to wait and see or go long on dips [3]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai Zinc main contract is 22,250 yuan/ton, up 35 yuan; the 10 - 11 month contract spread is - 5 yuan/ton, down 10 yuan. The LME three - month zinc quote is 2,887.5 dollars/ton, up 20.5 dollars. The total Shanghai Zinc open interest is 222,719 lots, up 970 lots; the net position of the top 20 in Shanghai Zinc is - 6,229 lots, up 3,619 lots. Shanghai Zinc warehouse receipts are 44,925 tons, up 596 tons. The SHFE inventory is 87,032 tons, up 1,052 tons; the LME inventory is 50,825 tons, down 200 tons [3]. Spot Market - The SMM 0 zinc spot price is 22,180 yuan/ton, up 90 yuan; the Yangtze River Non - ferrous market 1 zinc spot price is 22,180 yuan/ton, up 260 yuan. The ZN main contract basis is - 70 yuan/ton, up 55 yuan; the LME zinc cash - 3 months spread is 23.01 dollars/ton, up 5.39 dollars. The Kunming 50% zinc concentrate arrival price is 16,860 yuan/ton, down 50 yuan; the Shanghai 85% - 86% broken zinc price is 15,600 yuan/ton, unchanged [3]. Upstream Situation - The WBMS zinc supply - demand balance is - 124,700 tons, down 104,100 tons; the ILZSG zinc supply - demand balance is - 69,100 tons, up 10,400 tons. The ILZSG global zinc mine production is 1,007,500 tons, down 4,300 tons; domestic refined zinc production is 617,000 tons, down 11,000 tons. Zinc ore imports are 455,900 tons, up 124,900 tons [3]. Industry Situation - Refined zinc imports are 35,156.02 tons, down 22,615.39 tons; refined zinc exports are 483.88 tons, up 266.83 tons. Zinc social inventories are 140,100 tons, up 1,800 tons [3]. Downstream Situation - Galvanized sheet production is 2.32 million tons, down 130,000 tons; sales are 2.34 million tons, down 120,000 tons. The new housing construction area is 352.06 million square meters, up 48.4168 million square meters; the housing completion area is 250.34 million square meters, up 24.6739 million square meters. Automobile production is 2.51 million vehicles, down 298,600 vehicles; air - conditioner production is 19.6788 million units, up 3.4764 million units [3]. Option Market - The implied volatility of the at - the - money zinc call option is 13.01%, down 0.03%; the 20 - day historical volatility of the at - the - money zinc option is 6.16%. The implied volatility of the at - the - money zinc put option is 13.02%, down 0.02%; the 60 - day historical volatility of the at - the - money zinc option is 11.12%, down 0.04% [3]. Industry News - China aims to stabilize employment, enterprises, markets, and expectations, implement active fiscal and moderately loose monetary policies, and promote various aspects of development. China's August CPI, core CPI, and PPI show specific trends, and US inflation unexpectedly falls [3].

Core Viewpoint - The report presented by the National Development and Reform Commission indicates that the execution of the national economic and social development plan for this year is generally good, with positive progress in various economic indicators despite external and internal challenges [1][2]. Group 1: Economic Performance - Economic growth, employment, consumption, foreign trade, and residents' income have shown smooth progress [1]. - The report highlights six key areas of work effectiveness, including proactive macro policies, expansion of domestic demand, optimization of industrial development, deepening reform and opening up, and steady progress in regional coordination and urban-rural integration [1][2]. Group 2: Future Economic Work - The focus for the second half of the year will be on maintaining stability while seeking progress, implementing new development concepts, and enhancing domestic and international economic coordination [2][3]. - Key tasks include promoting domestic demand, advancing technological and industrial innovation, and ensuring the stability of employment, enterprises, and market expectations [2][3]. Group 3: Policy Implementation - The report emphasizes the need for effective implementation of central policies, including proactive fiscal and moderately loose monetary policies to maximize policy effects [3]. - It also calls for the release of consumption potential through targeted actions and the removal of restrictive measures, alongside the promotion of high-quality investment projects [3].

Group 1 - The core viewpoint of the report emphasizes the implementation of a more proactive fiscal policy to ensure stable budget execution and financial operations [1][2] - The report outlines the intention to accelerate budget execution, improve fund utilization efficiency, and ensure fund security [1] - Key areas of focus include supporting employment and foreign trade, fostering new growth drivers, enhancing public welfare, and mitigating risks in critical sectors [1] Group 2 - The strategy will prioritize strengthening domestic circulation and implementing flexible macro policies to address uncertainties while ensuring high-quality development [2] - The government aims to maintain policy continuity and stability while enhancing flexibility and predictability in economic management [2]

Group 1 - The report highlights the implementation of various policies and measures deployed by the central government to stabilize employment, businesses, markets, and expectations [1] - It emphasizes the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [1] - The report calls for a thorough evaluation of policy implementation and suggests optimizing policies and measures based on assessment results to enhance their effectiveness [1] Group 2 - There is a focus on normalizing policy research and reserve, continuously improving the policy toolbox [1] - The report stresses the importance of addressing capacity governance in key industries and implementing measures to resolve structural contradictions while promoting quality upgrades [1] - It also mentions the need for comprehensive regulation of irrational competition and strengthening policy coordination and expectation guidance [1]

Core Insights - The provincial government emphasizes the need to balance the positive aspects of economic performance with the challenges faced, aiming to stabilize employment, businesses, markets, and expectations to achieve annual development goals [1] Economic Strategy - The government plans to enhance policy implementation to maintain industrial growth, boost consumption, increase effective investment, and improve service sector development [1] - There is a focus on stabilizing foreign trade and foreign investment while promoting a healthy real estate market [1] Social Welfare and Safety - The government aims to ensure the improvement of people's livelihoods by implementing beneficial policies [1] - Continuous efforts will be made to ensure safety in production and to prevent natural disasters, while also addressing risks in key areas [1] Governance and Efficiency - The government is committed to implementing important directives from the central leadership and enhancing administrative efficiency [1] - There is a push for ongoing improvements in government operations to ensure effective execution of policies [1]

Core Viewpoint - The article emphasizes the importance of the "Four Stabilizations" policy aimed at stabilizing employment, enterprises, markets, and expectations, as outlined in the Central Political Bureau meeting held at the end of July [1]. Group 1: Policy Implementation - The Shanghai Securities News has launched a column titled "'Four Stabilizations' Look at Implementation" to track the progress and effectiveness of various central and local government measures [1]. - The focus is on showcasing the implementation, landing, and refinement of policies related to the "Four Stabilizations" [1]. Group 2: Economic Measures - The article highlights the need for multiple measures to increase investment and effectively stimulate productivity development [8]. - There is a continuous enhancement of market attractiveness and support for key areas and weak links in the economy [18].

Group 1 - The meeting emphasized the importance of implementing the recent important speeches and directives from Xi Jinping and Li Qiang, focusing on aligning thoughts and actions with the central government's decisions [1] - The government aims to stabilize employment, enterprises, markets, and expectations while increasing investment, promoting consumption, and stabilizing foreign trade to achieve economic and social development goals for the year [1] - There is a strong focus on ensuring public safety, particularly in response to severe weather events, with an emphasis on risk assessment and management [1] Group 2 - The meeting highlighted the need to reinforce the educational outcomes of the central eight regulations, integrating ongoing learning with current work and inspections [1] - Continuous improvement in service to the public and addressing economic development issues is a priority, with a mechanism for regular review and correction established [1]