1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The September trend of the stock index was more volatile compared to July and August, entering a high - level consolidation phase after continuous growth. Due to some funds' hedging needs at high levels after a long - term uptrend, there was a divergence in long - and short - term forces, leading to significant fluctuations in the stock index. However, in the medium - to long - term, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mainly composed of technology growth stocks, are more aggressive with larger fluctuations and potentially higher returns. The SSE 50 and CSI 300 indices, which are dominated by dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2]. 3. Summaries by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (for different delivery months) decreased compared to the previous two days, with declines ranging from - 0.87% to - 1.16%. Trading volumes were 35095.00, 3254.00, 71448.00, and 11288.00 respectively, and the changes in open interest were - 2835.00, 367.00, - 3631.00, and - 350.00 [1]. - **IH Contracts**: The closing prices also declined, with decreases from - 0.43% to - 0.48%. Trading volumes were 15109.00, 966.00, 29241.00, and 2910.00 respectively, and the changes in open interest were 819.00, 301.00, 341.00, and - 420.00 [1]. - **IC Contracts**: The prices dropped by - 1.44% to - 1.48%. Trading volumes were 35918.00, 3743.00, 82089.00, and 14285.00 respectively, and the changes in open interest were - 1087.00, 841.00, 3028.00, and 583.00 [1]. - **IM Contracts**: The prices decreased by - 1.33% to - 1.47%. Trading volumes were 56703.00, 5684.00, 155277.00, and 25326.00 respectively, and the changes in open interest were 623.00, 1021.00, 8777.00, and 1116.00 [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM contracts showed different changes compared to the previous values [1]. 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300, SSE 50, CSI 500, and CSI 1000 indices all declined, with decreases of - 0.95%, - 0.40%, - 1.37%, and - 1.45% respectively. The trading volumes and total trading amounts also changed [1]. - **Industry Performance**: Different industries had different trends. Energy, main consumption, pharmaceutical and healthcare, etc. showed certain percentage changes in prices [1]. 3.3 Futures - Spot Basis - The futures - spot basis of IF contracts (for different delivery months) compared to the CSI 300 index had different values on the previous day and the previous two days [1]. 3.4 Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all declined, with decreases of - 0.65%, - 1.76%, - 1.85%, and - 2.60% respectively [1]. - **Overseas Indices**: The Hang Seng Index declined by - 1.35%, while the Nikkei 225, S&P 500, and DAX Index increased by 0.27%, 0.59%, and 0.87% respectively [1]. 3.5 Macro Information - The National Development and Reform Commission will implement practical measures to stimulate private investment. The National Bureau of Statistics reported that the labor - age population still has scale advantages and demographic dividends. During the National Day and Mid - Autumn Festival holidays, small - passenger cars can pass toll - free on national highways, and the expected cross - regional passenger flow is 23.6 billion person - times, a 3.2% increase from last year. The 2025 Conference on Accelerating the Construction of a Transportation Power emphasized multiple transportation construction tasks. South Korea will implement a visa - free policy for Chinese group tourists from September 29 to next June 30, and the number of Chinese tourists to South Korea is expected to exceed 5 million this year [2]. 3.6 Industry Information - Eight departments issued a work plan for the non - ferrous metals industry, aiming for an average annual growth of about 5% in added value and 1.5% in the output of ten non - ferrous metals from 2025 - 2026. From January to August, the national transportation fixed - asset investment was 2.26 trillion yuan. The State Administration for Market Regulation issued regulations on food safety responsibilities of catering service chain enterprises. As of September 27, more than 470 policies to stabilize the real - estate market were introduced in about 200 cities (counties) [2].

本报记者 陈潇 2025年第三季度，各地创新政策举措，持续巩固房地产市场止跌回稳态势。 中指研究院监测数据显示，截至9月27日，全国约200个省市（县）累计出台房地产相关政策超470条， 其中第三季度出台超120条。政策不仅涵盖公积金提取范围拓宽、购房补贴定向加码等消费端举措，也 包括金融端创新探索，政策工具箱不断丰富。 多措并举释放需求 与此同时，购房补贴力度在今年第三季度进一步加大，特别是针对多孩家庭的定向补贴，成为释放改善 性需求的"关键变量"，不少地区购房补贴可高达数十万元。 金融端创新政策亦在持续发力，不少地区相继鼓励商业银行提供"低月供"金融产品。 业内分析认为，这类政策不仅直接降低购房门槛，还能在"金九银十"传统旺季增强市场信心，有助于维 持楼市的持续活跃。 发力改善供需关系 在需求端鼓励政策加码的同时，多地通过收储存量土地，收购存量商品房，合理供应房地产用地，支持 存量用房业态功能合理转换等方式，推动市场供求关系加速改善。 在收储土地方面，中指研究院数据显示，截至9月27日，全国各地公示拟使用专项债收回收购存量闲置 土地超4600宗，总面积超2.4亿平方米，总金额超6200亿元。其中，已有近2 ...

Group 1 - The Shanghai Municipal Planning and Natural Resources Bureau has released guidelines to promote the quality improvement of residential properties, indicating a more regulated approach to the construction of "good houses" in the city [1] - Several new first-tier cities, including Hefei, Chongqing, Chengdu, Nanjing, Zhuhai, and Foshan, are studying new real estate policies to stimulate demand for improved housing and will introduce supportive measures for home purchases [1] - Since September 2024, the central government's clear requirement has been to stabilize both the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation amid external uncertainties [1] Group 2 - The central government has frequently emphasized the importance of building good houses and high-quality housing this year, suggesting that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [3] - Huayuan Securities maintains a positive outlook on the real estate sector, anticipating a favorable environment for high-quality housing development [3]

青岛千亿国企终于出手了，大手笔收购核心区的商品房！放大招的背后，意味着什么？ ▲海信辽阳路7号 1、 国企为楼市托底？ 9月26日，青岛国企海发集团携手海信集团，正式签署了存量商品房收购协议。协议显示，海发收购"海信辽阳路7号"和"海信正阳中心"两大项目，总面积 约2.2万㎡，用途全部为保障房。 ▲海发与海信签约现场 海发集团此前主要做实业和投资，这回直接下场买房，标志着地方政府积极落实"稳楼市、补保障"的新招式——这也是山东省首批通过"专项债+央行再贷 款"搞定保障房收购的项目。 据悉，为了给这次收购提供资金支持，青岛市财政安排了1.6亿元专项债作为资本金，中国人民银行青岛分行也组织银行提供低息再贷款。一场国企为楼 市"托底"的保障房分配大戏，在青岛正式上演。 2、 千亿国企变身接盘侠？ 海发集团是一家大型国有资本运营平台，注册资本100亿，业务范围涵盖城市开发、现代产业园区、股权投资等，去年营收已经超过1138亿元，是名副其 实的千亿国企，但它并不靠卖房赚钱，而是主业做贸易、卖商品、搞投资等"重资产"生意。这次下场收购商品房，并不是海发的本行，而是政府稳定楼 市、加大保障供给的命令式投资。 ▲海发集团总部 ...

该如何稳？还有什么办法稳住地产？9月5日，经济学家马光远发文表示，办法当然有！稳住楼市，只需五招。 马光远先是吐槽过去政策没有听他的，所以导致市场已经超调。房地产开发投资下滑了超过30%，房价普遍下跌了30%以上，北上广深四大一线城市房价大 部分已经跌到2016年。 马光远称，有机构预言，中国的房价还有25%到30%的下调空间。那么全国房价跌幅将会超过60%，国民财富就房价一项的损失将超过200万亿！中国老百姓 的财富百分之六七十主要放在房子上，而不是像其他国家放在金融资产上。房地产的稳定影响老百姓的财富，这是基本常识。 所以，在经历接近五年的调整之后，拯救房地产似乎成了难以承受之重。关键是要从过去几年的调整中总结经验和教训，当下最紧要的是改变预期，把大家 买房最担心的问题在政策层面予以回应，而且措施一定要坚决，要有力，不能还留着大招等着以后用，现在就是必须用大招的时候。 现在正是房地产市场止跌回稳的关键时期，此前国家已经明确表态，"采取有力措施巩固房地产市场止跌回稳态势"，一个是说明当前市场还在调整，二是释 放进一步"稳楼市"的积极信号。 的确，大多数人买房真怕房价跌，可是人为制造房价不跌合适吗？还有，不少 ...

9月5日，记者从深圳市住建局网站获悉，《深圳市住房和建设局 中国人民银行深圳市分行关于进一步优化调整深圳市房地产政策措施的通知》正式发 布，《通知》自2025年9月6日（周六）起施行。 具体来看，分区优化调整居民购买商品住房政策。 《通知》提出，符合深圳市商品住房购买条件的居民家庭（包括深圳市户籍居民家庭、自购房之日前在深圳市连续缴纳社会保险或个人所得税满1年及以 上的非深圳市户籍居民家庭），在罗湖区、宝安区（不含新安街道）、龙岗区、龙华区、坪山区、光明区范围内购买商品住房不限套数。 无法提供自购房之日前在深圳市连续缴纳社会保险或个人所得税满1年及以上证明的非深圳市户籍居民家庭，在罗湖区、宝安区（不含新安街道）、龙岗 区、龙华区、坪山区、光明区范围内购买商品住房限购2套。 继北京和上海之后，深圳楼市的新政策成为市场关注的焦点。 此外，在盐田区、大鹏新区购买商品住房，不再审核购房资格。成年单身人士按照居民家庭执行商品住房限购政策。 除了限购区域调整，《通知》提出分区优化调整企事业单位购买商品住房政策，企事业单位可在深圳市范围内购买商品住房，用于解决员工住房等需求。 其中，在福田区、南山区和宝安区新安街道范围内购 ...

Core Viewpoint - The issuance of local government bonds remains strong, with a focus on special bonds for debt replacement, stabilizing the real estate market, and funding government investment projects [1][3][5]. Group 1: Local Government Bond Issuance - In August, the issuance of local government bonds reached 977.6 billion yuan, with new special bonds accounting for 486.6 billion yuan, representing about half of the total [1]. - From January to August, the cumulative issuance of new special bonds was 3.26 trillion yuan, which is 74% of the annual quota of 4.4 trillion yuan [3]. - The issuance of special bonds has accelerated in recent months, with amounts of 443.2 billion yuan, 527.1 billion yuan, 616.9 billion yuan, and 486.6 billion yuan from May to August [3]. Group 2: Debt Replacement and Financial Management - Over 40% of the new special bonds issued in August were allocated for government stock investment projects, primarily for debt replacement [1][3]. - The issuance of refinancing special bonds for replacing hidden debts reached 1.93 trillion yuan from January to August, with only about 70 billion yuan remaining for the year [1][3]. - The total issuance of special bonds for debt replacement from January to August was 9.68 trillion yuan, accounting for 30% of all new special bonds issued [3]. Group 3: Funding Allocation and Project Focus - The funds from new special bonds are primarily directed towards project construction, including municipal infrastructure, transportation, and social services [3][4]. - The issuance of land reserve special bonds has increased, with a total of 324 billion yuan issued across ten provinces from January to August [4]. - Special bonds for "stabilizing the real estate market" amounted to approximately 595 billion yuan from January to August, making it the second-largest category of funding after municipal infrastructure [5]. Group 4: Support for Government Investment Funds - A significant portion of the special bonds issued in August was directed towards government investment funds to support technological innovation and emerging industries [7][8]. - Various provinces, including Beijing and Shanghai, have issued special bonds to inject capital into government investment funds, with amounts ranging from 50 billion yuan to 100 billion yuan [7][8]. - The shift in the use of special bonds towards supporting strategic emerging industries reflects a broader trend of reallocating funds from traditional infrastructure to new infrastructure and innovation-driven projects [8][9].

Core Viewpoint - The issuance of local government bonds in August reached 977.6 billion yuan, maintaining strong momentum despite a decline compared to June and July, with special bonds accounting for about half of the total issuance [1] Group 1: Bond Issuance and Utilization - From January to August, the cumulative issuance of new special bonds reached 3.26 trillion yuan, accounting for 74% of the annual quota of 4.4 trillion yuan, with a notable acceleration in issuance since May [2][3] - In August, 44% of the newly issued special bonds were allocated for debt repayment, totaling 212.9 billion yuan, while the cumulative amount for debt repayment from January to August was 968 billion yuan, representing 30% of the total new special bonds issued [2] - The funds from new special bonds are primarily directed towards project construction, including municipal infrastructure, transportation, and social projects, with significant allocations for municipal and industrial park infrastructure [2][5] Group 2: Land Reserve Bonds - The issuance of land reserve special bonds has increased, with a total of 3.24 trillion yuan issued by ten provinces from January to August, with Shanghai leading at 568 billion yuan [3] - Local governments are utilizing special bonds to recover idle land, which helps alleviate financial pressure on developers and promotes stability in the real estate market [3] Group 3: Acquisition of Existing Properties - Some provinces are initiating projects to acquire existing residential properties, with 32 projects identified across four provinces, primarily funded by special bonds [4][5] - The total funding for "stabilizing the housing market" through special bonds reached approximately 595 billion yuan from January to August, making it the second-largest category of funding after municipal infrastructure [5] Group 4: Support for Innovation and Emerging Industries - A significant trend in August was the issuance of special bonds to support government investment funds aimed at enhancing local technological innovation and strategic emerging industries [6][7] - Various provinces, including Beijing and Shanghai, have allocated special bonds to government investment funds, indicating a shift in investment focus from traditional infrastructure to new infrastructure and emerging sectors [7][8]

Core Viewpoint - The issuance of local government bonds in August reached 977.6 billion yuan, maintaining strong momentum despite a decline compared to June and July, with new special bonds accounting for about half of the total issuance [1] Group 1: Bond Issuance and Utilization - From January to August, the cumulative issuance of new special bonds reached 3.26 trillion yuan, accounting for 74% of the annual quota of 4.4 trillion yuan, with a notable acceleration in issuance in recent months [2][1] - In August, over 40% of the new special bonds were allocated for government existing investment projects, termed "debt reduction" funds, with a total of 2.129 trillion yuan issued for this purpose [2] - The issuance of special bonds for land reserve reached 600 billion yuan in August, with ten provinces issuing over 320 billion yuan in land reserve special bonds [1][3] Group 2: Debt Reduction and Project Funding - The demand for "debt reduction" remains significant, with 30% of the new special bonds issued from January to August allocated for this purpose, totaling 9.68 trillion yuan [2] - The primary use of new special bond funds, excluding "debt reduction," was for project construction, including municipal infrastructure, transportation, and social projects [2] Group 3: Land Reserve and Housing Market Stabilization - The issuance of land reserve special bonds has increased, with a total of 3.24 trillion yuan issued by ten provinces from January to August, aimed at recovering idle land and alleviating financial pressure on developers [3] - Some provinces are also initiating projects to acquire existing residential properties, with 32 projects reported across four provinces, primarily funded by special bonds [4][5] Group 4: Support for Innovation and Emerging Industries - A significant trend in August was the issuance of special bonds to support government investment funds, enhancing support for local technological innovation and strategic emerging industries [6] - Various provinces, including Beijing and Shanghai, issued special bonds for government investment funds, indicating a shift in investment focus from traditional infrastructure to new infrastructure and emerging sectors [7][6] Group 5: Economic Impact and Future Outlook - Experts suggest that the increased investment in strategic emerging industries through special bonds is a necessary shift to adapt to high-quality economic development and innovation-driven growth [7][8] - The potential for growth in strategic emerging industries is highlighted, with expectations for positive contributions to GDP and tax revenue, indicating a favorable outlook for the effectiveness of these investments [8]

通过城中村改造、完整社区规划建设，民生配套短板加快补齐，居民购房需求得以有效激发。据了 解，南宁市鸡村城中村改造项目配套开发的商品房开盘当天几近售罄；柳州市城中村改造带动全市土地 市场回暖，上半年土地购置费同比增长164.4%。（郭亚琼 姚琳尹） 近日，记者从自治区住房城乡建设厅获悉，今年以来，广西"稳楼市"政策持续落地显效，1—7月， 全区新建商品住宅销售面积同比增速5.7%，超过全国平均增速9.8个百分点，增速排名全国第6位。 今年以来，广西通过收购存量商品房、优化安置方式、加大住房消费支持力度等措施，推动商品房 库存持续消化，成为全国第一批完成收购项目落地、第一批获得配售型保障房收购贷款、发放第一份配 售型保障房不动产权证、第一个对收购存量住房实施财政奖补的省区。截至今年6月底，全区共收购存 量商品房2万套，拉动全区商品房销售面积同比增速9.35个百分点；通过推行"房票"安置、"以购代 建"、危旧房改造"拆旧买新"，消化存量商品房40万平方米，全区商品房库存同比下降21.1%。 商品房库存量下降提升了群众的购房信心，刚性和改善性需求不断释放。今年3月，广西新建商品 住宅销售面积同比增速1.4%，为近年来 ...