Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down 0.18% at 3846.33 points, the Shenzhen Component down 0.79%, and the ChiNext Index down 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets was 138.18 billion yuan, a decrease of 17.4 billion yuan compared to the previous day, with over 2500 stocks declining [1] Sector Performance - Wind power equipment stocks saw a significant increase, with companies like Jixin Technology, Riyue Shares, and Yangming Intelligent hitting the daily limit [1] - Copper-related stocks continued to strengthen, with Jingyi Shares achieving three consecutive limits and Shengtun Mining rising over 7%, as global copper supply tightens; Citigroup predicts copper prices will rise to $12,000 per ton in the next 6 to 12 months [1] - Real estate stocks experienced a broad rally, with Hefei Urban Construction hitting the daily limit and Shanghai Urban Development rising over 8%, following a month of new policies in the Shanghai housing market that saw new home transactions increase by 19% month-on-month [1] Individual Stock Movements - Sailyus reached its daily limit and hit a historical high as the company received approval from the China Securities Regulatory Commission for its H-share issuance [2] - The gaming sector faced a pullback, with Jibite hitting the daily limit and companies like Kunlun Wanwei and Xinghui Entertainment dropping over 5% [1] - AI hardware sectors, including CPO and liquid-cooled servers, declined, with Lianang Micro falling over 9% and companies like Aggregated Materials and Chuanrun Shares dropping over 6% [1] - Pharmaceutical stocks generally fell, with Haocen Medical dropping over 9% and Hanyu Pharmaceutical and Hongjing Technology declining over 6%, as the U.S. plans to impose a 100% tariff on pharmaceutical products [1]

Core Viewpoint - Anhui Yujing Technology Co., Ltd. has been established with a registered capital of 5 million RMB, indicating a new player in the technology and manufacturing sectors [1] Company Summary - The legal representative of the company is Feng Dengxin [1] - The company’s business scope includes a wide range of services such as technology services, development, consulting, and transfer [1] - The company is involved in the manufacturing and sales of electrical components, precision gear transmission devices, and heavy-duty bearings [1] - It also engages in real estate consulting, evaluation, brokerage, and leasing [1] - The company is positioned to operate in various sectors including artificial intelligence software development, metal processing, and textile manufacturing [1] Industry Summary - The establishment of Anhui Yujing Technology Co., Ltd. reflects ongoing growth and diversification in the technology and manufacturing industries in China [1] - The company’s broad range of services and products suggests a strategic approach to capture multiple market segments [1] - The inclusion of advanced technology services and manufacturing capabilities indicates a focus on innovation and competitiveness in the industry [1]

Economic Overview - The inflation-adjusted GDP for the second quarter was revised to a robust 3.8%, surpassing the previously reported 3.3% [1] - Initial jobless claims decreased to 218,000, indicating strength in the labor market [2] - Existing home sales in July rose slightly to over 4 million, reflecting ongoing demand despite economic challenges [2] Tariff Impact and Economic Resilience - Initial pessimism regarding tariffs has lessened as the actual impact has been more manageable than anticipated, with numerous negotiations and exemptions [4][5] - The AI boom is contributing positively to productivity, potentially offsetting costs associated with tariffs [5] - A new tax bill favoring capital equipment expensing has bolstered corporate profits, while a weaker dollar benefits exporters [6] Inflation and Federal Reserve Policy - Concerns about inflation are minimal, with expectations that the PCE deflator will align closely with forecasts [8] - Commodity prices, including oil and home prices, have remained stable, suggesting no imminent inflationary trends [9] - The Federal Reserve is expected to continue reducing interest rates, potentially lowering the Fed funds rate to the mid to low 3% range by next year [10] Housing Market Dynamics - Existing home sales saw a slight decline of 0.2% in August, with the median home sales price increasing by 2% to $422,600 [12] - The housing market experienced a significant price increase of 45% from 2020 to 2022, but prices are now stabilizing [13] - A decrease in mortgage rates and softening home prices may improve affordability for potential homebuyers [15] Stock Market Outlook - The current economic backdrop is viewed positively, with expectations for a continued rally in the stock market, potentially increasing by another 5% to 10% [16][17] - Historical trends suggest that October may not be a bad month for the market, especially following a stable September [19]

Core Insights - The UAE real estate sector continues to be a significant driver of economic growth, with off-plan property transactions leading the market in the first half of 2025 [1] Group 1: Market Performance - In Q2, Dubai's property sales reached 153.7 billion dirhams, marking a year-on-year increase of 44.5% [1] - Abu Dhabi's property prices increased by 12.1%, with total transaction volume growing by 9.1% and second-hand property transactions rising by 32.6% [1] - Dubai's overall transactions grew by 22.8% for the year, with second-hand property transactions increasing by 17.1% [1] Group 2: Rental Market - The rental market remains stable, with Abu Dhabi lease agreements increasing by 9.4% year-on-year and Dubai's growing by 11.5% [1] Group 3: Office Space Supply - The office space supply is expanding, with Abu Dhabi's existing stock reaching 4.6 million square meters and an additional 66,000 square meters expected by year-end [1] - Dubai's total office space has increased to 9.3 million square meters, with an anticipated addition of 264,000 square meters of high-end office space by 2026 [1]

｜2025年9月26日星期五｜ NO.1 香港获评为全球最自由经济体 "香港政府新闻网"9月25日消息，菲沙研究所发布《世界经济自由度2025年度报告》，香港继续获评为全 球最自由经济体。在五个评估大项中，香港在"国际贸易自由"项蝉联首位，"稳健货币"和"监管"两项的排 名也位居全球第三位。 点评：香港将一如既往地坚定保持自由港地位、实行自由贸易、简单低税制等政策，发挥超级联系人和 超级增值人的角色和功能。 NO.2 今年前8月广州社零总额同比增长4.9% "南方网"9月25日消息，广州市统计局发布数据显示，8月，得益于消费品以旧换新活动的持续发力和暑期 消费拉动，叠加七夕释放"浪漫经济"活力，广州消费品市场继续保持良好增长态势。1～8月，广州市实现 社会消费品零售总额7237.41亿元，同比增长4.9%。 点评：今年以来，在消费品以旧换新政策和各类促销活动共同推动下，家电、家具等重点消费领域表现 活跃，市场潜力得到有效释放。 NO.3 深圳蝉联全球十大金融中心 "深圳发布"微信公众号9月25日消息，据"第38期全球金融中心指数报告（GFCI 38）"，深圳综合排名保持 第9，在金融科技领域创下历史最好表现， ...

Investment Chain - Prices of copper, aluminum, zinc, lead, gold, and silver have risen since September 2025. Fixed asset investment growth rate has decreased to 0.50%, with real estate development investment declining by 12.90% and manufacturing fixed asset investment growth at 5.10% [1] - Infrastructure investment growth rate has also decreased to 5.42%. Prices of tin and nickel have fallen, while the price of thermal coal has slightly increased to 676 RMB per ton [1] Consumption Chain - In August 2025, automobile sales growth rate increased to 16.44%, while home appliance retail sales growth rate decreased to 19.90%. The nominal growth rate of social consumption fell to 3.40% [2] - The cumulative nominal growth rate has decreased by 4.60%, and the sales area of commercial housing has seen a decline of 5.44% [2] Export Chain - In August 2025, export growth rate to the US decreased, while it increased for the EU, Japan, and ASEAN. The overall export growth rate rose to 25.52% [3] - Exports of furniture, refined oil, coke, ships, plastics, and auto parts have seen an increase, while agricultural products, toys, lighting, coal, steel, and aluminum exports have decreased [3] Price Chain - Oil prices have risen to 63.41 USD per barrel as of September 23, 2025. Prices for PVC have increased to 4695 RMB per ton, while prices for MDI have decreased [4] - Pork prices have dropped to 13.71 RMB per kilogram, and the price of domestic urea has also decreased compared to July 2025 [4]

Core Insights - The Shenzhen real estate market is experiencing significant changes, particularly in the second-hand housing sector, with a total of over 5,000 online registrations as of September 23 [1] - The latest average listing price for second-hand residential properties in Shenzhen is 62,600 yuan per square meter, showing a slight month-on-month decline of 0.6% compared to August [3] - The implementation of the September 5 policy has effectively lowered the threshold for home purchases, boosting market confidence and stimulating demand for upgraded housing [4] Market Dynamics - As of September 22, the total online registrations for new residential properties include 58 pre-sale registrations and 34 current sale registrations, with a cumulative total of 1,895 for the month [1] - The second-hand housing market has seen a total of 3,711 online registrations this month, indicating strong activity in this segment [1] - The proportion of transactions for luxury properties priced above 15 million yuan has increased by 2.6 percentage points, reflecting sustained demand from high-net-worth individuals [3] Policy Impact - The September 5 policy is viewed as a timely intervention that not only reduces the economic burden on buyers but also enhances their confidence in upgrading their living conditions [4] - The ongoing policy support is expected to continue driving market stability and recovery, with improved buyer sentiment likely to sustain the release of demand for upgraded housing [4] - Future policy adjustments may be made to ensure the stable and healthy development of the market, responding to actual market conditions [4]

Core Viewpoint - The article highlights the strong performance of the Shenzhen Composite Index, driven by the robust growth of technology stocks, particularly in the AI sector and other emerging industries [4]. Market Performance - The Shenzhen Composite Index reached a new high, outperforming the Shanghai market, with the ChiNext Index leading the three major indices due to strong performance in technology growth stocks [4]. - The market saw a total trading volume of 2.3 trillion yuan, reflecting a 1.9% increase, indicating high overall market activity and participation enthusiasm [7]. Sector Analysis - Key sectors showing strength include CPO (light modules), liquid-cooled servers, AI applications, gaming and media, certain renewable energy stocks, and non-ferrous metals [5]. - Conversely, sectors such as precious metals, port shipping, oil and gas extraction, textiles, agriculture, home appliances, banking, liquor (baijiu), and real estate exhibited weak performance [5]. Capital Flow - There was a net outflow of funds from major players, while retail investors showed a net inflow, indicating a shift in investment strategies [8]. - Institutional investors are favoring technology and high-end manufacturing sectors driven by policy support and high economic activity, with significant capital flowing into power equipment, computer devices, and digital economy sectors [8]. Investor Sentiment - Retail investor sentiment is at 75.85%, with a notable portion of investors increasing their positions (30.74%) while others are reducing their holdings (21.34%) [9][12]. - The overall sentiment reflects a cautious optimism among retail investors, with many actively participating in the market despite the mixed performance of various sectors [9].

过去二三十年，中国最赚钱的行业是什么？答案几乎不用思考：房地产。无数人因为一套房，财富几何 倍增；无数企业靠着土地红利，成为巨头。可是，时代在变，趋势在变。房地产的黄金年代已经过去， 未来20年最赚钱的行业，绝不会再是房地产，而是高新科技行业。 房地产红利已见顶 房子为什么能造富？原因在于城市化、人口红利和金融杠杆。 城市化：农民进城，住房需求爆发。 人口增长：结婚生子，买房成刚需。 金融杠杆：贷款政策宽松，房价不断推高。 但如今，这三大支柱正在崩塌： 房地产，不再是未来的财富发动机。 未来20年的财富密码：高新科技 人类社会的财富跃迁，从来都是由科技驱动的。蒸汽机开启工业革命，电力改变生产方式，互联网推动 全球化。未来20年，财富的爆发点一定在高新科技。 城市化基本完成，新增需求有限； 人口见顶，结婚率和生育率双降； 金融监管趋严，炒房空间越来越小。 这些领域，将孕育出下一个"阿里巴巴、腾讯、华为"，甚至是全球性的财富神话。 为什么高新科技才是未来？ 1. 全球趋势 美国靠科技巨头撑起股市市值，欧洲押注新能源，日本深耕机器人，中国也在全力投入"硬科 技"。这是全球的共识。 2. 国家战略 从"卡脖子技术"到 ...

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with seven industries experiencing gains, led by Media and Communication, which rose by 2.23% and 1.99% respectively. The Computer industry also saw an increase of 1.55% [1] - The total net outflow of capital from the two markets was 28.778 billion yuan, with five industries recording net inflows. The Electric Equipment industry had the highest net inflow of 3.916 billion yuan, followed by the Computer industry with a net inflow of 2.545 billion yuan [1] Computer Industry Performance - The Computer industry experienced a rise of 1.55%, with a total net inflow of 2.545 billion yuan. Out of 335 stocks in this sector, 183 stocks increased in value, and four stocks hit the daily limit [2] - The top three stocks with the highest net inflow in the Computer industry were Inspur Information (19.48 billion yuan), Yonyou Network (1.011 billion yuan), and Nasda (382 million yuan) [2] Capital Inflow and Outflow - The top stocks in terms of capital inflow included: - Inspur Information: +9.99%, turnover rate 9.55%, net inflow 1.948 billion yuan - Yonyou Network: +6.61%, turnover rate 7.83%, net inflow 1.011 billion yuan - Nasda: +10.02%, turnover rate 4.39%, net inflow 382 million yuan [2] - The top stocks with the highest capital outflow included: - Yinzhijie: -2.34%, turnover rate 6.44%, net outflow 320 million yuan - Guiding Compass: -1.26%, turnover rate 5.57%, net outflow 305 million yuan - Donghua Software: -3.24%, turnover rate 8.88%, net outflow 217 million yuan [3]