Core Viewpoint - The stock of Overseas Chinese Town A experienced a significant increase, reaching a peak of 2.7 yuan per share, up 8%, with a trading volume of nearly 1.2 billion yuan, attributed to rumors of a potential company restructuring [1] Summary by Categories - **Stock Performance** - Overseas Chinese Town A's stock hit a limit up, closing at 2.7 yuan per share, representing an 8% increase [1] - The trading volume approached 1.2 billion yuan, indicating strong market interest [1] - **Market Rumors** - There are market rumors suggesting that Overseas Chinese Town may undergo a company restructuring, which likely triggered the stock's rapid increase [1] - **Company Response** - Company representatives expressed surprise at the stock's performance and clarified that any significant restructuring would be announced officially, stating that they have not received any related information [1]

中国人民银行行长潘功胜（图源：国新网） 其中，在化解融资平台债务风险方面，潘功胜表示，人民银行严肃财经纪律，推动地方政府统筹资金、资 产、资源化解债务风险，剥离融资平台的政府融资功能，转型为市场化的经营主体；引导金融机构通过债务 重组，降低融资平台流动性风险和利息负担。相关工作取得重要的阶段性成效。截至今年6月末，与2023年初 相比，融资平台数量下降超过60%，金融债务规模下降超过50%，总体上地方政府融资平台风险水平大幅收 敛。在金融支持房地产风险化解方面，人民银行立足宏观审慎管理的职能，优化调整首付比、房贷利率等多 项政策，并降低存量房贷利率，每年可为超过5000万户家庭减少利息支出约3000亿元。在化解中小金融机构 风险方面，人民银行会同金融监管部门和地方政府，综合采取在线修复、兼并重组和市场退出等方式，推动 高风险中小银行数量较峰值明显压降。 在外汇市场方面，人民银行坚持市场在汇率形成之中的决定性作用，面对多变的外部环境，保持了人民币汇 率的基本稳定。经过多年的发展，中国的外汇市场参与主体更加成熟，汇率避险工具的使用也更加广泛，市 场更具韧性。债券市场方面，人民银行从宏观审慎的角度观察、评估债市运行 ...

金融监管总局局长李云泽在国新办新闻发布会上表示，"十四五"期间，金融监管总局牵头组建了城市房 地产融资协调机制，白名单项目贷款超过7万亿元，支持近2000万套住房建设交付，有力保障广大购房 人的合法权益。 0:00 ...

Group 1: Real Estate Trends - The real estate market in China has entered a long-term decline since 2022, with some areas experiencing price drops exceeding 60% [6] - The oversupply of housing is significant, with 600 million existing homes available, enough to accommodate 3 billion people if each home houses five [6] - The aging population and declining demand from younger buyers are contributing to the decreasing value of homes [6] Group 2: Automotive Market Trends - The depreciation rate of cars is accelerating, with domestic mid-range cars seeing price drops of 20,000 to 30,000 yuan, and imported luxury cars dropping nearly 90,000 yuan [8] - The second-hand car market is also experiencing significant declines, with a car purchased for 260,000 yuan last year now valued at only 160,000 to 180,000 yuan [8] - Factors contributing to the decline in car values include rapid technological advancements, market oversupply, and increased competition from new entrants like Xiaomi and Huawei [8] Group 3: Value of Skills and Health - Professional skills are becoming increasingly valuable, providing job security and opportunities for side income [10] - Health is recognized as a critical asset, with an emphasis on regular health checks and maintaining a healthy lifestyle [11]

Core Viewpoint - Nanshan Holdings has experienced a decline in stock price, dropping 1.33% on September 22, with a total market value of 8.042 billion yuan and a cumulative drop of 7.45% over four consecutive days [1] Company Overview - Nanshan Holdings, established on April 30, 2001, and listed on December 3, 2009, is located in Shenzhen, Guangdong Province. The company operates in various sectors including real estate, integrated housing, ship cabin outfitting, tower crane leasing, oil logistics services, logistics park development, and marine oil engineering services [1] - The revenue composition of Nanshan Holdings is as follows: real estate business 58.87%, manufacturing business 20.54%, warehousing and logistics business 15.83%, integrated urban development 3.58%, and other businesses 1.19% [1] Shareholder Insights - Among the top ten circulating shareholders of Nanshan Holdings, Huaxia Fund's Huaxia CSI 1000 ETF (159845) increased its holdings by 1.4029 million shares in Q2, now holding 5.8975 million shares, which is 0.44% of the circulating shares. The estimated floating loss today is approximately 235,900 yuan, with a total floating loss of 1.4154 million yuan during the four-day decline [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a current scale of 38.227 billion yuan. Year-to-date returns are 26.11%, ranking 1914 out of 4222 in its category, while the one-year return is 67.6%, ranking 1288 out of 3813 [2]

Key Insights - The report highlights a significant increase in private market exposure among major pension funds, with the top 20 U.S. pension funds holding approximately $500 billion in private market investments, raising concerns among policymakers about potential risks [6][7][10] - The Government Pension Investment Fund (GPIF) of Japan has made its first direct investments in domestic alternative assets, allocating a total of ¥50 billion, with ¥40 billion directed towards infrastructure funds and ¥10 billion towards real estate investments [8][9] - The California Public Employees' Retirement System (CalPERS) has announced a transition to a Total Portfolio Approach (TPA) to enhance decision-making clarity and transparency, shifting to a simplified benchmark of a 75/25 equity-to-bond ratio [12][13] - The European Union is set to take action by the end of the year to promote pension investments and simplify cross-border transaction processes, aiming to reduce administrative costs and attract investments [16][17] Group 1: Private Market Exposure - Major pension funds are increasingly allocating capital to private markets, with a notable rise in risk exposure as the number of publicly listed companies declines [6][7] - The trend of pension funds moving towards private assets is being closely monitored by global policymakers due to the potential risks associated with this shift [7] Group 2: GPIF Investments - GPIF's new strategy allows for greater control over investments, as it directly selects funds rather than relying on asset management companies [8][9] - The fund's alternative investment allocation remains limited to 5% of total assets, with current holdings at only 1.6%, indicating room for growth in this area [8] Group 3: CalPERS TPA Implementation - The TPA will simplify the investment strategy for CalPERS, allowing for a more straightforward approach while maintaining a focus on risk management [12][13] - The integration of ESG factors into investment decisions is a key component of CalPERS' new strategy, with dedicated resources allocated to ensure compliance [13][16] Group 4: EU Regulatory Actions - The EU's proposed measures aim to streamline regulations and enhance market transparency, particularly concerning pension funds and cryptocurrency investments [16][17] - Tax incentives and simplified investment processes are expected to encourage household savings to flow into capital markets [17] Group 5: Other Global Developments - The Abu Dhabi Investment Authority is actively seeking opportunities in the private equity secondary market, despite challenges in the broader industry [18][19] - The National Pension Service of Korea has acquired a minority stake in Nordic real estate manager Areim, aligning with its investment strategy [20][21] - The IRS has finalized key rules under the SECURE 2.0 Act, impacting workplace retirement plans and contribution limits [22][23]

Industrial Sector - Daily average pig iron production increased, and Shandong's independent refineries' operating rates improved[2] - Cement clinker capacity utilization rate and petroleum asphalt operating rates showed marginal declines[2] - Polyester operating rates remained stable, while tire production rates for both radial and semi-radial tires increased[2] Real Estate - New home sales in 30 major cities increased by 37.6% year-on-year as of September 19, 2025, significantly up from the previous week[2] - The average selling price index for second-hand homes decreased by 0.69% in the last four weeks as of September 8, 2025[2] Domestic Demand - Movie box office revenue averaged 118.63 million yuan per day, up 58.6% year-on-year as of September 19, 2025[2] - Retail sales of major home appliances grew by 5.3% year-on-year, an increase of 0.7 percentage points from the previous week[2] - Domestic flight operations increased by 5.6% year-on-year, with a notable rise in execution rates[2] External Demand - Port cargo throughput increased by 7.3% year-on-year, while container throughput rose by 10.9% as of September 14, 2025[2] - South Korea's export value grew by 3.8% year-on-year in the first ten days of September, up 2.5 percentage points from August[2] Price Trends - The Nanhua Industrial Price Index rose by 1.0%, with the black raw materials index increasing by 3.1%[2] - Rebar futures closed up 1.4%, while spot prices increased by 0.7%[2] - Coking coal futures rose by 7.6%, with Shanxi coking coal spot prices up by 2.8%[2]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - This week, the commodity index rose slightly after reaching a high and then falling back, with industrial products rising slightly and agricultural products continuing to weaken. Macro factors are mixed, and fundamentals may dominate the trend. The commodity market may maintain a volatile trend, and subsequent attention should be paid to macro policies, trade negotiations, geopolitical factors, and changes in peak - season demand [3]. - Overseas, the new round of China - US talks reached a basic framework consensus, the Fed cut interest rates, US retail sales grew, and the Eurozone's economic sentiment index increased [3]. - Domestically, due to factors such as slowing export growth, economic downward pressure has increased in August. It is expected that new incremental measures will be introduced in the fourth - quarter macro - policies, focusing on fiscal support, central bank interest rate cuts, and promoting the real estate market to stop falling and stabilize [3]. 3. Summary by Relevant Catalogs PART ONE: Main Views - **Influencing Factors and Main Logic**: This week, the commodity index showed a trend of rising and then falling, with industrial products rising slightly and agricultural products weakening. The first half of the week was stimulated by factors such as progress in China - US trade negotiations and rising Fed interest - rate cut expectations, while the second half was suppressed by the landing of interest - rate cut expectations and the rebound of the US dollar index [3]. - **Overseas Situation**: From September 14th to 15th, China and the US reached a basic framework consensus in Madrid. On September 18th, the Fed cut the federal funds rate to 4.00% - 4.25%. On September 16th, US retail sales in August increased by 0.6% month - on - month, and the Eurozone's ZEW economic sentiment index in September rose [3]. - **Domestic Situation**: In August, due to factors like slowing export growth, economic downward pressure increased. It is expected that in the fourth quarter, new incremental measures will be introduced, with the core being fiscal support, central bank interest - rate cuts, and promoting the real estate market to stabilize. The joint efforts of fiscal and monetary policies will focus on "stabilizing investment" and "promoting consumption" [3]. - **Commodity Views**: Macro factors are mixed. The commodity market may maintain a volatile trend, and subsequent attention should be paid to macro policies, trade negotiations, geopolitical factors, and changes in peak - season demand [3]. PART TWO: Overseas Situation Analysis - The new round of China - US talks reached a basic framework consensus on issues such as resolving the TikTok issue, reducing investment barriers, and promoting economic and trade cooperation [3]. - The Fed cut the federal funds rate to 4.00% - 4.25%, and the "restart of easing" will have an important impact on market liquidity [3]. - US retail sales in August increased by 0.6% month - on - month, exceeding market expectations, and the real retail sales after CPI adjustment increased by 2.1% year - on - year, achieving positive growth for the 11th consecutive month [3]. - The Eurozone's ZEW economic sentiment index in September rose, and the industrial output in July rebounded slightly [3]. PART THREE: Domestic Situation Analysis - In August, due to factors such as slowing export growth, the year - on - year growth rates of industrial production, investment, and consumption continued to decline, and economic downward pressure increased. It is expected that new incremental measures will be introduced in the fourth - quarter macro - policies to ensure the achievement of the annual economic growth target of "around 5.0%" [3]. - The cumulative growth rate of tax revenue turning positive is a positive signal, but the year - on - year decline in the transfer income of state - owned land use rights indicates that local land finance still faces certain pressure [3]. - Nine departments jointly issued policies to expand service consumption, proposing 19 specific measures from five aspects [3]. PART FOUR: High - Frequency Data Tracking - **开工率数据**: The operating rates of the polyester industry chain and blast furnaces are presented in the data, such as the operating rates of terephthalic acid, polyester, and weaving in the polyester industry chain, as well as the national and Tangshan blast furnace operating rates [33]. - **汽车销售数据**: The data shows the year - on - year growth rates of factory wholesale and retail sales, and specific sales data for September [42][45]. - **农产品价格数据**: The data includes the average wholesale prices of 28 key monitored vegetables, pork, and the 200 - index of agricultural product wholesale prices [47].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The high - frequency economic data shows that the production side is relatively stable, with the decline of coke oven and asphalt开工率 and a slight increase in blast furnace, PX, and tire开工率, and a continuous decrease in rebar production. The real - estate market has marginally improved, with a slight increase in commercial housing transaction area. Price trends are differentiated, with international - priced crude oil and copper prices slightly falling, and domestically - priced coking coal and rebar prices rising; agricultural product prices are falling while egg prices are rising before the festival. Residents' travel is heating up, with an increase in subway passenger volume and domestic and international flight volumes, and a continuous upward trend in the peak congestion index of first - tier cities. The domestic and international shipping index trends are also differentiated, with the BDI index continuously recovering and the domestic SCFI index accelerating its decline. In the short term, attention should be focused on the implementation of anti - involution and incremental policies, the recovery of the real - estate market, and the impact of overseas policies [2][34]. 3. Summary by Relevant Catalogs 3.1 Production - Coke oven and asphalt开工率 decreased, while blast furnace, PX, and tire开工率 increased slightly. In the week of September 19, the coke oven capacity utilization rate decreased by 0.23 pct, the blast furnace开工率 increased by 0.15 pct, and rebar production decreased by 5.48 tons. The petroleum asphalt开工率 decreased by 0.5 pct. The chemical PX开工率 increased by 2.06 pct compared with the previous week, and PTA remained flat. The all - steel tire开工率 of automobiles increased by 0.07 pct, and the semi - steel tire开工率 increased by 0.2 pct [3][9][10]. 3.2 Demand - Commercial housing transactions increased slightly, and the SCFI index decreased significantly. In the week of September 14, the commercial housing transaction area increased slightly, the inventory - to - sales ratio increased, the land supply area decreased, and the residential land transaction premium rate declined. The movie box office decreased by 169 million yuan compared with the previous week. The average daily retail sales of automobile manufacturers increased by 17,700 vehicles, and the average daily wholesale sales increased by 22,700 vehicles. In the week of September 19, the shipping index SCFI decreased by 14.3%, the CCFI decreased by 0.45%, and the BDI increased by 3.62% [3][14][22]. 3.3 Prices - Crude oil and non - ferrous metals prices fell, while coking coal and rebar prices rose. In the week of September 19, the Brent crude oil price fell by 0.46% to $66.68 per barrel; the coking coal futures price rose by 6.9% to 1,216 yuan per ton. The LME copper, aluminum, and zinc futures prices changed by - 0.71%, - 0.93%, and - 1.95% respectively, and the domestic rebar futures price rose by 1.64%. The overall price of agricultural products declined, with the prices of pork, eggs, vegetables, and fruits changing by - 2.01%, + 4.91%, - 1.78%, and + 1.48% respectively compared with the previous week [3][24][27]. 3.4 Logistics - Subway passenger volume and flight volume both increased. In the week of September 19, the subway passenger volume in Beijing and Shanghai increased, the number of domestic and international flights increased, and the peak congestion index of first - tier cities continued to rise [4][30][32].

Core Insights - The article discusses the investment philosophy of Zhang Changping, focusing on identifying high-quality companies in China that are poised for growth [1][2][4]. Group 1: Investment Framework - Zhang Changping's research framework is based on "three capabilities + three trends," which include core competitiveness, ability to generate free cash flow, and governance capabilities [2][3]. - The core competitiveness of a company can stem from product strength, technological advantages, brand recognition, cost efficiency, and supply chain management [2]. - Companies must demonstrate the ability to convert core competitiveness into sustainable growth, which can be achieved through either expansion in a growing industry or market share acquisition in a stagnant industry [2][3]. Group 2: Governance and Market Trends - Governance is crucial for assessing a company's resilience against risks, focusing on management capabilities, decision-making quality, and ownership structure [3]. - Companies should align with industry trends, societal developments, and their own operational cycles to ensure long-term viability [3][4]. - Zhang Changping emphasizes the importance of identifying companies in early growth stages that have the potential to become "hidden champions" or "small giants" as China transitions to high-quality economic development [4]. Group 3: Investment Strategy - A balanced investment strategy is employed to mitigate risks associated with high volatility in high-growth companies, allowing for a diversified approach across various industries [4][5]. - Zhang Changping's investment expertise has expanded from real estate to technology, manufacturing, consumer goods, and pharmaceuticals, showcasing a broad capability in identifying investment opportunities [4][5]. - The introduction of "post-investment management" in 2024 aims to enhance investment activity and adapt to market changes through defined turnover rates and risk management practices [5][6]. Group 4: Value Creation - The core focus remains on "value creation," with a commitment to identifying high-growth "stars of tomorrow" that align with macroeconomic cycles and micro-level business dynamics [6][7]. - The balance between structured investment principles and disciplined execution is highlighted as essential for navigating market complexities and capturing growth potential [7].