Market Overview - In August, the overall market risk appetite improved, with Chinese stocks leading the gains at a return of 7.2% [1] - The Shanghai Composite Index surpassed 3800 points, reaching a nearly ten-year high [1] - Daily trading volume in the Shanghai and Shenzhen markets significantly increased to 22,796 billion yuan [1] - The Federal Reserve's interest rate cut expectations rose, contributing to an increase in gold prices [1] - OPEC+ announced a substantial increase in production, leading to a decline in oil prices by 6.53% [1] Asset Performance - The ranking of asset returns for August is as follows: Chinese stocks > Gold > Global stocks > Global bonds > Agricultural products > Cash > Foreign exchange > Domestic bonds > Real estate > Industrial products > Oil [1] Chinese Stock Market - The Chinese stock market continued to perform well, with major indices rising: the Wind China 500R Index increased by 7.2%, the Wind All A Index rose by 10.9%, and the Hong Kong China Enterprises Index gained 3.3% [10] - The average daily trading volume in the Shanghai and Shenzhen markets reached 22,796 billion yuan, up from 16,101 billion yuan the previous month, indicating increased market activity [10] - The technology sector, particularly in AI, computing power, and semiconductors, showed strong performance with a monthly increase of 16.3% [11] Global Stock Market - The global stock market saw most indices rise, with emerging markets outperforming developed markets [5] - Vietnam and Brazil led the gains with returns of 12.0% and 8.9%, respectively, while Saudi Arabia and India lagged with returns of -2.9% and -2.2% [5] - Developed markets, particularly Japan, performed well with a return of 5.9%, while Germany and France had returns below 1% [5] Bond Market - The bond market faced pressure in August, with rising yield expectations due to inflation concerns [12] - Convertible bonds led the performance with a yield of 4.32%, while interest rate bonds showed the weakest performance with a decline of 0.44% [12] - The yield on 10-year government bonds rose by 13.35 basis points to 1.84% [12] Commodity Market - Gold prices reached new highs, closing at $3,516.0 per ounce, a 4.9% increase from the previous month [17] - Oil prices declined by 4% to $67 per barrel due to increased supply and weakened demand [17] - In the agricultural sector, soybeans showed the best performance with a 6.4% increase [18] Real Estate Market - The real estate market in first-tier cities continued to show a downward trend, with investment indices declining [20] - The transaction area of commercial housing in 30 major cities decreased by 1.6% to 1.786 million square meters [22] - The overall market remains under pressure, indicating that recovery in the industry requires further observation of subsequent data [22] Foreign Exchange Market - The US dollar index fell by 2.20% to 97.85, reflecting a weakening trend [24] - The decline in the dollar has put upward pressure on the renminbi exchange rate [24] Cash Market - The money market fund index rose to 1,706.44 points, a slight increase of 0.09% from the previous month [26] - The annualized yield of the Yu'ebao seven-day fund was 1.06%, showing a slight increase [26]

Core Viewpoint - The official platform for debunking rumors in Shenzhen has issued a notice regarding false information about the "lifting of purchase restrictions in the core area of Shenzhen" [1] Summary by Relevant Sections - **Rumor Details** - There were circulating WeChat chat screenshots claiming that projects could apply for special channels to resolve purchase qualification restrictions for clients [1] - **Official Response** - The Shenzhen government confirmed that there is no truth to the rumors, as a real estate regulation policy was enacted on September 5, 2023, which does not include any lifting of purchase restrictions in the core area [1] - **Public Advisory** - Citizens are advised to refrain from believing unofficial sources of false information [1]

2025.09.19 本文字数：1066，阅读时长大约2分钟 作者 |第一财经 邹臻杰 优化后的上海个人住房房产税政策将对哪些人群产生影响？ 今日（19日），上海出台《关于优化调整本市个人住房房产税试点有关政策的通知》（下称《政策》） 文件，由于《政策》涉及了免税条件、退税条款，因而也受到业内人士关注。 第一财经梳理发现，此次《政策》是8月25日发布的《关于优化调整本市房地产政策措施的通知》（下 称"沪六条"）房地产新政的细化版，且内容符合"沪六条"政策的具体口径。 其中，《政策》明确，对于持居住证的人才，以及居住证满3年的居民家庭，可享受两项利好政策，第 一是"首套房免税"，第二是"人均60平方米以内的二套房免税"。 为此，上海易居房地产研究院严跃进对记者解读表示，《政策》明确的免税条件体现了三个特点。第 一、免税内容和本地户籍居民家庭口径一致，体现了政策宽松的导向。第二、设定了人才标准或"居住 证满3年"的要求，说明对人才及在上海稳定就业的居民家庭给予购房支持，体现了职住平衡和支持住房 消费的导向。第三、各类购房需求都得到较好支持。比如说对于三口之家而言，若置换为180平方米及 以下的二套住房，是可以免税 ...

Core Insights - The "2025 China Service Industry Top 500" report was released, indicating a significant increase in total revenue for the listed companies, reaching 51.1 trillion yuan, with an average revenue exceeding 1 billion yuan for the first time at 1,022.2 million yuan [1][8] - The revenue growth rate for the top 500 service companies has accelerated, and the operational efficiency has shown structural improvement, particularly in emerging service sectors [1][8] Revenue and Profitability - The net profit for the 2025 China Service Industry Top 500 reached 834 billion yuan, reflecting a growth of 6.71% [3] - The average revenue per employee is reported at 828.1 thousand yuan, while the average profit per employee stands at 21.5 thousand yuan [3] Industry Composition - Among the top 500 service companies, there are 276 state-owned enterprises and 224 private enterprises, indicating a balanced representation of ownership types [6] - The number of companies in the modern service sector, such as the internet industry, has increased to 184, up by 12 from the previous year [4] Research and Development - Information technology service companies account for 48.67% of the total R&D expenses among the top 500, with an average R&D intensity of 3.80%, supporting the digital transformation and intelligent upgrades across various industries [5]

中国企业联合会、中国企业家协会9月18日在重庆发布"2025中国服务业企业500强"。入围企业2024年营业收入总规模迈上新台阶，达到51.1万 亿元，平均营业收入规模首次突破千亿元大关，达到1022.2亿元。榜单显示，服务业"500强"企业营业收入增速加快，经营效益结构性向好， 新兴服务表现亮眼……一组数据，读懂我国服务业发展新趋势。 权威数读 懂 务 业 发 读 新 势 我 E ll 展 趋 776元 2025中国服务业在全11500强 实现净利润8.34万亿元 增长8.71% 人均营收328。1万元 人均净利润21.5万元 权威数读 服 务 业 发 速 향 情 展 E 管 2025中国服务业itedly500强中 官地产尊传统服务业减少 14家 互联网尊现代服务业 184家 比上年增加12家 好 好 好 好 好 留 日 前 日 日 日 日 日 部门与机 权威数读 读 情 我 新 势 服 务 业 发 屋 趋 E 信息技术服务业企业 研发费用占全部企业的48.67% 平均研发强度达到3.80% 为各行业智能化改造、数字化转型 和网络化联接提供有力支撑 新华社 权威数读 权威数读 权威数读 服 务 业 发 新 ...

Core Insights - The "2025 China Service Industry Top 500" report was released, indicating a significant increase in total revenue for the listed companies, reaching 51.1 trillion yuan in 2024, with an average revenue surpassing 1 billion yuan for the first time at 1.0222 billion yuan [1][2][3]. Revenue Growth - The total revenue of the top 500 service companies grew by 3.82% compared to the previous year, with the growth rate improving by 1.0 percentage point [2][3]. - The net profit for these companies reached 8.34 trillion yuan, reflecting an increase of 8.71% [3]. Company Composition - Among the top 500 service companies, the number of traditional service companies in real estate decreased by 14, while the number of modern service companies, particularly in the internet sector, increased by 12 to a total of 184 [4][8]. - State-owned enterprises accounted for 276 of the top 500, while private enterprises made up 224 [8]. R&D Investment - The information technology service sector's R&D expenses constituted 48.67% of total expenditures, with an average R&D intensity of 3.80%, supporting the digital transformation and intelligent upgrades across various industries [5].

Core Viewpoint - The news clarifies that there is no truth to the rumors regarding the relaxation of housing purchase restrictions in Shenzhen's core area, emphasizing the importance of relying on official sources for information [1] Summary by Relevant Sections - **Real Estate Policy**: Shenzhen implemented real estate regulation policies on September 5, 2023, which do not include any measures to lift purchase restrictions in the core area [1] - **Public Awareness**: Citizens are advised to be cautious and not to believe in false information circulating through unofficial channels [1]

据深圳网络辟谣官方平台"深圳网络辟谣"消息：今日，有关"深圳核心区放开限购"内容的微信聊天截图 在网上流传，称"各项目如果有客户是因为购房资格限制不能买房的，可以申请特殊渠道解决"，引发关 注。 经核实，我市今年9月5日出台了房地产调控政策，并不存在网传的"深圳核心区放开限购"的情况。请广 大市民切勿轻信非官方渠道的虚假消息。 （文章来源：第一财经） ...

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 19.35, indicating a potential upside of 35.4% from the current price of HKD 14.30 [4][6]. Core Insights - The company maintains a strong position in sales and investment, ranking second in contract sales for the first half of 2025, with a total contract sales amount of approximately RMB 120.15 billion, a year-on-year decrease of 19.0% [2]. - The company has a robust land reserve, with a total land bank of approximately 40.47 million square meters as of June 2025, and 86% of new land investments concentrated in first-tier and strong second-tier cities [2]. - Despite a decline in profit margins, the company continues to lead the industry with a gross margin of 17.4% and a core net profit margin of 10.6% [3]. - The company has made significant progress in commercial operations, with a commercial operating income of RMB 3.54 billion, and its first REIT has been accepted for review by regulatory authorities [4]. Summary by Sections Sales and Investment - In the first half of 2025, the company achieved contract sales of approximately RMB 120.15 billion, with a sales area of about 5.12 million square meters, reflecting a year-on-year decrease of 19.0% and 5.9% respectively. The average selling price increased by 1% to RMB 23,500 per square meter [2]. Land Reserve - The company acquired land worth RMB 40.37 billion in the first half of 2025, with a total land bank of approximately 40.47 million square meters as of June 2025. The new land investments are primarily in first-tier and strong second-tier cities, accounting for 86% of the total [2]. Financial Performance - The company's revenue for the first half of 2025 decreased by 4.3% to RMB 83.22 billion, with a gross margin of 17.4%, down by 4.7 percentage points year-on-year. The core net profit attributable to shareholders fell by 17.5% to RMB 8.78 billion [3]. Commercial Operations - The company reported a commercial operating income of RMB 3.54 billion, with a rental rate of 96.2% for shopping centers and 78.3% for office buildings. The first REIT has been accepted for review, marking a significant milestone in asset management capabilities [4].

Core Viewpoint - The newly optimized personal housing property tax policy in Shanghai aims to support reasonable housing consumption demands, particularly benefiting talent and families with residence permits [3]. Group 1: Tax Exemption Policies - The policy provides tax exemptions for first-time homebuyers and for second homes if the area per person does not exceed 60 square meters [1][6]. - The exemption conditions align with local household standards, indicating a more lenient policy direction [1]. - The policy supports various housing demands, including improved housing needs for families, such as a three-person household upgrading to a second home of 180 square meters or less [1]. Group 2: Tax Refund Provisions - For non-local buyers without a three-year residence permit, the policy implements a "pay first, refund later" rule, allowing them to receive tax refunds once they meet the residence permit requirement [2]. - This provision is expected to further stimulate housing demand by alleviating immediate tax burdens for buyers [2]. Group 3: Changes from Previous Policies - The new policy allows non-local residents to have the same tax exemption opportunities as local residents when purchasing a second home, a significant change from previous restrictions [4]. - Previously, non-local residents faced limitations on home purchases, but the new policy enables them to acquire multiple properties under certain conditions [4][10].