记者丨石恩泽 编辑丨朱益民 9月，A股市场上最飚的股，当属上市房企首开股份（600376.SH）。 自9月2日至9月17日，首开股份股价从2.64元/股涨至7.34元/股，总市值由68亿元飙涨至189亿元。 9月18日，首开股份开盘后再度涨停，录得12天11板，市值涨超200亿元。 | 8.07 +0.73 +9.95% | | | | | | 首开股份 ① 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 600376 交易 | | SSE CNY 15:00:02 闭市 | | | | | | 疑似减持受限通 融 ▲ □ ■ | | 委比 | 100.00% 委差 | 86174 | Wind ESG评级 | BBB | | 详情 | | 更五 | | . | रेस | 206.84% 120日 | | 216.47% | | 壶四 | - | - | 5日 | 61.08% 250日 | | 275.35% | | 壶三 | - | - | 20日 | 195.60% 52周高 | | 7.34 | | 卖二 | = | = ...

记者丨 石恩泽 编辑丨朱益民 9月，A股市场上 最 飚 的 股，当属上市房企首开股份（600376.SH）。 自9月2日至9月17日， 首开股份股价从2.64元/股涨至7.34元/股，总市值由68亿元飙涨至189亿元。 9月18日，首开股份开盘后再度涨停，录得12天11板，市值涨超200亿元。 | 8.07 +0.73 +9.95% | | | | | | 首开股份 ① 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 600376 ×易 | | SSE CNY 15:00:02 闭市 | | | | | | 疑似减持受限 通 融 △ △ + | | 委比 | 100.00% 委差 | 86174 | Wind ESG评级 | BBB | | 详情 | | 卖五 | | - | 交生 | 206.84% 120日 | | 216.47% | | 卖四 | | - | 5日 | 61.08% 250日 | | 275.35% | | 卖三 | | | 20日 | 195.60% 52周高 | | 7.34 | | 卖二 | | | 60 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - On September 17, the capital market showed a situation where the capital supply tightened, the bond market recovered, the convertible bond market continued to decline, and most convertible bond individual stocks fell; yields of U.S. Treasuries across maturities generally rose, and yields of 10 - year government bonds in major European economies showed divergent trends [1]. 3. Summary According to Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - From January to August, the national general public budget revenue was 1,481.98 billion yuan, a year - on - year increase of 0.3%, with cumulative growth rate 0.2 percentage points higher than last month; national tax revenue slightly increased by 0.02% year - on - year, with cumulative growth rate turning positive for the first time this year; national general public budget expenditure increased by 3.1% year - on - year, with cumulative growth rate 0.3 percentage points lower than last month; enterprise income tax revenue increased by 0.3% year - on - year, individual income tax revenue increased by 8.9% year - on - year, vehicle purchase tax revenue decreased by 17.7% year - on - year, stamp duty revenue increased by 27.4% year - on - year, and securities trading stamp duty revenue increased by 81.7% year - on - year [3]. - As of 16:30 on September 17, the on - shore RMB to US dollar exchange rate was reported at 7.1056. Since September, the on - shore RMB to US dollar exchange rate has risen by 0.46%. The appreciation is due to the expected Fed rate - cut cycle and weakening dollar, as well as China's stable economic performance and increased attractiveness of RMB assets [4]. - As of the end of July, the balance of service consumption loans in key areas was 279 billion yuan, with new loans in the first seven months 6.3 billion yuan more than the whole of last year [4]. - Since the 14th Five - Year Plan, the total assets of central enterprises have increased from less than 70 trillion yuan to over 90 trillion yuan, and the total profit has increased from 1.9 trillion yuan to 2.6 trillion yuan, with average annual growth rates of 7.3% and 8.3% respectively. During the 14th Five - Year Plan period, 6 groups of 10 enterprises were restructured, and 9 new central enterprises were established [6]. 3.1.2 International News - On September 17 (U.S. Eastern Time), the Fed cut the federal funds rate target range by 25bp to 4.00% - 4.25%. The Fed expects to cut rates three times this year (one more than last time) and once next year. It also adjusted GDP growth, unemployment, and inflation expectations [7]. 3.1.3 Commodities - On September 17, WTI crude oil fell 0.75% to $63.99 per barrel, Brent crude oil fell 0.97% to $68.11 per barrel, COMEX gold futures fell 0.84% to $3,693.90 per ounce, and NYMEX natural gas prices fell 1.28% to $3.077 per ounce [8]. 3.2 Capital Supply 3.2.1 Open Market Operations - On September 17, the central bank conducted 418.5 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40%. With 304 billion yuan of reverse repurchases maturing on the same day, the net capital injection was 114.5 billion yuan [9]. 3.2.2 Capital Interest Rates - Affected by the tax period on September 17, the capital supply tightened, and major repurchase rates continued to rise. DR001 rose 4.43bp to 1.487%, and DR007 rose 4.26bp to 1.540% [10]. 3.3 Bond Market Dynamics 3.3.1 Interest - Bearing Bonds - **Spot Bond Yield Trends**: On September 17, the bond market was weak in the morning and recovered in the afternoon. By 20:00, the yield of the 10 - year Treasury active bond 250011 fell 1.70bp to 1.7630%, and the yield of the 10 - year CDB active bond 250215 fell 1.75bp to 1.9025% [13]. - **Bond Tendering Situations**: Information on the tendering of multiple bonds such as 25贴现国债57, 25贴现国债58, etc., including maturity, issuance scale, winning yield, over - subscription ratio, and marginal ratio, was provided [15]. 3.3.2 Credit Bonds - **Secondary Market Transaction Anomalies**: On September 17, the transaction prices of 3 industrial bonds deviated by more than 10%. "H1碧地03" fell more than 21%, "H9龙控01" rose more than 15%, and "H1碧地04" rose more than 66% [15]. - **Credit Bond Events**: Wuhan Tianying Investment's subsidiary failed to pay the principal and interest of "20天乾01" on schedule, with a bond balance of 450 million yuan; Oceanwide Capital planned to use a total of 11.9139 million yuan for bond repurchases [16]. 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indexes**: On September 17, the three major A - share indexes rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 0.37%, 1.16%, and 1.95% respectively, and the total trading volume was 2.4 trillion yuan. The convertible bond market also rose, with the CSI Convertible Bond, Shanghai Convertible Bond, and Shenzhen Convertible Bond indexes rising 0.57%, 0.55%, and 0.57% respectively. The trading volume was 89.036 billion yuan, an increase of 1.853 billion yuan from the previous trading day. Among individual convertible bonds, 325 rose, 97 fell, and 15 remained flat [17]. - **Convertible Bond Tracking**: Sichuan Bluetown Development and its subsidiaries had 25 new items included in the list of dishonest executors; Shimao Co., Ltd. had new litigation and arbitration involving a total amount of 1.656 billion yuan as of August 31; Hong Yang Real Estate postponed the Hong Kong winding - up petition hearing to March 23 next year; Shimao Construction had new overdue bond principal and interest of about 690 million yuan and new overdue interest - bearing debts of more than 10 million yuan totaling about 200 million yuan; Yingliu Convertible Bond will start online subscription on September 19; Ruikeda's convertible bond issuance was approved by the exchange on September 17 [20][21]. 3.3.4 Overseas Bond Markets - **U.S. Bond Market**: On September 17, yields of U.S. Treasuries across maturities generally rose. The yield of the 2 - year U.S. Treasury rose 1bp to 3.52%, and the yield of the 10 - year U.S. Treasury rose 2bp to 4.06%. The 2/10 - year U.S. Treasury yield spread widened by 1bp to 54bp, and the 5/30 - year U.S. Treasury yield spread narrowed by 2bp to 104bp. The break - even inflation rate of the 10 - year U.S. Treasury Inflation - Protected Securities (TIPS) rose 1bp to 2.38% [22][23][24]. - **European Bond Market**: On September 17, yields of 10 - year government bonds in major European economies showed divergent trends. The yield of the 10 - year German government bond fell 2bp to 2.68%, yields of 10 - year French and British government bonds remained unchanged, the yield of the 10 - year Italian government bond fell 1bp, and the yield of the 10 - year Spanish government bond rose 2bp [25]. - **Daily Price Changes of Chinese - Issued U.S. Dollar Bonds**: Information on the daily price changes of multiple Chinese - issued U.S. dollar bonds as of the close on September 17, including daily changes, credit entities, bond codes, issuance amounts, maturity dates, yields, and monthly changes, was provided [28].

Core Viewpoint - The debt restructuring process for distressed real estate companies in China is accelerating, with significant progress made in September 2025, indicating a new phase in risk mitigation for the industry [3][12]. Group 1: Debt Restructuring Progress - As of August 2025, 77 real estate companies have defaulted on debts, with around 60 companies announcing debt restructuring progress, and 20 companies having their restructuring plans approved [2][9]. - The total scale of debt restructuring approved for these companies exceeds 1.2 trillion yuan, reflecting a positive trend in the industry [9][11]. - Notable companies such as CIFI Holdings and Kaisa Group have made significant strides in their debt restructuring efforts, with CIFI's restructuring plan involving 100.6 billion yuan and Kaisa's plan expected to reduce debt by approximately 8.6 billion USD [4][6]. Group 2: Diverse Debt Restructuring Strategies - Debt-to-equity swaps have emerged as a preferred method for many companies, with firms like Longfor Group and Country Garden utilizing this approach [7]. - Companies are adopting varied strategies for debt restructuring, including cash buybacks, debt extensions, and asset disposals, showcasing a diversified approach to managing debt [7][11]. - The restructuring efforts are supported by financial institutions, with asset management firms actively engaging in projects to revitalize distressed assets [11] . Group 3: Market Conditions and Future Outlook - Recent policy changes, such as relaxed purchase restrictions and lower down payment ratios, are expected to stimulate buyer interest and improve the operational conditions for real estate companies [14]. - The market is entering a traditional peak season for sales, with expectations of increased activity in core cities as new projects are launched [14]. - Industry experts emphasize the need for companies to focus on core business operations and enhance operational efficiency post-restructuring to ensure sustainable growth [12].

内房股午后走低，截至发稿，金辉控股(09993)跌8.97%，报2.84港元；富力地产(02777)跌8.11%，报0.68 港元；融创中国(01918)跌5.65%，报1.66港元；新城发展(01030)跌3.32%，报2.62港元。 湘财证券指出，房地产市场销售端和投资端均面临较大下行压力，需要政策持续支持提振市场需求。北 京、上海、深圳于8-9月先后放松限购、优化公积金贷款政策，短期来看政策对促进新房、二手房成交 起到了一定效果，但持续性仍需观察。我们认为接下来要关注9月的地产政策窗口期，地产板块有博弈 机会。 消息面上，据国家统计局数据，1-8月，新建商品房销售面积5.73亿平方米，同比下降4.7%，降幅较1-7 月扩大0.7pct，其中住宅销售面积下降4.7%，降幅较1-7月扩大0.6pct。单月来看，8月商品房和商品住宅 销售面积同比分别为-10.6%、-9.7%，降幅较7月分别扩大2.7pct、收窄2.6pct。1-8月全国房地产开发投 资约6.03万亿元，同比下降12.9%。 ...

Group 1 - Financial Street Holdings Co., Ltd. experienced a decline of 5.07% on September 18, with a stock price of 3.18 yuan per share and a trading volume of 2.23 billion yuan, resulting in a total market capitalization of 9.505 billion yuan [1] - The company, established on June 18, 1996, and listed on June 26, 1996, primarily engages in real estate development and management, with revenue composition as follows: 77.85% from property development, 16.66% from property leasing, 3.92% from property management, and 1.57% from other sources [1] Group 2 - Among the top ten circulating shareholders of Financial Street, a fund under Southern Fund increased its holdings by 547,200 shares in the second quarter, bringing its total to 19.0883 million shares, which accounts for 0.64% of circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642), established on August 24, 2017, has a current size of 173 million yuan, with a year-to-date return of 10.07% and a one-year return of 38.56% [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 153 days, with the fund's total asset size at 138.999 billion yuan, achieving a best return of 148.65% and a worst return of -47.6% during his management [2]

9月18日，金地集团跌5.08%，截至发稿，报4.11元/股，成交5.29亿元，换手率2.79%，总市值185.55亿 元。 截至发稿，杜洋累计任职时间10年218天，现任基金资产总规模107.39亿元，任职期间最佳基金回报 299.2%， 任职期间最差基金回报-37.97%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，工银瑞信基金旗下1只基金重仓金地集团。工银战略转型股票A（000991）二季度持有股数 1955.69万股，与上期相比持股数量不变，占基金净值比例为3.31%，位居第九大重仓股。根据测算，今 日浮亏损失约430.25万元。 工银战略转型股票A（000991）成立日期2015年2月16日，最新规模21.71亿。今年以来收益15.04%，同 类排名3282/4222；近一年收益39.14%，同类排名2948/3804；成立以来收益299.2%。 工银战略转型股票A（000991）基金经理为杜洋。 资料显示，金地(集团)股份有 ...

南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 9月18日，天保基建跌5.08%，截至发稿，报4.30元/股，成交2.68亿元，换手率5.48%，总市值47.72亿 元。 资料显示，天津天保基建股份有限公司位于天津空港经济区西五道35号汇津广场1号楼，成立日期1998 年9月30日，上市日期2000年4月6日，公司主营业务涉及房地产开发、物业出租、物业管理等业务。主 营业务收入构成为：房地产销售85.93%，物业出租6.21%，物业管理6.20%，酒店收入1.47%，医药销售 0.20%。 从天保基建十大流通股东角度 数据显示，南方基金旗下1只基金位居天保基建十大流通股东。南方中证房地产ETF发起联接A （004642）二季度增持5.21万股，持有股数707.86万股，占流通股的比例为0.64%。根据测算，今日浮 亏损失约162.81万元。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.73亿。今年以来收益 10.07%，同类排名3590/4222；近一年收益38.56%，同类排名2980/3804；成立以来亏损38.66%。 截至发稿，罗文杰累计任 ...

Group 1 - The core point of the news is that Tiandi Source Co., Ltd. experienced a decline in stock price by 5.26%, with the current share price at 3.42 CNY and a total market capitalization of 2.955 billion CNY [1] - Tiandi Source's main business activities include real estate development and management, property leasing, property management, industrial investment, asset management, and domestic trade, with real estate accounting for 99.86% of its revenue [1] - The company is located in Xi'an, Shaanxi Province, and was established on December 21, 1992, with its listing date on July 9, 1993 [1] Group 2 - Among the top ten circulating shareholders of Tiandi Source, a fund under Southern Fund increased its holdings by 72,100 shares, bringing its total to 5.5023 million shares, which represents 0.64% of the circulating shares [2] - The Southern CSI Real Estate ETF Fund (004642) has a current scale of 173 million CNY and has achieved a year-to-date return of 10.07% [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 153 days, with the fund's total asset scale at 138.999 billion CNY [3]

资料显示，北京城建投资发展股份有限公司位于北京市朝阳区北土城西路11号城建开发大厦，成立日期 1998年12月30日，上市日期1999年2月3日，公司主营业务涉及房地产开发、对外股权投资和商业地产经 营。主营业务收入构成为：房地产开发(房屋销售)97.24%，租赁收入2.14%，其他(补充)0.23%，物业管 理0.20%，代建项目收入0.11%，房地产开发(一级土地开发)0.09%。 9月18日，城建发展跌5.01%，截至发稿，报5.12元/股，成交3.25亿元，换手率2.98%，总市值106.28亿 元。 从基金十大重仓股角度 数据显示，西部利得基金旗下1只基金重仓城建发展。西部利得聚禾混合A（007423）二季度持有股数 26.43万股，占基金净值比例为9.65%，位居第二大重仓股。根据测算，今日浮亏损失约7.14万元。 西部利得聚禾混合A（007423）成立日期2020年9月23日，最新规模581.2万。今年以来收益20.88%，同 类排名2050/8206；近一年收益38.92%，同类排名2367/7954；成立以来收益8.47%。 西部利得聚禾混合A（007423）基金经理为。 风险提示：市场有风 ...