中国证券报•中证金牛座记者从广东证监局了解到，"并购六条"实施近一年来，广东并购重组市场持续 活跃，超250家上市公司披露、完成产业化并购重组超1500亿元；披露、完成重大资产重组超30单，持 续位居全国首位，呈现"量质齐升"的良好态势。 赋能高质量发展 并购重组是上市公司转型升级，实现高质量发展的重要途径。2025年上半年，瀚蓝环境实现营业收入 57.63亿元，其中粤丰环保并表增加3.69亿元；实现归属于上市公司股东的净利润9.67亿元，其中粤丰环 保并表增加约6000万元。瀚蓝环境表示，公司与粤丰环保持续整合资源，实现多维度融合，双方还将在 供应链、财务、人力资源、信息等条线充分整合，进一步发挥并购协同效应。 2025年2月，广东宏大斥资22.06亿元收购雪峰科技21%股权。2025年上半年，广东宏大实现营业收入 91.5亿元，同比增长63.83%；实现归属于上市公司股东的净利润5.04亿元，同比增长22.05%。其中，雪 峰科技并表贡献23.35亿元营业收入，贡献3808.23万元净利润。广东宏大表示，公司将持续发挥双方业 务协同、技术协同等优势，不断优化内部管理，提高资产质量。 广东证监局表示，广东并 ...

Core Viewpoint - The recent notice from the State Administration of Foreign Exchange (SAFE) aims to enhance the convenience of cross-border investment and financing, particularly for foreign individuals purchasing real estate in China, while maintaining existing regulatory frameworks [1][2][5]. Group 1: Policy Changes - The notice reduces the negative list for capital project foreign exchange income and its conversion into RMB for domestic payments, specifically removing restrictions on purchasing non-self-occupied residential properties [2][5][6]. - The policy allows foreign individuals to make foreign exchange payments for real estate purchases before obtaining the necessary purchase registration documents from real estate authorities, streamlining the payment process [4][6]. Group 2: Implementation and Impact - The pilot program for Hong Kong and Macau residents in the Guangdong-Hong Kong-Macau Greater Bay Area, which allows for "payment first, documentation later," will be expanded nationwide [3][4]. - As of January 2025, the People's Bank of China in Guangdong has facilitated 2,603 transactions for Hong Kong and Macau residents, amounting to approximately RMB 2.993 billion, indicating strong demand for cross-border real estate purchases [3]. Group 3: Future Directions - SAFE plans to continue promoting reforms in the foreign exchange sector to support legitimate cross-border investment activities and better serve the high-quality development of the real economy [6].

9月17日，Wind数据显示，A股市场共计80只个股涨停。其中汽车零部件股山子高科4连板，房地产股首 开股份4连板。一图速览今日连板股>> | ETT H | 9.17 | | | --- | --- | --- | | | | 截至收盘斩获连板个股 | | 股票名称 | 连板天数 | 所属概念 | | *ST亚太 | 8 | 西部大开发 | | 山子高科 | 4 | 汽车零部件 | | 香江控股 | 4 | 房地产 | | 上海建工 | ਪ | 水利水务 | | 首开股份 | 4 | 房地产 | | *ST正平 | 4 | 路桥工程 | | 万向钱潮 | 3 | 汽车零部件 | | 泰慕士 | 3 | 服装家纺 | | *ST宇顺 | 3 | 数据中心 | | *ST仁东 | 3 | 多元金融 | | 模塑科技 | 2 | 汽车零部件 | | 置兴紙业 | 2 | 机器人 | | 银轮股份 | 2 | 液冷服务器 | | 均胜电子 | 2 | 人形机器人 | | 新华锦 | 2 | 机器人 | | 建元信托 | 2 | 信托 | | *ST元成 | 2 | 生态景观 | | 杭电股份 | 2 | 智能电网 ...

Market Overview - The Shanghai Composite Index increased by 0.37% with a trading volume of 1,231.67 million shares and a transaction amount of 19,435.79 billion yuan, representing a 3.06% increase compared to the previous trading day [1] Industry Performance - The top-performing industries included: - **Electric Power Equipment**: Increased by 2.52% with a transaction amount of 2,240.46 billion yuan, up 5.24% from the previous day, led by Zhejiang Hengwei with a rise of 19.99% [1] - **Automobile**: Increased by 1.90% with a transaction amount of 1,277.96 billion yuan, up 0.71%, led by Haon Automotive with a rise of 14.21% [1] - **Coal**: Increased by 1.79% with a transaction amount of 126.73 billion yuan, up 21.96%, led by Lu'an Environmental Energy with a rise of 7.13% [1] - The worst-performing industries included: - **Petroleum and Petrochemicals**: Decreased by 1.12% with a transaction amount of 83.90 billion yuan, up 5.09%, led by *ST Xinchao with a decline of 2.58% [2] - **Retail Trade**: Decreased by 0.85% with a transaction amount of 313.00 billion yuan, up 0.92%, led by Sanjiang Shopping with a decline of 6.63% [2] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Decreased by 0.81% with a transaction amount of 172.79 billion yuan, down 15.67%, led by Bangji Technology with a decline of 7.64% [2]

Economic Growth Analysis - In August, the industrial added value of large-scale enterprises grew by 5.2% year-on-year, down from 5.7% in July[5] - The total retail sales of consumer goods increased by 3.4% year-on-year, a decrease from 3.7% in the previous month[5] - Fixed asset investment accumulated a year-on-year growth of only 0.5%, down from 1.6% in July[5] Investment and Consumption Trends - The decline in investment was more significant than expected, with fixed asset investment down by 1.1 percentage points year-on-year[5] - Manufacturing investment is expected to remain low, which may improve profit margins in the long run[5] - Service sector performance outpaced goods, with the service production index rising by 5.6% year-on-year in August[5] Structural Adjustments and Future Outlook - The slowdown in growth is seen as manageable, with a focus on optimizing resource allocation rather than a decline in investment confidence[5] - The transition from old to new economic drivers is underway, with high-tech industries showing a 4.1 percentage point increase in added value compared to the overall sector[5] - Future consumer spending is expected to shift towards services, supported by government policies aimed at enhancing consumer confidence[5]

据介绍，招商局集团董事长缪建民指出，招商局集团与百度集团合作基础良好，人工智能是招商局集团 下一步发展的重点，希望通过签署协议，在数智化方面及股权投资、金融、物流、物业管理与租赁等领 域深化合作，尤其是加强云计算、AI大模型、创新医药等方面合作，推动双方合作不断迈上新台阶。 百度集团-SW(09888)午后涨超17%，截至发稿，涨17.24%，报132.8港元，成交额62.24亿港元。 消息面上，据招商局集团官微消息，9月15日，招商局集团与百度集团在深圳签署战略合作框架协议。 根据协议，双方将通过紧密合作，积极发挥各自优势，在科创产业、交通物流、综合金融、地产园区等 领域开展合作，构建双赢、可持续发展的战略合作伙伴关系，实现资源共享、优势互补、互利共赢、共 同发展。 ...

今天上午，行业巨头"组团"发力。 "芯片一哥"中芯国际A、H股盘中股价双双创出历史新高。在其带动下，半导体产业链全面走强，细分的光刻机产业链领涨。中芯国际A股上午上涨 6.59%。 还有"宁王"宁德时代，其A、H股盘中股价也双双创出历史新高。BC电池、PET铜箔等新能源板块上午上涨。宁德时代A股上午上涨6.48%。 今天上午，顺周期主线表现活跃，煤炭、工程机械、造纸、油气开采等板块上涨。 9月16日晚，上海建工发布股票交易风险提示公告，公司股票短期涨幅较大，显著高于同行业上市公司。公司基本面未发生重大变化，可能存在市场情绪 过热和非理性炒作的情形，交易风险大幅提升，存在短期大幅下跌的风险。 公司还表示，公司黄金业务收入占公司营业收入比例较低，历年均不超过营业收入0.5%，对公司生产经营影响较小，且金矿项目开采期较长，矿产品 位、年开采产量等具有较大不确定性，亦存在境外环境和政策方面的不稳定因素。 还有一只"低价股"走势引人关注。首开股份9月3日涨停，当日收盘价为2.9元，之后该股开始一路上涨。今天上午，首开股份上涨8.85%，盘中一度涨停。 自9月3日至今，首开股份累计涨幅为175%。 9月16日晚，首开股份 ...

Group 1: Federal Reserve and Economic Indicators - The Federal Reserve is expected to lower interest rates by 25 basis points, with traders betting on a larger cut of at least 50 basis points by the end of the year [2][6] - U.S. retail sales increased for the third consecutive month in August, exceeding expectations, indicating resilience in consumer spending [6] - U.S. industrial output showed little growth, with previous month data revised down [6] Group 2: Market Performance - U.S. stock indices closed lower amid cautious trading before the Federal Reserve's decision, with the Nasdaq down 0.07%, S&P 500 down 0.13%, and Dow Jones down 0.27% [4] - The yield on U.S. Treasury bonds declined, with the 2-year yield at 3.5033%, down 0.95% for the day and down 17.55% year-to-date [5] - Gold prices surpassed $3700 per ounce for the first time, driven by safe-haven demand and a weaker dollar [3][18] Group 3: Commodity Market - Oil prices rose by over $1 due to concerns over potential supply disruptions from Ukraine's drone attacks on Russian ports and refineries [3] - Brent crude oil was reported at $68.47, up 1.53%, while WTI crude oil was at $64.52, up 1.93% [19]

金九银十，历来是上海二手房市场的销售旺季， 金九过半，上海二手房成交9804套，成交量并无明显起色。价格方面同样不容乐观，9 月上海二手住宅价格环比下跌 0.80%，整体呈下行趋势。 但从长远来看。随着此次政策的放松，市场活跃度还是有所提升，成交量可能有一定的回升。8月底，上海二手房成交量在短期内出现明显增长，当前还处 于政策窗口期，更多人有买房资格，理论来说也会创造更多成交。 价格方面，当前可能处于一个比较平稳的状态，成交高低主要还是看地段、看未来、看房子本身。由于多年的上涨和大多数收入不匹配，大家对房价已经失 去了理性认知，对于买家来说，降多少都觉得还差点意思；对于急用钱的业主来说，我付出也很多，已经是割肉在售。那个让人回归理性的价格拐点，大家 心里都没数。 另一方面，刚需和改善性购房仍是市场主力。年轻人首套房以及通过置换改善居住条件的需求将持续释放。尤其是置换，一般来说，对房屋品质、小区环 境、周边配套等要求更高，高品质房源的市场需求可能会进一步增加 。 与之相对比的，上海二手房挂牌量逼近39万套大关。大量房源涌入市场，使得供需关系进一步失衡。 尽管上海楼市政策有所松绑，但市场向来是买涨不买跌。由于经济 ...

Macro and Strategy Research - The economic data for August 2025 shows that the industrial added value increased by 5.2% year-on-year, lower than the expected 5.6% and previous value of 5.7% [4] - The retail sales of consumer goods grew by 3.4% year-on-year, below the expected 3.8% and previous value of 3.7% [4] - Fixed asset investment cumulative year-on-year growth was only 0.5%, significantly lower than the expected 1.3% and previous value of 1.6% [4] Consumption Trends - The growth rate of retail sales in August was weaker than market expectations due to diminishing policy effects and declining consumer willingness [5] - Restaurant income saw a recovery due to summer outings and platform subsidies, but retail sales growth slowed down by 0.4 percentage points to 3.6% [5] - The automotive and jewelry sectors performed relatively well, but overall consumption growth faces challenges due to rising baselines and employment expectations [5] Investment Expectations - Fixed asset investment growth has declined for five consecutive months, with manufacturing investment dropping by 1.0 percentage points to -1.3% year-on-year [6] - Infrastructure investment growth fell by 4.4 percentage points to -6.4% due to adverse weather conditions [6] - Real estate investment saw a significant decline of 2.5 percentage points to -19.5%, with new construction and completion rates also decreasing [6] Fixed Income Research - Credit bond yields have risen across the board, reaching yearly highs, while credit spreads have shown differentiation among short- and medium-term notes [8] - The net financing amount for credit bonds increased, with company bonds and medium-term notes showing positive net financing [8] - The overall market sentiment remains cautious, with a focus on adjusting strategies in response to yield fluctuations [8] Fund Research - The equity market indices all rose, with the Sci-Tech 50 index increasing by 5.48% [11] - The average return for equity funds was 2.28%, while fixed income funds showed a slight decline [11] - A total of 55 new funds were issued, raising 217.94 billion, which is a decrease from the previous period [12] Industry Research on Solid-State Batteries - Solid-state batteries are seen as a key trend in battery technology, with sulfide electrolytes being the main research focus [14] - The demand for lithium, germanium, zirconium, titanium, and lanthanum is expected to rise significantly due to solid-state battery development [16] - Companies with upstream resource advantages and strong R&D capabilities in solid-state battery materials are recommended for investment [17]