他指出，未来几个月新盘反应继续会比二手盘好，新盘开价亦相当吸引，部分发展商为买家提供财务计 划及回赠，变相降低买家入市门槛。他预计香港楼价于2025年余下时间仍会在谷底反复徘徊，全年楼价 下跌0-3%，而明年有望回升半成。楼市机调会慢慢向好，但现时由于货尾量仍然高，楼价没有条件大 幅回升。 智通财经APP获悉，莱坊高级董事，大中华区研究及咨询部主管王兆麒表示，美国9月议息宣布减息 0.25%，料年内再减息0.25%，高息环境对香港楼市影响将会逐渐放缓。然而，由于自2022年起已累积 一定升幅，市场需要时间释放购买力，短期内市场仍然没有充足的购买力，但相信楼价在2025年会见 底。 ...

Core Viewpoint - The company New City Holdings is planning to issue a new USD bond soon, likely next week, to refinance an existing bond maturing on October 15, with a current outstanding amount of $250 million and a coupon rate of 4.625% [2][3]. Group 1: Bond Issuance - New City Holdings has successfully issued a USD bond earlier this year, marking it as the first private real estate company to break into the USD bond market in three years, with a previous issuance of $300 million in June [4]. - The upcoming bond issuance is significant as it represents the second USD bond for New City this year, indicating a strong signal in the current market environment [5]. - The timing of the bond issuance is strategic, coinciding with rising expectations of interest rate cuts by the Federal Reserve, which may positively influence market conditions [6]. Group 2: Financial Strategy - The company is prioritizing access to financing over the cost of financing, reflecting a broader industry trend where the ability to secure funds is critical for survival [8]. - New City Holdings has a diverse range of financing options, including bank loans, corporate bonds, and asset-backed securities, positioning it as a versatile player in the market [8]. - The establishment of a "Digital Asset Research Institute" suggests the company is exploring innovative financing methods, such as tokenizing real assets, which could transform the real estate sector into a more liquid market [9][10]. Group 3: Market Position and Future Outlook - The company's efforts to issue bonds while exploring blockchain technology demonstrate a strong desire to adapt and survive in a challenging market [12]. - Although the tokenization initiative is still in its early stages, it indicates New City's commitment to finding new sources of capital and enhancing its market position [11][12].

Core Viewpoint - 华夏幸福's stock price has shown volatility, with a year-to-date decline of 7.06% but a recent recovery of 13.12% over the last five trading days, indicating potential market interest and trading activity [1]. Company Overview - 华夏幸福基业股份有限公司, established on May 28, 1993, and listed on December 30, 2003, is primarily engaged in real estate, industrial park, and infrastructure investment, along with various related services [2]. - The company's revenue composition includes: real estate development (29.37%), property management services (22.96%), industrial leasing services (14.61%), and other segments [2]. Financial Performance - For the first half of 2025, 华夏幸福 reported a revenue of 2.903 billion yuan, a significant year-on-year decrease of 50.90%, and a net profit attributable to shareholders of -6.827 billion yuan, down 40.79% [2]. - The company has cumulatively distributed 16.075 billion yuan in dividends since its A-share listing, but has not issued any dividends in the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 6.47% to 178,100, with an average of 21,866 circulating shares per person, an increase of 6.92% [2]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI Real Estate ETF, with both increasing their holdings compared to the previous period [3].

伴随中交地产重大资产重组完成交割，该公司的管理团队也在近期迎来一轮彻底的"更新"。 中交地产在9月5日发布的一份公告中指出，公司董事会于近日收到部分董事、高级管理人员的书面辞职 报告，由于工作变动原因，郭主龙申请辞去董事长、董事、董事会战略与执行委员会成员、董事会提名 委员会成员职务；薛四敏申请辞去董事、董事会薪酬与考核委员会成员职务；徐爱国申请辞去董事、董 事会战略与执行委员会成员职务；杨光泽申请辞去董事、董事会战略与执行委员会成员职务；陈玲申请 辞去董事会薪酬与考核委员会成员职务。 与此同时，徐爱国申请辞去总裁职务；汪剑平申请辞去执行总裁职务；王尧申请辞去副总裁职务；杨光 泽申请辞去副总裁兼总法律顾问职务；孙卫东申请辞去副总裁职务；陈玲申请辞去副总裁职务；梅瑰申 请辞去财务总监职务。 除王尧、陈玲辞去副总裁职务后继续担任董事外，徐爱国、汪剑平、杨光泽、孙卫东、梅瑰将不再担任 中交地产及控股子公司任何职务。 这一轮集体请辞可谓彻底，而新聘任的高管团队名单也在同一份文件中公布。 中交地产的总裁一职将由曾益明接任，李进军任公司副总裁，田玉利任公司副总裁兼总法律顾问、首席 合规官，何海洪任公司财务总监。 从收购物 ...

Core Viewpoint - Hezhang Energy's stock has shown fluctuations in recent trading, with a year-to-date increase of 7.84% and a recent decline of 2.94% over the past five trading days [1] Group 1: Stock Performance - As of September 18, Hezhang Energy's stock price was 3.30 CNY per share, with a market capitalization of 2.722 billion CNY [1] - The stock has experienced a net inflow of 172,100 CNY from main funds, with large orders accounting for 9.74% of total buying and 9.08% of total selling [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on September 11, where it recorded a net buy of -37.4437 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Hezhang Energy reported a revenue of 11.5097 million CNY, reflecting a year-on-year growth of 11.92%, while the net profit attributable to the parent company was -35.4158 million CNY, showing a year-on-year increase of 33.43% [2] - The company has cumulatively distributed 66.4431 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Group 3: Business Overview - Hezhang Energy, established on November 5, 1996, and listed on June 16, 1998, focuses on the development of renewable energy and its related supply chain [1] - The company's main business revenue composition includes 89.27% from mixed tower business and 10.73% from leasing business [1] - Hezhang Energy is categorized under the real estate sector, specifically in residential development, and is associated with concepts such as wind energy, offshore wind power, solar energy, micro-cap stocks, and low-priced stocks [1]

9月17日，香港行政长官李家超发表新一份《施政报告》。 当中以不少篇幅提及北部都会区，李家超表示，北都发展对于香港而言有战略地位，占香港三分一的土 地，他对于发展北都是心急如焚。而基本规划已出台，现时是加快发展北都、引入产业和重大项目的最 佳衔接期。 行政长官李家超周三上午11时到立法会宣读新一份《施政报告》，新一份《施政报告》封面沿用绿色， 象征活力和延续性，亦代表特区政府的政策和香港的繁荣活力会延续。今年的主题是"深化改革、心系 民生、发挥优势、同创未来"，主轴环绕经济和民生，并会提出短、中、长政策。 其后，李家超于下午3时半会在政府总部举行《施政报告》记者会响应媒体提问。 "惠民生"是施政重点 他于早上宣读时提到，"惠民生"是施政重点。本届政府上任以来，一直致力拼经济、谋发展，提升经济 长远竞争力，增添发展动能，目的就是要为改善民生提供坚实基础，增加市民的幸福感与获得感。民生 专章报告中篇幅最长的一章，涵盖九个与市民生活息息相关的重点范畴。 其中，他指，保障市民基本的住屋需求是施政的首要任务。他上任后加速兴建公营房屋、推出创新"简 约公屋"、打击滥用公屋等，优化了基层住屋保障。现时，公营房屋在供应持续增 ...

Macro and Strategy - The central bank's net injection maintains a balanced liquidity environment, with expectations of a seasonal rise in funding rates in September [3][7] - CPI internal structure shows significant divergence between food and non-food items, which has smoothed CPI volatility [8][9] Real Estate Industry - In the first eight months of 2025, national real estate development investment reached 60,309 billion, down 12.9% year-on-year, with new housing starts and sales also declining [10][11] - The real estate market continues to face downward pressure, with policies expected to intensify in September [10][11] Metal Industry - The non-ferrous sector saw a 38% increase in net profit in the first half of 2025, with total revenue reaching 18,197 billion, up 6.66% year-on-year [12][13] - Industrial metals experienced a 38% profit growth, driven by rising commodity prices and stable downstream demand [13] - Precious metals also showed strong performance, with a 65.6% increase in net profit, supported by rising gold prices amid recession fears [14] Machinery Industry - Hanbell Precision Machinery reported a 42.9% decline in net profit in the first half of 2025, with revenue down 18.86% [25][26] - The company is focusing on the AIDC compressor and semiconductor vacuum pump sectors for new growth opportunities [25][26] Electronic Industry - The power semiconductor sector is recovering, with significant growth in the automotive and data center markets [23][24] - The penetration rate of SiC MOSFETs in new energy vehicles has reached 18%, indicating a growing trend towards advanced power devices [23] Low-altitude Economy - Zongshen Power's net profit increased by 73% in Q2 2025, with a focus on developing low-altitude economy products [31][32] - The company is actively pursuing opportunities in aviation power and has made significant progress in product certification [31][32] Investment Recommendations - Investment suggestions include focusing on companies with strong positions in AI liquid cooling, robotics, and power semiconductor sectors [17][20][24] - The report highlights the importance of monitoring policy impacts on the real estate sector and the potential for recovery in the metal and machinery industries [10][12][25]

这一重整计划的有效落地，推动金科股份成为全国首家通过司法重整成功卸下历史包袱的债务超千 亿级上市房企，也是2025年我国A股市场截至目前第一家完成破产重整的上市公司，对我国上市房企风 险化解提供了有益参考，也为上市公司破产重整提供了经典案例。 依托专业优势 提供一揽子解决方案 参与金科重整以来，中国长城资产充分发挥在上市公司破产重整领域的专业优势，从重整方案设计 入手，在充分分析金科股权结构、关联交易、债务担保等基础上，提供了"AMC主导型"解决方案，通 过"专业服务+资本注入+主业赋能+生态共建"的四维路径，切实推动金科从"债务泥潭"走向"涅槃重 生"。 作为方案设计方，在重庆市委、市政府的大力支持下，中国长城资产与相关方面密切协作，不断研 究细化、优化重整方案，在出资人权益调整、债务清偿方式、信托架构设计等各环节均提出了建设性方 案，实现了对不同债权人的个性化风险化解和缓释，使得"1+1+N"创新性的重整方案逐渐从思路框架变 为了可落地的破局之策。通过中国长城资产的专业设计和支持，金科重整方案既保护了中小债权人利 益，又保障了金融债权的合理受偿，在促进"保交楼、保民生、保稳定"方面取得积极成效，也为大型房 ...

就在美联储降息几乎100%板上钉钉的时候，中国的一番操作或许将直接承接这波"泼天富贵"。过去外资买房，你要先拿到房产备案证明才能去银行结汇支 付首付，可是内地开发商则要求先收到首付款才肯办理备案。这就是死循环。如今，等了10余年的境外购房者"付款死循环"终于被打破了。 据9月16日证券日报消息，近日，国家外汇管理局发布《通知》，其中提及，缩减资本项目收入使用负面清单，取消不得用于购买非自用住宅性质房产限 制。 同时，允许境外个人在满足房地产主管部门及各地购房资格条件下，在取得房地产主管部门的购房备案证明文件之前，凭购房合同或协议先行在银行办理购 房所涉外汇资金结汇支付，后续再向银行补交购房备案证明文件，便利境外个人境内购房结汇支付。境内购房结汇支付便利不改变境外个人境内购房政策。 此消息一出，立刻沸腾了，引发了市场各种解读。有人说房价要大涨了，有人说国外要来抄底中国楼市了。 这个政策呢，的确是利好消息，对市场来说绝对是提振作用。听起来有点绕口，我们简单解读一下，用大白话说说，到底怎么回事，对我们的楼市有什么影 响。 简单一句话，就是可以允许外资来我们内地买房子了！至于多大影响，还有望继续观察。总之，这个被禁止 ...

Core Viewpoint - The private economy is a vital force in advancing Chinese-style modernization, and regulating enterprise-related law enforcement and judicial actions is crucial for protecting the rights of private enterprises and boosting market confidence [1][10]. Group 1: Regulatory Actions and Legal Cases - On September 17, the Supreme People's Court and the Ministry of Justice jointly released 10 typical cases aimed at standardizing enterprise-related law enforcement and judicial review, covering various administrative management areas such as administrative licensing and penalties [1][10]. - A case involving 103 companies in Jiangsu Province highlighted the importance of ensuring that administrative decisions do not violate procedural laws, leading to the annulment of a decision that revoked building qualifications due to "major procedural violations" [2][3]. - Another case from Heilongjiang Province addressed the issue of administrative bodies unlawfully adding conditions, emphasizing the principle that "no action without authorization" must be adhered to by administrative enforcement agencies [3][4]. Group 2: Principles of Fair Enforcement - The principle of proportionality in penalties was exemplified in a case involving a traditional Chinese medicine clinic, where the administrative review body reduced penalties based on the clinic's status as a first-time offender and its proactive rectification efforts [4][5]. - A construction company case in Sichuan Province illustrated the necessity of reasonable enforcement actions, where the administrative body was found to have overstepped by equating registration behavior with collusion in bidding, leading to the annulment of the penalty [5][6]. Group 3: Commitment to Promises and Compensation - A landmark case involving a real estate company in Henan Province established that administrative bodies must honor their commitments, resulting in a ruling that mandated the government to pay over 8.41 million yuan in compensation for unfulfilled promises [6][7]. - The case involving a public transport group in Jilin Province reinforced the requirement for administrative bodies to fulfill contractual obligations, with the court ordering the government to continue fulfilling its agreement or face compensation [8][9]. Group 4: Overall Impact and Future Directions - The series of cases collectively signal a strong commitment to supervising administrative bodies to ensure lawful conduct and adherence to promises, aiming to create a stable, fair, and transparent legal environment for private enterprises [10][11]. - The ongoing efforts by courts and administrative review bodies will focus on deepening the regulation of enterprise-related law enforcement and promoting substantive resolutions to administrative disputes, thereby supporting the healthy development of the private economy [10][11].