9月5日，深圳发布新一轮楼市调控政策，新政通过分区优化住房限购、放宽企业购房限制、统一信贷政策等组合拳，在一定程度上激活了市场情绪。如今 新政实施已满一周时间，从市场反馈与核心数据来看，政策的短期刺激效应已初步显现。 市场仍以价换量 据深圳贝壳研究院监测，新政后九天（9月6日至9月14日），贝壳深圳合作门店二手房签约量较8月同期增长64%。分区域来看，政策放宽力度与成交增幅 呈现强烈关联，其中盐田区在限购全面取消后，成交量迎来强势上涨，增幅高达217%；罗湖区紧随其后，因其放开购房套数限制，同比增长157%。 记者发现，除了盐田区和罗湖区，包括宝安、龙岗、福田等区的二手房成交量也有较大幅度的上升。深圳市房地产中介协会最新公布的数据显示，上周全 市二手房（含自助）录得1554套，环比增长15.4%，反映出深圳楼市新政对市场有明显拉动作用。深圳贝壳研究院院长肖小平指出，在新政带动下，深圳 房地产市场的潜在购房需求正在被加快激活，"金九"热度正持续上升。 近日，记者走访罗湖区多家房产二手房中介门店和新楼项目，发现客户咨询量和市场热度有所回暖。多位资深二手房中介经理对记者表示，目前的二手房 市场还是"以价换量"，业主 ...

9月5日，深圳发布新一轮楼市调控政策，新政通过分区优化住房限购、放宽企业购房限制、统一信贷政策等组合拳，在一定程度上激活了市场情绪。如今新政实施 已满一周时间，从市场反馈与核心数据来看，政策的短期刺激效应已初步显现。 市场仍以价换量 据深圳贝壳研究院监测，新政后九天（9月6日至9月14日），贝壳深圳合作门店二手房签约量较8月同期增长64%。分区域来看，政策放宽力度与成交增幅呈现强烈 关联，其中盐田区在限购全面取消后，成交量迎来强势上涨，增幅高达217%；罗湖区紧随其后，因其放开购房套数限制，同比增长157%。 记者发现，除了盐田区和罗湖区，包括宝安、龙岗、福田等区的二手房成交量也有较大幅度的上升。深圳市房地产中介协会最新公布的数据显示，上周全市二手房 （含自助）录得1554套，环比增长15.4%，反映出深圳楼市新政对市场有明显拉动作用。深圳贝壳研究院院长肖小平指出，在新政带动下，深圳房地产市场的潜在 购房需求正在被加快激活，"金九"热度正持续上升。 近日，记者走访罗湖区多家房产二手房中介门店和新楼项目，发现客户咨询量和市场热度有所回暖。多位资深二手房中介经理对记者表示，目前的二手房市场还 是"以价换量"，业主 ...

Economic Performance - In August, the industrial production growth rate was 5.2%, a decrease of 0.5 percentage points compared to the previous month[10] - Fixed asset investment from January to August was 326,111 billion CNY, with a year-on-year growth of 0.5%, down from 1.6%[10] - Retail sales of consumer goods in August totaled 39,668 billion CNY, growing by 3.4% year-on-year, a decline of 0.3 percentage points from the previous month[10] Investment Trends - Infrastructure investment decreased by 1.2 percentage points, while manufacturing investment growth fell by 1.1 percentage points[18] - Real estate development investment from January to August was 60,309 billion CNY, down 12.9% year-on-year, with the decline expanding by 0.9 percentage points[19] - The first industry investment grew by 5.5%, while the second industry saw a growth of 7.6%[18] Consumption Patterns - Urban retail sales grew by 3.2%, while rural retail sales increased by 4.6% in August[21] - Jewelry sales saw a significant increase, and automotive consumption turned positive after previous declines[22] - The decline in retail sales growth was primarily influenced by a drop in commodity retail sales, despite a rebound in dining consumption[25] Policy Outlook - The macroeconomic policy is expected to remain proactive, with continued support for infrastructure and real estate investments to stabilize the economy[29] - The government aims to effectively release domestic demand potential, which is crucial for economic recovery[29] Risk Factors - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[30]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen the reform of foreign exchange management for cross-border investment and financing, particularly affecting the real estate sector [1] Group 1: Policy Changes - The negative list for the use of foreign exchange income and its conversion into RMB for domestic payments has been reduced [1] - The process for foreign individuals to convert funds for purchasing property in China has been made more convenient [1] Group 2: Implementation Details - Li Bin, Deputy Director and spokesperson of SAFE, emphasized that the facilitation for foreign individuals in property purchases only optimizes the review process for fund conversion at banks and does not alter existing policies regarding foreign individuals purchasing property in China [1] - The eligibility for enjoying these policy conveniences is contingent upon foreign individuals meeting the qualifications set by real estate regulatory authorities and local purchasing criteria [1]

Group 1: Industrial Production - Industrial production has shown improvement, with blast furnace operating rates increasing by 3.5% week-on-week and 3.5 percentage points year-on-year to 6.2% [2][5] - The chemical production chain has also seen a rebound, with soda ash and PTA operating rates rising by 1.1% and 5.5% respectively, year-on-year changes of 2.7 percentage points to 12.5% and 8.5 percentage points to -6.3% [2][12] - The automotive semi-steel tire operating rate has improved, increasing by 6% week-on-week and 5.8 percentage points year-on-year to 73.5% [12] Group 2: Construction and Infrastructure - Infrastructure construction remains at a high level, with national grinding operating rates and cement shipment rates rising by 4.3% and 1.1% respectively, year-on-year changes of 5.8 percentage points to -5.5% and 1.1 percentage points to -4.4% [2][16] - Asphalt operating rates have slightly decreased by 1.8% week-on-week but remain at a high level year-on-year at 12.4% [2][22] Group 3: Real Estate and Demand - Real estate transactions have improved, with the average daily transaction area of new homes rising by 9.6 percentage points year-on-year to 6.3%, particularly in first and second-tier cities [2][25] - Port cargo throughput related to exports has shown strong performance, with year-on-year increases of 3% to 7.2% and 7.8% to 13.4% for cargo and container throughput respectively [2][32] Group 4: Price Trends - Agricultural product prices have rebounded, with prices for eggs, vegetables, and pork increasing by 1.3%, 0.8%, and 0.3% respectively [3][57] - Industrial product prices are showing divergence, with the Nanhua Industrial Price Index increasing by 0.1% week-on-week, while energy and chemical prices decreased by 0.2% and metal prices increased by 0.3% [3][63]

Report Overview - Report Date: September 16, 2025 [1] - Analyst: Zhang Hesheng [1] - SAC Number: S0870523100004 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - A shares and gold may experience sideways fluctuations, while the bond market presents an opportunity for long - positions. A shares are likely to remain in a high - level oscillation with good structural opportunities in areas like new energy, innovative drugs, rare earths, artificial intelligence, and securities. Long - term interest - rate bonds in the bond market are gradually becoming suitable for long - positions. Gold may move sideways in the short term and potentially break through upwards in the long term [11] 3. Summary by Related Content Stock Market - **US Stocks and Hong Kong Stocks**: In the past week (20250908 - 20250914), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 2.03%, 1.59%, and 0.95% respectively, and the Nasdaq China Technology Index changed by 5.64%. The Hang Seng Index changed by 3.82% [2] - **A - shares**: Most A - share sectors rose. The Wind All - A Index rose 2.12%. The CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 1.54%, 1.38%, 3.38%, 2.45%, 2.16%, and 2.55% respectively. Among different styles, the Shanghai blue - chips and growth sectors (represented by SSE 50 and STAR 50) rose by 0.89% and 5.48% respectively, and the Shenzhen blue - chips and growth sectors (represented by SZSE 100 and ChiNext Index) rose by 1.66% and 2.10% respectively. The North Exchange 50 Index changed by - 1.07% [3] - **Industry Performance**: 26 out of 30 CITIC industries rose, with electronics, real estate, agriculture, forestry, animal husbandry, fishery, media, and computer leading the gains with weekly increases of over 4%. Semiconductor, science and technology innovation, chip, integrated circuit, and information technology innovation ETFs performed well, with weekly increases of over 7% [4] Bond Market - **Domestic Interest - rate Bonds**: In the past week (20250908 - 20250914), the 10 - year Treasury bond futures main contract fell 0.22% compared to September 5, 2025. The yield of the 10 - year active Treasury bond rose 4.10 BP to 1.8670%. Yields of all maturity varieties increased, with those of 20 - year and above varieties rising more [5] - **Funding Costs and Market Operations**: As of September 12, 2025, R007 was 1.4651%, up 0.85 BP from September 5, 2025, and DR007 was 1.4575%, up 2.03 BP. The central bank's net injection in the open market operations (reverse repurchase and central bank bill swaps) in the past week (20250908 - 20250914) was 196.1 billion yuan [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of inter - bank pledged repurchase volume increased from 7.31 trillion yuan on September 5, 2025, to 7.49 trillion yuan on September 12, 2025 [8] - **US Treasury Bonds**: In the past week (20250908 - 20250914), US Treasury bond yields decreased. As of September 12, 2025, the 10 - year US Treasury bond yield fell 4 BP to 4.06%. Yields of 10 - year and above maturity varieties decreased [9] Commodity Market - **Dollar and Gold**: In the past week (20250908 - 20250914), the US dollar index fell 0.12%. The US dollar depreciated against the euro, pound, and the on - shore and off - shore RMB. Gold prices rose, with the London spot gold price rising 1.57% to $3651.10 per ounce, and the COMEX gold futures price rising 1.26% to $3646.30 per ounce. Domestic gold prices also increased, with the Shanghai spot gold rising 2.33% to 830.41 yuan per gram and the futures rising 2.22% to 832.50 yuan per gram [10]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen the reform of cross-border investment and financing foreign exchange management, aiming to enhance the convenience of cross-border investment and financing in China [1][2]. Group 1: Policy Changes - The notice reduces the negative list for the use of foreign exchange income and its converted RMB for domestic payments, specifically removing restrictions on purchasing non-self-occupied residential properties [2][5]. - The policy facilitates foreign individuals' purchase of properties in China by allowing them to process foreign exchange payments before obtaining the necessary purchase registration documents from real estate authorities [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 processed 2,603 transactions for Hong Kong and Macau residents, amounting to approximately RMB 2.993 billion, indicating strong demand for cross-border property purchases [3]. Group 3: Regulatory Context - The policy adjustments come in response to changes in the domestic real estate market and aim to support stable development while preventing speculative activities [6]. - The SAFE emphasizes that the new measures do not alter existing policies regarding foreign individuals' qualifications for property purchases in China [6].

9月16日，A股市场整体上涨。 截至收盘，上证指数收报3861.87点，上涨0.04%，深证成指收报13063.97点，上涨0.45%，创业板指收报3087.04点，上涨0.68%，北证50指数上涨0.63%。 A股市场合计成交23673.04亿元，较上一交易日增加639.07亿元。 1.A股市场全天主力资金净流出165.54亿元 今日A股市场主力资金开盘净流出44.85亿元，尾盘净流入4.6亿元，A股市场全天主力资金净流出165.54亿元。 申万一级行业中，10个行业实现资金净流入，其中机械设备行业净流入118.72亿元居首。 | | | 今日资金净流入前五大行业 | | | --- | --- | --- | --- | | 行业 | 涨跌幅 | 净流入资金 (亿元) | 资金流入较多个股 | | 机械设备 | 1.81% | 118. 72 | 利欧股份 | | 计算机 | 1.56% | 105. 97 | 华胜天成 | | 汽车 | 2. 49% | 44. 30 | 拓普集团 | | 交通运输 | 1.68% | 19. 84 | 海航控股 | | 房地产 | 1.56% | 17.24 | 首开 ...

万科A(000002.SZ)公告，公司第一大股东深圳市地铁集团有限公司(简称"深铁集团")向公司提供不超过 20.64亿元借款，用于偿还公司在公开市场发行的债券本金与利息，借款期限不超过3年。深铁集团已累 计向公司提供借款238.77亿元(不含本次借款)。 ...

截至收盘，上证指数收报3861.87点，上涨0.04%，深证成指收报13063.97点，上涨0.45%，创业板指收报3087.04点，上涨0.68%，北证50指数上涨 0.63%。A股市场合计成交23673.04亿元，较上一交易日增加639.07亿元。 1.A股市场全天主力资金净流出165.54亿元 今日A股市场主力资金开盘净流出44.85亿元，尾盘净流入4.6亿元，A股市场全天主力资金净流出165.54亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-9-16 | -165. 54 | -44. 85 | 4. 60 | -5. 75 | | 2025-9-15 | -340. 54 | -113. 30 | -57.04 | -189.15 | | 2025-9-12 | -372.78 | -120. 57 | -58. 33 | -211.27 | | 2025-9-11 | 103.09 | -124.72 | 60. 5 ...