Core Viewpoint - Shenzhen Xiangjiang Holdings Co., Ltd. has issued a stock trading risk warning due to a significant stock price increase of 30.50% since September 12, which deviates from industry peers and the Shanghai Composite Index, despite no changes in its main business operations [1] Financial Performance - For the fiscal year 2024, the company's net profit is approximately 61.8 million yuan, reflecting a year-on-year decline of 11.07% [1] - In the first half of 2025, the company's revenue is reported at 736.13 million yuan, showing a substantial year-on-year decrease of 61.52%, with a net loss of approximately -19.8 million yuan, marking a year-on-year decline of 147.19% [1] Valuation Metrics - The company's current price-to-book ratio stands at 1.338, which is higher than the average of 0.91 for the "real estate" industry [1]

国投证券宏观定期报告 周度经济观察 ————如何理解 8 月经济数据 袁方1张端怡2 2025 年 09 月 16 日 内容提要 8 月经济延续了 7 月的表现，总需求不足是当前经济的主要特征。投资、消 费、出口的全面减速意味着经济下行的压力趋于增加，经济体自发企稳的难度在 上升，未来经济的走向主要取决于稳增长政策的力度。实际增速回落、价格触底 抬升或许是未来一段时间里经济的状态，而名义增速的回升面临诸多不确定性。 考虑到政府债的发行高峰已经过去，未来社融的增速可能更多与信贷投放 的情况相关，这意味着年内社融的高点也已经出现，未来存在逐步回落的风险。 在美国非农数据超预期走弱以及通胀数据温和回升的背景下，市场降息预 期维持高位。当前市场预期 2025 年美联储降息次数约为 3 次，9 月降息 25BP 的 概率较高。考虑到年内减税政策与降息的落地或对美国经济形成额外支撑，我们 认为美股有望延续偏强表现。 风险提示：（1）地缘政治风险 （2）政策出台超预期 1宏观分析师，yuanfang@essence.com.cn，S1450520080004 2宏观分析师，zhangdy2@essence.com.cn，S ...

Market Performance - The Hang Seng Index (HSI) closed at 26,447, up 0.2% for the day and up 31.8% year-to-date[1] - The HSCEI also increased by 0.2% to 9,385, with a year-to-date gain of 28.7%[1] - The MSCI China index rose by 0.3% to 87, reflecting a year-to-date increase of 35.1%[1] Commodity Prices - Brent Crude oil price is at $67 per barrel, up 0.7% for the day but down 6.4% year-to-date[2] - Gold prices increased by 1.0% to $3,679 per ounce, with a significant year-to-date rise of 40.2%[2] - The BDI index surged by 111.7% year-to-date, indicating strong demand in shipping[2] Economic Indicators - The US Import Price Index showed a monthly change of 0.4% and a year-over-year change of -0.2%[3] - US Industrial Production decreased by 0.1% month-over-month, while capacity utilization was reported at 77.5%[3] - Initial Jobless Claims rose to 263,000, indicating a slight increase in unemployment claims[3] Domestic Demand and Investment - Domestic demand growth weakened in August, primarily due to deteriorating investment conditions[5] - The impact of pro-growth policies has diminished, with concerns over exports and the property sector contributing to economic slowdown[6] - Further policy support is anticipated to address rising economic pressures, especially in the property market[6]

Group 1 - The core viewpoint of the articles highlights that China State Construction (601668.SH) has maintained a steady growth in its business operations, with a total new contract amount of 28,799 billion yuan for the first eight months of 2025, reflecting a year-on-year increase of 1.0% [1] - In the construction business, the new contract amount reached 26,644 billion yuan, up 1.8% year-on-year, with the housing construction business contributing 17,606 billion yuan (0.2% increase) and infrastructure business 8,954 billion yuan (5.0% increase) [1] - The domestic business accounted for 25,306 billion yuan, showing a 2.2% year-on-year growth, while physical indicators included a housing construction area of 155,615 million square meters, new construction area of 18,041 million square meters, and completed area of 12,479 million square meters [1] Group 2 - In the real estate sector, China State Construction reported a contract sales amount of 215.5 billion yuan and a contract sales area of 8.12 million square meters, with a narrowing year-on-year decline [1] - The company acquired land reserves of 576,000 square meters, bringing total land reserves to 7,473,000 square meters by the end of the period [1] - Recent major projects amounting to 8.59 billion yuan are progressing steadily, including significant housing projects in Saudi Arabia and China, which are expected to support the completion of annual targets [2] - The easing of housing market policies in August 2025, such as expanding the use of housing provident funds and relaxing purchase restrictions, is anticipated to stimulate market activity, with a potential rebound in market activity expected in September [2] - As a leader in the construction and real estate industry, China State Construction is expected to maintain strong resilience in its development due to its robust construction capabilities, technological innovation, and quality real estate project reserves [2]

Core Viewpoint - The company Huafa Co., Ltd. has repurchased a total of 27.82 million shares, representing 1.01% of its total share capital, with a total repurchase amount of 142 million yuan [1] Summary by Category - **Share Repurchase** - The company has completed the repurchase of 27.82 million shares [1] - This repurchase accounts for 1.01% of the company's total share capital [1] - The total amount spent on the repurchase is 142 million yuan [1]

港府将于周三(9月17日)发表新一份《施政报告》，团结香港基金副总裁兼公共政策研究院执行总监叶 文祺称，预期报告有机会提及降低住宅物业印花税各标准税阶的税率，有关措施既可鼓励更多市民入 市，同时也未必对财政造成太大影响，甚至有望提升财政收入。 市场关注港府是否会放宽100港元住宅物业印花税门槛，叶文祺表示，暂时无法预测，因为此举将令财 政每年少收超过10亿港元，如果放宽100港元印花税物业价值上限至600万港元，可能有助减轻首次置业 人士负担，刺激中小型单位流动性，有望透过"换楼链"激活更广泛的二手市场。不过极具挑战性的是， 需要额外超过1300宗100港元印花税交易，才可弥补一宗600万港元交易的税收损失。 他分析称，真正的潜在收益将来自"换楼链"及"经济乘数效应"，不过要看市场能否对此作出积极的连锁 反应，如果卖家套现后或买入更贵的单位，则促成连锁交易中获得可观税收，带动产业链经济活动，转 化为利得税及薪俸税等额外间接收益。 他认为，放宽新资本投资者入境计划(投资移民)的物业门槛或投资额度上限，未必带来明显效益，虽然 有关做法可以减轻投资成本，吸引更多投资者，不过会直接降低财政收入，并会增加中价物业的市场 ...

市场关注港府是否会放宽100港元住宅物业印花税门槛，叶文祺表示，暂时无法预测，因为此举将令财 政每年少收超过10亿港元，如果放宽100港元印花税物业价值上限至600万港元，可能有助减轻首次置业 人士负担，刺激中小型单位流动性，有望透过"换楼链"激活更广泛的二手市场。不过极具挑战性的是， 需要额外超过1300宗100港元印花税交易，才可弥补一宗600万港元交易的税收损失。 他分析称，真正的潜在收益将来自"换楼链"及"经济乘数效应"，不过要看市场能否对此作出积极的连锁 反应，如果卖家套现后或买入更贵的单位，则促成连锁交易中获得可观税收，带动产业链经济活动，转 化为利得税及薪俸税等额外间接收益。 他认为，放宽新资本投资者入境计划(投资移民)的物业门槛或投资额度上限，未必带来明显效益，虽然 有关做法可以减轻投资成本，吸引更多投资者，不过会直接降低财政收入，并会增加中价物业的市场需 求，加快地产商中价物业的库存流转，从而影响市民换楼。 智通财经APP获悉，港府将于周三(9月17日)发表新一份《施政报告》，团结香港基金副总裁兼公共政策 研究院执行总监叶文祺称，预期报告有机会提及降低住宅物业印花税各标准税阶的税率，有关措施 ...

Core Viewpoint - Huafa Co., Ltd. has repurchased a total of 27.82 million shares, accounting for 1.01% of its total share capital, with a total repurchase amount of 142 million yuan [1] Summary by Category - **Share Repurchase** - The company has repurchased 27.82 million shares [1] - This represents 1.01% of the total share capital [1] - The total amount spent on the repurchase is 142 million yuan [1]

Economic Growth Overview - In August, China's economic growth momentum slowed down, with both supply and demand sides experiencing a decline in growth rates. Analysts suggest that due to high base effects and tariff uncertainties, along with the waning effects of the "trade-in" policy, downward pressure on the domestic economy is expected to increase in the fourth quarter, necessitating new policies to stabilize investment and promote consumption to achieve the annual growth target of around 5% [1][11]. Production Sector Analysis - In August, the industrial added value for large-scale enterprises grew by 5.2% year-on-year, a decrease of 0.5 percentage points from the previous month. The service production index growth rate was 5.6%, down 0.2 percentage points from the previous month [1]. - The "anti-involution" policy is identified as a primary reason for the cooling of industrial production. The industrial production intensity has declined for two consecutive months, influenced by extreme weather and the effects of the "anti-involution" policy [2]. - The added value of upstream production sectors showed strong performance, with non-ferrous metal smelting and rolling industries growing by 9.1% year-on-year, while coal mining and washing industries grew by 5.1% [2]. Demand Side Insights - In August, the total retail sales of consumer goods and exports in USD grew by 3.4% and 4.4% year-on-year, respectively, both showing declines from the previous month [3]. - The retail sales growth rate has been declining for three consecutive months, primarily due to the diminishing effects of the "trade-in" policy. The largest month-on-month declines were seen in home appliances and communication equipment, with decreases of 14.4% and 7.6% respectively [3][5]. Investment Trends - Investment growth has slowed for five consecutive months, with real estate, infrastructure, and manufacturing investments all experiencing varying degrees of decline [6]. - Infrastructure investment growth fell to 2.0% year-on-year for the first eight months, a decrease of 1.2 percentage points from the previous month. Manufacturing investment growth dropped to 5.1%, the lowest level since early 2021 [9]. - Analysts indicate that the decline in manufacturing investment is influenced by extreme weather and rising global trade uncertainties, which suppress the willingness of downstream enterprises to expand production [7]. Policy Recommendations - Analysts suggest that maintaining stable economic growth is becoming increasingly challenging, and timely policy adjustments are necessary. The potential for new incremental policies is anticipated, possibly by the end of September, including new policy financial tools and early allocation of local government debt quotas to improve infrastructure investment [12].

Group 1 - The core point of the news is that Huazhi City A has experienced a significant stock price increase, rising 5.65% to 2.62 yuan per share, with a total market capitalization of 21.059 billion yuan and a cumulative increase of 11.71% over the past eight days [1] - Huazhi City A's main business segments include tourism comprehensive services (72.15% of revenue), real estate (27.18%), and other services (0.67%) [1] - The company is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 2, 1997, with its stock listed on September 10, 1997 [1] Group 2 - The top circulating shareholder of Huazhi City A is the Fortune Fund, which has a fund that entered the top ten circulating shareholders, holding 52.1028 million shares, accounting for 0.76% of circulating shares [2] - The Fortune China Securities Tourism Theme ETF (159766) has generated a floating profit of approximately 7.2944 million yuan today and 13.5467 million yuan during the eight-day increase [2][3] - The fund was established on July 15, 2021, with a current scale of 2.955 billion yuan and has a year-to-date return of 3.82% [2] Group 3 - The Fortune China Securities Tourism Theme ETF (159766) holds Huazhi City A as its tenth largest heavy stock, with 52.1028 million shares, accounting for 3.97% of the fund's net value [3] - The fund manager, Cao Ludi, has been in position for 5 years and 121 days, with the best fund return during this period being 109% and the worst being -44.98% [2]