智通财经APP获悉，9月15日，国家外汇管理局副局长、新闻发言人李斌就《国家外汇管理局关于深化 跨境投融资外汇管理改革有关事宜的通知》答记者问时表示，近年来，国内房地产市场形势已发生变 化，房地产行业相关宏观调控措施已优化调整。基于此，相关外汇管理措施有必要加以优化调整，以适 应新形势新要求，助力房地产市场稳健发展。 李斌提到，现行资本项目外汇收入及其结汇所得人民币在境内支付使用的负面清单中，包括不得用于购 买非自用的住宅性质房产。该项政策是在房地产市场过热背景下，各部门先后出台一系列针对房地产企 业和行业的调控政策。国家外汇管理局从防范"热钱"投机炒作角度，配合出台了"非房地产企业的资本 金、外债等资金不得用于建设、购买非自用房地产"的措施，为房地产市场阶段性平稳健康发展发挥了 积极作用。 原文如下： 四是便利非企业科研机构吸引利用外资。明确境内非企业科研机构接收境外资金，参照FDI企业办理相 关登记和汇兑手续。此为前期在部分省市实施的"科汇通"试点，现推广至全国。 问：《通知》在深化跨境融资外汇管理改革方面有哪些具体举措? 国家外汇管理局副局长、新闻发言人李斌就《国家外汇管理局关于深化跨境投融资外汇管理改 ...

截至发稿，长春高新市值为517亿元。 2025年1至6月份，长春高新的营业收入构成为：制药业占比92.83%，房地产占比6.81%，服务业占比 0.36%。 （记者 王晓波） 每经AI快讯，长春高新（SZ 000661，收盘价：126.81元）9月15日晚间发布公告称，公司第十一届第十 二次董事会会议于2025年9月15日以现场结合通讯方式召开。会议审议了《关于聘任公司副总经理的议 案》等文件。 每经头条（nbdtoutiao）——重大突破！中国这款新药，中美官方都认定有突破性疗效！世界肺癌大会 沸腾了 ...

Core Viewpoint - The Chinese government is implementing more proactive macro policies to promote steady economic growth, with a focus on enhancing consumer demand and stabilizing the real estate market [1]. Economic Growth - The third batch of consumer goods replacement policies has been implemented, leading to a rapid increase in sales of related products. In August, retail sales of household appliances and furniture continued to grow at double-digit rates [2]. - Investment in equipment and tools increased by 14.4% year-on-year in the first eight months, contributing 2.1 percentage points to fixed asset investment growth [2]. Production and Supply Chain - The production efficiency is improving, with significant growth in the production of lithium-ion batteries for electric vehicles, charging piles, and electric bicycles in August [4]. - The value-added growth rate in the integrated circuit manufacturing and electronic materials sectors exceeded 20% in August, indicating strong performance in the digital economy [7]. Real Estate Market - The real estate market is showing signs of recovery, with a narrowing decline in new housing sales. From January to August, the sales area of new commercial housing decreased by 13.3 percentage points compared to the same period last year [8]. - By the end of August, the inventory of unsold commercial housing decreased by 3.17 million square meters, marking six consecutive months of reduction [9]. Consumer Spending - A comprehensive set of policies aimed at boosting consumption has led to a stable growth in retail sales, with a year-on-year increase of 3.6% in August [10]. - Service retail sales grew by 5.1% year-on-year from January to August, outpacing the growth of goods retail sales [10]. Online and New Consumption - Online retail sales increased by 9.6% year-on-year from January to August, indicating a positive trend in digital and new consumption [13]. - The integration of digital technology with new consumption scenarios is fostering growth in emerging fields such as digital, green, and health consumption [13].

Economic Overview - In August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year and 0.37% month-on-month [1] - The service production index rose by 5.6% year-on-year in August [1] - The total retail sales of consumer goods grew by 3.4% year-on-year and 0.17% month-on-month in August [1] - From January to August, fixed asset investment (excluding rural households) increased by 0.5% year-on-year, while excluding real estate development investment, it grew by 4.2% [1][5] Investment Trends - Manufacturing investment increased by 5.1% year-on-year from January to August, although the growth rate is declining [5] - Infrastructure investment (excluding power, heat, gas, and water production and supply) grew by 2.0%, down 1.2 percentage points from January to July [5] - Real estate development investment decreased by 12.9% year-on-year, with the decline rate widening by 0.9 percentage points compared to the previous period [5][7] Real Estate Market - The real estate market is experiencing fluctuations, but the decline in sales and housing prices is narrowing, indicating progress towards stabilization [7] - Recent adjustments in housing policies in some cities have shown positive effects, leading to improved market transactions [7] - Continued efforts are needed to promote the stabilization of the real estate market, including enhancing the supply of high-quality housing [7] Consumer Market - The retail sales of consumer goods showed resilience, with significant growth in key categories such as furniture and home appliances [10] - The film industry also saw a substantial increase, with box office revenue and audience numbers rising by 48.6% and 66.9% year-on-year, respectively [10] - Despite some downward pressure, the overall consumer market remains stable, supported by various consumption promotion policies [10][11] Export and Import Dynamics - In August, the total goods import and export volume increased by 3.5% year-on-year, with exports growing by 4.8% and imports by 1.7% [11] - Exports to the U.S. saw a significant decline of 32.9%, which was a major drag on overall export performance [11] - However, exports to non-U.S. and non-ASEAN regions increased by 6.4%, indicating efforts to explore new markets amid tariff pressures [11] Price Trends - The Producer Price Index (PPI) decreased by 2.9% year-on-year in August, but the decline rate narrowed compared to the previous month [12] - Factors contributing to the PPI changes include improved market competition, increased demand in emerging industries, and the effects of consumption-boosting policies [12] - The current PPI remains in a declining range, which poses challenges for industrial enterprises [12]

Core Viewpoint - The article emphasizes the importance of building a unified national market in China as a major decision by the central government, necessary for constructing a new development pattern and enhancing international competitiveness [5]. Economic Overview - August economic data shows characteristics of "industrial slowdown, weak investment, and subdued consumption" [8]. - Despite the challenges, GDP growth remains around 5% due to the performance of industrial production (5.2%) and service sector production index (5.6%) [8]. Investment Analysis - Manufacturing investment, crucial for the transition of China's economic drivers, faced negative growth in July and August, necessitating urgent solutions [9]. - Infrastructure investment was also under pressure due to adverse weather conditions, with overall investment significantly impacting economic growth [9][25]. - The construction sector's investment growth rate fell from -2.0% in July to -6.4% in August, primarily due to unfavorable weather [25]. Consumption Insights - The effectiveness of the "old-for-new" policy is diminishing, leading to a decline in overall consumption growth, with retail sales growth dropping to 3.4% in July [30]. - The upcoming release of the last batch of "national subsidy" funds in October is expected to stimulate consumption policies [32]. Employment Trends - The urban survey unemployment rate has risen, indicating increasing pressure on youth employment, particularly with a higher number of college graduates this year [12]. Industrial Performance - Industrial production growth slowed from 5.7% in July to 5.2% in August, with most sectors experiencing a downturn, although high-tech industries showed resilience with a 9.3% growth [15][17]. - Manufacturing investment has been declining since April, with August seeing a further drop from -0.3% to -1.3% [19]. Real Estate Market - Real estate investment growth continued to decline, with a cumulative decrease of -12.9% from January to August, driven by weak demand and a seasonal sales downturn [30]. - Recent government signals indicate a need for stronger policies to stabilize the real estate market [30].

Group 1 - The report emphasizes the importance of maintaining core investment themes while exploring new platforms in the A-share market for the fourth quarter of 2025 [2][4] - Key recommended sectors include rare earth permanent magnets, precious metals, military industry, financial IT, power equipment, and agricultural products [3] - The report anticipates a more abundant liquidity environment due to expected interest rate cuts by the Federal Reserve and the upcoming "14th Five-Year Plan" proposals, which may enhance market expectations [4][10] Group 2 - Economic growth is projected to steadily decline, with GDP growth expected at 5.0% for 2025, and 4.6% for Q4 2025 [10][11] - Consumer retail sales are forecasted to grow by 3.8% for the year, with a significant slowdown in investment across various sectors, particularly in real estate, which is expected to decline by 14.3% [10][11] - The report highlights that while exports are expected to maintain a high level of activity, a slight decline in growth is anticipated in Q4 due to high base effects from the previous year [19][24] Group 3 - The report discusses the anticipated recovery of the RMB exchange rate, driven by the Federal Reserve's interest rate cuts, which may attract foreign capital inflows [42][61] - It notes that the central bank has a clear intention to guide the RMB towards appreciation, which is crucial for maintaining market liquidity [47][61] - The report also indicates that the RMB's appreciation could lead to increased foreign investment in domestic stocks, enhancing overall market liquidity [61][62]

Group 1 - The core viewpoint of the report indicates that the electronic sector performed well during the period, with the Shanghai Composite Index rising by 1.52% and the Shenzhen Component Index increasing by 2.65% [1] - Among various fund types, actively managed mixed funds showed a notable increase of 2.47%, while actively managed equity funds rose by 2.20% [1][15] - The report highlights that the performance of funds heavily invested in the computer and electronic sectors was particularly strong [12] Group 2 - The report provides detailed performance data for various fund categories, indicating that convertible bond funds led with an average return of 1.15% for the period, while ordinary bond funds only increased by 0.10% [15] - For the year-to-date performance, convertible bond funds achieved an impressive average return of 19.57%, significantly outperforming other bond categories [15] - In the QDII category, the Greater China equity funds showed the highest year-to-date increase of 42.38%, while alternative asset funds, particularly in commodities, also performed well [17][19]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The current Guosheng fundamental high - frequency index is 127.6 points (previous value was 127.5 points), with a week - on - week increase of 5.6 points (same as the previous value), and the year - on - year growth rate remains unchanged. The long - short signal for interest - rate bonds is unchanged, with a signal factor of 5.0% (previous value was 5.0%) [1][9]. - In terms of production, the industrial production high - frequency index is 126.9 (previous value was 126.7), with a week - on - week increase of 5.3 points (previous increase was 5.2 points), and the year - on - year growth rate has expanded [1][9]. - Regarding total demand, the high - frequency index for commercial housing sales is 42.8 (previous value was 42.9), with a week - on - week decrease of 6.3 points (same as the previous value), and the year - on - year decline rate remains unchanged; the high - frequency index for infrastructure investment is 121.0 (previous value was 120.8), with a week - on - week increase of 6.5 points (previous increase was 6.1 points), and the year - on - year growth rate has expanded; the high - frequency index for exports is 143.7 (previous value was 143.7), with a week - on - week increase of 2.1 points (previous increase was 2.3 points), and the year - on - year growth rate has narrowed; the high - frequency index for consumption is 120.3 (previous value was 120.2), with a week - on - week increase of 3.3 points (previous increase was 3.2 points), and the year - on - year growth rate has expanded [1][9]. - In terms of prices, the monthly环比 forecast for CPI is 0.1% (previous value was 0.4%); the monthly环比 forecast for PPI is 0.0% (previous value was 0.1%) [2][9]. - The high - frequency inventory index is 161.9 (previous value was 161.7), with a week - on - week increase of 8.8 points (same as the previous value), and the year - on - year growth rate remains unchanged. The high - frequency transportation index is 130.6 (previous value was 130.4), with a week - on - week increase of 9.6 points (previous increase was 9.5 points), and the year - on - year growth rate has expanded. The high - frequency financing index is 236.8 (previous value was 236.2), with a week - on - week increase of 30.0 points (previous increase was 29.9 points), and the year - on - year growth rate has expanded [2][10]. 3. Summary According to Relevant Catalogs 3.1 Total Index: Fundamental High - Frequency Index Remains Stable - The Guosheng fundamental high - frequency index is based on a statistical system covering various aspects such as overall, production, demand, prices, and financing. The current index is 127.6 points, with a stable year - on - year growth rate [8][9]. 3.2 Production: Electric Arc Furnace Operating Rate Rebounds - The electric arc furnace operating rate is 62.8% (previous value was 62.2%); the polyester operating rate is 87.4% (previous value was 87.1%); the semi - tire operating rate is 73.5% (previous value was 67.5%); the full - tire operating rate is 65.6% (previous value was 59.8%); the PTA operating rate is 75.0% (previous value was 69.5%); the PX operating rate is 85.9% (previous value was 84.6%); the coal dispatch at Qinhuangdao Port is 49.0 tons (previous value was 51.4 tons) [11][15]. 3.3 Real Estate Sales: Commercial Housing Transaction Area Declines - The commercial housing transaction area in 30 large and medium - sized cities is 19.6 million square meters (previous value was 22.0 million square meters); the land premium rate for land transactions in 100 large and medium - sized cities is 4.4% (previous value was 1.8%) [24]. 3.4 Infrastructure Investment: Asphalt Operating Rate Rises Significantly - The operating rate of the asphalt plant is 34.9% (previous value was 28.1%) [38]. 3.5 Exports: Export Container Freight Rate Index Continues to Decline - The CCFI index is 1125 points (previous value was 1149 points); the RJ/CRB index is 300.7 points (previous value was 301.3 points) [40]. 3.6 Consumption: Average Daily Movie Box Office Continues to Decline Significantly - The average daily movie box office is 51.14 million yuan (previous value was 81.9 million yuan) [49]. 3.7 CPI: Average Wholesale Price of White - Strip Chickens Rises Slightly - The average wholesale price of pork is 19.9 yuan/kg (unchanged from the previous value); the average wholesale price of 28 key - monitored vegetables is 5.1 yuan/kg (unchanged from the previous value); the average wholesale price of 7 key - monitored fruits is 6.9 yuan/kg (unchanged from the previous value); the average wholesale price of white - strip chickens is 17.6 yuan/kg (previous value was 17.5 yuan/kg) [56]. 3.8 PPI: Copper and Aluminum Prices Rise Slightly - The closing price of thermal coal at Qinhuangdao Port (Shanxi - produced, Q5500) is 676 yuan/ton (previous value was 682 yuan/ton); the futures settlement price of Brent crude oil is 67 US dollars/barrel (unchanged from the previous value); the spot settlement price of LME copper is 9882 US dollars/ton (previous value was 9829 US dollars/ton); the spot settlement price of LME aluminum is 2644 US dollars/ton (previous value was 2613 US dollars/ton) [58]. 3.9 Transportation: Flight Passenger Volume Drops Significantly - The subway passenger volume in first - tier cities is 37.16 million person - times (previous value was 36.26 million person - times); the road logistics freight rate index is 1050 points (previous value was 1051 points); the number of domestic flights is 11,468 (previous value was 13,157) [69]. 3.10 Inventory: Aluminum Inventory Continues to Rise - The aluminum inventory is 193,000 tons (previous value was 174,000 tons); the soda ash inventory is 1.81 million tons (previous value was 1.821 million tons) [75]. 3.11 Financing: Net Financing of Local Government Bonds Increases Significantly - The net financing of local government bonds is 192.8 billion yuan (previous value was 36.7 billion yuan); the net financing of credit bonds is 91.9 billion yuan (previous value was - 55.3 billion yuan); the 6M national - share bank acceptance bill rediscount rate is 0.8% (previous value was 0.73%); the average of the bill rate - certificate of deposit rate is - 0.8% (previous value was - 0.88%) [86].

Market Performance Review - The A-share market recovered from last week's decline, with significant volatility remaining a characteristic feature. Major indices mostly rose, with the ChiNext index rebounding by 5.48% after a previous drop of 5.42%. The CSI A50 and SSE 50, which are heavily weighted by large-cap stocks, lagged behind in terms of growth. Growth style stocks showed a strong rebound, while financial stocks had smaller gains. Small-cap stocks significantly outperformed large-cap stocks, with the Ning and Mao indices both rising, the Ning combination increasing by 1.95% and the Mao index slightly up by 0.40% [3][12][29]. Industry Overview - The industry saw a general rebound but lacked a clear leading theme. Among the Shenwan first-level industries, electronics (6.15%), real estate (5.98%), agriculture, forestry, animal husbandry, and fishery (4.81%), media (4.27%), and non-ferrous metals (3.76%) led the gains. Conversely, sectors like social services (-0.28%), pharmaceuticals and biology (-0.36%), oil and petrochemicals (-0.41%), banking (-0.66%), and comprehensive (-1.43%) performed poorly. The current market is still entangled in narratives around AI infrastructure investment, potential Fed rate cuts, and anti-involution policies [4][13][29]. Future Outlook and Investment Views - The report suggests that lower volatility presents better participation opportunities. Although there was a significant single-day rise in the A-share market, it does not imply that short-term downward volatility risks have been fully alleviated. Intense bull-bear battles are common at the tail end of a trend, indicating that time is needed for consolidation before the next upward phase. Future volatility in the A-share market is expected to be more influenced by overseas factors, particularly following disappointing U.S. non-farm payroll data in August, which solidifies expectations for a Fed rate cut in September. The A-share market will likely use the rate cut as a key pricing logic point after completing its adjustment [4][29]. Stock Selection Strategy - The report emphasizes that individual stock alpha logic is superior to industry beta logic, focusing on identifying "turnaround" opportunities in individual stocks. The TMT growth sectors, represented by AI applications, computing power chains, and optical modules, which have been adjusting since March, are expected to see valuation recovery opportunities. The report highlights that simply buying stocks with "earnings exceeding expectations" during the mid-year reporting season may not yield sustained relative returns. Instead, the "turnaround" strategy is deemed more effective for performance discovery during this period. The report constructs a portfolio of stocks expected to exceed earnings expectations for the mid-year report, aiming to capture excess returns from individual stock alpha in September and October [5][29].

Economic Performance - In August, China's retail sales growth declined to 3.4%, down from 3.7% in July and below the expected 3.8%[2] - Fixed asset investment growth fell significantly by 1.1 percentage points to 0.5%, much lower than the expected 1.5%[3] - Industrial production growth decreased to 5.2%, down 0.5 percentage points from July and below the market expectation of 5.6%[5] Sector-Specific Insights - Real estate development investment fell by 0.9 percentage points to -12.9%, again weaker than the expected -12.5%[3] - Retail sales of home appliances dropped sharply to 14.3% in August from 28.7% in July, indicating a significant slowdown in consumer spending[2] - The automotive retail sales growth increased to 0.8%, up 2.3 percentage points, benefiting from a low base last year[2] Policy Expectations - Incremental policy support is anticipated to be introduced by the end of September, particularly in fiscal policy to improve infrastructure investment[1][8] - A potential 50 basis points reserve requirement ratio cut and a 10-20 basis points interest rate cut are still expected this year, although the timing may be delayed due to recent market movements[12] - The introduction of new policy financial tools and early allocation of local government debt quotas are expected to support infrastructure investment[10] External Trade Dynamics - Export growth fell by 2.8 percentage points to 4.4%, weaker than market expectations, with exports to the US continuing to decline[7] - Exports to ASEAN countries increased significantly by 5.9 percentage points to 22.5%, partially offsetting the decline in US exports[7] Labor Market Conditions - The urban unemployment rate rose by 0.1 percentage points to 5.3%, exceeding the expected 5.2%[5]