首席点评：黄金刷新历史高位 美国 8 月零售销售环比增 0.6%，连续三个月超预期增长，实际零售销售连续 11 个月增长。尽管经济面临挑战，但在薪资增长和股市财富效应支撑下，美国消费 者支出依然强劲，或将为美联储的降息决策带来新的考量。潘功胜指出，区块链 和分布式账本等新兴技术推动央行数字货币等发展，重塑传统支付体系，大幅缩 短跨境支付链条，同时也对全球金融监管和合作提出了挑战。对于快速扩张的加 密资产市场和气候风险相关的监管框架，全球监管协调不足，监管取向大幅摆动 并受过强的政治因素驱动。商务部等 9 部门发布《关于扩大服务消费的若干政策 措施》。措施提出，优化学生假期安排，完善配套政策。 重点品种：黄金、铜、原油 黄金：金银冲高回落。美国 8 月零售销售表现强劲，环比增长 0.6%，预估为 0.2%。 同比增长 2.1%，实现连续第 11 个月实现正增长。上周公布的 8 月 CPI 同比上涨 2.9%。核心通胀同比仍为 3.1%。8 月 PPI 环比意外下降 0.1%，预期为上涨 0.3%。 同比上涨 2.6%，低于市场预期的 3.3%，强化 9 月降息预期。本月多项数据显示 美国经济就业市场疲弱，尤其是 ...

Group 1 - The Chief Executive of Hong Kong, John Lee, emphasized that the 2025 Policy Address focuses on improving people's livelihoods, covering nine key areas including housing, transportation, healthcare, and social welfare [1][8] - The government plans to increase public housing supply and land development to meet long-term economic needs and housing demands [1][8] - The government aims to promote the development of AI and data science industries, positioning Hong Kong as a global AI development hub [1][43] Group 2 - Hong Kong has established mature financing channels, including angel investment, venture capital, private equity, and IPOs, effectively connecting global capital with quality projects [2][45] - The Hong Kong Investment Management Company has invested in several AI enterprises and will continue to support the AI industry [2][45] - The government is promoting AI business applications, with initiatives like the AI sandbox program to enhance financial system security [2][48] Group 3 - The new capital investment scheme requires applicants to invest at least HKD 30 million, with adjustments to the property investment criteria to encourage more investments [3] - The government is implementing a stablecoin issuer system and developing a licensing framework for digital asset trading and custody services [3] Group 4 - The government will establish the "Northern Metropolis Development Committee" to accelerate the development of the Northern Metropolis, which is seen as a new economic engine for Hong Kong [27][28] - The government plans to simplify administrative procedures and introduce rapid approval systems to enhance construction efficiency in the Northern Metropolis [30] Group 5 - The government aims to attract high-value industries and enterprises to Hong Kong through flexible land allocation, tax incentives, and funding support [56][59] - The focus will be on promoting advanced manufacturing, life sciences, and AI industries to create quality job opportunities and enhance economic benefits [56][61]

9月17日，万科集团官网变更了组织架构、管理团队信息，意味着这场万科史上调整最大、酝酿了近一年的的组织大变革已经落地。 01 史上最大组织变革落地 新的组织架构中，集团总部被分为董事会办公室、集团办公室/党群工作部和11个中心；原先的区域层级全部取消，变成了16个城市总公司；物业、商 业、长租公寓等8个事业部保持不变。 变更后： 集团执行副总裁李刚，新兼任了北京公司总经理；原开发经营事业集团总经理张海，新职务变成了集团首席产品官、集团产品设计中心总经理；原西南区 域管理部首席合伙人/总经理李嵬，新担任集团投资发展中心总经理；华东区域管理部首席合伙人/总经理吴镝，新职位为集团首席营销官；卜令秋任集团 财务总。 在各个城市公司层面，万科内部工作系统中也已经按新的组织架构完成更新。 16个城市公司负责人分别为： 北京公司 李刚 图源：万科官网 变更前： 图源：万科官网 与此同时，与开发业务相关的管理层人员也已经就位。 在集团层面，董事长辛杰、工会主席解冻、执行副总裁郁亮、执行副总裁李锋、执行副总裁华翠、执行副总裁 财务负责人韩慧华、董事会秘书田钧等 人，以及分别负责物业、商业与酒店事业部的朱保全、孙嘉职务不变。 可 ...

提升住宅建设标准、持续开展老旧小区整治改造、积极稳妥推进城中村改造、加大保障性住房的建设和供给……中央城市工作会议明确提出 "着力建设舒适 便利的宜居城市"，山东也在积极推进宜居城市的建设。聚焦"住有宜居 百姓安居"，山东坚持一手抓市场、一手抓保障，聚焦"高品质、好环境、优服务、 强保障"，全力推动群众住房条件持续改善。 试点项目做引领 山东"好房"遍地开花 近日，山东省第三批高品质住宅试点项目名单出炉，全省共103个项目入选，自此，山东的高品质住宅试点项目已经突破200个。 齐鲁晚报·齐鲁壹点记者 孟杰 今年，"好房子"首次写入十四届全国人大三次会议审议通过的《政府工作报告》，提出要适应人民群众高品质居住需要，完善标准规范，推动建设安全、舒 适、绿色、智慧的"好房子"。而"发挥高品质住宅试点项目引领作用，推动全省住房品质实现系统性提升"，正是山东在建设人民满意"好房子"工作中的一个 重要举措。 为了加快推进高品质住宅建设，顺应人们对"好房子"的新期待，山东提升了住宅建设标准、建造工艺和质量水平。省级层面，编制高品质住宅建设指导意见 和技术指引，明确高品质住宅定位，注重提升居住体验，在功能分区、技术指标等方面 ...

至此，招商蛇口"一二把手"同时换防，迎来新的权力组合。 9月16日，有接近招商蛇口的内部人士对《中国经营报》记者表示，此次变动属于正常的工作调整，朱 文凯与聂黎明都是招商系"老兵"，他们出任也属于平稳"交棒"。 朱文凯现任招商蛇口董事长、党委书记，其历任蛇口招商港务股份有限公司总经理助理；深圳蛇口招港 实业发展有限公司总经理；招商地产策划部经理、营销中心总经理；招商地产总经理助理、副总经理； 招商蛇口常务副总经理；招商局海南开发投资有限公司党委书记、总经理；招商蛇口总经理。由此可 见，朱文凯的职业生涯多元化，覆盖营销、区域经营、管理等方面。其间，朱文凯于2023年9月回归招 商蛇口担任总经理，如今接过董事长一职。 9月15日晚间，招商蛇口（001979.SZ）公告公司董事长蒋铁峰由于工作调动原因辞去董事、董事长等职 务。董事会选举朱文凯担任公司第四届董事会董事长。基于工作岗位调整，董事会同意免去朱文凯的总 经理职务，同时聘任聂黎明为公司总经理。 聂黎明同样具有丰富的"实战"经验。公告显示，聂黎明出生于1971年，毕业于南京建筑工程学院机电系 起重运输与工程机械专业，获学士学位，后就读于电子科技大学，获管理学硕 ...

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The real estate market continues to show a downward trend, with significant policy negotiations expected in September [3][4] - From January to August 2025, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [3][39] - New housing starts and completion areas are at historically low levels, with new starts down 19.5% and completions down 17.0% year-on-year [55] Summary by Sections Investment and Sales Data - From January to August 2025, new housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, down 7.3% [3][5] - In August alone, new housing sales revenue fell by 14.0% year-on-year, and sales area decreased by 10.6% [5] Price Trends - The average selling price of new residential properties was 9,600 yuan per square meter, down 2.7% year-on-year [19] - In August, the average price was 9,487 yuan per square meter, reflecting a year-on-year decline of 3.8% [19] Investment and Funding - Real estate development investment for January to August 2025 was 60,309 billion yuan, with a year-on-year decline of 12.9% [39] - Funding for real estate enterprises was 64,318 billion yuan, down 8.0% year-on-year [39] Construction Activity - New housing starts were 39,801 million square meters, down 19.5% year-on-year, while completions were 27,694 million square meters, down 17.0% [55] - In August, new housing starts fell by 20.3% year-on-year, and completions decreased by 21.4% [55] Investment Recommendations - The report suggests that the real estate sector is unlikely to see a trend-driven market due to the current fundamentals, but recent policy relaxations in major cities may provide opportunities [70] - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and I Love My Home [70]

Group 1 - The Ministry of Commerce and eight other departments issued 19 specific measures to expand service consumption, focusing on enhancing service quality and promoting consumer activities [1] - The "Service Consumption Quality Improvement and Benefit Action" plan was introduced to strengthen policy support, build platforms, and optimize the consumption environment [1] - The initiative includes the continuous development of the "Buy in China" brand and the launch of a series of promotional activities in key service sectors [1] Group 2 - The Chinese Ministry of National Defense confirmed that the Fujian aircraft carrier is conducting sea trials, which is a normal part of its construction process [2] - The development of the aircraft carrier is aligned with national security needs and technological advancements, emphasizing China's commitment to a defensive national policy [2] - The Fujian carrier is expected to play a significant role in safeguarding national sovereignty and development interests [2] Group 3 - The China National Medical Products Administration released the first industry standard for medical devices using brain-computer interface technology, set to take effect on January 1, 2026 [4] - This standard aims to support the high-quality development of the brain-computer interface medical device industry [4] Group 4 - The Shenzhen Securities Regulatory Bureau issued a warning letter to Qianhai Hongtai Fund Management Co., Ltd. for failing to complete fund filing procedures after fundraising [5] - This action is based on violations of the Private Fund Management Regulations [5] Group 5 - Vanke A received a loan of up to 2.064 billion yuan from Shenzhen Metro Group [8] - Hengwei Technology plans to acquire 75% of Shuheng Technology's shares, leading to a stock suspension [8] - Shanghai Construction's stock has seen significant short-term gains, indicating potential market overheating [8] - Huohai Biotechnology's controlling shareholder received an administrative penalty notice [8] - Funeng Technology plans to mass-produce its third-generation semi-solid battery by 2026 [8] - Luxiao Technology signed an AI robot cooperation agreement with its subsidiary [8] - Haon Electric received a product designation notice, estimating total revenue of approximately 2.477 billion yuan over its lifecycle [8] - Haowei Group has entered NVIDIA's supply chain [8] - AVIC Optoelectronics has shipped UQD connectors and liquid cooling pipe components to overseas manufacturers [8]

Group 1 - China Poly Group Corporation issued a statement on September 15, warning the public about illegal entities impersonating the company and conducting fraudulent activities under its name [1] - The statement lists several companies that have no affiliation or ownership relationship with China Poly Group, urging the public to remain vigilant and report any illegal activities to the police [1] - The phenomenon of fake state-owned enterprises has become a significant concern, with the State-owned Assets Supervision and Administration Commission (SASAC) reporting over a thousand cases of "fake state-owned enterprises" from 2021 to 2023 [1] Group 2 - China Poly Group is a large central enterprise managed by the SASAC, with a diversified business structure including international trade, real estate development, and cultural arts [5] - In the first half of 2025, Poly Development signed contracts worth 145.2 billion yuan, maintaining its position as an industry leader, with a 92% year-on-year increase in sales from 38 core cities [5] - Poly Property achieved a revenue of 8.39 billion yuan in the first half of the year, a 6.6% increase year-on-year, with a management scale covering 191 cities and serving 2.36 million households [5]

Core Viewpoint - The article highlights the significant decline in China's real estate market over the past decade, with many areas experiencing prices returning to levels seen ten years ago, indicating a prolonged downturn in the sector [2][3]. Group 1: Real Estate Investment Trends - Real estate investment in China has seen a substantial decline, with a reported investment of 60,309 billion yuan from January to August 2023, marking a year-on-year decrease of 12.9% [6][11]. - The investment in residential properties also fell by 11.9%, contributing to a broader trend of negative growth that has persisted since April 2022 [6][10]. - The overall investment scale is projected to drop to around 9 trillion yuan for the year, reflecting the largest decline in recent years [11]. Group 2: Sales Performance - The sales of new commercial housing have also seen a significant downturn, with a total sales area of 57,304 million square meters from January to August 2023, down 4.7% year-on-year [13][15]. - The sales revenue for new commercial housing reached 55,015 billion yuan, representing a 7.3% decline compared to the previous year [13][15]. - The decline in sales has been consistent since 2021, with no signs of recovery, and the first eight months of 2023 recorded the largest year-on-year drop in both sales area and revenue [15][16]. Group 3: Regional Disparities - The Northeast region experienced the most significant decline in real estate investment, with a year-on-year drop of 22.9% [16]. - In terms of sales, the Eastern region also faced the largest declines, with a 7.1% decrease in sales area and an 8.1% drop in sales revenue [16]. - The overall trend indicates that all major regions, including East, Central, and West, are experiencing declines in both investment and sales [15][16]. Group 4: Price Trends - The price of second-hand homes in Beijing has seen a notable decline, with reports indicating a drop of 30.7% from peak levels, returning to prices last seen in August 2016 [34][32]. - The overall trend in major cities shows significant price reductions, with Shanghai down 31.6% and Guangzhou down 33.9% from their respective peaks [34]. - Despite new policies aimed at stimulating the market, the price adjustments continue, with a high percentage of listings in major cities being reduced [29][48]. Group 5: Policy Responses - New measures have been introduced in major cities like Beijing, Shanghai, and Shenzhen to stimulate the housing market, including easing restrictions on home purchases for both single individuals and families [38][42]. - The policies aim to create a more favorable environment for homebuyers, but the effectiveness of these measures remains uncertain as the market continues to face downward pressure [45][51]. - The recent policy changes have led to a slight increase in transaction volumes, but the overall sentiment in the market remains cautious [45][46].

刚刚过去的周末，广州楼市相当热闹。 几个新盘剑拔弩张，集中亮相，广州楼市，也终于有了传统金九银十的那种热闹劲。 在热闹过后，我们也发现，广州楼市，出现了一些不一样的信号。 广州楼市 有金九银十的硝烟味了 咱们先来捋一捋，这周末广州楼市发生了哪些大事。 先是位于天河世界大观的新盘保利辰园·湖境开启锁房，价格很香： 75㎡总价329-341万 86㎡总价369-410万 89㎡总价406-427万 126㎡总价650-684万 128㎡总价655-700万 保利辰园·湖境算是今年金九杀出来的第一个狠角色，项目周六刚开放样板间，据说当天到访人数超2000人，诚意登记人数近300个，项目打铁趁热，连夜 通知次日锁房。 据说第二天一早，项目售楼部外就排满了长队，都是等着抢房的人，项目整体去化超60%，算是给金九来了个开门红。 此外，上周末位于老黄埔的中鼎书院上城三期珺翎府也加推新规3#、4#栋，首发价格3.7万/平，比吹风价低了不少，项目还发了一个很有野心的海报： 三期价格首发，荡平老黄埔。 这火药味，可以说很浓了。 以惊喜价格抢跑。 此招虽俗，但从市场反馈来看，确实有一定成效。 除了两个开盘的项目，上周末一个"准热盘 ...