Market Overview - The Hang Seng Index faces resistance at 26,822 points, with recent agreements between China and the US easing trade tensions and expectations of interest rate cuts in the US due to weakening employment data [1][3] - The Hong Kong stock market remains active with a positive risk appetite, as capital rotates among different sectors [1] Short-term Sector Outlook - Focus on upcoming US Federal Reserve interest rate decisions and Hong Kong's Policy Address [2] Macro Focus - Chinese Premier Li Qiang supports increased R&D investment by enterprises and research institutions, emphasizing the need for core technology capabilities [3][9] - Nine Chinese departments have issued policies to expand service consumption and attract more inbound spending [3][9] - The People's Bank of China conducted a reverse repurchase operation of 287 billion yuan, maintaining a rate of 1.4% [9] - The national passenger car inventory decreased to 3.16 million units by the end of August [9] - The world's largest UHVDC project, the Tibet-Guangdong project, has commenced construction, expected to transmit over 43 billion kWh of clean energy annually [9] Company News - Tencent Holdings issued 9 billion yuan in bonds, with proceeds intended for general corporate purposes [11] - Chery Automobile is launching an IPO to raise up to 9.15 billion yuan, with funds allocated for R&D and market expansion [11] - Alibaba's founder Jack Ma is reportedly returning to the company, focusing on AI and competing in the food delivery market [11] - Alibaba's Lazada has integrated with Tmall, allowing merchants to easily enter Southeast Asian markets [11]

21世纪经济报道记者 孙永乐 浙商证券新"入主"的国都证券，正卷入一起"天价"债券违约纠纷。 近日，国都证券（870488.NQ）突发公告称，因"20福晟01"债券违约，五矿国际信托有限公司（简称"五矿信托"）将债券发行人福建福晟集团有限公司（简 称"福晟集团"）及国都证券告上法庭，索赔金额高达4.75亿元。 值得注意的是，不久前，国都证券交出浙商证券（601878.SH）"入主"后的首份半年报。在上半年券商业绩普遍较好的背景下，国都证券业绩表现不佳，营 收净利双降，实现营收7.49亿元，同比下降4.42%；归母净利润3.58亿元，同比下降8.1%。 接近两家券商的人士表示，该案若后续裁定国都证券需承担部分赔偿，不仅将加剧国都证券未来的盈利压力，还可能对浙商证券形成一定"牵连"，毕竟浙商 证券已成为国都证券的控股股东。 案涉债券主承销商国都证券应担责几何？回顾过往债券违约案例，中介机构有不担连带责任的，有按过错担10%或其他比例责任的，也有因参与欺诈发行担 全部连带责任的。 例如，在2021年全国首例公司债欺诈发行"五洋债"案中，德邦证券因直接参与财务造假、隐瞒关键风险，被判与发行人共担7.4亿元全额赔偿，开 ...

Core Insights - The real estate market is stabilizing due to various policies aimed at promoting housing demand and preventing price declines [1][2][4] - In August, the year-on-year decline in new residential prices narrowed across most cities, with Shanghai experiencing a price increase of 5.9% [1][2] - The sales area of new commercial housing from January to August was 57,304 million square meters, a year-on-year decrease of 4.7%, but the decline is less severe compared to previous periods [2][3] Sales Performance - From January to August, the sales revenue of new commercial housing reached 55,015 billion yuan, down 7.3% year-on-year, but the decline is narrowing [2][3] - The year-on-year decline in new residential sales area has improved by 13.3 percentage points compared to the same period last year [2] - First and second-tier cities have shown growth in new commercial housing sales area and revenue [2] Investment Trends - Real estate development investment from January to August was 60,309 billion yuan, down 12.9% year-on-year, with a widening decline compared to previous values [3] - Funding for real estate development enterprises decreased by 8.0% year-on-year, but the decline is less severe than in previous years [3] - The inventory of unsold commercial housing has decreased for six consecutive months, indicating a gradual improvement in the market [3] Market Outlook - The recovery of the real estate market requires ongoing efforts, with recent policy adjustments in major cities aimed at stimulating demand [4] - The upcoming "Golden September and Silver October" period is expected to boost market activity, particularly in core cities [4] - Future strategies will focus on high-quality urban renewal and increasing the supply of quality housing to meet resident needs [4]

Group 1 - The core viewpoint of the articles highlights the recent measures taken by various regions in China to stimulate housing consumption, including subsidies and support for multi-child families [1][2] - Since late August, cities like Beijing, Shanghai, and Shenzhen have introduced new real estate policies aimed at activating housing market potential, coinciding with the traditional peak sales period of "Golden September and Silver October" [1][2] - A total of approximately 440 real estate optimization policies have been implemented across around 190 regions in China this year, indicating a significant push to stabilize the economy through housing [2] Group 2 - Analysts from Huafu Securities suggest that declining interest rates are likely to restore home-buying willingness, while monetary support for urban renewal can enhance purchasing power, potentially stabilizing the real estate market [3] - The expectation of marginal recovery in home-buying willingness and capacity is anticipated to increase the probability of stabilization in the real estate market fundamentals, which may also alleviate credit risks for companies in the industry [3]

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，尤其是非农就业2.2万人，大幅低于低于市场预期的7. ...

资讯编辑：罗莹 021-26093550 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 从江西省统计局获悉，前八月，江西省固定资产投资同比增长4.0%，全省亿元以上在建项目7828个。 分领域看，基础设施投资同比增长12.8%，制造业投资同比增长9.3%，房地产开发投资同比下降 10.4%。全省亿元以上在建项目7828个，完成投资增长7.1%，占全部投资的比重为71.9%，拉动投资增 长5.0个百分点。 ...

Core Viewpoint - The article discusses how idle real estate projects, particularly unfinished buildings, are being repurposed into short film studios, cafes, and hotels as a response to the challenges faced in the real estate market, highlighting innovative ways to revitalize these assets [3][4][26]. Group 1: Repurposing Idle Real Estate - Companies like Evergrande and Jumei Youpin are transforming their idle projects into short film bases, cafes, and hotels, with some projects becoming highly sought after and requiring reservations for use [3][4][6]. - In Henan, Evergrande's idle sales office has been utilized by multiple short film crews, indicating a high demand for such locations [5][6]. - Jumei Youpin has converted an idle shopping mall into the "Jumei Airport Vertical Screen Film Base," covering an area of nearly 17,000 square meters and producing around 700 micro-short films, making it one of the largest short film bases in Henan [8]. Group 2: Real Estate Companies' Involvement - Real estate companies are actively engaging in the short film industry by opening their properties for filming. For instance, Greenland Group has opened several landmark projects and residential areas in Henan for short film shooting [12][13]. - Greenland Group has established strategic partnerships with numerous leading short film companies, aiming to create a comprehensive short film base that can accommodate over 1,000 short film productions annually [13]. Group 3: Broader Trends in Real Estate Utilization - Across the country, various real estate projects, including sales offices and office buildings, are being made available to short film crews, with some properties even offering hourly or daily rentals [15]. - The trend of incorporating "unfinished buildings" into short film narratives is emerging, with stories reflecting the challenges of homebuyers facing unfinished projects [16][19]. - Some idle buildings are being transformed into hotels, such as the "World's First Water Bureau Building" in Guizhou, which has been converted into a luxury hotel with 365 rooms [21]. Group 4: Creative Uses of Idle Properties - Idle buildings are also being repurposed into "City Memory Museums," "Creative Art Districts," and "Shared Spaces" for community interaction [23]. - In Bangkok, an unfinished building has been converted into a cafe, attracting young people with its unique aesthetic, while in Guangzhou, another idle building has been transformed into a trendy retail space [24].

Core Viewpoint - The real estate market in China is experiencing significant challenges, with a notable decline in sales and investment, although recent policy adjustments in major cities may provide some support to market demand [1][4][7]. Sales Performance - In August, the national sales area of commercial housing decreased by 10.6% year-on-year, with the decline widening by 2.8 percentage points compared to July [1][4]. - As of September 12, new home transaction area in 38 cities showed a year-on-year increase of 2%, indicating a potential recovery in sales momentum [4]. Investment and Construction - Real estate development investment in August fell by 19.5% year-on-year, with the decline expanding by 2.5 percentage points from July [1][7]. - New construction area decreased by 20.3% year-on-year, while completed area saw a decline of 21.4% [1][7]. - The future changes in new construction area growth are dependent on sales trends, and the completion rate relies on the progress of delivery assurance efforts [7]. Policy Response - Major cities such as Beijing, Shanghai, and Shenzhen have introduced new policies from August to September, optimizing regulations on purchase limits and mortgage rates, which may support market demand [4][7]. Investment Outlook - The company remains optimistic about high-quality commercial real estate firms and developers and property management companies operating in core cities [1][12].

Group 1 - The Ministry of Commerce and eight other departments released policies to expand service consumption, proposing 19 measures, with 8 related to "high-quality service supply" [2] - The document includes initiatives such as "service consumption season" activities, support for high-quality consumption resources collaborating with well-known IPs, and expanding pilot programs in telecommunications, healthcare, and education [2] - The document also introduces the construction of pilot cities for new consumption formats, models, and scenarios [2] Group 2 - The Ministry of Agriculture and Rural Affairs reported that grain production in China reached a new level, with a projected output of over 1.4 trillion jin in 2024, and per capita grain availability reaching 500 kg [2] - The statement regarding the cancellation of the "purchase limit for foreign individuals" was clarified as a misunderstanding, emphasizing that it only pertains to the optimization of the review process for currency exchange in banks [2] Group 3 - A-shares saw a mixed performance with the Shanghai Composite Index closing up 0.04% at 3861.87 points, while the Shenzhen Component Index and the ChiNext Index rose by 0.45% and 0.68% respectively, with a total market turnover of 2.37 trillion yuan [3] - The Hang Seng Index in Hong Kong fell by 0.03% to 26438.51 points, while the Hang Seng Tech Index increased by 0.56% [3] Group 4 - Domestic gold jewelry prices rose again on September 16, influenced by international gold prices, with brands like Chow Sang Sang and Luk Fook Jewelry reporting prices of 1091 yuan and 1087 yuan per gram respectively [4] - As of September 15, the financing balance on the Shanghai Stock Exchange increased by 96.67 billion yuan, while the Shenzhen Stock Exchange's financing balance rose by 86.63 billion yuan, totaling 23454.27 billion yuan [4] Group 5 - JD Group's founder Liu Qiangdong announced plans for a new hotel development strategy and innovative business models for food delivery, aiming to avoid price wars in the hotel industry [5] Group 6 - Vanke A received a loan offer of up to 2.064 billion yuan from Shenzhen Metro Group [6] - Longying Precision is providing products for Nvidia through a leading ODM manufacturer in Taiwan [7] - Luxshare Precision's vice chairman Wang Laisheng completed a share buyback totaling 2 billion yuan [8] Group 7 - The U.S. stock market saw slight declines, with the Dow Jones down 0.27% and the S&P 500 down 0.13%, while major tech stocks showed mixed results [9] - The Senate narrowly approved the nomination of Stephen Milan to the Federal Reserve, with President Trump emphasizing the need for the Fed's independence [9] - Market speculation suggests that gold prices could reach 4000 USD per ounce by the end of the year, driven by expectations of an interest rate cut by the Federal Reserve [9]

智通财经记者 | 王婷婷 上海高端住宅市场依然一枝独秀。 9月14日，楼市"金九"第二个周日，位于虹口内环内的外滩瑞府首期开盘，119套房源当日售罄，录得销 售额超24.8亿元。"现场选房氛围比较好，购房者的认购热情还是挺OK的，选房时间很快，也不是很纠 结。"外滩瑞府项目负责人告诉智通财经。 上述项目负责人向智通财经表示，"（选房）大概30秒一组，共200多组客户。直到认购完，差不多用了 一个小时。" 据智通财经了解，该项目首开均价14.78万元/平方米，推出119套建筑面积约121平方米和建筑面积161平 方米的3-4房。开盘前，项目整体认购组数超200+组，认购率约168%，触发限售。 从地理位置来看，项目位于虹口区北外滩核心区，东至九龙路，南至哈尔滨路，西至吴淞路，北至 hk191A - 05 地块，距离地铁10号线四川北路站直线约400米，直线距离外滩约1公里。 外滩瑞府开盘现场。 去年11月，在上海第七批次土拍中，华润置地斥资51.36亿元竞得该项目地块，楼面价达到92933元/平方 米，溢价率约11.97%。该地块共吸引3家房企竞争，分别是华润置地、中海地产、招商蛇口，三家央企 开发商中，最终华 ...