Core Viewpoint - The Shanghai regulatory authorities are intensifying actions to regulate online discourse regarding the real estate market amid a significant adjustment period, focusing on the removal of misleading and harmful information related to the housing market [2] Group 1: Regulatory Actions - Since the launch of the special rectification action on November 14, over 40,000 pieces of harmful information related to the real estate market have been cleared from platforms such as Xiaohongshu and Bilibili [2] - More than 70,000 accounts related to real estate have been dealt with, including the closure of over 1,200 live streaming rooms [2][3] Group 2: Types of Violations - The regulatory actions target four main types of violations, including: 1. **False Listings**: Accounts using terms like "internal sources" and "far below market price" to lure users with significantly low price tags [4] 2. **Exaggerated Policy Interpretations**: Use of extreme expressions such as "the housing market is about to crash" to misinterpret normal policy adjustments and create panic [4] 3. **Fabricated Transaction Information**: Use of AI-generated or spliced fake images of properties and fabricated landlord interviews to create a false impression of available listings [4] 4. **Misleading Live Streaming**: Mislabeling specific areas of the Shanghai housing market during live streams, leading to distorted market expectations [4]

低价股排名 | 代码 | 简称 | 最新收盘价（元） | 日涨跌幅（%） | 日换手率（%） | 市净率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 600200 | *ST苏吴 | 1.24 | | | 0.51 | 医药生物 | | 601005 | 重庆钢铁 | 1.48 | 2.07 | 2.61 | 0.80 | 钢铁 | | 000656 | *ST金科 | 1.49 | 0.00 | 0.91 | | 房地产 | | 600022 | 山东钢铁 | 1.52 | 1.33 | 0.70 | 0.86 | 钢铁 | | 600307 | 酒钢宏兴 | 1.63 | 1.24 | 0.64 | 1.50 | 钢铁 | | 601880 | 辽港股份 | 1.63 | 0.62 | 0.57 | 0.95 | 交通运输 | | 002146 | 荣盛发展 | 1.64 | 1.23 | 3.39 | 0.60 | 房地产 | | 600157 | 永泰能源 | 1.66 | 3.11 | 3.50 | 0.77 | 煤炭 | | 60 ...

很多人之前看全国房价数据有点慌，想着要不要赶紧把老家的房子卖了，结果一查自己老家城市的交易 量，最近一直在稳步上升，现在房价也稳住了，要是当时盲目跟风，说不定就亏了，要是发现所在城市 的房地产交易量持续上升，这时候再琢磨、研究，考虑是买房还是卖房，才更稳妥。 哈喽，大家好，小圆最近被身边的亲戚朋友问得最多的就是俩问题：一是房价到底啥时候能回稳，现在 手头有房想卖，或者没房想入手，到底该咋选；二是网上一直说要降息，这事儿到底啥时候能落地？ 那到底今年还有没有机会？正好看到李稻葵老师对这俩问题的解读，还有大家关心的返乡滞乡传言，今 天就把这些内容捋一捋，跟大家好好唠唠，帮大家心里有个数。 看房价先盯交易量 想判断房价啥时候能稳，有个关键：得盯紧交易量，这比单纯看价格靠谱多了，市场回暖有个规律， 叫"量在价先"，得先有实实在在的交易撑着，价格才会慢慢稳住、甚至回升，要是光看价格涨了跌了， 但没多少人真金白银地买房卖房，那这价格就是虚的，没啥参考价值。 这跟股市其实是一个道理，要是股市就短期波动一下，交易量没跟上，大家根本不用太在意，而且咱们 房地产市场还有个明显特点，就是区域分化特别厉害，有的地方热得很，有的地方就 ...

【财华社讯】碧桂园(02007.HK)公布，于2025年11月单月共实现归属公司股东权益的合同销售金额约人 民币23.5亿元，归属公司股东权益的合同销售建筑面积约30万平方米。 本文源自：财华网 ...

记者丨周潇枭 编辑丨张星 今年前三季度我国经济同比增长5.2%，全年有望实现5%左右的增长，背后很重要的支撑在于 更加积极的财政政策。 今年更加积极的财政政策内涵丰富，赤字率提高到4%左右，对应赤字规模为5.66万亿元；发 行超长期特别国债1.3万亿元，支持"两重""两新"工作；发行超长期特别国债5000亿元，支持 国有大型商业银行补充资本；安排新增地方专项债4.4万亿元，用于投资建设、土地收储、消 化地方拖欠企业账款等；四季度安排使用5000亿元地方债限额，用于化解存量债务和投资建设 等。 2026年作为"十五五"的开局之年，部分机构预判2026年经济增长目标仍在5%左右。考虑到当 前内需恢复偏弱、房地产市场在深度调整进程中、外部不确定性较大等， 2026年要推动释放 潜在经济增速，须实施更加积极的宏观政策，尤其需要更加积极的财政政策加以支持。 中国社科院财经战略研究院财政研究室主任何代欣对21世纪经济报道记者表示，"十五五"期 间，我国经济增长目标预计在5%左右，积极财政政策的支撑力度和实施方式都会进一步优 化。 明年积极财政政策将进一步提振消费 ，"两新"政策会优化；财政会坚持"投资于人"的主 线，增加 ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report The report comprehensively covers overnight market trends of various futures, significant macro - economic news, and updates on financial markets including stocks, bonds, foreign exchange, and commodities. It also details upcoming events and their potential impacts on relevant industries [3][7][30]. 3. Summaries Based on Different Categories Overnight Night - Market Futures Trends - **Energy and Chemical Futures**: WTI crude oil rose 1.27% to $59.7/barrel, Brent crude oil rose 1.04% to $63.32/barrel. Singapore fuel oil inventory increased, while light distillate inventory decreased [4][13]. - **Precious Metals Futures**: COMEX gold rose 0.13% to $4237.9/ounce, COMEX silver fell 1.86% to $57.53/ounce [5]. - **Base Metals Futures**: LME lead, zinc, and nickel rose, while aluminum, copper, and tin fell [5]. - **Domestic Futures**: At 23:00, domestic futures had more decliners than gainers. Coke and corn rose over 1%, while caustic soda and ethylene glycol fell over 1% [6]. Important Macroeconomic News - **Shipping**: There's no specific schedule for the shipping industry to resume Suez Canal voyages, with a 60 - 90 - day transition period expected [8]. - **Central Bank Operations**: On December 5, 2025, the People's Bank of China conducted 1 trillion yuan of outright reverse repurchase operations for 3 months [8]. - **Tax Policy**: Since December 9, 2025, Kuwaiti - flagged taxable ships will enjoy preferential ship tonnage tax rates [8]. - **New Energy Vehicles**: From January to October 2025, global new - energy passenger vehicle sales reached 17.36 million, up 30% year - on - year. In October, sales were 2.11 million, up 17% year - on - year but down 3% month - on - month [9]. - **US Labor Market**: US initial jobless claims dropped to 191,000 in the week ending November 29, the lowest since September 2022 [9]. - **Fed Interest Rate Expectations**: 82% of economists surveyed by Reuters expect the Fed to cut interest rates by 25 basis points in December [9]. Energy and Chemical Futures - **Float Glass**: As of December 4, 2025, the total inventory of national float glass sample enterprises was 59.442 million heavy boxes, down 4.68% month - on - month and up 23.25% year - on - year [12]. - **Alumina**: A group in Xinjiang and Yunnan conducted alumina spot procurement tenders with different winning prices [12]. - **Soda Ash**: As of December 4, domestic soda ash manufacturers' total inventory was 1.5386 million tons, down 3.07% from last Thursday [12]. - **Singapore Fuel Inventory**: As of the week ending December 3, Singapore's fuel oil inventory rose, light distillate inventory fell, and medium distillate inventory rose [13]. - **Saudi Crude Oil Price**: Saudi Aramco will set the official selling price of its flagship Arab Light crude oil to Asia in January at a premium of $0.6/barrel over the regional benchmark, the lowest since January 2021 [13]. - **Methanol Inventory**: As of December 4, East China port methanol inventory was 721,400 tons, down 24,100 tons from November 27 [14]. Metal Futures - **Silver**: Only about 28% of global silver minerals come from "primary silver mines". BNP Paribas predicts silver prices may reach $100/ounce by the end of next year [17]. - **Polysilicon**: In November 2025, domestic polysilicon production was 114,600 tons, down 14.48% from October. December's planned production is expected to decline further [17]. - **Gold**: The World Gold Council believes that in 2026, geopolitical uncertainty will affect the gold market, and gold prices may fluctuate within a range [17]. - **Lithium Salt**: Salt Lake Co., Ltd.'s 40,000 - ton lithium salt project is operating smoothly, with a daily output of 60 - 70 tons and a purity of over 99.7% [17]. - **Copper Supply**: Bridge Copper secures a monthly supply of 50,000 tons of copper concentrate and Grade A cathode copper [18]. Black - Series Futures - **Rebar**: As of the week ending December 4, rebar production and apparent demand decreased for the second consecutive week, while factory and social inventories decreased for the eighth consecutive week [21]. - **Rebar Delivery Rules**: The Shanghai Futures Exchange issued regulations on rebar futures delivery [21]. - **Steel Inventory**: In late November, the social inventory of five major steel products in 21 cities decreased by 4.4% month - on - month [21]. Agricultural Product Futures - **Imported Cotton**: As of December 4, the inventory of imported cotton at major ports was 387,600 tons, up 1.92% week - on - week [23]. - **Brazilian Sugar**: As of the week ending December 3, the number of ships waiting to load sugar in Brazilian ports decreased, and the quantity of sugar waiting to be shipped decreased by 11.67% [23]. - **Guangxi Sugar Mills**: As of now, 44 sugar mills in Guangxi have started the 2025/2026 crushing season, 22 fewer than the same period last year [23]. - **Pig and Corn Prices**: As of November 26, the national live - hog ex - factory price was 12.09 yuan/kg, down 1.23% from November 19. The pig - to - corn price ratio was 5.3, down 1.3% [25]. - **Indian Sugar Exports**: Since November 14, over 100,000 tons of Indian sugar export contracts have been signed for immediate delivery [25]. - **Brazilian Agricultural Product Exports**: Brazil's soybean, soybean meal, and corn export volumes in December are expected to be 2.81 million tons, 1.33 million tons, and 4.99 million tons respectively [25]. - **Canadian Agriculture**: In 2025, Canada's wheat and rapeseed production is expected to increase by 11.2% and 13.3% respectively [26]. - **US Soybean Exports**: In the 2025/2026 season, US soybean export net sales were 1.248 million tons, and net sales to China were 232,000 tons [26]. - **Indian Soybean Oil**: Indian refiners cancelled 70,000 tons of soybean oil import contracts [27]. - **Brazilian Soybean Exports**: In November, Brazil's soybean exports increased by 64% year - on - year to 4.2 million tons [28]. Financial Markets - **A - Shares**: The Shanghai Composite Index fell 0.06%, the Shenzhen Component Index rose 0.4%, and the ChiNext Index rose 1.01%. The market turnover was 1.56 trillion yuan [31]. - **Hong Kong Stocks**: The Hang Seng Index rose 0.68%, the Hang Seng Tech Index rose 1.45%, and the Hang Seng China Enterprises Index rose 0.86%. Southbound capital net - bought HK$1.48 billion, and Tencent was net - sold HK$1.346 billion [31]. - **Shenzhen - Hong Kong Stock Connect**: As of December 4, the total trading volume of Shenzhen - Hong Kong Stock Connect was 131 trillion yuan [31]. - **Corporate News**: Cambrian refuted rumors about production capacity, and Moore Threads listed on the Science and Technology Innovation Board, raising 8 billion yuan [31][32]. - **Insider Trading**: A former director of Hong Kong Central Securities Registration was found guilty of insider trading [32]. - **New Stocks**: Two Hong Kong - listed new stocks broke below their issue prices in the grey market [34]. Industry News - **Infrastructure**: The Future Network Test Facility in the information and communication field was officially put into operation [35]. - **Food Delivery**: The market regulator issued a recommended national standard for food - delivery platforms [35]. - **Real Estate**: In November, the transaction volume of second - hand residential properties in first - tier cities reached a 7 - month high. In December, new - house supply is expected to decline, but sales may recover [35]. - **Electric Bicycles**: The Ministry of Industry and Information Technology guided enterprises to optimize electric - bicycle designs [36]. - **Basketball Reform**: The General Administration of Sport issued an opinion on basketball reform, encouraging foreign investment [36]. Overseas News - **US - China Trade**: The US - China Business Council believes that tariff reduction shows the US acknowledges the negative impact of tariffs on domestic prices [38]. - **US Trade Agreement**: Trump may withdraw from the US - Mexico - Canada Agreement next year [38]. - **US Economy**: US real - wage growth is higher than inflation, and there are expectations of a 25 - basis - point interest - rate cut [39]. - **US Labor Market**: US initial jobless claims decreased, but non - farm employment decreased in November, and Challenger job cuts increased [39]. - **Japan Interest Rate**: The Bank of Japan is likely to raise the policy rate from 0.5% to 0.75% in December [39]. - **EU Gene Editing**: The EU reached an agreement on gene - editing technology in agriculture [40]. International Stock Markets - **US Stocks**: The Dow Jones Industrial Average fell 0.07%, the S&P 500 rose 0.11%, and the Nasdaq rose 0.22%. The US SEC postponed the short - selling disclosure deadline [42]. - **European Stocks**: European major stock indexes rose, driven by positive ADP employment data in the US [42]. - **EU Financial Plan**: The EU launched a plan to break financial barriers and create a unified capital market [43]. Commodities - **Crude Oil**: WTI and Brent crude oil prices rose due to geopolitical tensions [44]. - **Precious Metals**: COMEX gold rose and COMEX silver fell, influenced by interest - rate expectations and market demand [45]. - **Base Metals**: LME base metals had mixed performance, and a large - scale copper withdrawal plan affected copper prices [46]. - **Gold Outlook**: The World Gold Council believes gold prices may fluctuate in 2026 but could rise 15% - 3000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Core Viewpoint - As the year-end approaches, the market is becoming cautious, leading to a resurgence in high-dividend assets, with funds shifting towards these investments [1] Group 1: Market Trends - On December 4, the CSI Dividend ETF (515080) saw a net inflow of 37.94 million yuan, while the Hong Kong Dividend Low Volatility ETF (520550) attracted 30.04 million yuan, marking its 11th consecutive day of inflows, totaling nearly 100 million yuan [1] - Institutional investors are typically shifting towards defensive, stable dividend assets to lock in annual returns, indicating a growing preference for these investments [1] - Historical data shows that the CSI Dividend Total Return Index has an 80% probability of closing positive in November and a 50% probability in December since 2015, demonstrating a seasonal "calendar effect" [1][2] Group 2: Long-term Investment Value - Despite underperforming mainstream indices over the past year, dividend assets have shown strong resilience in the long term, outperforming the 300 and 50 indices over three and ten years [4] - The annualized return of dividend assets over the past five years has been 10%, primarily driven by shareholder returns, with price contributions at only 4% [5] Group 3: Dividend Yield and Economic Environment - The current low interest rate environment in China has led to a decline in long-term rates, with the latest 10-year government bond yield at 1.87%, while the CSI Dividend Index has a yield of 4.87% and the Hong Kong Dividend Low Volatility Index at 6.61% [7][8] - The attractiveness of dividend indices, with yields between 4% and 7%, is heightened by the decreasing risk-free return from government bonds [8] Group 4: Index Adjustments and Composition - Dividend indices typically undergo semi-annual or annual rebalancing to maintain their vitality, with the recent adjustments including the addition of strong sectors like metals and banking while removing weaker sectors like steel and real estate [9][10] - The average dividend yield of newly included stocks is expected to be 4.15%, compared to 3.89% for those being removed, indicating an enhancement in investment value [10] Group 5: Dividend Growth Trends - The trend of regular dividends has become established in A-shares since the implementation of the "New National Nine" policies, with the CSI Dividend Index constituents projected to distribute over 92 billion yuan in dividends in 2024, marking a historical high [12][13] - The Hong Kong Dividend Low Volatility Index has also shown a consistent increase in total dividends, exceeding 100 billion yuan for three consecutive years [14]

每日晨报│2025 年 12 月 5 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,935 | +0.68% | +29.29% | | 恒生科技指数 | 5,615 | +1.45% | +25.68% | | 国企指数 | 9,106 | +0.86% | +24.92% | | 沪深 300 | 4,546 | +0.34% | +15.54% | | 上证综合指数 | 3,875 | -0.06% | +15.63% | | 深证成份指数 | 13,006 | +0.40% | +24.89% | | 中小板指 | 7,904 | +0.26% | +23.85% | | 道琼斯指数 | 47,850 | -0.07% | +12.47% | | 标普 500 指数 | 6,857 | +0.11% | +16.59% | | 纳斯达克指数 | 23,505 | +0.22% | +21.72% | | 伦敦富时指数 | 9,710 | +0.19% | +18.82% | | CAC40 指数 ...

Group 1 - The event focused on "Marketing Efficiency Revolution" to assist enterprises in transforming their marketing models for high-quality development in the new economic environment [1][5] - 30 participants from technology, media, and finance sectors attended the event, which included a visit to Ubo Workshop, a comprehensive digital marketing platform [3][5] - The workshop showcased advancements in AI content generation, data management, and live streaming, providing replicable case studies for traditional enterprises [3] Group 2 - The keynote speaker, Xia Hongbo, shared methodologies for reducing customer acquisition costs and improving conversion efficiency through smart attribution and user segmentation [3] - The discussion highlighted the shift in marketing strategies from broad approaches to precision targeting, emphasizing the importance of efficiency in business survival and growth [3][5] - The event aimed to connect quality resources and expert insights to offer actionable digital marketing solutions for enterprises [5][6]

Market Overview - The market showed weakness with the Shanghai Composite Index down 0.21%, Shenzhen Component Index down 0.34%, and ChiNext Index down 0.27% as of 9:44 AM [1] - The precious metals sector saw gains, led by Xiaocheng Technology, with Sichuan Gold and Western Gold also rising [1] - The insurance sector performed well, with China Pacific Insurance, China Life Insurance, and China Reinsurance showing significant increases [1] - In contrast, the semiconductor and real estate sectors experienced notable declines [1] Precious Metals Sector - The precious metals sector strengthened, with Xiaocheng Technology leading the gains at a price of 26.77, up 12.48% [3] - Sichuan Gold and Western Gold also saw increases of 1.82% and 1.67%, respectively [3] - Huatai Securities predicts that gold prices may rise above $4800/oz in 2026 due to expectations of declining U.S. real interest rates and a potential economic recovery phase [2] Institutional Perspectives - Zhongtai Securities anticipates that the index will likely maintain a volatile pattern in the near term, with robots and brokerages being the main focus leading up to the Chinese New Year [4] - Dongfang Securities suggests that the market remains weak in the short term, recommending investors to selectively buy technology stocks as the index is expected to strengthen [5] - Everbright Securities believes that the index may rebound soon, supported by a classic volume-price signal, and highlights the phosphoric chemical sector as a potential focus [6]