人民财讯9月15日电，9月15日，台州出让中央创新区一号街坊地块，该地块用地性质为城镇住宅、城镇 社区服务设施用地，总用地面积64010㎡，规划建筑面积128020㎡，容积率2.0，起始价12.49亿元，起始 楼面价9757元/㎡。该地块由台州市开投城市开发有限公司和常州长兴诺廷山房地产开发有限公司(台州 开投和兆地置业)联合体以底价12.49亿元竞得，成交楼面价9757元/㎡。 ...

Core Viewpoint - The real estate market is experiencing a significant shift, with properties becoming increasingly illiquid and resembling "heirlooms" rather than assets that can be easily traded [3][19]. Land Market Dynamics - There is a stark contrast in the land market, where prime plots in first and second-tier cities are highly competitive, while third and fourth-tier land is largely ignored, with some plots being withdrawn before bidding [4][6]. - The players in the land acquisition market have changed, with state-owned enterprises and city investment companies dominating, as private enterprises have largely exited [5][7]. - From 2021 to 2024, city investment companies have acquired land worth nearly 8 trillion yuan, indicating a significant accumulation of land that remains undeveloped [9][10]. Land Inventory and Development Challenges - A substantial portion of the acquired land, estimated at around 4 trillion yuan, is not yet under development, representing a hidden inventory that could flood the market if developed [11]. - However, even if this land is developed, there is uncertainty regarding its marketability, as many areas face challenges in selling new properties [12]. Government Intervention - A new strategy has emerged where the government uses special bonds to repurchase stagnant land from city investment companies, with plans to recover over 400 billion yuan worth of land [13][15]. - This creates a cycle where city investment companies acquire land, hold it, and then sell it back to the government, allowing them to continue acquiring more land [16]. Market Segmentation and Product Quality - The focus of policies has shifted towards supporting new housing, leading to improved product quality in new developments, which is intended to attract the limited remaining demand [19]. - In contrast, the secondary housing market is struggling, with many properties remaining unsold for extended periods, indicating a lack of interest and investment in this segment [19]. Overall Market Sentiment - The current real estate landscape reflects a dichotomy: while land transactions appear robust, the actual sale of properties is stagnating, leading to a situation where real estate is becoming increasingly "immobile" [19][20].

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with property values declining and the previous perception of real estate as a guaranteed investment fading away [1][3][4]. Market Trends - Over the past two years, property prices have consistently dropped, leading to concerns about whether prices have reached their lowest point [1][3]. - The once booming real estate market, which was seen as a wealth generator, is now viewed as a burden for many families due to significant asset depreciation [3][4]. Supply and Demand Dynamics - There is a stark contrast in supply and demand, with over 110 million vacant homes in China and urban households averaging 1.5 homes each, indicating an oversupply situation [10][12]. - The previous anxiety of being pushed out of cities due to lack of housing is diminishing, as the population growth is slowing, with only 500,000 net new residents in 2021 [12][23]. Developer Challenges - Developers are facing a challenging environment with high debt levels and tight cash flow, forcing them to sell properties at discounted prices, which could lead to industry collapse if prices drop too significantly [14][23]. - The competitive landscape is shifting from quantity to quality, as developers must focus on delivering high-quality properties to attract buyers [14][16]. Changing Consumer Attitudes - Younger generations are increasingly rejecting the traditional view of homeownership as a necessity, preferring flexibility and personal growth over long-term financial commitments [19][25]. - The perception of real estate as a status symbol is eroding, with many now questioning the value of investing in property given the current market conditions [21][25]. Future Outlook - Industry leaders predict that the real estate market cannot sustain its previous growth patterns indefinitely, with calls for a return to the fundamental purpose of housing as a living space rather than an investment vehicle [23][25]. - The introduction of property taxes by 2030 is anticipated to further alter the cost dynamics for multiple property owners, impacting market behavior [8][12].

Group 1 - Company announced on September 13, 2025, regarding abnormal stock trading fluctuations, with stock continuing to hit the upper limit on September 15, 2025 [1] - Recent trading activity shows significant increases in trading volume, turnover rate, and number of shareholders, with some institutional shareholders reducing or liquidating their positions, indicating potential short-term price correction risks [1] - Company’s subsidiary, Beijing Shoukai Yingxin Investment Management Co., Ltd. (Yingxin Company), holds a 62.74% stake in the company and has made a financial investment of 300 million yuan in a fund, with a paid-in capital of 180 million yuan [1] Group 2 - The fund holds approximately 4.7683% equity in Yushu Technology, leading to Yingxin Company’s indirect ownership of about 0.3% in Yushu Technology, indicating a low holding percentage [2] - Yingxin Company’s investment in the fund is purely financial, lacking control or influence over the fund's decision-making and operations [2]

#首开股份个别机构股东减持清仓#【9天8板首开股份：近期公司股票交易呈现股东人数显著增长、个别 机构股东出现减持清仓等情况】首开股份公告称，自2025年9月3日至9月12日期间，公司股票收盘价格 涨幅偏离值累计达到100%，属于股票交易严重异常波动情形。近期公司股票交易呈现出交易量明显增 长、换手率大幅提升、股东人数显著增长、个别机构股东出现减持清仓等情况。 根据天眼查显示，基金持有宇树科技4.7683%股权。按此计算，盈信公司间接持有的宇树科技股权比例 约为0.3%，持股比例很低。盈信公司对基金的投资仅为财务性投资，对基金决策运作无控制力和影响 力。（智通财经） ...

格隆汇9月15日丨首开股份（维权）(600376.SH)公布股票交易风险提示公告，公司关注到有媒体报道公 司控股子公司北京首开盈信投资管理有限公司（简称"盈信公司"）间接持有杭州宇树科技股份有限公司 （简称"宇树科技"）股权，现就此事说明如下。盈信公司为公司持股比例为62.74%的控股子公司。截至 2025年7月，盈信公司对金石成长股权投资（杭州）合伙企业（有限合伙）认缴出资3亿元，实缴出资 1.8亿元。经公司了解，截至8月25日，基金的认缴规模为460,963.95万元。据此计算，盈信公司持有基 金的认缴份额比例约为6.51%（上述比例随着基金实际运营的认缴规模变化而变化）。根据天眼查显 示，基金持有宇树科技4.7683%股权。按此计算，盈信公司间接持有的宇树科技股权比例约为0.3%，持 股比例很低。盈信公司对基金的投资仅为财务性投资，对基金决策运作无控制力和影响力。 ...

根据天眼查显示，基金持有宇树科技4.7683%股权。按此计算，盈信公司间接持有的宇树科技股权比例 约为0.3%，持股比例很低。盈信公司对基金的投资仅为财务性投资，对基金决策运作无控制力和影响 力。 智通财经APP讯，首开股份(600376.SH)发布公告，公司于2025年9月13日发布了《关于股票交易异常波 动暨严重异常波动的公告》(临2025-082)。9月15日公司股票继续涨停。近期公司股票交易呈现出交易量 明显增长、换手率大幅提升、股东人数显著增长、个别机构股东出现减持清仓等情况，股价存在短期上 涨过快可能出现的下跌风险。 公司关注到有媒体报道公司控股子公司北京首开盈信投资管理有限公司(以下简称"盈信公司")间接持有 杭州宇树科技股份有限公司(以下简称"宇树科技")股权，现就此事说明如下。盈信公司为公司持股比例 为62.74%的控股子公司。截至2025年7月，盈信公司对金石成长股权投资(杭州)合伙企业(有限合伙)(以 下简称"基金")认缴出资3亿元，实缴出资1.8亿元。经公司了解，截至8月25日，基金的认缴规模为 460,963.95万元。据此计算，盈信公司持有基金的认缴份额比例约为6.51%(上述比例 ...

Core Viewpoint - The real estate market in China shows signs of stabilization with a narrowing decline in sales and an increase in new home prices in several cities, indicating potential recovery in the sector [1][18][24]. Group 1: Market Performance - In the first eight months of 2023, the total sales area of new commercial housing reached 573.04 million square meters, a year-on-year decline of 4.7%, but this decline is 13.3 percentage points narrower than the same period last year [18]. - The sales revenue from new commercial housing was 550.15 billion yuan, down 7.3% year-on-year, with the decline narrowing by 16.3 percentage points compared to the previous year [18]. - As of the end of August, the inventory of unsold commercial housing decreased for six consecutive months, with a total of 76.169 million square meters, down 3.17 million square meters from July [21]. Group 2: Price Trends - In August, among 70 large and medium-sized cities, new home prices increased month-on-month in nine cities, including Shanghai and Hangzhou, with the number of cities experiencing price increases rising by three compared to July [1][17]. - The year-on-year decline in new home prices in first-tier cities was 0.9%, a reduction of 0.2 percentage points from the previous month [8][17]. - The year-on-year decline in second and third-tier cities was 2.4% and 3.7%, respectively, with declines narrowing by 0.4 percentage points [8][16]. Group 3: Policy and Market Outlook - The government has implemented various policies to stabilize the real estate market, including adjustments to housing policies and financial incentives, which have shown some positive effects [24][25]. - Analysts suggest that the market is transitioning from a phase of rapid decline to one of stabilization, with expectations for improved market conditions in the coming months [22][26]. - The upcoming "Golden September" marketing season is anticipated to boost market activity, particularly in core cities, as developers increase their sales efforts [26].

Core Viewpoint - The real estate market in China is showing signs of stabilization, with a narrowing decline in sales and improvements in funding and inventory levels [1][2][7]. Group 1: Sales Performance - From January to August, the total sales area of new commercial housing reached 57,304 million square meters, a year-on-year decline of 4.7%, which is a reduction of 13.3 percentage points compared to the same period last year [4][7]. - The sales revenue for new commercial housing was 55,015 billion yuan, down 7.3% year-on-year, with a decline reduction of 16.3 percentage points compared to the same period last year [4][7]. - By the end of August, the inventory of unsold commercial housing decreased by 317 million square meters compared to the end of July, marking six consecutive months of decline [4][8]. Group 2: Funding Situation - The total funds received by real estate development enterprises from January to August amounted to 64,318 billion yuan, a year-on-year decrease of 8.0%, but the decline has narrowed by 12.2 percentage points compared to the same period last year [10][12]. - Domestic loans accounted for 10,232 billion yuan, showing a slight increase of 0.2% year-on-year, while self-raised funds decreased by 8.9% to 22,974 billion yuan [10][12]. - Personal mortgage loans also saw a decline of 10.5%, totaling 8,857 billion yuan [10]. Group 3: Market Outlook - The spokesperson from the National Bureau of Statistics indicated that the real estate market is gradually stabilizing, but further efforts are needed to promote recovery [2][12]. - Recent policy adjustments in various cities have shown positive effects, leading to improvements in market transactions [12]. - The industry is encouraged to focus on high-quality housing supply to better meet the rigid and improved housing demands of residents [12].

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 Combination - **Model Construction Idea**: This model focuses on selecting stocks with low Price-to-Book (PB) ratios and high Return on Equity (ROE) to construct a portfolio that aims to achieve excess returns[24] - **Model Construction Process**: The portfolio is constructed by screening stocks based on their PB and ROE metrics. Stocks with the lowest PB ratios and highest ROE values are selected to form the top 50 stocks in the portfolio. The portfolio is rebalanced periodically to maintain the selection criteria[24] - **Model Evaluation**: The model demonstrates significant excess returns in the all-market stock pool, though it underperforms in specific indices like the CSI 500 and CSI 800[24][25] 2. Model Name: Public and Private Institutional Research Combination - **Model Construction Idea**: This model leverages the stock selection strategies of public and private institutional research to identify stocks with potential for excess returns[27] - **Model Construction Process**: The portfolio is constructed by tracking the stocks that public and private institutions have recently researched. Stocks with higher research frequency or positive sentiment are included in the portfolio. The portfolio is rebalanced periodically to reflect updated research data[27] - **Model Evaluation**: The public institutional research strategy shows significant excess returns compared to the CSI 800 index, while the private institutional research strategy also achieves positive but smaller excess returns[27][28] 3. Model Name: Block Trade Combination - **Model Construction Idea**: This model identifies stocks with high block trade activity and low volatility, as these characteristics are associated with better subsequent performance[31] - **Model Construction Process**: The portfolio is constructed based on two key metrics: "block trade transaction amount ratio" and "6-day transaction amount volatility." Stocks with higher transaction ratios and lower volatility are selected. The portfolio is rebalanced monthly[31] - **Model Evaluation**: The model experienced a drawdown in the past week, with negative excess returns relative to the CSI All Share Index[31][32] 4. Model Name: Directed Issuance Combination - **Model Construction Idea**: This model focuses on stocks involved in directed issuance events, which are analyzed for their potential investment value based on event-driven factors[37] - **Model Construction Process**: The portfolio is constructed by identifying stocks with directed issuance announcements. Factors such as market capitalization, rebalancing cycles, and position control are considered. The portfolio is rebalanced periodically to reflect new issuance events[37] - **Model Evaluation**: The model experienced a drawdown in the past week, with negative excess returns relative to the CSI All Share Index[37][38] --- Model Backtesting Results 1. PB-ROE-50 Combination - **Weekly Excess Return**: All-market stock pool: +0.79%; CSI 500: -0.57%; CSI 800: -0.02%[24][25] - **Year-to-Date Excess Return**: All-market stock pool: +22.30%; CSI 500: +3.00%; CSI 800: +16.16%[25] - **Weekly Absolute Return**: All-market stock pool: +2.87%; CSI 500: +2.79%; CSI 800: +1.89%[25] - **Year-to-Date Absolute Return**: All-market stock pool: +48.27%; CSI 500: +28.59%; CSI 800: +36.42%[25] 2. Public and Private Institutional Research Combination - **Weekly Excess Return**: Public research: +3.82%; Private research: +0.51%[27][28] - **Year-to-Date Excess Return**: Public research: +8.10%; Private research: +12.02%[28] - **Weekly Absolute Return**: Public research: +5.81%; Private research: +2.44%[28] - **Year-to-Date Absolute Return**: Public research: +26.96%; Private research: +31.56%[28] 3. Block Trade Combination - **Weekly Excess Return**: -1.77%[31][32] - **Year-to-Date Excess Return**: +0.26%[32] - **Weekly Absolute Return**: Not explicitly stated - **Year-to-Date Absolute Return**: +62.65%[32] 4. Directed Issuance Combination - **Weekly Excess Return**: -1.71%[37][38] - **Year-to-Date Excess Return**: -0.77%[38] - **Weekly Absolute Return**: Not explicitly stated - **Year-to-Date Absolute Return**: +20.29%[38] --- Quantitative Factors and Construction Methods 1. Factor Name: Beta Factor - **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market movements, capturing systematic risk[20] - **Factor Construction Process**: Beta is calculated using regression analysis of a stock's returns against the market index over a specified period[20] - **Factor Evaluation**: Demonstrated significant positive returns in the past week, indicating a preference for high-beta stocks[20] 2. Factor Name: Momentum Factor - **Factor Construction Idea**: Captures the tendency of stocks with strong past performance to continue performing well in the short term[20] - **Factor Construction Process**: Momentum is calculated based on the cumulative returns of a stock over a specific lookback period, such as 1 month or 5 days[20][22] - **Factor Evaluation**: Significant positive returns were observed, with notable momentum effects in sectors like media, real estate, and agriculture[20][22] 3. Factor Name: Scale Factor - **Factor Construction Idea**: Reflects the size effect, where larger-cap stocks tend to outperform smaller-cap stocks in certain market conditions[20] - **Factor Construction Process**: Scale is measured using market capitalization, with adjustments for sector and industry effects[20] - **Factor Evaluation**: Demonstrated positive returns, indicating a preference for large-cap stocks in the past week[20] --- Factor Backtesting Results 1. Beta Factor - **Weekly Return**: +0.70%[20] 2. Momentum Factor - **Weekly Return**: +0.46%[20] 3. Scale Factor - **Weekly Return**: +0.16%[20]