#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]

禹洲集团(01628)发布公告，于2025年9月15日，每10股每股面值港币0.1元的已发行及未发行现有股份合 并为1股每股面值港币1.0元的合并股份而削减133.92亿股。 ...

根据公告，截至9月12日，旭辉集团全部公司债券均已经持有人会议表决通过了债券重组方案的相关议 案。 观点网讯：9月15日，旭辉集团股份有限公司发布关于公司债券停牌的公告。 根据约定，旭辉将于2025年9月12日（全部未偿债券为审议重组议案所召开的债券持有人会议召开完毕 之日）起30个交易日内分别向同意账户兑付并注销其持有的全部未偿债券同意张数的0.2%，为保证相 关工作顺利开展，保证公平信息披露，保护广大债券投资者的利益，根据《上海证券交易所公司债券上 市规则（2023年修订）》等相关规定，经公司申请，公司如下公司债券（以下简称"停牌债券"）自2025 年9月16日开市起停牌。 此次停牌涉及的债券包括"HPR旭辉1"、"H20旭辉2"、"H20旭辉3"、"H21旭辉1"、"H21旭辉2"和"H21旭 辉3"，债券代码分别为163539.SH、163540.SH、175259.SH、175762.SH、188454.SH和188745.SH。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Group 1 - The company reported a significant decline in contract sales area and amount for August 2025, with a contract sales area of 72,000 square meters, down 49% year-on-year and 47% month-on-month, and a contract sales amount of 990 million yuan, down 57% year-on-year and 41% month-on-month [1] - Cumulatively, from January to August 2025, the company achieved a contract sales area of 815,000 square meters, a decrease of 6% year-on-year, and a contract sales amount of 12.17 billion yuan, a decrease of 15% year-on-year [1] - The revenue composition for the first half of 2025 shows that tourism-related business accounted for 72.15%, real estate revenue accounted for 27.18%, and other businesses accounted for 0.67% [1] Group 2 - As of the report date, the company's market capitalization stands at 19.9 billion yuan [1]

（文章来源：每日经济新闻） 每经AI快讯，9月15日，华侨城Ａ(000069.SZ)公告称，2025年8月，公司实现合同销售面积7.2万平方 米，同比减少49%，环比减少47%；合同销售金额9.9亿元，同比减少57%，环比减少41%。 ...