（文章来源：证券时报网） 市场表现方面，上述低价股中，今日上涨的有20只，涨幅居前的有香江控股、荣盛发展、盈新发展，分 别上涨10.11%、10.06%、4.68%。下跌的有6只，跌幅居前的有*ST高鸿、*ST元成、ST岭南，跌幅分别 为4.55%、4.32%、2.99%。（数据宝） 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 | | --- | --- | --- | --- | --- | --- | --- | | 000851 | *ST高鸿 | 0.63 | -4.55 | 18.65 | 1.65 | 通信 | | 600200 | *ST苏吴 | 1.00 | 3.09 | 4.37 | 0.40 | 医药生物 | | 000656 | *ST金科 | 1.41 | -2.76 | 2.52 | | 房地产 | | 600157 | 永泰能源 | 1.49 | 2.76 | 5.33 | 0.69 | 煤炭 | | 601005 | 重庆钢铁 | 1.50 | 3.45 | 4.35 | 0.81 | 钢铁 | | 6 ...

Market Overview - The Shanghai Composite Index fell by 0.12% on September 12, with 9 out of the 28 sectors rising, led by the non-ferrous metals and real estate sectors, which increased by 1.96% and 1.51% respectively [2] - The communication and comprehensive sectors experienced the largest declines, with drops of 2.13% and 1.95% respectively [2] Capital Flow Analysis - The net outflow of capital from the two markets reached 53.64 billion yuan, with 6 sectors seeing net inflows [2] - The non-ferrous metals sector had the highest net inflow of capital, totaling 2.168 billion yuan, while the construction and decoration sector saw a net inflow of 721 million yuan [2] Real Estate Sector Performance - The real estate sector rose by 1.51% with a net capital inflow of 204 million yuan, comprising 100 stocks, of which 89 rose and 11 fell [3] - Notable stocks with significant net inflows included China Fortune Land Development (3.25 billion yuan), Vanke A (2.61 billion yuan), and Shoukai Co. (1.63 billion yuan) [3] Top Gainers in Real Estate - The top gainers in the real estate sector included: - China Fortune Land Development: +9.95%, 9.57% turnover, 325.11 million yuan inflow - Vanke A: +1.61%, 3.31% turnover, 261.09 million yuan inflow - Shoukai Co.: +9.98%, 11.64% turnover, 162.70 million yuan inflow [4] Top Losers in Real Estate - The top losers in the real estate sector included: - Wantong Development: -5.95%, 20.71% turnover, -860.21 million yuan outflow - Wolong New Energy: -8.29%, 16.71% turnover, -89.14 million yuan outflow - Poly Development: -0.64%, 2.44% turnover, -80.62 million yuan outflow [5]

Market Overview - A-shares experienced a slight decline with major indices showing a cautious sentiment, while the Hong Kong market continued its strong performance, with the Hang Seng Index reaching a new high [1][2] - The upcoming Federal Reserve meeting and domestic economic data releases are expected to influence market dynamics, particularly in the cyclical sectors [1][2] A-share Performance - The Shanghai Composite Index closed at 3870.60 points, down 0.12%, while the Shenzhen Component and ChiNext Index fell by 0.43% and 1.09%, respectively [2] - The total market turnover increased to 2.55 trillion yuan, with a net outflow of 37.28 billion yuan from main funds, indicating a rotation of funds within the technology sector [2] Hong Kong Market Performance - The Hang Seng Index rose by 1.16% to 26388.16 points, marking a weekly increase of 3.82%, driven by technology and biopharmaceutical sectors [2] - The Hang Seng Technology Index increased by 1.71%, with significant net inflows from southbound funds [2] Industry Trends - A-shares displayed characteristics of "cyclical revival and technological differentiation," with resource sectors and policy-sensitive industries leading the gains [3] - The non-ferrous metals sector rose by 1.96%, supported by expectations of Federal Reserve rate cuts and a rebound in commodity prices [3] - The storage chip sector continued its strong performance, with a 5.04% increase in the storage index, driven by improved supply-demand dynamics [3] Underperforming Sectors - Defensive sectors in A-shares, such as liquor and banking, faced downward pressure due to cautious consumption data expectations and concerns over narrowing interest margins [4] - In the Hong Kong market, consumer and technology sub-sectors showed mixed performance, with Apple-related stocks weakening due to supply chain adjustments [4] Investment Strategy - The investment strategy should focus on "policy dividends, technological transformation, and global pricing power," emphasizing long-term growth assets [5][6] - Key areas of focus include domestic innovation in technology, particularly in semiconductor equipment and AI infrastructure, as well as cyclical commodities benefiting from global economic recovery [5][6] - In the Hong Kong market, a balanced allocation between technology growth and undervalued value stocks is recommended, particularly in AI applications and financial sectors [6]

智通财经APP讯，越秀地产(00123)公布，广州市城市建设开发有限公司 2025 年面向专业投资者公开发 行公司债券(第二期)发行工作已于 2025 年 9 月 12 日结束，品种一取消发行;品种二发行规模为 15 亿 元，品种二票面利率为 2.16%，认购倍数为 1.65 倍。 ...

综合行业今日下跌1.95%，全天主力资金净流出3.01亿元，该行业所属的个股共16只，今日上涨的有4 只，涨停的有1只；下跌的有11只。以资金流向数据进行统计，该行业资金净流入的个股有6只，净流入 资金居首的是粤桂股份，今日净流入资金2.70亿元，紧随其后的是漳州发展、综艺股份，净流入资金分 别为3098.15万元、946.94万元。综合行业资金净流出个股中，净流出资金居前的有东阳光、亚泰集团、 上海三毛，净流出资金分别为5.44亿元、1814.14万元、1497.73万元。（数据宝） 沪指9月12日下跌0.12%，申万所属行业中，今日上涨的有9个，涨幅居前的行业为有色金属、房地产， 涨幅分别为1.96%、1.51%。跌幅居前的行业为通信、综合，跌幅分别为2.13%、1.95%。综合行业位居 今日跌幅榜第二。 资金面上看，两市主力资金全天净流出536.40亿元，今日有6个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨1.96%，全天净流入资金21.68亿元，其次是建筑装饰行业，日 涨幅为0.96%，净流入资金为7.21亿元。 主力资金净流出的行业有25个，非银金融行业主力资金净流出规 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Insights - The company achieved a core net profit that doubled in the first half of 2025, continuing to deliver a competitive dividend policy within the industry [3][11]. - The company reported a revenue of RMB 199.66 billion in 1H25, representing a year-on-year increase of 41.3%, and a core net profit of RMB 31.21 billion, up 119.4% year-on-year [11]. - The company is focusing on four main business segments: "Development Services, Property Management Services, Asset Operations, and Real Estate Technology" to drive synergy among its operations [11]. Financial Summary - Total revenue projections for the company are as follows: - 2023A: 74,155 million HKD - 2024A: 3,726 million HKD - 2025E: 4,043 million HKD - 2026E: 4,392 million HKD - 2027E: 4,763 million HKD - The net profit figures are projected as follows: - 2023A: 914 million HKD - 2024A: -2,058 million HKD - 2025E: 600 million HKD - 2026E: 818 million HKD - 2027E: 1,065 million HKD - The company’s PE ratio is projected to be 10.60 for 2025E, with a PB ratio of 1.16 [6][12]. Business Development - The company has optimized its business structure, achieving significant breakthroughs in property management services, with revenues of RMB 92.99 billion in 1H25, a year-on-year increase of 8.7% [11]. - The company has signed seven new projects exceeding RMB 10 million in non-residential sectors, focusing on park and healthcare core sectors [11]. - Following a restructuring in October 2024, the company is managing the full chain of development resources from its controlling shareholder, emphasizing technology, health, and energy efficiency [11].

冲高回落后再度拉升，截止午盘沪指上涨0.24%，深成指上涨0.15%，创业板指下跌0.52%。两市合计超 3000只个股下跌，合计成交额1.63万亿。 欢迎您在评论中分享自己的看法，大家一起学习和讨论。 有色金属概念股高开高走集体大涨，截止午盘上涨2.95%，贝壳、北方铜业、盛达资源等在内的多股涨 停。芯片概念股表现活跃，其中芯原股份涨停。房地产板块震荡反弹，其中荣盛发展涨停。 消息面：中国AI云市场报告，阿里云以35.8%的市场份额稳居行业第一。铠侠宣布与英伟达展开合作， 打造读取速度较传统SSD快近百倍的固态硬盘。国家发展改革委、国家能源局印发新型储能规模化建设 专项行动方案，鼓励新型储能全面参与电能量市场。 电池概念股出现分化，其中先导智能大跌。玻璃玻纤、游戏、化妆品概念、轮毂电机、生物质能发电、 家用轻工、食品饮料、科创板做市商、白酒等行业板块紧随其后。 ...

Market Overview - On September 12, the Shanghai Composite Index closed at 3870.60 points, down 0.12%, with a trading volume of 10,938 billion yuan [2] - The Shenzhen Component Index closed at 12,924.13 points, down 0.43%, with a trading volume of 14,271.18 billion yuan [2] - The ChiNext Index closed at 3020.42 points, down 1.09%, with a trading volume of 6,803.15 billion yuan [2] - The total trading volume of both markets was 25,209.18 billion yuan, an increase of 831.93 billion yuan compared to the previous trading day [2] Industry Performance - Strong performance was observed in sectors such as non-ferrous metals, real estate, steel, electronics, construction decoration, and pharmaceutical biology [4] - The non-ferrous metals sector saw the highest net inflow of funds, amounting to 15.99 billion yuan [5] - Other sectors with significant net inflows included pharmaceutical biology (5.65 billion yuan), textiles and apparel (3.44 billion yuan), and real estate (3.24 billion yuan) [5] - Conversely, sectors such as electronics, computing, and communication experienced the largest net outflows, with electronics seeing a net outflow of 77.16 billion yuan [5] Stock Performance - A total of 1,865 stocks rose while 3,161 stocks fell, with 74 stocks hitting the daily limit up and 8 stocks hitting the limit down [4] - *ST Weir achieved the highest consecutive limit-up days at 6, followed by *ST Asia Pacific with 5 consecutive limit-ups [4] - 67 stocks received net inflows exceeding 1 billion yuan, with Shanzi Gaoke leading at 11.05 billion yuan [8] - Conversely, 143 stocks experienced net outflows exceeding 1 billion yuan, with Luxshare Precision seeing the highest outflow at 25.1 billion yuan [10] Institutional Activity - Institutional funds had a net outflow of approximately 8.86 billion yuan, with 10 stocks seeing net purchases and 11 stocks seeing net sales [11] - The stock with the highest net purchase by institutions was Shanzi Gaoke, with a net inflow of about 1.23 billion yuan [11] - The stock with the highest net sale was Chip Original, with a net outflow of approximately 8.98 billion yuan [11]

首次冲击后，上证指数出现回落，但未发生下跌；第二次上冲则在下午，指数最高触及 3889.32 点，随后再度回落且未再反弹，收盘时下跌 0.12% ，报 3870.60 点。 深 证 两大指数今 天 跌幅相对更大，深成指下跌 0.41% ，创业板指下跌 1.09% 。出现这 一差异，核心原因在于两大市场的品种结构不同：上海市场以 " 纪联 海 " 相关品种为主导， 深 证 市场则主要受 " 易中天 " 相关品种影响。 今 天 " 纪联 海 " 在上海市场表现亮眼，其中 寒武纪 全天大涨 7.28% ，涨幅主要集中在 下午，盘中一度涨停（涨 10% ），随后略有回落，最终收于该涨幅水平。 A股三大指数今日集体回调，截止收盘，沪指跌0.12%，收报3870.60点；深证成指跌 0.43%，收报12924.13点；创业板指跌1.09%，收报3020.42点。 沪深两市成交额达到 25209亿，较昨日放量832亿。 老水看盘 上证指数如期创下新高，点位达 3892.14 点。该点位较 3888.60 点高出 3.54 点，较昨 天 上涨 16.83 点。这一高点出现在今 天 上午 10:30 ，但未能守住。 水皮杂谈 ...

南方财经记者从深圳贝壳研究院获悉，新政落地后，深圳二手房市场呈现持续升温态势。据深圳贝壳研 究院监测，新政后六天（9月6日至11日），贝壳深圳合作门店二手签约量较新政前六天增长45%。 其中，罗湖表现尤为突出，增幅高达109%，高于深圳其他各区。深圳贝壳研究院院长肖小平表示，新 政后罗湖二手房市场成交活跃度大幅上升，核心原因有两点：一是罗湖配套成熟，房价亲民，相较南 山、福田性价比高，适配各类自住需求及性价比导向的投资者；二是新政将其移出核心限购区，放开购 房套数限制，释放大量此前无资格的购房者，直接推动成交激增。 除了罗湖以外，贝壳研究院数据显示，9月6日至11日，龙华区、盐田区、福田区的二手房签约量较前六 天增幅均在50%以上，宝安区和龙岗区分别以43%、39%的增幅位列其后。 南方财经记者 张晓慧 深圳报道 9月6日起，深圳市住房和建设局、中国人民银行深圳市分行联合印发的《关于进一步优化调整本市房地 产政策措施的通知》正式施行，分区优化调整居民购买商品住房政策。 深圳多区放宽限购，其中，盐田区、大鹏新区取消限购；深户、在深圳连续缴纳社会保险或个人所得税 满1年及以上的非深户在罗湖区、宝安区（不含新安街道 ...