Core Viewpoint - The stock price of Shanghai Industrial Holdings (00363) has shown significant growth since its low in October 2022, reflecting the market's recognition of the company's long-term value despite recent short-term performance challenges [1][3]. Financial Performance - For the first half of 2025, Shanghai Industrial Holdings reported revenue of HKD 9.476 billion, a decrease of 8.6% year-on-year, and a net profit attributable to shareholders of HKD 1.042 billion, down 13.2% year-on-year [3][4]. - The decline in performance is primarily attributed to reduced sales from the real estate sector and significant impairment provisions totaling HKD 1.15 billion for inventory and investment properties [4][5]. Business Segments - The real estate sector's cyclical pressure has negatively impacted overall performance, with the company actively managing its asset structure by selling properties to recover cash [4][5]. - The infrastructure and environmental segment contributed HKD 9.33 billion in net profit, accounting for 92.2% of the company's total net profit, demonstrating its stability during downturns in other sectors [9][12]. - The consumer goods segment achieved a net profit of HKD 403 million, a year-on-year increase of 26%, driven by strong performance in tobacco and health products [9][12]. Financial Structure and Dividends - The company maintained a strong cash position of HKD 28.5 billion and reduced its interest-bearing debt to HKD 58.51 billion, improving its net debt ratio from 65.12% to 60.99% [7][12]. - The interim dividend per share remained at HKD 0.42, with a total payout of HKD 457 million, reflecting a commitment to shareholder returns despite short-term challenges [7][12]. Long-term Strategy - The company plans to focus on core urban renewal projects and enhance its asset management capabilities through the issuance of Real Estate Investment Trusts (REITs) [4][11]. - Shanghai Industrial Holdings aims to leverage opportunities in the environmental sector, particularly in wastewater and solid waste treatment, aligning with national policies on ecological protection [11][12]. - The management emphasizes a value investment approach, seeking quality investment targets in infrastructure, environmental, and consumer sectors to ensure long-term asset appreciation and shareholder returns [11][12].

近期，北京、上海等地纷纷出台楼市新政，放松限购，对此，上海中原地产资深市场分析师卢文曦认 为，一线、新一线城市纷纷出台政策，短期对于市场情绪的缓和以及市场预期的扭转是有积极帮助的。 从最近两天上海的反应来看，现在市场的带看量包括咨询量，以及一些前端指标都有明显增长，对后续 的交易应该也是有推动作用的。 原标题：苏州取消市区新房2年限售，专家：交易活跃有望带动信心回归 编辑：李宏伟 责编：邓萍 审核：毛丹 近日，苏州市住房和城乡建设局发布消息，即日起，取消苏州市区范围内新建商品住房取得不动产权登 记证书满2年方可转让的限制措施（有特殊限制转让要求的住房除外）。 中指研究院苏州分院高级分析师金珂认为，苏州作为长三角重要城市，此次取消住房限售政策，有助于 提升房地产市场流动性，更好地支持居民实现"以小换大""以旧换新"等改善型住房需求，进一步促进供 需两端合理匹配，也有望增强市场活力，推动房地产行业良性循环和健康发展。 值得注意的是，政策仍明确排除了"有特殊限制转让要求的住房"，体现了苏州在放宽限制的同时，继续 严格贯彻"房住不炒"的定位，在推动市场灵活性提升的同时，并未放松对风险防控的重视。 ...

报告显示：阿联酋预计今年将净流入9800名百万富翁，稳居全球财富吸纳地榜首！迪拜作为主要目的 地，即将跻身世界20大富裕城市之列！ 目前，迪拜拥有81200名百万富翁，同比增长了12%。大多数富裕投资者来自英国、欧洲、印度、中国 和俄罗斯。 由于高净值人士涌入，迪拜豪华房地产的需求正在飙升。 莱坊-YouGov对387名全球高净值人士进行调查后发现，68%的人热衷于在迪拜购买房地产，尤其是来 自沙特和印度的富翁。 2025年上半年，迪拜出售了91897套住宅，同比增长21%。 全球富豪为什么选择迪拜？ 战略位置：连接亚洲、欧洲和非洲的黄金枢纽 安全环境：全球犯罪率最低城市之一，政治稳定、法律完善 税收天堂：零所得税、无资本利得税，富豪资产配置更高效 房地产蓄水池：迪拜豪宅市场兼具高租金收益+资本增值潜力（年化涨幅超10%），加上产权永久、资 金自由进出等优势，成为全球富豪对抗通胀、实现财富传承的首选配置标的。 政策红利：企业税豁免、数字游民签证，吸引全球企业与创业者 生活质量：顶级基础设施、国际化社区、奢华生活方式 ...

Core Viewpoint - The global market is showing cautious optimism in the first half of 2025, rebounding from tariffs, interest rate uncertainties, and debt concerns, with stocks, bonds, and commercial real estate (CRE) sectors demonstrating resilience [5][6]. Group 1: Macroeconomic Themes - De-globalization, monetary policy divergence, and debt sustainability are the three dominant themes in the global macroeconomic landscape [6][8]. - Concerns over tariffs and trade tensions have highlighted the trend of de-globalization, with initial fears easing as the year progressed [6][8]. - The debt-to-GDP ratio in the US and UK has surpassed 100%, raising concerns about government debt sustainability and leading to a steeper yield curve [6][8]. Group 2: Market Performance - After a sharp sell-off in the first quarter due to tariff announcements, the stock market experienced a V-shaped recovery, with the S&P 500 showing strong earnings performance [8][10]. - Global market earnings revisions appear to have bottomed out, indicating a potential turning point as earnings expectations remain resilient [10]. - The retail sector saw a decline in earnings growth, with a projected -1.7% in the second quarter, marking the first negative growth since the pandemic [14]. Group 3: Real Estate and Mortgage-Backed Securities - The institutional residential mortgage-backed securities (RMBS) market showed resilience due to stable new issuance and improving market sentiment [16]. - Housing activity has slightly rebounded, supported by increased inventory and builder incentives, helping to offset affordability pressures [16]. - The outlook for commercial real estate (CRE) and commercial mortgage-backed securities (CMBS) issuance is expected to improve, with refinancing volumes anticipated to rise due to expected Fed rate cuts [8][19]. Group 4: Credit Market Outlook - Expectations of Fed rate cuts later in the year are providing new momentum for the collateralized loan obligation (CLO) market, with revised forecasts for refinancing and reset issuance [19]. - The overall credit fundamentals for CLOs are expected to remain stable, with a slowdown in rating downgrades anticipated by year-end [19]. - The projected issuance for BSL new AAA and BB rated bonds is expected to narrow to 125 basis points and 500 basis points, respectively, by year-end [19].

2025年9月4日星期四 ➢ 美就业数据疲软；中国对美企征反 倾销税。A股震荡下挫。上证指数 跌1.16%报3813.56点，深证成指跌 0.65%，创业板指涨0.95%。航天航 空、船舶制造等领域下跌；新能源 大涨。港股高开后加速下跌，香港 恒生指数跌0.6%报25343.43点，恒 生科技指数跌0.78%，恒生中国企业 指数跌0.64%。医疗保健业、汽车行 业领涨。大市成交2676.47亿港元。 外盘方面，欧洲三大股指收盘全线 上涨。美国三大股指收盘涨跌不一， 道指跌0.05%，标普500指数涨0.51%， 纳指涨1.02%。美国职位空缺数创近 一年最低，利率市场押注9月降息 接近板上钉钉。美联储褐皮书显示 多数辖区经济活动几无增长。 ➢ 美国7月职位空缺数降至10个月最 低，企业用工需求逐步放缓。利率 市场预测本月美联储降息25基点概 率高达95%。 ➢ 中国对美国相关截止波长位移单模 光纤采取反规避关税措施，税率从 33.3%至78.2%不等。康宁公司将被 征收37.9%反倾销税。 资料来源：彭博 ➢ 美联储褐皮书报告显示，8月多数 辖区经济活动几无增长，各地区均 报告物价上涨，许多居民的薪资涨 幅低 ...

Group 1 - On September 3, among the 31 first-level industries, 17 industries received net financing inflows, with the power equipment industry leading at a net inflow of 3.338 billion [1] - Other industries with significant net financing inflows included communication, real estate, food and beverage, public utilities, and automotive, each exceeding 300 million [1] Group 2 - A total of 1,695 stocks received net financing inflows on September 3, with 89 stocks having inflows exceeding 50 million [1] - Among these, 17 stocks had net financing inflows over 200 million, with Zhongji Xuchuang leading at 1.748 billion [1] - Other notable stocks with high net inflows included Xinyi Sheng, Guoxuan High-Tech, Sunshine Power, Ningde Times, and Wolong Electric Drive, each exceeding 500 million [1]

Group 1 - The core economic data shows that in the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% at constant prices [1] - Despite positive macroeconomic data, many individuals feel that business conditions are poor, particularly in the real estate sector, which continues to decline [1] - A-share companies reported a total operating revenue of 34.99 trillion yuan in the first half of 2025, reflecting a slight increase of 0.02% year-on-year, while net profit attributable to parent companies was 2.99 trillion yuan, up 2.45% year-on-year [5][6] Group 2 - The performance of A-share companies varies significantly across different industries, indicating diverse perceptions of the macroeconomic situation [7] - In the first half of 2025, 30 out of 31 industries reported positive net profit, with the agriculture, steel, building materials, computer, and non-ferrous metals sectors showing net profit growth exceeding 36% [7] - The real estate sector remains sluggish, with a reported decline in national real estate development investment by 11.2% and a decrease in new housing sales area by 3.5% [9] - A-share real estate companies collectively reported a net loss of 38.3 billion yuan in the first half of 2025, nearly doubling the loss from the previous year [9]

Group 1 - The Hong Kong stock market has attracted significant attention from global investors, with net inflows from southbound funds reaching 100.573 billion HKD as of September 3, marking the highest annual level since the launch of the mutual market access mechanism [1] - Since July 2023, southbound funds have recorded 27 consecutive months of net inflows, with nearly 60% of Hong Kong Stock Connect stocks seeing an increase in shareholding [3] - According to a report by China Merchants Securities, the Hong Kong market is undergoing a destocking cycle, with upstream industries continuing to destock while midstream and downstream sectors have entered a restocking phase [3] Group 2 - The new economy sectors are entering a sustained restocking phase, while the old economy is still experiencing a double-digit contraction in supply [3] - By industry, information technology, consumer discretionary, and healthcare are in a "proactive restocking" phase with favorable supply-demand dynamics, while energy, utilities, and real estate are in a "proactive destocking" phase at the cycle bottom [3] - China Merchants Securities suggests that investors focusing on fundamentals should pay attention to investment opportunities in technology growth stocks, as companies in the new economy with strong growth potential and weak ties to the Chinese macroeconomy reported better mid-year results [3]

1. 夜盘收盘，国内期货主力合约跌多涨少，沪金、沪银涨超 1%；跌幅方面，焦 煤跌超 3%，焦炭、低硫燃料油、氧化铝、对二甲苯跌超 2%，燃料油、烧碱、原 油、PTA 跌近 2%。 2. 美油主力合约收跌 2.77%，报 63.77 美元/桶；布伦特原油主力合约跌 2.53%， 报 67.39 美元/桶。知情人士透露，OPEC+国家将在周日举行在线会议，决定 10 月份的石油产量。如果通过进一步增产计划，OPEC+将开始撤销约 165 万桶/日 的减产，相当于全球需求的 1.6%。 地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均 ...

Group 1 - The overseas investment enthusiasm for Chinese stock ETFs has surged, with significant net inflows recorded in August [4][5] - Five major Chinese stock ETFs have reached a combined asset scale of $26.6 billion, marking an increase of approximately $2.3 billion, or nearly 10%, since the end of July [5] - The inflow is particularly strong for technology-related ETFs, indicating a positive outlook from international investors towards Chinese assets [4] Group 2 - The People's Bank of China and the Ministry of Finance have emphasized the importance of coordinated fiscal and monetary policies to support economic recovery [3] - The meeting highlighted the achievements of the joint working group established last year and discussed various topics including government bond issuance and offshore RMB bond mechanisms [3] Group 3 - The data factor market in China is rapidly developing, with over 500 digital technology companies established by central enterprises [8][9] - The market potential is significant, with predictions that the data factor market will exceed 200 billion yuan this year [9] Group 4 - The real estate market is expected to see increased activity during the "Golden September and Silver October" period, with various promotional events and policies aimed at stabilizing the market [10] - This year's events are characterized by longer durations and a wider variety of participating companies, reflecting stronger support for the market [10] Group 5 - The A-share market is experiencing fluctuations, with the Shanghai Composite Index closing at 3813.56 points, down 1.16% [20] - The Hong Kong stock market also showed a downward trend, with major indices declining [21] Group 6 - Companies like SF Holding and Taiji Group have initiated share buybacks, reflecting confidence in their stock performance [24][25] - Iron Flow Co. has signed a framework agreement with a robotics research institute to enhance its capabilities in robot component design and manufacturing [26]