Core Insights - The report indicates that Peru's GDP is projected to grow by 3.41% in July 2025 compared to the same period in 2024, marking 16 consecutive months of growth [1] Economic Performance by Sector - The fishing industry has solidified its position as the most dynamic driver of the economy, with a 34.9% increase in output due to higher catch volumes for indirect human consumption [1] - The agricultural sector experienced an 8.5% growth driven by increased crop yields and livestock activities [1] - The construction industry grew by 5.0%, attributed to increased cement consumption and progress in public and private projects [1] - Manufacturing saw a 3.7% increase, supported by the fishing and consumer goods sectors [1] - Transportation and courier services grew by 4.3% due to increased freight and passenger volumes [1] - Other service industries reported a growth of 3.5% [1] Economic Confidence and Future Challenges - Minister Gonzalez emphasized that the performance in July reflects public confidence in the national economy [1] - The ongoing challenge is to maintain this growth momentum through enhancing competitiveness, supporting small and medium enterprises, and expanding the national export base [1] - These activities demonstrate the resilience of the Peruvian economy, continuing to create formal employment, strengthen production chains, and solidify recovery [1]

Group 1 - The mayor emphasizes the importance of safety production in various sectors, particularly in elderly care facilities, construction sites, and chemical enterprises, highlighting the need for strict safety measures and responsibilities [1][2] - In elderly care institutions, the focus is on ensuring the safety and comfort of elderly residents, with a call for regular safety inspections and training to enhance emergency preparedness [1] - The construction industry is urged to prioritize safety management, especially in high-risk areas such as high-altitude work and emergency exits, while also ensuring the quality of housing projects to meet public demand [1] Group 2 - The company is encouraged to adopt a safety-first and green development approach, with a focus on identifying and mitigating risks in production processes [2] - There is an emphasis on upgrading outdated facilities and enhancing energy efficiency, which aligns with the goals of high-end, intelligent, and green transformation to improve core competitiveness [2]

Core Viewpoint - *ST Zhengping (603843.SH) has experienced a significant stock price increase of 101.86% from September 1 to September 30, 2025, with 15 days of trading suspension and 4 instances of abnormal fluctuations [1] Summary by Relevant Sections - **Stock Performance** - The stock has shown a cumulative increase of 101.86% during the specified period [1] - There were 15 days of trading suspension and 4 occurrences of abnormal price fluctuations [1] - **Market Comparison** - The short-term stock price increase is significantly deviated from the Shanghai Composite Index and the construction industry during the same period [1] - **Company Actions** - To protect investor interests, the company will conduct an investigation into the stock trading situation [1] - The stock will be suspended from trading starting October 9, 2025, with a maximum suspension period of 5 trading days [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In September 2025, with the addition of the traditional "Golden September" peak season, the PMI slightly rebounded below the boom - bust line, but the recovery was still mild, and structural contradictions remained. The production in September drove the PMI to rise by 0.28pct, followed by the employees, while the demand and material inventory contributed less than 0.1pct. The production - new order gap widened, and the PMI increase was weaker than the average in September since 2022, falling short of the seasonality. The economic recovery foundation needs to be strengthened, and the 50 billion yuan policy - based financial instruments may be the key to "break the situation" [6][12]. - For the bond market, the PMI has been below the boom - bust line for 6 consecutive months. The market has fully anticipated the weak data. In the fourth quarter, new policy - based financial instruments will take effect. Attention should be paid to whether data such as new orders are "better than expected". The downstream construction and project expenditures may speed up in the fourth quarter, which may drive the performance of the mid - stream manufacturing industry. Attention should also be paid to whether the PMI can exceed the seasonal level and return above the boom - bust line [6][13]. 3. Summary According to the Directory I. Manufacturing PMI: Moderately Upward, Elasticity Awaits Policy Boost (1) Supply and Demand: The Supply - Demand Gap May Widen Again - New orders increased by 0.2pct month - on - month to 49.7%. The impact of high temperature and heavy rain faded, and exports showed resilience, but the intensity of demand recovery was still insufficient as the increase in September was the lowest since 2022 [2][16]. - Production increased by 1.1pct month - on - month to 51.9%, being the largest contributor to PMI improvement. The production peak season was realized, and the procurement volume and production and operation activity expectation index increased. The "production - new order" gap widened to 2.2pct, the highest since the beginning of the year, and the supply - demand differentiation intensified [2][20]. (2) Foreign Trade: New Export Orders Rebound Faster - New export orders increased by 0.6pct month - on - month to 47.8%, and imports increased by 0.1pct to 48.1%. In September, due to the Christmas product export peak season and the demand from non - US economies, exports were stable, and port freight volume remained high. The increase in new export orders in September exceeded that in August and was better than the overall new orders, showing export resilience [24]. - Imports continued the slight upward trend and were at a high level in the same period, indicating that enterprises' demand for import stocking was strong [25]. (3) Price: The Pressure of Price Decline Reappears - In September, the purchase price of raw materials and the ex - factory price decreased by 0.1pct and 0.9pct month - on - month to 53.2% and 48.2% respectively. The supply and demand of the basic raw material industry declined, dragging down the price index, while the prices of industries such as equipment manufacturing improved, showing a large industry differentiation [3][29]. (4) Inventory: Slow Destocking, Active Production, and a Sharp Increase in Product Inventory - In September, the raw material inventory index increased by 0.5pct to 48.5% due to the increase in procurement volume. However, the downstream demand destocking was slow, and the production expanded actively, resulting in a 1.4pct increase in finished product inventory to the highest level in the same period, showing the characteristic of "passive inventory accumulation" [3][31]. II. Non - Manufacturing PMI: The Construction Industry Continues to Be in Low - level Prosperity, Awaiting Policy Effect - In September, the non - manufacturing PMI was 50.0%, a month - on - month decrease of 0.3pct. The service industry PMI decreased by 0.4pct to 50.1%, and the construction industry PMI increased by 0.2pct to 49.3%, remaining below the boom - bust line [36]. - The construction industry expansion was still weak. The business activity indexes of housing construction and civil engineering construction were below 50%. The lack of new orders was the main factor restricting construction. The 50 billion yuan policy - based financial instruments may accelerate the investment rhythm in the fourth quarter and help the construction industry PMI recover [4][36]. - The service industry's prosperity declined in the off - season. After the summer vacation, tourism consumption entered the off - season. The approaching National Day holiday is expected to drive the improvement of travel service consumption [4][36].

Core Viewpoint - Ascend Group Holdings Limited, a wholly-owned subsidiary of Gao Sheng Group Holdings (01283.HK), has entered into a conditional sale agreement to acquire a 20% stake in Deheng Construction Development for HKD 24 million, which will be paid through a combination of cash and shares [1] Group 1: Acquisition Details - The acquisition price is set at HKD 24 million, with HKD 3 million to be paid in cash and HKD 21 million through the issuance of shares [1] - The target company, Deheng Construction Development, is registered in Hong Kong and has been providing construction services for over six years [1] Group 2: Strategic Rationale - The board believes that the acquisition will enhance the group's position in the construction industry [1] - The synergy expected from the acquisition is attributed to the target company's experience and expertise, which will complement the group's established client network, including major contractors and government entities [1] - The acquisition is seen as a foundation for the long-term development of the group, with plans to explore additional business opportunities that align with the current operational portfolio [1]

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 101.86% from September 1 to September 30, 2025, leading to a suspension for investigation due to abnormal trading behavior and a serious deviation from its fundamentals [1][2]. Group 1: Stock Performance and Trading Suspension - The stock of *ST Zhengping has seen a cumulative increase of 101.86% over the month of September 2025, with 15 days of trading halts and 4 instances of abnormal fluctuations [1]. - The company’s stock price has diverged significantly from the Shanghai Composite Index and the construction industry during the same period [1]. - The stock will be suspended from trading starting October 9, 2025, for a maximum of 5 trading days to investigate the trading situation [1]. Group 2: Financial Performance - In 2024, *ST Zhengping reported an operating revenue of 1.362 billion yuan and a net profit attributable to shareholders of -484 million yuan [1]. - For the first half of 2025, the company achieved an operating revenue of 344 million yuan with a net profit attributable to shareholders of -88 million yuan [1]. Group 3: Listing Risks - *ST Zhengping faces the risk of delisting due to an audit report for 2024 that was unable to express an opinion, leading to a risk warning on its stock [2]. - The company has received negative opinions on its internal controls and has significant uncertainties regarding its ability to continue as a going concern [2]. - If the issues highlighted in the non-standard audit opinions are not resolved in 2025, the stock may be delisted [2]. Group 4: Mining Operations and Resource Development - The company’s subsidiary, Geermu Shengguang Mining Development Co., has obtained a mining license but lacks sufficient mining capacity and requires significant investment for future operations [2]. - There are major uncertainties regarding the progress and profitability of mineral resource development due to constraints in funding, market conditions, and operational capabilities [2]. Group 5: Non-operational Fund Occupation - In 2024, *ST Zhengping's subsidiary Guizhou Water Conservancy Industrial Co. faced non-operational fund occupation issues, with 13.2092 million yuan occupied by a minority shareholder [3]. - As of July 2025, 9 million yuan of the occupied funds were returned, leaving a balance of 4.2092 million yuan still occupied [3].

Core Viewpoint - The stock of *ST Zhengping (603843)* has experienced a significant increase of 101.86% from September 1 to September 30, 2025, with 15 days of trading limits and 4 instances of abnormal fluctuations [1] Company Summary - The company will conduct an investigation into the trading situation of its stock to protect investor interests [1] - The stock will be suspended from trading starting October 9, 2025, with a maximum suspension period of 5 trading days [1] Industry Summary - The stock's short-term increase shows a severe deviation from the Shanghai Composite Index and the construction industry during the same period [1]

*ST正平9月30日公告，公司股票自2025年9月1日至9月30日累计涨幅为101.86%，期间15天涨停，4次触 及异常波动。公司股票短期涨幅与同期上证指数、建筑行业存在严重偏离。为维护投资者利益，公司将 就股票交易情况进行核查。经申请，公司股票自2025年10月9日（星期四）开市起停牌，自披露核查公 告后复牌，预计停牌时间不超过5个交易日。 ...

人民财讯9月30日电，*ST正平（603843）9月30日公告，公司股票自2025年9月1日至9月30日累计涨幅 为101.86%，期间15天涨停，4次触及异常波动。公司股票短期涨幅与同期上证指数、建筑行业存在严 重偏离。为维护投资者利益，公司将就股票交易情况进行核查。经申请，公司股票自2025年10月9日(星 期四)开市起停牌，自披露核查公告后复牌，预计停牌时间不超过5个交易日。 ...

Core Insights - The release of the "Technology Map" by Jiangsu Province's Department of Housing and Urban-Rural Development aims to systematically outline key technologies across the entire industry chain, providing a clear path for technological innovation to enhance industry transformation and improve people's livelihoods [1][2] Industry Transformation - The traditional development model relying on large-scale demolition and construction is no longer sustainable, as Jiangsu's urbanization rate has reached 75.5%, entering a stable development phase [2] - The housing and urban construction industry remains crucial for economic and social development, with significant opportunities arising from the integration of technological and industrial innovation [2] - A total of 122 key technologies were selected from over ten thousand pieces of information, compiled into a "navigation map" for industry innovation [2] Focus on Quality Housing - The "Technology Map" emphasizes the construction of "high-quality buildings," identifying 46 specific technologies across four performance areas: safety, comfort, green, and smart [3] - Smart home technologies, integrating infrared detection, IoT, and AI, allow for proactive control of household appliances, enhancing user experience [3] - Advanced seismic and isolation technologies improve safety, while efficient ventilation systems and indoor environment monitoring ensure health and comfort [3][4] Expanding Application Scenarios - The "Technology Map" not only guides building construction but also addresses broader urban development, including intelligent construction and resilient smart cities [5] - In intelligent construction, 23 technologies aim to tackle issues like labor aging and low efficiency through robotics and industrialization [5] - The smart city section focuses on 53 technologies to enhance urban operational efficiency, such as a smart flood control system that predicts flooding points and automates drainage responses [5] Bridging Innovation and Market Application - The "Technology Map" serves as a bridge connecting government, enterprises, universities, and research institutions, guiding research directions and investment opportunities [6] - The map is intended to drive technological innovation in the housing and urban construction sector, marking a shift from scale-driven to innovation-driven development [6]