Market Performance - On September 23, 2025, the equity market saw a majority of sectors decline, with the Shanghai Composite Index and Shenzhen Composite Index falling by 0.18% and 0.78% respectively, while the CSI 300 and CSI 500 dropped by 0.06% and 0.61% respectively [1] Stock Performance - The top five gainers in the real estate sector were Shahe Co., Zhangjiang Hi-Tech, Dalong Real Estate, Shen Zhen Ye A, and Wolong Real Estate, with increases of 10.03%, 10.01%, 9.87%, 6.44%, and 5.02% respectively [2] - The largest decliners included Dianzicheng, Xiangjiang Holdings, Guangda Jiabao, Jintou Chengkai, and Tiandi Source, with decreases of -10.02%, -10.00%, -7.99%, -7.64%, and -7.51% respectively [2] Industry News - Xiamen successfully auctioned four residential land parcels on September 23, raising a total of 8.125 billion yuan. The winning bidders included Xiangyu Joint Venture, Jianfa, Guotai, and Xiamen Metro, each securing one parcel [3][4] - In Chengdu, three residential land parcels were sold for a total of 1.284 billion yuan, with all parcels sold at the starting price. The total planned building area for these parcels is 179,600 square meters [5] - The Ministry of Natural Resources announced that over 2,300 counties and cities nationwide have implemented a "delivery of house and certificate" reform, resolving over 2.3 million historical housing issues since 2025 [6] Company Announcements - New Hope Real Estate announced the completion of its "25 Hope 02" issuance on September 23, with an actual issuance scale of 520 million yuan, a term of 2 years, and a final coupon rate of 3.6%, achieving a subscription multiple of 1.4615 times [7] - Financial Street announced the resignation of board member Wang Yili due to personal reasons [8][9]

Group 1 - The core viewpoint of the article highlights that the majority of Hong Kong's property stocks experienced an increase, with notable gains from companies such as Sunac China and Country Garden, which rose over 3% [1] - Other companies in the sector, including New World Development, China Overseas Land & Investment, Vanke, and Greentown China, also saw increases exceeding 2% [1]

9月24日，苏州高新涨5.58%，截至发稿，报5.87元/股，成交8434.97万元，换手率1.28%，总市值67.58 亿元。 资料显示，苏州新区高新技术产业股份有限公司位于江苏省苏州市高新区锦峰路199号锦峰国际商务广 场A座19-20楼，成立日期1994年6月28日，上市日期1996年8月15日，公司主营业务涉及以房地产开发 为主,同时从事旅游服务业、基础设施经营和工业等相关业务。主营业务收入构成为：产城综合开发 85.85%，产业园区运营10.31%，产业投资2.11%，其他(补充)1.73%。 从苏州高新十大流通股东角度 数据显示，南方基金旗下1只基金位居苏州高新十大流通股东。南方中证房地产ETF发起联接A （004642）二季度增持17.33万股，持有股数880.9万股，占流通股的比例为0.77%。根据测算，今日浮 盈赚取约273.08万元。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年159天，现任基金资产总规模1389.99亿元，任职期间最佳基金回报 147.41%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。 ...

之所以对房地产市场有信心，在于房地产市场供需平衡不断改善。一些城市库存高企，房子卖不掉，市 场不景气。若为了拉动投资继续大规模供地和开发建设，供求关系将会进一步失衡。地方政府主动收缩 新增土地供应，房企应对市场形势减少新拿地和新开工。从商品房库存连续6个月减少这一数据不难看 出，房地产市场供需不平衡态势得到明显缓解。供求关系趋于平衡，有利于市场走向稳定。 新建商品住宅价格同比降幅收窄。8月份，70个大中城市中多数城市商品住宅销售价格同比降幅有所收 窄，其中一、二、三线城市新建商品住宅销售价格同比降幅比上月分别收窄0.2个、0.4个和0.5个百分 点。 房地产企业资金和库存有所改善。从资金来源看，1月份至8月份，房地产开发企业到位资金同比下降 8%，降幅比去年同期收窄12.2个百分点，比去年全年收窄9个百分点。从商品房库存看，8月末商品房 待售面积比7月末减少317万平方米，连续6个月减少。 今年以来，各地区、各部门因城施策稳定房地产市场，出台政策推动房地产市场止跌回稳，积极促进刚 性和改善性住房需求释放。前8个月，房地产市场虽有所波动，但商品房销售价格和住宅价格同比降幅 还在收窄，去库存成效继续显现，房地产市 ...

Core Views - The report indicates that the yield rates of credit bonds have mostly risen, with the overall change ranging from -5 BP to 5 BP during the period from September 15 to September 21 [2] - The issuance scale of credit bonds has increased on a month-on-month basis, with corporate bonds maintaining zero issuance while other varieties saw an increase in issuance amounts [2] - The net financing amount of credit bonds has also increased, with corporate bonds and short-term financing bonds showing positive net financing, while company bonds, medium-term notes, and directional tools showed a decrease [2] Market Performance - The transaction amount of credit bonds in the secondary market has increased, with all varieties seeing a rise in transaction amounts [2] - The credit spreads have shown differentiation due to the varied performance of interest rate bonds, with short-term yields widening and long-term yields narrowing [2] - The report notes that the credit spreads for short-term bonds remain at historical lows, while long-term bonds have seen an increase in spreads, particularly for 5-year and 7-year AAA-rated bonds, which have reached around the 10% and 20% percentiles respectively, indicating high allocation value [2] Investment Strategy - The report suggests that despite the recent market fluctuations, the conditions for a comprehensive bear market in credit bonds are not sufficient, and yields are expected to enter a downward channel in the long term [2] - It recommends an active allocation strategy, particularly focusing on the trends in interest rate bonds and the coupon value of individual bonds [2] - The report emphasizes the importance of aligning investment strategies with market trends and adjusting trading strategies accordingly, while also monitoring the impact of growth-stabilizing policies on the bond market [2][3] Real Estate Market Insights - The report highlights that the central and local governments are actively optimizing real estate policies, which is expected to positively influence the stabilization of the real estate market [3] - It notes that the recovery of the real estate market will take time, and the sales recovery process will significantly impact bond valuations [3] - The focus for investment should be on high-quality central enterprises, state-owned enterprises, and well-guaranteed private enterprise bonds, with a potential for yield enhancement through longer durations [3] City Investment Bonds - The report states that the likelihood of default on city investment bonds is low under the current backdrop of stabilizing growth and preventing systemic risks [4] - It suggests that city investment bonds remain a key allocation target, although there may be valuation volatility risks during the transition of financing platforms [4] - Future opportunities may arise from the reform and transformation of "entity-type" financing platforms [4]

广发鑫和混合A（004750）基金经理为吴迪。 截至发稿，吴迪累计任职时间5年142天，现任基金资产总规模774.2亿元，任职期间最佳基金回报 25.09%， 任职期间最差基金回报1.04%。 9月24日，渝开发涨5.59%，截至发稿，报5.48元/股，成交5572.74万元，换手率1.24%，总市值46.24亿 元。 资料显示，重庆渝开发股份有限公司位于重庆市南岸区江南大道2号国汇中心52楼，成立日期1992年9月 8日，上市日期1993年7月12日，公司主营业务涉及房地产开发及石黄隧道经营、会展经营、房屋租赁、 酒店经营等资产经营。主营业务收入构成为：住宅销售35.89%，石黄隧道经营权收入及其他18.14%， 会议展览15.51%，物业管理15.23%，房屋租赁14.12%，商业及车位销售1.11%。 从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓渝开发。广发鑫和混合A（004750）二季度持有股数45.96万股， 占基金净值比例为0.21%，位居第八大重仓股。根据测算，今日浮盈赚取约13.33万元。 广发鑫和混合A（004750）成立日期2018年1月16日，最新规模1.71亿。今年以来收益 ...

光大嘉宝所属申万行业为：房地产-房地产开发-住宅开发。所属概念板块包括：低价、小盘、核电、房 屋租赁、国资改革等。 截至6月30日，光大嘉宝股东户数6.44万，较上期减少8.89%；人均流通股23294股，较上期增加9.75%。 2025年1月-6月，光大嘉宝实现营业收入6.42亿元，同比减少10.89%；归母净利润-3.73亿元，同比减少 68.65%。 分红方面，光大嘉宝A股上市后累计派现16.23亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，光大嘉宝十大流通股东中，南方中证房地产ETF发起联接A （004642）位居第十大流通股东，持股1149.45万股，相比上期增加34.21万股。 责任编辑：小浪快报 9月24日，光大嘉宝盘中上涨2.08%，截至09:54，报2.94元/股，成交5808.42万元，换手率1.35%，总市 值44.09亿元。 资金流向方面，主力资金净流入104.26万元，特大单买入120.31万元，占比2.07%，卖出0.00元，占比 0.00%；大单买入1503.23万元，占比25.88%，卖出1519.28万元，占比26.16%。 光大嘉宝今年以来股价 ...

（文章来源：每日经济新闻） 每经AI快讯，9月24日，A股房地产板块拉升，深振业A涨停，上海临港涨超6%，万通发展、大龙地 产、深物业A跟涨。 ...

截至6月30日，浦东金桥股东户数6.37万，较上期减少0.99%；人均流通股0股，较上期增加0.00%。2025 年1月-6月，浦东金桥实现营业收入9.61亿元，同比减少33.84%；归母净利润1.75亿元，同比减少 46.51%。 分红方面，浦东金桥A股上市后累计派现53.93亿元。近三年，累计派现15.56亿元。 9月24日，浦东金桥盘中上涨2.12%，截至09:54，报11.09元/股，成交5950.00万元，换手率0.64%，总市 值124.48亿元。 资金流向方面，主力资金净流出354.55万元，特大单买入108.80万元，占比1.83%，卖出0.00元，占比 0.00%；大单买入1057.98万元，占比17.78%，卖出1521.33万元，占比25.57%。 浦东金桥今年以来股价涨2.82%，近5个交易日涨2.50%，近20日涨4.03%，近60日涨7.71%。 资料显示，上海金桥出口加工区开发股份有限公司位于中国(上海)自由贸易试验区新金桥路27号18号楼 3楼，成立日期1993年10月7日，上市日期1993年3月26日，公司主营业务涉及主要从事上海金桥产业园 区及碧云国际社区的开发、运营和管理 ...

Core Viewpoint - The stock price of Electronic City has shown significant volatility, with a year-to-date increase of 38.13% but a recent decline of 11.68% over the past five trading days [2]. Group 1: Stock Performance - As of September 24, Electronic City’s stock price rose by 2.02% to 6.05 CNY per share, with a total market capitalization of 6.767 billion CNY [1]. - The stock has experienced a 31.52% increase over the past 60 days, despite a recent downturn [2]. - The company has appeared on the trading leaderboard seven times this year, with the latest instance on September 23, where it recorded a net buy of -47.646 million CNY [2]. Group 2: Financial Performance - For the first half of 2025, Electronic City reported a revenue of 573 million CNY, reflecting a year-on-year decrease of 55.67%, and a net profit attributable to shareholders of -150 million CNY, down 209.10% [3]. - Cumulative cash dividends since the company went public amount to 1.618 billion CNY, with 59.285 million CNY distributed over the last three years [4]. Group 3: Shareholder and Ownership Structure - As of September 19, the number of shareholders increased to 53,200, marking a 9.28% rise, while the average number of circulating shares per person decreased by 8.49% to 21,024 shares [3]. - The top ten circulating shareholders include the Southern CSI Real Estate ETF, which holds 8.5531 million shares, an increase of 145,400 shares from the previous period [4]. Group 4: Business Overview - Electronic City, established on December 24, 1986, and listed on May 24, 1993, operates primarily in park real estate development and sales, new technology services, advertising media, and product sales [2]. - The revenue composition of the company is as follows: new technology services account for 73.23%, real estate sales 23.70%, advertising media 3.06%, and other sources 0.01% [2].