天眼查法律诉讼信息显示，10月11日至13日，融创房地产集团有限公司新增4条被执行人和恢复执行信 息，执行标的合计14.9亿余元，部分案件被执行人还包括南宁融创基业房地产开发有限公司、天津融创 元浩詈业有限公司等，执行法院包括河南省郑州市中级人民法院、浙江省杭州市中级人民法院等。 风险信息显示，融创房地产集团有限公司现存240余条被执行人信息，被执行总金额超389亿元，此外， 该公司还存在多条限制消费令、失信被执行人及终本案件信息。 ...

行 业 及 产 业 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 曹曼 (8621)23297818× caoman@swsresearch.com 行 业 研 究 / 行 业 点 评 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 14 日 构建房地产央企 ESG 评价体系：绿色发展与民 生保障协同并进 看好 ——A 股央企 ESG 系列报告之三 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 房地产 相关研究 - ⚫ 房地产行业是绿色发展、民生保障关键领域。绿色发展方面，2024 年 3 月，住建部发 布《关于加快推动建筑领域节能降碳工作方案》，其中指出，到 202 ...

典型案例分别为：江西省赣州市检察机关督促保护东江源流域生态环境行政公益诉讼案；四川省泸县检察院督促整治非法占用耕地建房行政公益诉讼案；上 海市青浦区检察院督促整治房地产企业违法使用人脸信息行政公益诉讼案；北京市朝阳区检察院督促整治烧烤店羊肉串掺假行政公益诉讼案；浙江省江山市 检察院督促整治制售假冒伪劣蜂胶产品行政公益诉讼案；吉林省吉林市检察院督促行政机关履行电子烟监管职责行政公益诉讼案。 这批典型案例体例突出专业性、技术性，案例内容强调具有独特指导价值，如案例一至案例三以无人机、卫星遥感技术、电子证据等为主，聚焦流域生态环 境保护、耕地保护、个人信息保护等不同领域；案例四至案例六以检验鉴定技术为主，分别针对食品掺假、网络销售假冒保健品、电子烟非法添加新型精神 活性物质等不同问题，从案件线索发现、检验鉴定、证据固定等方面详细说明技术办案路径。同时，这批典型案例注重对典型意义的挖掘，着力从每件案例 中总结、固化出一套清晰、可靠、可复用的技术办案范式。如在北京市朝阳区检察院督促整治烧烤店羊肉串掺假行政公益诉讼案中，检察技术人员通过动物 源性DNA技术锁定了传统侦查手段难以发现的"隐形"掺假成分。 央视网消息：据最高 ...

Group 1: Trade Relations and Policies - The Chinese Ministry of Commerce responded to the U.S. announcement of a 100% tariff increase, labeling it as a typical "double standard" and emphasizing that China does not wish to engage in a trade war but is not afraid to do so if necessary [2] - Recent measures by China to tighten export controls on rare earths are seen as a retaliatory action against the U.S., indicating a potential escalation in trade tensions [2][3] - The uncertainty in U.S.-China trade policies is affecting global multinational companies, leading to diminished business confidence [3] Group 2: Trade Data and Economic Indicators - In September, China's exports grew by 8.3% year-on-year, reaching a six-month high, while imports increased by 7.4%, the highest in 17 months, indicating resilience in trade performance [4] - The total value of China's goods trade in the first three quarters reached 33.61 trillion yuan, a year-on-year increase of 4%, with exports maintaining growth for eight consecutive quarters [4] - Despite the positive trade data, challenges remain, including the impact of U.S. tariffs on re-exported goods and a shift towards processing trade, which may continue to pressure China's export outlook [5] Group 3: Real Estate Market Trends - Major cities like Beijing, Shanghai, and Shenzhen have seen an increase in real estate transaction volumes, with September data showing significant growth in both new and second-hand housing sales [6] - The overall real estate market remains under pressure, with limited recovery in supply-demand dynamics, indicating a buyer's market [7] Group 4: Corporate Developments - The Dutch government has imposed restrictions on China's Wingtech Technology's subsidiary, Anshi Semiconductor, leading to asset freezes and management changes, highlighting the political risks faced by Chinese companies abroad [8] - Vanke's chairman, Xin Jie, resigned for personal reasons, raising concerns about the company's stability amid liquidity challenges [9][10] Group 5: Aviation and Tourism Industry - Post-holiday, air ticket prices have significantly dropped, with some routes seeing reductions of up to 80%, reflecting a decrease in travel demand following the peak holiday season [13][14] - The entire tourism industry is facing profitability challenges, with airlines struggling to maintain margins as ticket prices align with or fall below high-speed rail costs [14] Group 6: Market Performance - On October 13, the stock market experienced fluctuations, with the Shanghai Composite Index closing down 0.19%, amid ongoing trade tensions between the U.S. and China [15][16] - The market's response to trade policy changes indicates a reduction in panic compared to previous instances, although overall trading volume has decreased, reflecting a cautious investor sentiment [15][16]

Group 1 - The 2025 Nobel Prize in Economic Sciences was awarded to three economists for their contributions to understanding innovation-driven economic growth [5] - The prize winners highlighted the importance of managing creative destruction to avoid stagnation in economic growth [5] Group 2 - Meituan has introduced a feature allowing delivery riders to block customers, currently being piloted in seven cities [9] - Polestar has closed its last direct sales store in China, shifting to an online sales model to adapt to changing consumer demands [9] - China's three major telecom operators have launched eSIM services, with significant user interest indicated by over 68,000 online reservations for China Unicom's eSIM service [10] Group 3 - The cancellation of the "Striving Day" by Manbang Group reflects a focus on employee needs while maintaining a commitment to competitive spirit [13] - The new brand "Wawa Xiaozhi" will gradually replace "Zong Shifu," focusing on AD calcium milk products [13] Group 4 - OpenAI and Broadcom announced a strategic partnership to deploy a 10GW custom AI accelerator, with deployment expected to begin in late 2026 [13] - Vanke's chairman Xin Jie has resigned, with Huang Liping elected as the new chairman [13] Group 5 - The registration of the "You Yo Fast Line" trademark by Hongsheng Group indicates a focus on dairy and beverage products [14] - Apple is expected to launch three new products featuring the M5 chip this week [14] Group 6 - DJI's significant price cuts have sparked consumer backlash, leading to the issuance of vouchers to affected customers [14] - Xibei clarified that its newly registered company does not signify a shift towards pre-prepared meals [16] Group 7 - Microsoft will stop providing security updates and technical support for Windows 10 starting October 14, increasing vulnerability for users [17] - Zotye Auto announced the cessation of asset disposal and debt restructuring for its subsidiary [19] Group 8 - The successful listing hearing of Seres Group on the Hong Kong Stock Exchange indicates ongoing interest in the electric vehicle sector [19] - Volant completed a multi-hundred million B round financing to support its aviation projects [19] Group 9 - NineSight completed a multi-million dollar financing round led by Ant Group, focusing on L4 autonomous driving technology [19] - Future Intelligence announced a significant A round financing to advance its AI hardware solutions [19] Group 10 - EHang launched its VT35 eVTOL aircraft with a starting price of no less than 6.5 million yuan in the Chinese market [20][21] - The new Lexus LS model will debut as a six-wheeled MPV at the Tokyo Motor Show [23] Group 11 - In September, the penetration rate of new energy vehicles among manufacturers reached 53.5%, with significant growth in domestic brands [25]

Core Insights - The article discusses the importance of floor selection in real estate, emphasizing that it significantly impacts living experience and is often influenced by personal beliefs and numerology [1][3]. Group 1: Floor Selection Considerations - The first and top floors are commonly avoided due to their inherent disadvantages; the first floor suffers from poor lighting, ventilation issues, and external noise disturbances, while the top floor faces extreme temperatures and potential water pressure problems [4][6]. - Specific floors with certain numbers, such as four, seven, thirteen, and eighteen, are often considered unlucky and are frequently avoided by buyers [3]. - Equipment floors, which house essential systems like elevators and HVAC, generate noise and vibrations that can disrupt residents' comfort and may pose health risks over time, making them unsuitable for living [6]. Group 2: Ideal Floor Selection - To find the most suitable floor, it is essential to consider the overall design of the building, the surrounding environment, and individual needs, rather than relying solely on superstitions or numerical beliefs [6].

Core Insights - The article discusses three significant upcoming changes in consumer behavior and market dynamics in China, driven by government policies aimed at enhancing living standards and encouraging spending [1] Group 1: Consumer Market Dynamics - The government is implementing substantial subsidy policies to encourage consumer spending, with up to 20% financial support for replacing old household appliances and cash subsidies of up to 20,000 yuan for car purchases [3][6] - Sales of household appliances and audio-visual equipment surged nearly 40% year-on-year in October, indicating a strong consumer preference for energy-efficient products [3][6] - Subsidies now extend to previously overlooked categories like educational electronics, with up to 20% discounts available, making it easier for families with school-aged children to purchase necessary items [6] Group 2: Real Estate Market Recovery - The real estate market is showing signs of recovery after a prolonged downturn, with a 3.9% year-on-year increase in the cumulative transaction volume of new and second-hand homes in October [7][9] - The focus has shifted from quantity to quality in real estate, with improvements in the design and structure of properties, as well as ongoing renovations of older residential buildings [9] - New housing standards are being enhanced, emphasizing sound insulation and energy efficiency, which is expected to provide more quality housing options for homebuyers [9] Group 3: Employment and Social Welfare - The number of college graduates in 2025 is projected to reach 12.22 million, prompting government initiatives to create more job opportunities, particularly for small and medium-sized enterprises [11] - Training programs for emerging professions, such as AI trainers and carbon emission managers, are now subsidized, helping individuals acquire new skills and enhancing their employability [11] - Social welfare measures are being refined, with increases in pension standards and improvements in elderly care services, contributing to a more secure living environment for retirees [12]

Market Overview - After the National Day holiday, gold prices surged, while equity market indices showed mixed performance, with the Shanghai Composite Index closing higher [4] - In terms of industries, non-ferrous metals, coal, and steel sectors saw the highest gains, while media, electronics, and electrical equipment sectors experienced the largest declines [4] Fund Issuance - Four new funds were established in the domestic market this week, totaling 1.13 billion units issued. This includes two equity funds, one bond fund, and one FOF fund [5] - A total of 24 new funds were issued across the market, comprising 11 equity funds, 6 bond funds, 4 mixed funds, 2 FOF funds, and 1 international (QDII) fund [5] Fund Performance Tracking - Long-term thematic fund indices showed that cyclical theme funds outperformed, while pharmaceutical theme funds continued to decline. As of October 10, 2025, the weekly performance of various thematic funds was as follows: cyclical (3.31%), financial real estate (0.22%), consumption (-1.23%), industry rotation (-1.29%), defense and military (-1.33%), balanced industry (-1.53%), TMT (-3.00%), new energy (-3.01%), and pharmaceuticals (-3.96%) [6] - Passive index funds saw significant performance from cyclical theme products such as non-ferrous metals and coal [6] ETF Market Tracking - Domestic stock ETFs experienced substantial net inflows, with major investments in TMT, new energy, and cyclical industry ETFs, while large-cap theme ETFs saw reductions in holdings. The median return for stock ETFs this week was -0.74%, with a net inflow of 37.626 billion yuan [7] - Hong Kong stock ETFs had a median return of -3.06% and a net inflow of 5.332 billion yuan, while cross-border ETFs had a median return of 1.74% with a net inflow of 0.269 billion yuan. Commodity ETFs had a median return of 2.96% and a net inflow of 3.128 billion yuan [7] - Notably, the Sci-Tech Innovation Board theme ETFs saw significant inflows totaling 5.599 billion yuan, and TMT theme ETFs also experienced substantial inflows of 12.205 billion yuan [7] Fund Positioning - The estimated position of actively managed equity funds increased by 0.07 percentage points compared to the previous week. In terms of industry allocation, sectors such as social services, real estate, and banking received increased funding, while coal, telecommunications, and pharmaceutical sectors faced reductions [8] ESG Financial Products Tracking - One new green bond was issued this week, with a scale of 13.5 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 4.87 trillion yuan and a total of 4,185 bonds issued as of October 10, 2025 [9] - In terms of fund performance, the median weekly return for actively managed equity, passive index equity, and bond ESG funds was -2.40%, 0.22%, and 0.06%, respectively. Thematic funds focusing on low-carbon economy, Belt and Road Initiative, and green electricity showed significant outperformance [9] - As of October 10, 2025, there are 215 ESG funds in the domestic market, with a total scale of 167.335 billion yuan [9]

不知道你们发现没有，现在聊起买房，那感觉跟三五年前完全是两码事了。 以前是闭眼冲，想着"今天不买，明天更贵"；现在是睁大眼睛反复掂量，琢磨"这房子我买了，真的适合住吗？"。 市场的风向，是真的变了。 如果你仔细观察，会发现眼下的二手房市场，被两个关键词牢牢占据：一个是"以价换量"，另一个是"K型分化"。 先说"以价换量"。 这四个字听起来有点专业，说白了就是：想卖房？不拿出点"诚意价"来，门儿都没有。 最新的市场数据很能说明问题。 根据机构统计，今年三季度全国重点城市的二手房成交量，比起二季度是有所回落的。为啥呢？一方面，七八月本来就是楼市的传统淡季，大家忙着避暑度 假，看房的心思自然淡了。 另一方面，各种松绑政策的"药效"过了劲，市场的真实反应——信心不足，就显露出来了。 但有意思的是，如果你跟去年同期比，成交量其实还是涨的。 这种"环比降、同比升"的拧巴状态，恰恰印证了市场正在"以价换量"的通道里艰难前行。背后的推动力是什么？是房价实实在在的下跌。数据显示，百城二 手房价格已经连续跌了快三年半了！ 9月份同比又跌了超过7%。房东们要想把房子换成现金，除了在价格上"割肉"，似乎没有更有效的办法了。 所以，" ...

我朋友张姐家在北京拥有三套住房，她告诉我："三套房每年仅基础持有成本就要4万多，加上两套还在还贷的月供，一年下来差不多花掉20万。以前觉得 多买房准没错，现在有时候真觉得压力不小。" 上个周末，我去拜访多年不见的大学同学刘哥。他在城市打拼十几年，买了三套房产，一直被大家视为"人生赢家"。让我意外的是，刘哥却满脸愁容，说 这几套房子反而成了他的负担。"每月光物业费、房贷就要1万多，加上维修、税费等支出，现在房子不升值了，持有成本太高了。"他甚至考虑出售一套 来减轻压力。听完刘哥的遭遇，我不禁陷入沉思：拥有多套房的家庭，未来真的会面临什么样的挑战？ 近年来，类似刘哥这样的困惑不在少数。根据住建部住房发展研究中心2025年发布的《中国城镇住房持有情况调查报告》，全国城镇家庭中拥有2套及以 上住房的比例约为22.3%，这部分人群正面临着与过去截然不同的住房市场环境。 从历史上看，拥有多套房产曾是财富增值的可靠途径。住房在过去二十年经历了快速增值期，许多家庭通过持有多套房产获得了可观的财富增长。然而， 房地产市场正在发生深刻变化，这种模式正面临前所未有的挑战。 最直观的变化是房价增速放缓甚至下调。根据国家统计局数据，2 ...