Core Viewpoint - The article highlights the divergence in industrial production, the continued recovery in infrastructure construction, and the weakness in real estate transactions, indicating mixed signals in the economic landscape [2][4][29]. Group 1: Industrial Production - The high furnace operating rate increased by 0.9 percentage points year-on-year to 6.8%, while the apparent consumption continued to weaken, dropping by 1.9 percentage points to 0% [4]. - Chemical production showed significant declines, with soda ash and PTA operating rates down by 4.1 percentage points to 1.7% and 5.5 percentage points to 12.1%, respectively [11]. - The automotive sector also faced challenges, with the operating rate for semi-steel tires decreasing by 0.3 percentage points to 6.2% [11]. Group 2: Construction Industry - Infrastructure construction is showing signs of recovery, with the asphalt operating rate rising by 0.1 percentage points to 9.2% [2][23]. - However, cement production and demand have declined, with the national grinding operating rate and cement shipment rate down by 3.3 percentage points to 9% and 1.3 percentage points to 4.2%, respectively [17]. Group 3: Real Estate and Demand - National new housing daily transaction area remains weak, with a year-on-year increase of 9.6% to 0%, particularly in first and third-tier cities [29]. - The migration scale index decreased by 7.6% year-on-year to 12.8%, indicating a marginal decline in human mobility [40]. Group 4: Price Trends - Agricultural product prices have declined, with pork, eggs, and fruit prices down by 0.2%, 0.2%, and 0.5% respectively, while vegetable prices increased by 1.7% [56]. - The industrial product price index rose by 0.2%, with the metal price index also increasing by 0.2% [62].

转自：北京日报客户端 尊敬的机场巴士乘客： 自2025年9月2日起，对首都机场和大兴机场市内线路进行临时调整，如遇临时交通管制，线路会根据管 控情况临时调整，请以实际发车时刻为准，具体调整内容如下： 一、首都机场线路 1.首都机场公主坟线： 首都机场至北京南站方向：9月2日17：00（不含）之后班次停运，9月3日全天停运。 3.首都机场至大兴机场专线9月3日全天停运。 4.首都机场北京西站线： 北京西站至首都机场方向：9月2日15：00（不含）之后班次停运，9月3日全天停运。 首都机场至北京西站方向：9月2日15：00（不含）之后班次停运，9月3日全天停运。 5.刘家窑夜航线自9月2日23:15首班车起至9月3日凌晨1:15末班车止，暂停运营。 6.北京西站夜航线和北京西站夜航延长线自9月2日23:30首班车起至9月3日凌晨国内航班结束，暂停运 营。 公主坟至首都机场方向：9月3日发5：00、6：30、8：00、9：00，自14：00起恢复原发车时刻； 首都机场至公主坟方向：9月3日发7：00，自13：00起恢复原发车时刻。 2.首都机场北京南站线： 北京南站至首都机场方向：9月2日15：30（不含）之后班次 ...

Group 1: Transportation Sector - The railway passenger volume during the summer transportation period reached approximately 9.4 billion, marking a historical high and reflecting the increasing enthusiasm for travel among the public [2] - Domestic air travel also saw significant growth, with 64.73 million passengers transported in July, a year-on-year increase of 2.7%, while international passenger transport surged by 15.7% [3] - The total inter-regional personnel flow is expected to reach 11.9 billion during the summer transportation period, with a daily average of 192 million, indicating a robust domestic consumption market [3] Group 2: Cultural and Tourism Sector - The integration of culture and tourism has led to innovative consumption models, such as "stay economy" and "night economy," which have generated new consumption hotspots [4] - In Ningxia, a music festival attracted 100,000 attendees, with 41% being from outside the region, showcasing the impact of cultural events on local tourism [4] - In Jiangsu, sports events have also contributed to tourism, with over 200,000 attendees at a recent match, boosting local hospitality and retail sectors [6] Group 3: Film Industry - The summer box office in China reached 11.966 billion, with a total of 321 million viewers, reflecting a year-on-year increase of 2.76% and 12.75% respectively [11] - The film "Nanjing Photo Studio" grossed 2.890 billion, leading the box office and demonstrating strong audience engagement with historical themes [11] - The overall box office for the year has exceeded 39.3 billion, indicating a thriving film market in China [11] Group 4: Economic Outlook - The diverse growth in the summer consumption market is a direct reflection of the continuous release of consumer demand and the results of innovative consumption scenarios and industrial integration [14] - The ongoing optimization of consumption supply and the exploration of consumption potential are expected to further invigorate the Chinese consumption market [14]

Group 1 - Tianjin is focusing on green transformation and pollution control through 24 key tasks across five major areas [1] - The city has successfully reduced coal consumption by 194.23 thousand tons in 2024, achieving a target of keeping local coal-fired power generation below 40% [1] - Non-fossil energy installed capacity has increased by 3.8 times since 2020, now accounting for 41% of total power generation [1] Group 2 - PM2.5 concentration in Tianjin is projected to reach 38.1 micrograms per cubic meter in 2024, a decrease of 8% year-on-year [2] - The number of A and B-rated enterprises in pollution control has increased by 157% since 2020, totaling 552 [2] - Advanced monitoring technologies are being utilized for pollution source tracing, enabling precise and digital management of air quality [2]

Core Insights - Fuzhou New Area celebrates its 10th anniversary, focusing on enhancing its role as a significant hub for domestic and international exchanges and cooperation [1][2] - Since its establishment, Fuzhou New Area has achieved an average annual GDP growth of 8.4%, fixed asset investment growth of 13.1%, and industrial added value growth of 8.4%, with a total economic output exceeding 330 billion yuan [1] - The area has improved its transportation capabilities, with Changle International Airport upgraded to a regional hub, operating 130 domestic and international routes, and handling over 15 million passengers annually [1][2] Economic Development - Fuzhou New Area has made significant progress in multimodal transport, connecting maritime routes with domestic rail services, and launching several international freight trains, enhancing its logistics network [2] - The area has established 72 bilateral cooperation projects with a total investment exceeding 93 billion yuan, focusing on marine fisheries and tropical agriculture through the "Two Countries, Twin Parks" initiative with Indonesia [2] - By 2024, Fuzhou New Area is projected to achieve an impressive foreign trade total of 193.2 billion yuan, with ongoing development of various economic zones and platforms to support cross-border e-commerce and other foreign-related industries [2]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.46% to close at 3875.53 points, while the Shenzhen Component rose by 1.05% to 12828.95 points. The Sci-Tech 50 index gained 1.18% to reach 1357.15 points, and the ChiNext Index surged by 2.29% to 2956.37 points. Overall, 3206 stocks rose, 2085 fell, and 133 remained unchanged, with a total trading volume of 27.5 billion yuan, a decrease of 483.37 million yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, telecommunications, comprehensive services, non-ferrous metals, pharmaceutical biology, electronics, and machinery equipment led the gains. Conversely, non-bank financials, banking, household appliances, transportation, automotive, and defense industries experienced declines [1][2]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), gold and jewelry, optical chips, cobalt mines, advanced packaging, CRO, innovative drugs, optical communications, the SMIC industrial chain, generic drugs, weight loss drugs, high turnover, selected rare metals, germanium-gallium-antimony ink, and semiconductor equipment [2].

Core Viewpoint - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) will be listed on September 2, 2025, providing investors with a new tool to invest in high-dividend central enterprises within the Hong Kong Stock Connect framework [1]. Group 1: Fund Overview - The fund closely tracks the CSI Hong Kong Stock Connect Central Enterprise Dividend Index, which consists of 50 listed companies controlled by central enterprises, selected for their stable dividend levels and high dividend yields [1]. - The index is weighted by dividend yield and has strict requirements for the sustainability of dividends, with a cap on individual sample weights, focusing primarily on the financial and industrial sectors [1]. Group 2: Top Holdings - The top ten weighted stocks in the index include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, China Pacific Insurance, CNOOC, China Shenhua Energy, China Unicom, and Sinopec Engineering, collectively accounting for 30.47% of the index as of August 29 [1][2]. Group 3: Investment Strategy and Benefits - The index offers a strategic overlay by allowing mainland investors to conveniently invest in scarce high-dividend central enterprise stocks in the Hong Kong market, avoiding QDII quota restrictions [4]. - Central enterprises exhibit strong operational stability and cash flow, demonstrating resilience during macroeconomic fluctuations [4]. - The index's dividend yield as of August 29 is 5.89%, outperforming the 4.29% yield of the CSI Central Enterprise Dividend 50 Index [4]. Group 4: Market Context - The Hong Kong dividend market continues to benefit from inflows of southbound capital, enhancing the investment value of the Hong Kong Stock Connect Central Enterprise Dividend ETF amid weak economic expectations [4]. - The combination of stable dividends, structural opportunities, and supportive government policies contributes to the attractiveness of this investment vehicle for conservative investors seeking stable cash flow and asset preservation [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The updated time of the current fundamental high - frequency data is from August 22, 2025, to August 29, 2025. The current Guosheng fundamental high - frequency index is 127.4 points, with a week - on - week increase of 5.5 points, and the year - on - year growth rate remains unchanged. The long - short signal of interest - rate bonds expands, with a signal factor of 5.0% [1][9]. - In terms of production, the industrial production high - frequency index is 126.6, with a week - on - week increase of 5.2 points, and the year - on - year growth rate expands [1][9]. - In terms of total demand, the high - frequency index of commercial housing sales is 43.0, with a week - on - week decrease of 6.4 points, and the year - on - year decline rate remains unchanged; the high - frequency index of infrastructure investment is 120.7, with a week - on - week increase of 5.8 points, and the year - on - year growth rate expands; the high - frequency index of exports is 143.7, with a week - on - week increase of 2.5 points, and the year - on - year growth rate narrows; the high - frequency index of consumption is 120.0, with a week - on - week increase of 3.0 points, and the year - on - year growth rate expands [1][9]. - In terms of prices, the month - on - month forecast of CPI is 0.1%, and that of PPI is 0.2%, both remaining unchanged from the previous values [2][9]. - The high - frequency inventory index is 161.6, with a week - on - week increase of 8.9 points, and the year - on - year growth rate narrows; the high - frequency transportation index is 130.2, with a week - on - week increase of 9.4 points, and the year - on - year growth rate expands; the high - frequency financing index is 235.6, with a week - on - week increase of 29.9 points, and the year - on - year growth rate expands [2][10]. Summary According to the Table of Contents Total Index: Fundamental High - Frequency Index Remains Stable - Based on the statistical system, a high - frequency data system covering the overall situation, production, demand, prices, and financing is constructed, and the Guosheng fixed - income fundamental high - frequency index and sub - indices are built [8]. - The current Guosheng fundamental high - frequency index is 127.4 points, with a week - on - week increase of 5.5 points, and the year - on - year growth rate remains unchanged [1][9]. Production: PTA Operating Rate Drops Significantly - The electric furnace operating rate is 62.8%, remaining unchanged from the previous value; the polyester operating rate is 86.7%, up from 86.5%; the semi - tire operating rate is 72.8%, down from 73.1%; the full - tire operating rate is 63.8%, down from 64.8%; the PTA operating rate is 70.9%, down from 76.2%; the PX operating rate is 84.6%, remaining unchanged from the previous value; the coal dispatch at Qinhuangdao Port is 48.4 tons, up from 47.7 tons [11][16]. Real Estate Sales: Commercial Housing Transaction Area Increases - The commercial housing transaction area in 30 large - and medium - sized cities is 245,000 square meters, up from 212,000 square meters; the land premium rate for transactions in 100 large - and medium - sized cities is 1.6%, down from 10.3% [30]. Infrastructure Investment: Petroleum Asphalt Operating Rate Decreases - The operating rate of petroleum devices is 29.3%, down from 30.7% [39]. Exports: Export Container Freight Index Continues to Decline - The CCFI index is 1156 points, down from 1175 points; the RJ/CRB index is 301.0 points, up from 296.9 points [46]. Consumption: Daily Average Box Office of Movies Decreases - The daily average box office of movies is 152.4 million yuan, down from 176.7 million yuan [61]. CPI: Agricultural Product Prices Remain Stable - The average wholesale price of pork is 20.0 yuan per kilogram, down from 20.1 yuan; the average wholesale price of 28 key - monitored vegetables is 4.9 yuan per kilogram, up from 4.8 yuan; the average wholesale price of 7 key - monitored fruits is 6.9 yuan per kilogram, remaining unchanged from the previous value; the average wholesale price of white - striped chickens is 17.6 yuan per kilogram, up from 17.5 yuan [68]. PPI: Copper and Aluminum Prices Rise - The closing price of thermal coal at Qinhuangdao Port (produced in Shanxi) is 695 yuan per ton, down from 703 yuan; the futures settlement price of Brent crude oil is 68 US dollars per barrel, up from 67 US dollars; the spot settlement price of LME copper is 9725 US dollars per ton, up from 9616 US dollars; the spot settlement price of LME aluminum is 2616 US dollars per ton, up from 2577 US dollars [72]. Transportation: Passenger Volume Drops Slightly - The passenger volume of the subway in first - tier cities is 39.37 million person - times, down from 40.09 million person - times; the highway logistics freight rate index is 1050 points, remaining unchanged from the previous value; the number of domestic flights is 14,473, down from 14,834 [83]. Inventory: Electrolytic Aluminum Inventory Increases - The electrolytic aluminum inventory is 153,000 tons, up from 138,000 tons; the soda ash inventory is 1.878 million tons, down from 1.904 million tons [91]. Financing: Net Financing of Local Government Bonds Continues to Rise - The net financing of local government bonds is 243.5 billion yuan, up from 208.8 billion yuan; the net financing of credit bonds is - 30.4 billion yuan, up from - 48.4 billion yuan; the 6M national - share bank acceptance bill rediscount rate is 0.7%, up from 0.6%; the average value of the bill rate - certificate of deposit rate is - 0.9%, up from - 1.03% [102].

证券研究报告·金融工程·金工定期报告 金工定期报告 20250901 从微观出发的五维行业轮动月度跟踪 202509 2025 年 09 月 01 日 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《从微观出发的五维行业轮动 月度跟踪 202508 2025-08-01 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 模型多空对冲绩效：以 2015/01/01-2025/08/31 为回测区间，五维行业轮 动模型在申万一级行业中，六分组多空对冲的年化收益率为 21.44%，年 化波动率为 10.84%，信息比率为 1.98，月度胜率为 71.95%，历史最大 回撤为 13.30%；多头对冲全市场行业等权组合的年化收益率为 10.52%， 年化波动率为 6.58%，信息比率为 1.60，月度胜率 70.49%，历史最大回 撤为 9.36%。 ◼ ...

个股方面，8月29日有1729只个股获融资净买入，净买入金额在1亿元以上的有56股。其中，11股获融资 净买入额超3亿元。东方财富获融资净买入额居首，净买入15.23亿元；融资净买入金额居前的还有宁德 时代、工业富联、新易盛、中际旭创、顺丰控股、天孚通信、胜宏科技等股，净买入金额均超6亿元。 Wind统计显示，8月29日，申万31个一级行业中有20个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入48.09亿元；获融资净买入居前的行业还有通信、电力设备、非银金融、交通运 输等，净买入金额均超10亿元。 ...