责任编辑：小浪快报 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.73亿。今年以来收益 8.4%，同类排名3597/4220；近一年收益28.12%，同类排名3282/3814；成立以来亏损39.59%。 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158天，现任基金资产总规模1389.99亿元，任职期间最佳基金回报 145.85%， 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。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月23日，沙河股份涨6.11%，截至发稿，报20.32元/股，成交3.66亿元，换手率8.02%，总市值49.18亿 元。沙河股份股价已经连续3天上涨，区间累计涨幅17.48%。 资料显示，沙河实业股份有限公司位于广东省深圳市南山区白石路2222号沙河世纪楼，成立日期1987年 7月27日，上市日期1992年6月2日，公司主营业务涉及 房地产开发与经营。主营业 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On September 19, the liquidity situation improved, with major repo rates declining; the bond market continued to adjust, with long - term bonds performing weaker; the convertible bond market's main indices followed the decline, and most convertible bond issues fell; yields of U.S. Treasury bonds across various maturities generally rose, and yields of 10 - year government bonds in major European economies generally increased [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - The central bank adjusted the operation mode of 14 - day reverse repurchase, which released three key signals: strengthening the policy status of the 7 - day reverse repurchase operation rate, promoting the transformation of the monetary policy framework to price - based regulation, and enhancing the flexibility and precision of liquidity regulation [3] - The State Council Executive Meeting discussed and basically approved the "Revised Draft of the Law of the People's Republic of China on Banking Supervision and Administration" to promote the healthy development of the banking industry [3] - In August, foreign investors net - bought domestic stocks and bonds overall, and the foreign exchange market was stable with active trading and balanced supply and demand [4] - The Shanghai, Shenzhen, and Beijing Stock Exchanges issued new regulations to optimize bond repurchase business, aiming to optimize corporate debt structure and resolve credit risks [5] - The inter - bank lending center launched new optimization functions for "North - bound Swap Connect" to meet the risk - management needs of overseas institutions [6] - As of September 21, the issuance scale of securities firms' bonds this year reached 1.23 trillion yuan, with the issuance scale of science and technology innovation bonds exceeding 57 billion yuan; the redemption scale of banks' "Tier 2 and perpetual bonds" reached 729.28 billion yuan [7] 3.1.2 International News - The Bank of Japan maintained the interest rate at 0.5% and announced the start of ETF and J - REIT reduction, with two members proposing a 25bp interest rate hike [8] - Minneapolis Fed President Kashkari supported the Fed's rate - cut decision and predicted two more rate cuts this year, also raising the estimate of the neutral interest rate [9] 3.1.3 Commodity News - On September 19, international crude oil futures prices continued to fall, and international natural gas prices declined; COMEX gold futures rose [10] 3.2 Funding Situation 3.2.1 Open - Market Operations - On September 19, the central bank conducted 354.3 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 124.3 billion yuan [12] 3.2.2 Funding Rates - On September 19, after the tax - payment period ended, the funding situation improved, and major repo rates declined [13] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - **Spot Bond Yield Trends**: On September 19, the bond market continued to adjust, with long - term bonds performing weaker. Yields of 10 - year Treasury bonds and 10 - year CDB bonds increased [16] - **Bond Tendering Situation**: Information on the tendering of 10 - year and 30 - year bonds was provided, including issuance scale, winning yields, and multiples [18] 3.3.2 Credit Bonds - **Secondary - Market Transaction Anomalies**: On September 19, the transaction prices of two industrial bonds deviated by more than 10% [18] - **Credit Bond Events**: Some bonds, such as "H16 Tianjian 2" and "20 Xingfu 01", had events like suspension and debt - repayment plan formulation [19] 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On September 19, the three major A - share indices and convertible bond market indices all declined, and the convertible bond market's trading volume decreased [20] - **Convertible Bond Tracking**: Some companies' convertible bond issuance was approved, and some bonds had events like suspension, cancellation of issuance, and debt restructuring [22][23] 3.3.4 Overseas Bond Markets - **U.S. Bond Market**: On September 19, yields of most U.S. Treasury bonds rose, and the yield spreads between different maturities changed [24][25] - **European Bond Market**: Yields of 10 - year government bonds in major European economies generally increased [27] - **Price Changes of Chinese - Issued U.S. Dollar Bonds**: Information on the daily price changes of Chinese - issued U.S. dollar bonds as of September 19 was provided, including the top gainers and losers [29]

为深入贯彻落实党中央、国务院决策部署，进一步推动新"国九条"和资本市场"1+N"政策文件的落地实 施，9月19日，由中国证券监督管理委员会上海监管局指导，上海上市公司协会、全景网主办，上海证 券交易所、深圳证券交易所、中证中小投资者服务中心支持的"2025年上海辖区上市公司集体接待日暨 中报业绩说明会"在上海圆满举行。 本次集体接待日以"沟通传递价值，信心共筑未来"为主题，为投资者与上市公司及高管人员之间的沟通 搭建良好平台，并通过互动交流、在线答疑、线上直播、现场参与等方式，建立上市公司与投资者之间 的良性互动。此次活动共有107家上海辖区上市公司，440余位高管集体亮相。 东方证券投教基地作为本次集体接待日暨中报业绩说明会的投教支持机构，充分调动各分支机构力量， 广泛组织投资者参与活动并对上市公司提问，切实维护中小投资者的合法权益，并有效推动上市公司优 化投资者关系管理。本次活动中，东方证券投教基地向辖区内33家上市公司提问共114条，收到上市公 司回复114条。 以下为东方证券投教基地与上市公司部分精彩问答情况： 东方证券投教基地提问张江高科：园区集成电路、生物医药企业入驻率和租金情况？产业投资业务退出 ...

Group 1 - The core viewpoint of the news is that Shiyong Zhaoye's stock price increased by 5.67% to 6.15 CNY per share, with a trading volume of 1.03 billion CNY and a turnover rate of 2.18%, resulting in a total market capitalization of 4.976 billion CNY [1] - Shiyong Zhaoye, established on December 28, 2000, and listed on July 8, 2004, is primarily engaged in real estate development and operation, with revenue composition as follows: 56.45% from real estate sales, 23.95% from other sources, and 19.60% from thermal energy supply [1] Group 2 - Among the top ten circulating shareholders of Shiyong Zhaoye, a fund under Southern Fund ranks, specifically the Southern CSI Real Estate ETF Initiated Link A (004642), which entered the top ten in the second quarter with 4.1403 million shares, accounting for 0.51% of circulating shares, yielding an estimated floating profit of approximately 1.3663 million CNY [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current scale of 173 million CNY, showing a year-to-date return of 8.4% and a one-year return of 28.12%, ranking 3597 out of 4220 and 3282 out of 3814 in its category respectively, while it has a cumulative loss of 39.59% since inception [2]

Group 1 - The Federal Reserve's interest rate cuts are expected to lower the total costs for immigration and education in the U.S., benefiting families paying in RMB due to a stronger RMB against a weaker USD [2][4] - The employment and entrepreneurial environment is anticipated to become more favorable as lower interest rates reduce corporate financing costs, encouraging business expansion and job creation [2][4] - Investment immigration projects, particularly EB-5, are likely to benefit significantly from lower financing costs, enhancing project feasibility and expected returns for investors [4][5] Group 2 - Continuous monetary easing by the Federal Reserve presents an opportune moment for closely monitoring and selecting quality EB-5 projects [5] - Potential risks associated with interest rate cuts include inflation that may erode purchasing power, exchange rate volatility, and immigration process delays due to regulatory policies [6] - Recommendations include monitoring exchange rate trends, selecting stable EB-5 projects, and assessing financial leverage for entrepreneurial immigration [8]

Core Viewpoint - Vanke celebrates its 41st anniversary by emphasizing its role in shaping Shenzhen's urban landscape and enhancing the quality of life for its residents through innovative products and services [1][19]. Group 1: Company History and Contributions - Over 41 years, Vanke has been integral to Shenzhen's development, contributing to landmark projects and innovative housing solutions, such as the first fully furnished community and the first new Chinese-style residential project in the country [2][19]. - Vanke has developed a comprehensive product system that includes various residential styles, showcasing its commitment to evolving housing standards and meeting the needs of urban residents [5][19]. Group 2: Product and Service Innovations - Vanke focuses on three dimensions: product strength, scene integration, and service enhancement, to meet the expectations of urban living [5][8]. - The company has introduced high-end projects like ONELUXURY, which combines art, nature, and architecture, setting new standards for luxury living in Shenzhen [7]. - Vanke's community developments integrate diverse functions such as commercial, cultural, and residential spaces, creating vibrant urban ecosystems [8][10]. Group 3: Commitment to Quality of Life - Vanke believes that "service is the best product," implementing innovative community management practices to enhance residents' living experiences [14]. - The company emphasizes real-life experiences and quality assurance, ensuring that customers receive tangible benefits and long-term support [16][19]. - Vanke's anniversary celebration includes promotional offers and community engagement initiatives, reinforcing its commitment to providing a fulfilling living environment [18][19].

李卢霞 曹凤文 黄斯佳 王靖斐 杨妍 祝修业 研 究 夯实增长引擎 巩固枢纽角色 ——香港特区政府《行政长官 2025 年施政报告》解读 阅读摘要 报 告 《2025 年施政报告》延续主动对接国家发展战略、聚焦本 地经济民生的政策思路，致力推动香港加快迈向"由治及 兴"的新阶段，主要内容包括： 提升产业竞争力。重点巩固国际金融中心地位，包括拓展 离岸人民币业务、推动金融科技创新、发展黄金及大宗商 品交易，并强化股市、债市、绿色金融及资管等优势。同 时，积极培育人工智能、生命健康、新能源、低空经济等 新兴产业，吸引高增值企业落户。 夯实发展基础。加快北部都会区建设，首次提出成立北都 发展委员会、订立专属法例。强化"超级联系人"角色， 一方面，成立"内地企业出海专班"、持续深化大湾区互联 互通，另一方面，推动共建"一带一路"、深化国际经贸网 络，增强"超级联系人"枢纽地位。打造专业人才高地， 提出扩大非本地生招生名额至 50%，加速建设"北都大学 城"，推广"香港留学"品牌，推出"产学创科人才交流计 划"。 欢迎扫码关注 工银亚洲研究 中国工商银行（亚洲） 东南亚研究中心 关爱民生福祉。提出增加房屋供应、优化置业 ...

记者22日从自然资源部了解到，为了解决由于历史上一些房地产项目审批、建设、交易、监管等环节不 衔接、不规范，导致登记要件缺失，无法为不动产登记办证的问题，自然资源部、国家金融监督管理总 局、最高人民法院等部门协调联动，全力推动化解部分群众"买了房、拿不到证"的历史遗留难题。 对于超标的查封的，应当及时解除超标的范围的查封； 购房群众就涉案房屋办理预告登记后因其自身债务被查封的，不解除查封不影响为购房群众办理不动产 权证书； 异地法院查封的，属地人民法院应做好协调，两地人民法院不能协调一致的，逐级报请共同上级人民法 院协调解决。 为防止新增问题产生，对于符合法释〔2023〕1号规定情形的，人民法院在查封土地时，应注明已出售 房屋及其对应土地不在查封范围内；对于已办理预告登记或购房群众已支付全部购房款的，不予查封。 针对土地房屋被房企抵押项目办证问题 自然资源部等部门明确，相关政策制定中要贯彻"四个坚持"，即坚持为无过错群众办证，坚持政府主 导、部门联动，坚持历史态度、实事求是，坚持疏堵结合、源头防范。同时，对土地房屋因房企原因被 查封、土地房屋被房企抵押等问题提出以下处理原则： 针对土地房屋因房企原因被查封无法 ...

Group 1 - The company, Zhongyu Land (01224.HK), announced the issuance of a USD 300 million secured note with a 5.20% interest rate, maturing in 2025 [1] - The note was fully redeemed at its principal amount on September 20, 2025, in accordance with its terms and conditions [1] - The note was delisted from the Hong Kong Stock Exchange after the trading session on September 22, 2025 [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On September 22, the central bank restarted the 14 - day reverse repurchase operation, the capital market continued to loosen, and the bond market recovered; the main indices of the convertible bond market closed down collectively, and most convertible bonds declined; the yields of US Treasury bonds of various maturities generally increased, and the 10 - year Treasury bond yields of major European economies remained unchanged [1] 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - Vice - Premier He Lifeng met with a US congressional delegation, emphasizing the importance of Sino - US communication and cooperation in promoting bilateral economic and trade relations [3] - The LPR quotes for two tenors in September remained unchanged, with the 1 - year LPR at 3.00% and the over - 5 - year LPR at 3.50%, which was in line with market expectations [3] - As of the end of June this year, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world; the stock and bond markets ranked second in the world; and the foreign exchange reserves ranked first in the world for 20 consecutive years. During the 14th Five - Year Plan period, China's financial risks were generally controllable, and the financial system operated steadily [4] - The CPC Party Group of the Ministry of Finance will coordinate debt replacement, financing platform reform, and accountability for illegal debt - raising [5] - The CPC Party Committee of the CSRC will coordinate the resolution of local financing platform and real - estate enterprise bond risks and support reasonable financing [5] 3.1.2 International News - Three Fed officials expressed concerns about inflation and believed that the space for further interest - rate cuts was limited this year, which may affect the Fed's interest - rate policy in the remaining two meetings [6] 3.1.3 Commodities - On September 22, international crude oil futures prices continued to fall, with WTI October crude futures down 0.06% and Brent November crude futures down 0.16%; COMEX December gold futures rose 1.87%, and NYMEX natural gas prices fell 3.77% [7][8] 3.2 Capital Market 3.2.1 Open Market Operations - On September 22, the central bank conducted 2405 billion yuan of 7 - day reverse repurchase operations and 3000 billion yuan of 14 - day reverse repurchase operations, with a net capital injection of 2605 billion yuan after 2800 billion yuan of reverse repurchases matured [10] 3.2.2 Capital Interest Rates - On September 22, the central bank restarted the 14 - day reverse repurchase operation, and the capital market continued to warm up. Major repurchase interest rates continued to decline, such as DR001 down 3.67bp to 1.428% and DR007 down 2.08bp to 1.489% [11] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - **Spot Bond Yield Trends**: On September 22, due to the central bank's restart of the 14 - day reverse repurchase and the loosening of the capital market, the bond market recovered. The yield of the 10 - year Treasury active bond 250011 fell 0.75bp to 1.7875%, and the yield of the 10 - year CDB active bond 250215 fell 1.00bp to 1.9280% [14] - **Bond Tendering Situation**: Information on the issuance scale, winning bid yields, and other aspects of multiple bonds such as 25 Agricultural Development Discount 08 (Increment 3) was provided [16] 3.3.2 Credit Bonds - **Secondary - Market Transaction Anomalies**: On September 22, the transaction prices of 2 industrial bonds deviated by more than 10%, with "16 Longhu 04" down more than 12% and "H1 Yangcheng 01" up more than 1592% [16] - **Credit Bond Events**: There were announcements from companies such as China Aoyuan, Newmi Caiyuan Investment Group, and Kaisa Group regarding debt restructuring, warnings, and other matters [19] 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On September 22, the three major A - share indices closed up, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index up 0.22%, 0.67%, and 0.55% respectively. The main indices of the convertible bond market closed down, with the China Bond Convertible Bond Index, Shanghai Bond Convertible Bond Index, and Shenzhen Bond Convertible Bond Index down 0.43%, 0.43%, and 0.40% respectively [18] - **Convertible Bond Tracking**: On September 22, Fushi Convertible Bond announced that it was about to meet the early redemption conditions [21] 3.3.4 Overseas Bond Markets - **US Bond Market**: On September 22, the yields of US Treasury bonds of various maturities generally increased, with the 2 - year US Treasury yield up 4bp to 3.61% and the 10 - year US Treasury yield up 1bp to 4.14%. The yield spreads of 2/10 - year and 5/30 - year US Treasury bonds narrowed [22][23] - **European Bond Market**: On September 22, the 10 - year Treasury bond yields of major European economies remained unchanged, including Germany, France, Italy, Spain, and the UK [25] - **Daily Price Changes of Chinese - Issued US - Dollar Bonds**: Information on the daily price changes, including the top 10 gainers and losers, of Chinese - issued US - dollar bonds as of the close on September 22 was provided [27]