10月10日，万通发展大宗交易成交200万股，成交额2332万元，占当日总成交额的1.61%，成交价11.66 元，较市场收盘价12.19元折价4.35%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 类出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-10-10 | 万通发展 | 600246 | 11.66 | TIEE | 100 | 型型零装修量量器 | 類語 | | Ka | | 2025-10-10 | 万通发展 | 600246 | 11.66 1166 | | 100 | 患惡症素語藝園醫 | ​​​ | | Ka | ...

Core Insights - Shenzhen's real estate market has shown signs of recovery following the new policies implemented on September 5, with increased transaction volumes in both new and second-hand housing [1][2][3] New Housing Market - From September 5 to September 30, 16 new projects received pre-sale permits, a significant increase from only 6 in August, indicating developers' renewed confidence [2] - The combination of policy benefits and high-quality housing supply has amplified transaction volume growth, with increased viewings and reservations reported [2] Second-Hand Housing Market - The number of new second-hand residential contracts signed from September 6 to October 6 reached 3,699, marking a year-on-year increase of 32.63% [1] - The recorded volume of second-hand homes in September was 5,808, reflecting a month-on-month increase of 10.3% and a year-on-year increase of 52.4%, continuing a trend of exceeding the industry benchmark for seven consecutive months [1] Market Expectations - The Shenzhen Real Estate Association anticipates that the market will maintain high transaction volumes into the fourth quarter of 2025, driven by the ongoing effects of the new policies and the traditional sales peak [3] - Differentiated regulatory measures between core and non-core areas are expected to sustain market activity, with non-core areas benefiting from relaxed policies and lower prices, attracting first-time and upgrading buyers [3] Overall Market Performance - Despite a generally subdued performance during the National Day and Mid-Autumn Festival holidays, core cities like Beijing, Shanghai, and Shenzhen have seen year-on-year growth in new housing transaction areas [4] - The second-hand housing market in key cities has shown significant recovery in September, with expectations for continued moderate increases in transaction activity in October, although the "price-for-volume" strategy is likely to persist in the short term [4]

Core Insights - The Cambodian government has officially released the "National Strategic Development Plan," projecting a slowdown in economic growth to 5% in 2025, down from 6% in 2024 [1] - The primary reasons for this slowdown are external factors, including border conflicts with Thailand and increased tariffs from the United States, which imposed a 19% tariff on Cambodian exports starting August 1 [1] - Despite these challenges, Cambodia's per capita GDP is expected to rise steadily, from $2,520 in 2023 to nearly $3,000 in 2025 [1] Economic Growth Projections - The industrial sector, primarily driven by garment, non-garment manufacturing, and construction, is projected to grow by 7.1% [1] - The services sector, which includes tourism, transportation, telecommunications, trade, and real estate, is expected to grow by 3.8% [1] - The agricultural sector is anticipated to see a growth rate of 0.9% [1]

Core Insights - Nanshan Holdings (002314) reported that as of September 30, 2025, the number of shareholders is projected to be 51,080 [1] Summary by Categories - **Company Information** - Nanshan Holdings has communicated to investors that the expected number of shareholders will reach 51,080 by the end of September 2025 [1]

标普：中国房地产市场仍在探底。预计2025年全国新房销售额将下降8%至8.8-9万亿元，2026年将下降6%-7%。土地收购大幅超额，加上2025-2026年销售额低于预期，可能会对一些开发商的信用状况造成风险。购房者信心依然脆弱。因此预计政府可能会推出进一步的措施来支持需求。然而，额外的支持措施可能只会逐步推出，并且会根据具体城市的具体情况而定。五年期LPR今年仅调降10基点，不及去年全年的60基点，表明政府没有像过往一样加大放松力度。租金下降也将压低房价。随着租金持续下跌，预计投资者需求将持续低迷。潜在购房者也可能选择租房而非购房。🗒️标普此前预期今年销售额下降3%。 ...

Market Overview - The A-share market is expected to continue its upward trend, although the momentum may weaken, leading to increased volatility and a more balanced investment style [6][19] - The Shanghai Composite Index rose by 15.84%, while the Shenzhen Component Index increased by 29.88% in the first three quarters of 2025 [4][13] Industry Performance - The non-ferrous metals sector led the gains with a 67.52% increase, followed by telecommunications at 62.61% and electronics at 53.51% [4][14] - The coal sector experienced the largest decline at -7.90%, with food and beverage and oil and petrochemicals also showing negative performance [4][14] Market Logic for Q4 2025 - The macroeconomic environment and monetary policy are crucial variables influencing A-share performance, with a focus on the impact of U.S. tariff policies and domestic economic recovery [5][18] - The demand for stocks is expected to increase due to personal investors reallocating assets towards equities, alongside improvements in public and private fund issuance [5][18] Sector Allocation - Key sectors to watch include: - Pharmaceuticals: Defensive value with recovery potential [6] - Semiconductors: Driven by self-sufficiency logic [6] - Robotics: Strong internal growth drivers [6] - Renewable Energy: Potential for continued rebound [6] - Financials: Benefiting from increased market activity [6] Thematic Investments - Thematic investment opportunities include: - AI: Expansion from hardware to applications [6] - Optical communication modules: Core drivers include AI computing and data center upgrades [6] - Rare earth materials: China's advantages in this sector [6] - Military industry: Potential driven by export attractiveness and geopolitical tensions [6]

Group 1 - UBS upgraded the investment rating of Cheung Kong Property (01113) from "Neutral" to "Buy," identifying it as the most undervalued stock among the real estate companies covered by the bank [1] - UBS removed Cheung Kong and Hang Seng Bank (00011) from its most bearish list, indicating a positive shift in outlook for these companies [1] - The bank's top picks include Henderson Land Development (00012), Sun Hung Kai Properties (00016), Link REIT (00823), Wynn Macau (01128), Galaxy Entertainment (00027), and Cathay Pacific Airways (00293), all rated "Buy" [1] Group 2 - Potential catalysts for value release in Cheung Kong include acquisitions of distressed Hong Kong commercial real estate assets, improving profitability of Hong Kong hotels, opportunities to convert hotels into student dormitories due to structural growth in non-local student enrollment, disposal of UK railway assets, and higher foreign exchange conversion gains following potential Fed rate cuts [1] - HSBC Holdings (00005) proposed privatizing Hang Seng Bank with an offer reflecting a price-to-book ratio of 1.8 times for the first half of the year, representing a valuation premium of 30% [1]

天誉置业(00059)发布公告，百慕达最高法院商事法庭首席法官将呈请的聆讯押后至2025年11月14日(百 慕达时间)进行审理。 ...

Market Overview - The Hong Kong stock market experienced a collective decline in the morning session, with the Hang Seng Tech Index falling the most by 2.45%, barely holding above 6300 points. The Hang Seng Index and the Hang Seng China Enterprises Index dropped by 1.14% and 1.2% respectively, marking a five-day losing streak for both indices [1] Sector Performance - Major technology stocks, which serve as market indicators, saw a significant downturn. Baidu fell by 5.39%, Alibaba dropped nearly 4%, while Tencent and Xiaomi decreased by nearly 3%. JD.com and Meituan also saw declines of over 1% [1] - Popular sectors such as semiconductor chips, lithium battery stocks, and gold stocks all retreated. Ganfeng Lithium plummeted over 8%, CATL fell more than 7%, and notable declines were observed in SMIC and China Gold International [1] - Other sectors including Apple concept stocks, photovoltaic stocks, stablecoin concept stocks, gambling stocks, biomedicine stocks, and automotive stocks also experienced declines [1] Consumer and New Listings - Conversely, consumer concept stocks such as Xiaocaiyuan, Nayuki Tea, and Yum China showed resilience and increased in value [1] - Additionally, two new stocks debuted in the Hong Kong market, with Jinye International Group soaring by 466% and Zhida Technology rising by 183% [1]

策略 FICC日报 | 2025-10-10 有色板块爆发，沪指站上3900点 市场分析 对稀土等出口管制。国内方面，我国域外管辖迈出坚实一步。商务部发布公告，宣布对境外相关稀土物项和稀土 相关技术实施出口管制，并将反无人机技术公司等14家外国实体列入不可靠实体清单。商务部还会同海关总署连 发4则公告，宣布对超硬材料、部分稀土设备和原辅料、部分中重稀土、锂电池和人造石墨负极材料等相关物项实 施出口管制。海外方面，哈马斯高级官员、首席谈判代表哈利勒·哈亚发表声明宣布达成停火协议，哈利勒·哈亚表 示，哈马斯已从包括美国在内的调解方那里获得了保证，"加沙战争已经结束"。美国方面，美国共和党提出的结 束美国政府停摆的法案未能在参议院获得足够票数，法案未获通过。 指数走强。现货市场，A股三大指数走强，沪指涨1.32%收于3933.97点，刷新十年高点创业板指涨0.73%。行业方 面，板块指数涨多跌少，有色金属板块爆发，钢铁、煤炭、公用事业行业领涨，传媒、房地产、社会服务、行业 跌幅居前。当日沪深两市成交金额约为2.6万亿元。海外方面，美国三大股指小幅收跌，道指跌0.52%报46358.42点。 期指增仓。期货市场，基差 ...