Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - The central bank restarted the 14 - day reverse repurchase operation to regulate cross - quarter funds and maintain liquidity. The reform of the capital market is expected to support the A - share market. The lithium - ion battery export continues to grow, and the energy equipment industry is expected to expand. If the cobalt export ban in Congo (Kinshasa) is extended, the cobalt price may rise. Attention should be paid to the progress of Sino - US leaders' meeting. The domestic economic activity in August weakened comprehensively [2][3][4][5][7] - The real estate sales in September showed a short - term rebound but will face a high - base effect in the fourth quarter. The port activities were slightly active, while the auto sales were weak. The government may increase fiscal support and cut policy interest rates in the future [6][9] Summary by Related Catalogs Macro - economic News - The central bank carried out 300 billion yuan of 14 - day reverse repurchase operations and 240.5 billion yuan of 7 - day reverse repurchase operations on September 22, aiming to regulate cross - quarter funds and maintain liquidity [2] - The China Securities Regulatory Commission Chairman introduced the achievements of the capital market during the "14th Five - Year Plan" period, and the reform is expected to support the A - share market [2] - The Ministry of Foreign Affairs stated that the Sino - US leaders maintain close communication, and the progress of the meeting needs to be closely watched [3] - From January to August, the export volume of domestic lithium - ion batteries was 3.003 billion, with a year - on - year increase of 18.66%, and the export value was 48.296 billion US dollars, with a year - on - year increase of 25.79%. In August 2025, the export value was 7.153 billion US dollars, with a year - on - year increase of 23.51%, and the export volume was 436 million, with a year - on - year increase of 18.24%. Attention should be paid to relevant companies with a high proportion of lithium - ion battery business [4] - The National Energy Administration and other departments proposed that by 2030, China's energy key equipment industry chain and supply chain will achieve self - control. Attention should be paid to energy equipment manufacturing companies [4] - Congo (Kinshasa) will extend the cobalt export ban until October 15 and implement an annual export quota from October 16. The short - term cobalt price may rise [5] - In August, domestic economic activities weakened comprehensively. Fixed - asset investment, real estate, consumption, industry, services, and exports all declined to varying degrees [7] - Chinese banks are guided to issue loans to local government - related entities to repay their debts. Local governments are accelerating the issuance of "special new local government bonds" for debt replacement and repayment [8] - The government may increase fiscal support by about 0.5% of GDP and cut policy interest rates by 20 basis points in the next 2 - 3 quarters [9] Economic Data - The sales growth rate of 30 - city real estate rebounded from - 10% in August to 15% in early September. The port cargo throughput growth rate rebounded from 5% in August to 7% in early September, and the container throughput growth rate rebounded from 8% to 12%. The steel production decline rate narrowed slightly, and the auto sales and wholesale declined. The net issuance of national debt and new special local government bonds slowed down [6] Market Data - The 10 - year Treasury bond yield was 1.863, with a change of - 1.50BP; DR007 was 1.489, with a change of - 2.08BP; USDCNH was 7.1157, with a decline of 0.05%; the US dollar index was 97.31, with a decline of 0.35% [10][12] - The latest A - share market turnover was 2142.5 billion yuan, the turnover rate was 3.92%, and the margin trading balance was 2381.6 billion yuan (as of September 19, 2025) [20] - The top three rising industries were electronics, computer, and non - ferrous metals. The top three industries with net capital inflows on the day were electronics, computer, and machinery equipment. The top three industries with net capital inflows at the end of the session were electronics, computer, and non - banking finance [23][25] - From September 19 to 22, the proportion of TMT trading volume increased by 3.20%, while that of other sectors decreased to varying degrees [30]

一边是铺满光伏玻璃、造型未来感十足的零碳大厦；另一侧是鱼骨状胡同串联起一片片青砖灰瓦、朱门雕梁的四合院。这样看似风格迥异却又有机混搭 的场景，让人群中不断发出"ol锓Bravo"（意为好哇）的赞叹。 9月20日，2025"一带一路"媒体合作论坛中外媒体联合采访团来到位于北京市西城区骡马市大街的中海大吉巷，通过这个北京城市更新的样本，他们感 受到中国传统文化与现代城市商圈的融合。 中海大吉巷是北京宣南地区会馆、名人、商业文化的集中承载地区之一。据了解，明朝嘉靖年间加筑北京外城时设"七坊"，"宣南坊"是其中一个坊，宣 南一词由此而来。宣南地区作为北京建城起源地之一，也被视为北京文化的重要源头。作为宣南文化集中承载地之一的中海大吉巷，保存着大量明清至近代 的历史建筑群，包括康有为故居、米市胡同29号院、《每周评论》旧址等珍贵的文保建筑，是北京"历史文化名城"的金名片。然而在时间侵蚀与城市化的进 程中，这些珍贵建筑的保护曾面临严峻挑战 2025"一带一路"媒体合作论坛中外媒体联合采访团在中海大吉巷商圈采访。 人民日报记者 张武军摄 据中海发展投拓总监、北京新城公司总经理张欣介绍，为了完整保存大吉巷的文化历史，秉持"像 ...

Group 1: Core Trends in Real Estate Companies - Several real estate companies are accelerating the divestiture of their development businesses to transition towards light-asset operations [1][2] - Companies like Nanguo Real Estate and China Communications Real Estate are transferring their development assets for a nominal price of 1 yuan to focus on more stable light-asset businesses such as property services and asset management [2][3] - The trend of divesting development businesses is not isolated, as Midea Real Estate reported a revenue of 2 billion yuan in the first half of the year, marking a 41% year-on-year increase, indicating a successful business restructuring [2] Group 2: Mergers and Acquisitions for Growth - Some small and medium-sized real estate companies are pursuing mergers and acquisitions to expand their business scope, such as New Dazheng Property Group planning to acquire at least 51% of Jiaxin Liheng Facility Management [4] - Cross-industry mergers are gaining attention, with companies like Quzhou Xinan Development and Beijing Wantong New Development entering the technology sector through acquisitions [4] - The real estate industry is entering a stock era, with a slowdown in development activities prompting companies to exit development businesses, which may help accelerate industry clearing and enhance concentration [4]

Core Viewpoint - The Chinese real estate market is experiencing significant price declines, with 68 out of 70 major cities reporting a drop in second-hand housing prices, indicating a shift in market dynamics and consumer sentiment [2][4][10]. Market Trends - The current downtrend in housing prices is unprecedented in the last two decades, with a record high of over 7.5 million second-hand homes listed for sale [4][10]. - In 2025, the average price of second-hand homes across 100 cities fell by 7.32% year-on-year and 0.77% month-on-month [10]. - The total inventory of commercial housing reached 760 million square meters, reflecting a supply-demand imbalance in the market [11]. Price Adjustments - Major cities like Beijing, Shanghai, Guangzhou, and Shenzhen have seen price declines exceeding 30%, with Shenzhen experiencing a drop of over 40% [8][24]. - In some third and fourth-tier cities, housing prices have fallen below 4,000 yuan per square meter, approaching the 3,000 yuan mark [16]. Consumer Behavior - There is a notable shift in consumer attitudes towards homeownership, with the willingness to buy among the 25 to 30 age group dropping from 65% to 48% [18]. - The traditional view of real estate as a means of wealth accumulation is changing, with more young people opting for renting and financial management instead of purchasing homes [18][22]. Policy Changes - Housing policies are evolving, with a focus on stabilizing the market rather than driving speculative investments, as seen in the relaxation of purchase and loan restrictions [20][26]. - The government is directing financial resources towards emerging industries like technology and renewable energy, moving away from reliance on real estate for economic growth [26][27]. Future Outlook - Goldman Sachs predicts that housing prices have already declined by 20%, with an additional potential drop of 10% expected [24]. - The real estate sector is undergoing a structural transformation, transitioning towards a healthier long-term trend despite ongoing downward pressures [27][28].

近日，山东省住房和城乡建设厅公布第三批高品质住宅试点项目名单，泰安市泰山人家，恒地·玺悦(三期)，君悦·时代麓城，新华·御湖庄园观湖、知湖等4 个项目成功入选。截至目前，全市已有9个项目入选山东省高品质住宅试点项目。 | 序号。 | 项目名称。 | 建设单位。 | 工程 讲唐。 | 备注。 | | --- | --- | --- | --- | --- | | 1. | 泰山人家。 | 泰安市嘉源置业有限公司。 | 在建。 | 第三批。 | | 2. | 恒地 · 玺悅(三期)。 | 泰安恒地玺悦房地产开发有限公司。 | 在建。 | 第三批。 | | 3. | 君悦 · 时代麓城。 | 泰安市君悦置业有限公司。 | 在建。 | 第三批。 | | 4. | 新华·御湖庄园观 | 泰安新博置业有限公司。 | 在建。 | 第三批。 | | | 湖、知湖。 | | | | | 5. | 新华·御湖庄园 · | 泰安新博置业有限公司。 | 建成。 | 第二批。 | | | 湖组团。 | | | | | 6. | 泰山龙胤北区。 | 财金康养发展(泰安)有限公司。 | 在建。 | 第三批。 | | 7. | 泰山龙胤南区 ...

当三线城市一套房的价格只够买上海豪宅的一平米时，这个魔幻现实正在黄浦江畔上演。9月21日，嘉里金陵华庭二期120套房源在227组富豪的争夺下"日 光"，单日吸金98.43亿元。其中一套865平米的复式房源以32.68万元/平米的单价，刷新了上海新房备案价纪录。这不仅是房产交易，更是一场关于阶层、财 富与权力的无声博弈。 金陵华庭二期的开盘数据令人瞠目：套均总价8200万元，顶复户型总价2.83亿元，相当于每分钟成交近700万元。在"金九银十"的传统旺季，上海豪宅市场 迎来集中放量，但32.68万元/平米的单价仍然突破了市场预期。 天价豪宅诞生记：单日百亿销售额背后的市场狂热 值得注意的是，开发商嘉里建设采用高门槛认购制，要求600万元认筹金、首套900万元存款证明，二套更是高达2900万元。这种近乎苛刻的条件反而刺激了 高净值人群的竞争心理，最终认购率高达190%。一位参与选房的匿名人士透露："这不是买房，而是在抢稀缺资源的入场券。" 走进865平复式样板间：顶级配置的视觉冲击 豪宅日光背后的经济信号 金陵华庭并非个案。同期翠湖天地六期108套房源单日售罄，收金119.79亿元；中海领邸·玖序三期实现"三开三 ...

《楼市"金九银十"：你的钱包准备好了吗？》 ——多地撒钱发补贴，返乡置业迎来最佳"上车"时机，这波优惠到底有多香？ 国庆节临近，不仅是回家团聚的时刻，还是楼市的"热闹季"。朋友圈里，突然多了不少晒购房合同的动态，甚至平时不关心房贷的同事也开始研究起了购 房利率。怎么回事？原来，各地政府最近"撒钱"，购房补贴、房交会、消费券轮番上阵，楼市似乎比旅游景点还要热闹。 从广西到吉林，各地纷纷推出购房"大礼包"。广西直接拿出1.2亿元购房补贴，每套新房可领1万元现金，连车位都有1000元补贴，先到先得；延吉市则不 甘示弱，每平方米补贴500元，最高可享5万元补贴，还有家电券、税费减免、贷款优惠等一系列组合拳。河南则通过上百场房展会为购房者提供优惠，激 发市场热情。广东中山更瞄准港澳同胞，推荐购房者可获得3%的现金奖励，政策力度可见一斑。 返乡置业，高涨动力，购房意愿暴增 每年国庆返乡置业是传统的高峰期，但今年，在各地政府补贴政策的加持下，返乡购房的热度更是直线飙升。一些外出务工的年轻人纷纷表示，"与其在 大城市租房，不如回老家买房"，二三线城市的房价本就相对亲民，再加上政府的现金补贴和开发商的优惠，购房门槛大大降低。 ...

此前，远洋集团公布2025年中期业绩，营业额为人民币62.03亿元，同比下降53%。公司拥有人应占溢 利为人民币102.02亿元，同比扭亏为盈；每股基本盈利1.171元。公告称，期内溢利主要是由于集团完成 境外债务重组取得的非现金收益所致。 远洋集团(03377)跌超6%，截至发稿，跌6.25%，报0.15港元，成交额651.08万港元。 消息面上，据智通财经消息，远洋集团境内债务重组方案投票时间延期至9月30日。8月18日，远洋方面 公布境内债务重组方案，对标的债券本金和利息偿付安排作出调整，并提供现金购回、股票经济收益 权、资产抵债等多种清偿选项。重组包括7笔公司债和3笔PPN，本金额合计180.5亿元。 ...

此前，远洋集团公布2025年中期业绩，营业额为人民币62.03亿元，同比下降53%。公司拥有人应占溢 利为人民币102.02亿元，同比扭亏为盈；每股基本盈利1.171元。公告称，期内溢利主要是由于集团完成 境外债务重组取得的非现金收益所致。 智通财经APP获悉，远洋集团(03377)跌超6%，截至发稿，跌6.25%，报0.15港元，成交额651.08万港 元。 消息面上，据智通财经消息，远洋集团境内债务重组方案投票时间延期至9月30日。8月18日，远洋方面 公布境内债务重组方案，对标的债券本金和利息偿付安排作出调整，并提供现金购回、股票经济收益 权、资产抵债等多种清偿选项。重组包括7笔公司债和3笔PPN，本金额合计180.5亿元。 ...

国金证券发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望修 复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处于 加码期。当前地产板块估值偏低，建议逢低配置地产股。 智通财经APP获悉，内房股集体回落，截至发稿，新城发展(01030)跌5.64%，报2.51港元；融创中国 (01918)跌4.76%，报1.6港元；融信中国(03301)跌4.15%，报0.23港元；富力地产(02777)跌2.94%，报0.66 港元。 消息面上，据国家统计局数据，2025年1-8月，全国房地产开发投资同比下滑12.9%，降幅扩大0.9pct； 新开工面积同比下滑19.5%，降幅扩大0.1%；竣工面积同比下滑17.0%，降幅扩大0.5pct；销售面积同比 下滑4.7%，降幅扩大0.7pct；销售金额同比下滑7.3%，降幅扩大0.8pct。全国房价环比维持下滑趋势。 ...