Market Performance - On the first trading day after the holiday, A-shares saw a strong performance with the Shanghai Composite Index rising by 1.24%, surpassing the 3900-point mark for the first time in over 10 years [1] - The Shenzhen Component Index increased by 1.75%, while the ChiNext Index rose by 1.77% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 17.269 billion yuan, an increase of 3.571 billion yuan compared to the previous day, with 3200 stocks rising across the market [1] Sector Highlights - The international gold price broke the 4000 USD mark, leading to significant gains in the gold and non-ferrous metal sectors, with stocks like Chifeng Jilong Gold Mining and Sichuan Gold hitting the daily limit [1] - The controlled nuclear fusion concept saw strong performance, with stocks such as Guoguang Electric and Hanhua Welding Technology also hitting the daily limit, following key breakthroughs in China's nuclear fusion device construction [1] - The semiconductor sector experienced a surge, with companies like Zhaoxin Semiconductor and Huahong Semiconductor reaching historical highs [1] - Rare earth permanent magnet stocks collectively rose, with Antai Technology hitting the daily limit and other companies like Jinkeli Permanent Magnet and Zhongkuang Resources increasing by over 8% due to export controls on related rare earth items [1] Underperforming Sectors - The film and cinema sector faced declines, with Huace Film and Television dropping over 12% and other companies like Hengdian Film and China Film hitting the daily limit down, as the 2025 National Day box office fell short of last year's figures [1] - The liquor sector also saw declines, with Gujing Distillery and Huangtai Liquor both dropping over 3% [1] - The real estate sector experienced widespread declines, with Shen Shen Fang A hitting the daily limit down and Zhangjiang Hi-Tech dropping over 9% [1]

华夏基金近日发布公告，华夏中海商业REIT（基金代码：180607）将于2025年10月13日至10月14 日正式发售，发售价格为5.281 元/份，拟募资总额为15.843亿元。其中，面向公众发售为0.27亿份。公 众投资者可按发售价格，通过场内证券经营机构或基金管理人及其委托的场外基金代销机构进行认购， 认购金额1000元起投（含认购费）。 华夏中海商业REIT首发底层资产佛山映月湖环宇城是中海旗下处于成熟运营阶段的标杆自持物 业。项目坐落于粤港澳大湾区广佛极核——国家级改革平台"广佛高质量发展融合试验区"（映月湖 片区）先行区，区位优势显著，是区域内重点大型购物中心，兼具交通通达性及市场稀缺性。凭借 优质底层资产的吸引力，在网下询价阶段，华夏中海商业REIT共收到149家网下投资者管理的1014个配 售对象的询价报价信息，拟认购数量总和为236.074亿份，为初始网下发售份额（0.63亿份）的374.72 倍，创市场新高，可见专业投资者对项目投资价值的认可。 （责任编辑：康博） 华夏中海商业REIT备受市场关注，除了底层资产优质，也离不开专业管理团队的赋能。基金发起 人中海拥有46年房地产开发与不动产运 ...

2025年国庆黄金周恰逢深圳"9.5楼市新政"满月，新政效应延续下，深圳新房市场签约量较节前一周实 现大幅增长，且伴随返程人员增多，中介门店的看房量及签约量迎来高峰。但受去年高基数与假期旅游 分流影响，整体成交同比仍有回落。 新房、二手房签约量较节前均有上涨 国庆假期，新政对新房市场的去化带动作用集中显现。深圳乐有家研究中心数据显示，10月1日至10月7 日，乐有家门店二手房签约量较前一周（9月24日—9月30日）上涨15%，新房签约量环比上涨达 120%。 从假期市场节奏看，呈现"前热中缓后升"的特点。中原地产华南区总裁兼深圳中原总经理郑叔伦表示， 国庆长假首两天，各大项目售楼部人流不错，有项目选择加推及搞活动，为项目销售助力。踏入长假中 后期，假期气氛渐浓，销情略有回落。 不过，随着国庆长假进入尾声返程人员增多，乐有家数据显示，门店10月7日看房量和签约量攀升至国 庆假期最高峰。 值得一提的是，截至10月6日深圳楼市新政刚好满月。乐有家研究中心数据显示，对比新政前一个月（8 月4日—9月5日）乐有家门店的新房看房量环比上涨49%，新房签约量环比上涨46%；二手房比较平 稳，环比略有上涨。 今年9月5日，深 ...

Core Viewpoint - The A-share market shows a positive trend with significant gains in the non-ferrous metals sector, which has the highest increase among various industries [1] Industry Performance Summary - The Shanghai Composite Index rose by 0.82% with a trading volume of 730.69 million shares and a transaction value of 1,258.105 billion yuan, marking a 20.21% increase compared to the previous trading day [2] - Among 2,752 stocks, 68 reached the daily limit up, while 2,525 stocks declined, with 18 hitting the daily limit down [2] - The non-ferrous metals sector led the gains with an increase of 5.36%, followed by the electronics sector at 4.10% and the power equipment sector at 2.55% [2] - The real estate sector experienced the largest decline at 2.48%, followed by media at 1.98% and agriculture, forestry, animal husbandry, and fishery at 1.37% [2] Detailed Industry Data - Non-ferrous metals: - Increase: 5.36% - Transaction value: 112.587 billion yuan - Leading stock: Zhongzhou Special Materials, up 19.99% [2] - Electronics: - Increase: 4.10% - Transaction value: 276.665 billion yuan - Leading stock: C Yung Han, up 23.18% [2] - Power equipment: - Increase: 2.55% - Transaction value: 161.904 billion yuan - Leading stock: Haike Xinyuan, up 15.43% [2] - Real estate: - Decrease: 2.48% - Transaction value: 210.28 billion yuan - Leading stock: Huangting International, down 9.92% [2] - Media: - Decrease: 1.98% - Transaction value: 317.93 billion yuan - Leading stock: Guomai Culture, down 20.00% [2]

Core Insights - Insurance companies are increasingly investing in commercial real estate and office buildings, with significant investments reported this year, totaling several billion yuan, which is a notable increase compared to the same period last year [1][3] - The focus of these investments is primarily on rental-type assets such as commercial offices and logistics real estate, which are seen as high-quality targets due to their stable cash flows and long-term appreciation potential [1][3] Investment Trends - Major insurance firms like China Life, Pacific Life, and Ping An Life have made over ten large real estate investments this year, with a concentration on income-generating properties [1][3] - The recent listing of Huaxia Kaide Commercial REIT, backed by significant insurance capital, highlights the trend of insurance companies participating in public REITs and standardized investment products [2][3] Rental Housing Market - Insurance capital is emerging as a new core buyer in the rental housing market, with significant investments in long-term rental housing projects in major cities like Beijing and Shanghai [5][6] - The characteristics of rental housing assets, such as low volatility and predictable cash flows, align well with the risk profiles and investment strategies of insurance companies [6][10] Policy Support - Recent regulatory frameworks have facilitated insurance companies' entry into the rental housing market, allowing them to invest through various financial instruments [7][8] - The establishment of a closed-loop system for fundraising, investment, management, and exit has alleviated concerns for insurance capital, making it easier to invest in long-term rental housing projects [8] Market Dynamics - The demand for stable cash flow assets has intensified among insurance companies due to declining yields on fixed-income assets, prompting them to seek high-yield rental properties [9][10] - The rental yield for commercial real estate in first-tier cities remains attractive, with rates between 5.5% and 6.5%, which enhances the overall investment returns for insurance capital [11]

Domestic Market - During the National Day holiday, the real estate market showed signs of recovery, with increased promotional efforts from property developers leading to higher transaction volumes in several cities [1] - In cities like Shenzhen, Shanghai, Guangzhou, and Wuhan, developers offered special discounts and subsidies, resulting in significant increases in visitor and transaction numbers [1] - For instance, in Shenzhen's Longgang District, visitor and transaction volumes surged by 40% to 50% compared to normal days [1] - In Shanghai, a property in Qingpu District saw over 200 groups of potential buyers and a transaction volume of 63 million yuan in the first four days of the holiday [1] - In Guangzhou, a new project sold over 200 units on its opening day and continued to attract significant interest, with over 1,000 groups visiting [1] - Overall, the sales area of real estate in Hubei province increased by over 10% year-on-year during the holiday [1] - However, financing for property companies remains constrained, with a year-on-year decline of 35% in the third quarter [1] Overseas Market - The probability of a 25 basis point rate cut by the Federal Reserve in October is approximately 94.1%, with a very low chance of maintaining current rates [2] - President Trump announced a 25% tariff on medium and heavy trucks imported from other countries starting November 1, 2025, which is expected to have a limited impact on China's heavy truck exports [2] - The EU plans to reduce steel import quotas and impose a 50% tariff, but this is also expected to have a limited effect on China's steel exports, which primarily go to Southeast Asia, Africa, and Latin America [2] Spot Market - During the National Day holiday, domestic construction steel prices remained stable, with Tangshan steel billet prices stabilizing at 2,950 yuan per ton [3] - Major steel mills maintained stable rebar prices, while trading activity was limited due to cautious sentiment among traders [3] - Despite some steel mills conducting maintenance, overall steel supply, particularly for plates, remains high [3] - Steel exports increased, which may help alleviate the domestic oversupply situation [3] - The Singapore iron ore swap price saw a slight increase during the holiday, suggesting a potential for a modest rise in steel prices post-holiday, followed by fluctuations [3]

国庆与中秋"双节"叠加，各地景区游人如织。市民高涨的出游热情为文旅消费市场注入活力。图为10月2日，游客在河南省洛阳市老城区历史文 化街区洛邑古城景区休闲游玩。 新华社发（黄政伟/摄） 长假也成为不少家庭"置业窗口期"，多地推出针对楼市和车市节日专属优惠，带看量有所增加。楼市方面，深圳罗湖莲塘片区一个新盘现场， 假期前来看房的购房者还不少。现场销售经理介绍，该楼盘国庆中秋假期成交有额外"大礼包"，包括家电赠送、物业管理费减免等。以深圳为 例，乐有家研究中心数据监测显示，相比前一周（9月24日至30日），乐有家门店10月1日至7日二手房签约量增长15%，新房签约量增长 120%。 今年国庆中秋假期，汽车市场迎来一波购车热潮。多家门店人员透露，假期前三天人流量不算多，但10月4日起直线上升。鸿蒙智行发布的数 据显示，10月1日—7日大定突破4.13万台。据悉，为促进假日期间的汽车消费，河北多地推出"金九银十迎国庆，汽车置换促消费"活动，发放 汽车置换更新补贴资格券；上海浦东也送出购车大礼包，10月1日起，拿出1.5万个名额，购车促消费补贴最高4000元。 证券时报记者 张淑贤 唐颖 吴家明 作为节日传统消费品类， ...

《联合新闻网》近日报道称，摩根史丹利（大摩）9月发布报告指出，从高频房地产销售数据显示，近 期二级市场的挂牌价格降低及高挂牌量，表明中国居民情绪在交易量减少的情况下转趋谨慎；考虑到近 几个月房价下降趋势稳定，及房地产市场在推动经济增长中的作用减弱，重申大陆全国性房市政策的增 量支持将保持有限。 中指研究院还撰文提到，三季大陆全国有约200个省市（县）推出政策超470条，第3季推出政策超120 条，目前多数城市已全面放开限制性政策。近期地方政策优化方向主要围绕激活需求、优化供给两方 面。陆连假期间，包括湖北、广州与深圳等地皆现销量升温、看房访客增多讯息。 【环球网财经综合报道】最近的"金九银十"房地产小阳春里，北京二手房的成交量十分可观。中指研究 院报告显示，9月1日至28日北京二手住宅日均成交525套，较8月日均增长22%，同比增长27%，但短期 挂牌量仍在高位。 对此，中指研究院相关负责人表示，整体来看，第3季政策方向更加聚焦，通过公积金与补贴政策精细 化刺激需求，同时通过创新手段加速存量出清。叠加后续政策支持预期，房地产市场有望继续保持止跌 回稳态势。 ...

Core Insights - The "Double Festival" of National Day and Mid-Autumn Festival has significantly boosted consumer activity across various sectors, showcasing the resilience of the domestic consumption market [1] Travel and Tourism - During the holiday from October 1 to 8, the total inter-regional movement of people is expected to exceed 2.432 billion, marking a historical high with a daily average of 304 million, a year-on-year increase of 6.2% [1] - The younger demographic, particularly those born after 1995, is becoming a key force in tourism consumption, with their booking rates increasing by 14.6% compared to last year [1][2] - Popular tourist destinations experienced overwhelming crowds, with some attractions reporting wait times exceeding 2.5 hours [2] Real Estate and Automotive Markets - The holiday period has become a prime time for families to consider property purchases, with many regions offering special promotions for the real estate and automotive markets [3] - In Shenzhen, the number of second-hand home contracts increased by 15% and new home contracts surged by 120% during the holiday compared to the previous week [3] - The automotive market saw a significant uptick in sales, with over 41,300 units booked from October 1 to 7, driven by promotional activities and subsidies [3] Jewelry and Gold Market - Gold jewelry has emerged as a highlight in the consumer market during the holidays, driven by cultural significance and investment demand [4] - The price of gold reached over $4,000 per ounce, yet this high price did not deter consumer interest, leading to a surge in gold jewelry purchases [4]

10月2日，新明中国早盘暴跌超84%，盘中触及0.5港元创新低，公司曾在9月多次出现大手存转仓记 录。对于股价及成交量出现不寻常变动，经就公司的有关情况而作出相关合理查询后，新明中国董事会 确认其并不知悉，并表示集团业务运作维持正常，且集团业务运作及财务状况并无任何重大变动。 智通财经APP获悉，香港联交所最新资料显示，10月8日，新明中国(02699)股东将股票由日发证券转入 中国银行(香港)，转仓市值651.98万港元，占比13.35%。 ...