据悉，高市早苗主张财政扩张和政治右倾立场，被视为已故首相安倍晋三的门徒。她呼吁保持宽松货币 政策，认为日本央行不应加息。策略师指出，高市早苗对刺激计划的支持立场有望提振股市，但同时可 能会给日元带来压力。策略师还表示，对日本央行政策的预期可能支撑短期政府债券，而较长期债券则 可能因财政支出增加的担忧而受挫。 他们补充称，高市早苗对经济安全的关注可能会使国防、关键资源和技术股受益。在其领导下，与美国 贸易紧张局势重燃的风险有限，双方在国防、造船和网络安全方面的合作可能会加强。 Lombard Odier Singapore高级宏观策略师Homin Lee表示："我们认为，日本国债期限溢价有适度扩大的 空间，且东证股价指数周一可能因市场对高市早苗领导下可能出台的亲增长政策举措的预期而呈现积极 的价格走势。""美元兑日元可能面临短期上行压力，因为普遍看法是，高市早苗仍然致力于通货再膨 胀，尽管她在自民党领导层竞选前后的相关政策辩论中已缓和了立场。" Homin Lee表示，虽然高市早苗已排除了可能削减消费税的做法，"但关于在她领导下自民党少数派执政 框架稳定性的问题，可能会给日本国债期限溢价带来轻微的上行压力"。 ...

智通财经APP讯，*ST正平(603843.SH)发布公告，公司股票自2025年9月1日至9月30日累计涨幅为 101.86%，期间15天涨停，4次触及异常波动。公司股票短期涨幅与同期上证指数、建筑行业存在严重 偏离。为维护投资者利益，公司将就股票交易情况进行核查。经申请，公司股票自2025年10月9日(星期 四)开市起停牌，自披露核查公告后复牌，预计停牌时间不超过5个交易日。 ...

2025 年 09 月 28 日 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 新疆 70 周年庆祝大会召开,关注区域投资到性 申万宏源建筑周报（20250922-20250926） 本期投资提示: 1. 建筑装饰行业市场表现 1.1 建筑行业周涨幅-1.51%，子行业专业工程表现最好 上周建筑行业涨幅-1.51%，跑输上证综指（+0.21%）、沪深 300（+1.07%）、深 证成指（+1.06%）、中小板（+1.75%）、创业板（+1.96%）。 周涨幅最大的三个子行业分别为专业工程（+1.06%）、基建民企（+0.91%）、设计 咨询（+0.41%），对应行业内三个公司：海波重科（17.25%）、诚邦股份（11.28%）、 华建集团（23.17%）；年涨幅最大的三个子行业 ...

Group 1 - The A-share market experienced a mixed performance, with the Shanghai Composite Index down 1.30%, while the Shenzhen Component and ChiNext Index rose by 1.14% and 2.34% respectively [1] - Everbright Securities predicts increased market volatility in the short term due to profit-taking pressures and a relatively high valuation level since 2010 [1] - The firm suggests focusing on sectors such as power equipment, communication, computer, electronics, automotive, and media in the short term, while emphasizing TMT sectors for the medium to long term [1] Group 2 - CITIC Securities maintains a focus on resource stocks, consumer electronics, innovative pharmaceuticals, and gaming, driven by supply constraints and global geopolitical tensions [2] - The firm highlights the importance of China's manufacturing leaders in global markets, aiming to convert market share advantages into pricing power and improved profit margins [2] - The investment strategy includes a left-side focus on chemicals and military industries, with a recent emphasis on the expansion of AI from cloud to edge computing [2] Group 3 - Xiangcai Securities anticipates a "slow bull" market for A-shares by 2025, influenced by the new "National Nine Articles" and similar investment policies [3] - The firm expects significant impacts from the ongoing "14th Five-Year Plan," with key focus areas including technology, green initiatives, and consumer services [3] - In the short term, the market is expected to exhibit wide fluctuations with a gradual upward trend, recommending attention to anti-involution sectors, AI-related technology, and environmental protection sectors [3] Group 4 - Galaxy Securities identifies four main investment lines in the construction industry during the "14th Five-Year Plan" period, as urban development shifts from expansion to quality improvement [4] - The firm anticipates increased efforts in urban renewal and a new wave of global industrial transfer benefiting Southeast Asia, driving demand for infrastructure [4] - Recommended investment lines include major engineering projects, overseas expansion, high dividend stocks, and sectors with favorable supply-demand dynamics such as coal chemical, nuclear power, and cleanroom engineering [4]

Macro Economic Developments - The State Council held a meeting on September 19 to discuss the implementation of the national ecological environment protection conference and the promotion of a beautiful China [3] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations to maintain liquidity in the banking system [4] Financial Sector Updates - The China Securities Regulatory Commission emphasized the importance of strict regulation and high-quality development in the capital market during a recent expanded meeting [5] - The upcoming release of the Loan Market Quote Rate (LPR) on September 22 is anticipated, with the current 1-year LPR at 3.0% and the 5-year LPR at 3.5%, unchanged for three months [15] Stock Market Insights - A-share market trading volume has exceeded 2 trillion yuan for 28 consecutive trading days since August 13, with an average daily trading volume of 2.48 trillion yuan in September, over three times higher than the same period last year [6] Industry and Company Developments - The Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued a work plan for the light industry to stabilize growth from 2025 to 2026, focusing on supply optimization, consumption promotion, and export stability [7] - ByteDance announced plans to comply with Chinese laws to ensure TikTok's continued service in the U.S. [11] Upcoming Events - A press conference on the "High-quality Completion of the 14th Five-Year Plan" will be held on September 22, featuring key financial leaders [14]

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25%, marking the first rate cut of 2025 and following three cuts in 2024 [1] - Fed Chairman Powell highlighted the risks of stagflation, noting a slowdown in job growth and rising inflation, with commodity inflation accelerating while service inflation continues to decline [1] - The Canadian central bank lowered its benchmark interest rate by 25 basis points to 2.5%, citing trade uncertainties from U.S. tariffs impacting economic activity, with GDP declining approximately 1.5% in Q2 and exports down 27% [3] Group 2 - U.S. new home starts fell to an annualized total of 1.307 million units in August, down from 1.429 million in July, significantly below the expected 1.365 million [2] - The European Commission proposed to partially suspend trade-related preferential terms in the EU-Israel Association Agreement [2] - A study from Mannheim University indicated that extreme weather events this summer caused approximately €43 billion in losses to Europe's GDP, with southern Europe being particularly affected [2] Group 3 - Japan's exports to the U.S. fell by 13.8% year-on-year in August, marking the fifth consecutive month of decline due to U.S. tariff policies [4] - The UK’s August CPI remained steady at 3.8%, the highest level in over a year and a half, which may lead to cautiousness from the Bank of England regarding further rate cuts [3] - The World Trade Organization's report predicts that with appropriate policy support, AI applications could boost global trade growth by nearly 40% by 2040 [2]

Core Viewpoint - The recent actions by 14 A-share companies to improve the management of fund occupation reflect a growing consensus among listed companies to strengthen the financial safety "firewall" through institutional measures [1] Group 1: Regulatory Actions and Company Responses - 27 A-share listed companies have faced regulatory measures due to fund occupation issues this year, indicating a strong regulatory stance against such behaviors [1][2] - Companies are increasingly adopting measures to prevent fund occupation, with a focus on revising their internal management systems [1][4] Group 2: Characteristics of Fund Occupation - Fund occupation behaviors are becoming more covert, with a decline in traditional methods like direct borrowing and an increase in non-operational transactions and hidden guarantees [2][3] - The manufacturing and construction sectors are particularly affected, with 51.85% of the 27 companies involved in fund occupation being from the manufacturing industry [3] Group 3: Regulatory Framework and Future Directions - New regulations have been introduced, including stricter delisting rules for companies with significant fund occupation issues, with amounts exceeding 200 million or 30% of the latest audited net assets triggering potential delisting [5] - Experts suggest enhancing transparency in information disclosure, increasing penalties for violations, and strengthening the responsibilities of intermediary institutions as key measures to combat fund occupation [6]

Market Overview - The current bull market is primarily driven by liquidity, with TMT (Technology, Media, and Telecommunications) expected to be the main focus in the mid-term [2] - If the market transitions to a fundamental-driven phase, advanced manufacturing will be a key area to watch, followed by real estate in the later stages [2] Industry Research Electronics - In Q2 2025, the electronics industry saw a total net profit of 136.82 billion yuan, a year-on-year increase of 35% and a quarter-on-quarter increase of 34% [3] - The top three sub-industries in terms of net profit growth were AI supply chain (174.7 billion yuan, +87%), PCB (70.0 billion yuan, +68%), and NVIDIA supply chain (128.6 billion yuan, +67%) [3] Semiconductor Materials - The rapid growth in AI demand is driving the semiconductor materials market, with significant growth in sectors like photoresists and wet electronic chemicals [4] - In H1 2025, listed companies in this sector reported revenue and profit growth, indicating a positive outlook for the semiconductor materials industry [4] Company Research China National Materials Technology - In H1 2025, the company experienced rapid growth across its three main businesses: wind turbine blades, fiberglass, and lithium membranes, benefiting from high demand in the wind power sector [5] - The company is well-positioned in the specialty fabric market, with significant sales contributions expected from new projects [5] Antong Oilfield Services - In H1 2025, the company reported revenue of 2.63 billion yuan, a year-on-year increase of 20.9%, and a net profit of 170 million yuan, up 55.9% [7] - The oil service market is recovering, and the company's new business model is anticipated to create additional growth opportunities [7] XCMG Machinery - In H1 2025, the company achieved an 8.0% year-on-year revenue growth and a 16.6% increase in net profit [8] - Despite challenges in the mining machinery sector, the company’s profitability is improving, and there is significant growth potential in overseas markets [8] Zoomlion Heavy Industry - In H1 2025, the company reported revenue of 24.85 billion yuan, a 1.3% year-on-year increase, and a net profit of 2.76 billion yuan, up 20.8% [9] - The company has substantial potential in emerging businesses and overseas exports, maintaining a positive growth outlook [9] Copper Peak Electronics - In H1 2025, the company achieved a net profit of 31 million yuan, reflecting a year-on-year increase of 39.6% [10] - The company is a leading producer of film capacitors and polypropylene film materials, with strong growth prospects driven by demand in the renewable energy sector [10] Apple Inc. - Following the recent product launch, the market sentiment around Apple has improved, with a focus on new product shipments and AI strategy as key growth drivers [11] - The projected net profits for Apple from FY2025 to FY2027 are 110.5 billion, 115.5 billion, and 119.4 billion USD respectively [11]

Core Insights - The funding flow information platform has enabled small and micro enterprises in Wuhai to secure loans despite lacking traditional collateral, significantly improving their financing capabilities [1][2] - The People's Bank of China Wuhai Branch is actively promoting the platform to enhance credit profiles of small and micro enterprises, integrating their financial data into the loan approval process [2] - The platform has facilitated a total of 65 million yuan in financing through 221 inquiries by financial institutions as of the end of July this year [1] Group 1 - The funding flow information platform has helped a resource recovery enterprise in Wuhai secure a loan of 5 million yuan, allowing it to operate at full capacity [1] - The platform generates a visual "funding flow map" from dynamic data such as bank account transactions and tax payments, making the operational strength of enterprises assessable [1][2] - A micro construction enterprise received a credit loan of 310,000 yuan within five working days, demonstrating the platform's efficiency in addressing financing gaps [2] Group 2 - The People's Bank of China Wuhai Branch is expanding the platform's coverage and encouraging more financial institutions to utilize its features effectively [3] - The bank is enhancing collaboration with various departments to improve communication and feedback during the platform's application process [3] - The goal is to position the funding flow information platform as a key driver for the high-quality development of the local private economy [3]

Group 1 - The article emphasizes the importance of popularizing scientific knowledge and promoting scientific spirit to enhance the overall scientific and cultural quality of the population, contributing to the goal of achieving high-level technological self-reliance and strength in China [1] - The initiative "Witnessing the Road of Science and Technology" is a collaborative effort between the China Association for Science and Technology and People's Daily, focusing on national science and technology strategic policies, significant scientific awards, and critical core technologies [1] - The project aims to conduct in-depth interviews and research at the grassroots level, producing a series of vivid and high-quality science popularization works to promote the spirit of scientists and gather substantial strength for building a technologically strong nation [1] Group 2 - The transition from traditional high-energy consumption and high-emission building models to low-carbon, energy-efficient, and intelligent designs is highlighted, with "green buildings" becoming a new hallmark of urban development [3] - Construction companies are incorporating advanced intelligent technologies to create efficient, environmentally friendly, and comfortable green buildings [3]