12月24日，北京市住房城乡建设委、市发展改革委、人民银行北京市分行、北京住房公积金管理中心等 4部门联合印发《关于进一步优化调整本市房地产相关政策的通知》（以下简称《通知》），自2025年 12月24日起施行。 此次北京带头进一步放宽住房限购政策，有望推动顺周期复苏。 此前，国海证券指出，房地产市场持续的结构性调整，可能通过资产负债表效应压缩居民财富感知，进 而不仅抑制消费意愿，也进一步削弱购房者的加杠杆意愿。 东吴证券提供的数据显示：2024年我国居民消费率为39.9%，与发达国家相比仍有约10-30个百分点的差 距。 在消费潜力方面，相比必需消费，发展型、享受型的可选消费"正处在普及与升级阶段"，或更具成长 性。 有北京房地产中介人员向客户分享了一幅政策调整前后的对比图： 关注房地产及可选消费、顺周期相关ETF后市表现： 《通知》调整集中在几方面：一是放宽非京籍家庭购房条件，将非京籍家庭购买五环内商品住房的社保 或个税缴纳年限，由现行的"3年"调减为"2年"；购买五环外商品住房的，由现行的"2年"调减为"1年"。 二是支持多子女家庭住房需求。二孩及以上的多子女家庭，可在五环内多购买一套商品住房，即：京籍 ...

组织层面，围绕"自我效能、乐观、希望、韧性"开展定制化的培训和工作坊，把心理资本建设整合到现 有人力资源管理的全流程。例如，在人才招聘和选拔中，评估心理资本潜力；在员工培训中，融入心理 资本概念，介绍相关资源和期望；在员工绩效管理中，激发希望，提升效能，培养乐观和韧性；在人才 发展和继任计划中，把心理资本纳入核心领导力素质。笔者注意到，在消防救援、教师、证券投资基金 等多个职业中，已经明确把"心理健康"纳入到从业人员聘任评估要素。 除了上述"积极因素养成机制"，企业采取系统性的干预和针对性的项目，在员工"消极因素治愈机制"上 下足功夫，往往也会有意想不到的效果。例如，知名连锁企业胖东来设立"不开心假"，允许员工因情绪 低落、失恋、夫妻矛盾等心理状态不佳时申请最长10天带薪休假，管理层无权拒绝批准请求。国金证券 开设"心·空间"工作室，员工通过设置了匿名保护的小程序预约公司首席人力资源专家做一对一的心理 赋能，而不必有任何顾虑。有来访员工在匿名问卷中留言："公司提供的不是心理咨询，而是被看见的 温暖"，而看见本身就具有积极的疗愈作用。 当下，一场以"情绪价值"为硬通货的新型消费浪潮正在兴起。从"剧本杀"蔚然成风 ...

此前威华达控股公布，于2025年11月3日(交易时段后)，该公司与梧桐(00613)订立股份掉期协议，据 此，待达成先决条件后，该公司将认购约1.89亿股梧桐认购股份，每股梧桐认购股份认购价1.986港元， 总代价为3.756亿港元;梧桐将认购该公司约7.6亿股威华达认购股份，每股威华达认购股份认购价0.494 港元，总代价为3.756亿港元。 香港联交所最新资料显示，12月17日，威华达控股(00622)股东将股票由希望证券转入梧桐证券，转仓 市值3.35亿港元，占比6.76%。 ...

中新网浙江新闻12月10日电（奚金燕）当前，全球创新竞争已演变为人才资源配置效率的竞争。在高质 量发展新阶段，作为经济"压舱石"的国企正迎来人才管理体系重塑的关键窗口期。 机制创新 多元"激活锻造"人才潜力 作为一家与时代发展同频共振的省属重点国企，浙江交通集团历经二十载深耕积淀，已构建起一支覆盖 多元层次、兼具各类专长的高素质人才队伍。 将目光聚焦至经济大省浙江，作为省属特大型国有企业，浙江交通集团将"人才强企"上升到企业发展战 略高度，以潜力识才、以挑战砺才、以事业育才，积极探索完善"多元开放的人才机制"，撬动"人才变 量"转化为"发展增量"，逐步建立起现代新国企"人才制胜"新范式。 战略重塑 精准"发现识别"人才价值 什么是人才？不同时期、不同领域，对于人才的定义是动态演进、各有侧重的。作为浙江交通建设主力 军，"十四五"以来，浙江交通集团以重大项目为抓手，充分发挥国有经济战略支撑作用，涵养了一 支"逢山开路、遇水架桥"的交投铁军，助力省域综合交通网络实现跨越式发展，筑就"共富通途"。 进入新发展时期，身处市场变革与技术迭代的多重浪潮中，浙江交通集团战略重塑，创新提出智慧交 通、新基建、新供应链、新金融 ...

Market Overview - The Shanghai Composite Index rose by 0.54% to close at 3924.08 points, with a daily high of 3936.31 points [1] - The Shenzhen Component Index increased by 1.39% to close at 13329.99 points, reaching a high of 13389.67 points [1] - The ChiNext Index saw a rise of 2.6%, closing at 3190.27 points, with a peak of 3214.48 points [1] ETF Market Performance - The median return for stock ETFs was 0.9%, with the highest return from the Xinyin CSI Kechuang 50 ETF at 3.71% [2] - The highest performing industry ETF was the Jiashi National Communication ETF, yielding 4.78% [2] - The top strategy ETF was the China Southern ChiNext Low Volatility Value ETF, with a return of 1.76% [2] - The best performing thematic ETF was the Fuguo CSI Communication Equipment Thematic ETF, achieving a return of 5.65% [2] ETF Performance Rankings - The top three ETFs by return were: - Fuguo CSI Communication Equipment Thematic ETF (5.65%) - Huazhong ChiNext Artificial Intelligence ETF (5.62%) - Dacheng ChiNext Artificial Intelligence ETF (5.56%) [4] - The worst performing ETFs included: - Guotai CSI Coal ETF (-1.5%) - Huitianfu CSI Energy ETF (-1.35%) - Zhaoshang CSI Hong Kong and Shanghai Consumer Leaders ETF (-1.26%) [4] ETF Fund Flows - The top three ETFs by fund inflow were: - Southern CSI A500 ETF (1 billion) - Huatai Baichuan CSI 300 ETF (920 million) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (789 million) [6] - The largest outflows were from: - E Fund ChiNext ETF (880 million) - Huabao CSI All-Index Securities Company ETF (673 million) - Guolianan CSI All-Index Semiconductor Products and Equipment ETF (461 million) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (703 million) - Guotai CSI All-Index Securities Company ETF (509 million) - Huatai Baichuan CSI 300 ETF (467 million) [8] - The highest margin sell amounts were for: - Huatai Baichuan CSI 300 ETF (39.27 million) - Huaxia CSI 1000 ETF (20 million) - Huaxia Shanghai Stock Exchange 50 ETF (17.83 million) [8] Industry Insights - The global 400G+ optical module market is expected to reach $37.8 billion by 2026, driven by the demand for AI servers and high-speed optical interconnects [9] - Domestic AI development is accelerating, with Alibaba Cloud's business growing by 34%, indicating increased demand for IDC infrastructure [10] - The overall communication industry is expected to benefit from increased capital expenditure by cloud providers and the iteration of large AI models [10]

Core Insights - Zhou Liufu, a well-known jewelry brand in China, has announced a significant strategic investment in the digital asset sector by acquiring a 15% stake in Going Securities (HK) Limited through its wholly-owned subsidiary [2][5] - The investment is part of a broader strategy to integrate resources in cross-border payments, precious metals, and capital markets, aiming to explore new growth opportunities in Hong Kong's digital asset market [4][5] Company Overview - Zhou Liufu was founded in 2004 and has rapidly expanded, achieving revenues of 3.102 billion yuan, 5.150 billion yuan, and 5.718 billion yuan from 2022 to 2024, with a compound annual growth rate of 35.8%, significantly outpacing the industry average of 2.7% [11][12] - The company successfully listed on the Hong Kong Stock Exchange in June 2023, with its stock price rising from 24 HKD to 45.6 HKD, resulting in a market capitalization of approximately 20.092 billion HKD as of September 30, 2023 [12] Strategic Considerations - The investment in Going Securities marks Zhou Liufu's entry into the Real World Asset (RWA) sector, leveraging its substantial physical assets in gold and jewelry, which are stable and globally recognized [16][20] - The partnership with Weifutong, a provider of digital banking and mobile payment solutions, enhances Zhou Liufu's capabilities in the digital finance space [16][20] Market Context - The RWA sector is experiencing explosive growth, with projections suggesting that tokenized assets could reach a value of 16 trillion USD by 2030, driven by major financial institutions entering the market [18][20] - Zhou Liufu's move into digital assets is seen as a strategic attempt to embrace financial technology and expand its profit models, particularly in light of Hong Kong's efforts to become a leading digital asset hub [20] Investment Backing - Zhou Liufu's cornerstone financing round raised 572 million HKD, with notable investors including Jump Trading, a leading high-frequency trading firm and a significant player in the cryptocurrency space [22][24] - The involvement of Jump Trading is expected to influence Zhou Liufu's strategic decisions in the digital asset market [24]

Core Insights - The A-share IPO review maintained a "full approval" pace from October 13 to 17, with three companies successfully passing the review, highlighting a focus on hard technology enterprises [2][3][4] Recent Approvals - **Tiansu Measurement**: On October 16, Tiansu Measurement's IPO application was approved after four previous suspensions. The company projects steady revenue growth from CNY 597 million in 2023 to CNY 800 million in 2025, with net profits increasing from CNY 84.39 million to CNY 111 million during the same period [2] - **Angrui Microelectronics**: Approved on October 15, Angrui Microelectronics aims to raise CNY 2.067 billion for the development of 5G RF front-end chips and related projects. The company specializes in RF and analog integrated circuit design [3] - **Yuxun Technology**: Yuxun Technology's IPO was approved after a previous deferral. The company focuses on optical communication chips and plans to raise CNY 809 million for various development projects, with projected revenues growing from CNY 313 million in 2023 to CNY 411 million in 2024 [4] New Listings - **Changjiang Energy Technology**: Listed on the Beijing Stock Exchange on October 16, with a share price increase of 254.03%. The company raised CNY 160 million for expanding production capacity and R&D in energy equipment [5] - **Yunji Technology**: Listed on the Hong Kong Stock Exchange on October 16, with a first-day price increase of 26.05%. The company raised approximately HKD 660 million, with significant oversubscription [6] - **Xuanzhu Biopharmaceutical**: Listed on October 15, with a first-day increase of 126.72%. The company focuses on innovative drug development in the biopharmaceutical sector [7] Recent Filings - **Shouchuang Securities**: Filed for a dual listing on the Hong Kong Stock Exchange, reporting total revenues of approximately CNY 2.519 billion in 2022, with a projected growth trend [8] - **Shuanglin Co.**: Recently submitted a prospectus for listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 2.525 billion in the first half of 2025, with a 20.1% year-on-year growth [9] - **Tambor Group**: Filed for a listing on the Hong Kong Stock Exchange, focusing on outdoor apparel with a revenue of approximately CNY 732 million in 2022 [10] - **Chengyi Biotech**: Submitted a prospectus for a Hong Kong listing, focusing on developing new oral small molecule drugs for cardiovascular and metabolic diseases [11] - **Dongpeng Beverage**: Filed for a listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 8.5 billion in 2022, with a leading market position in the functional beverage sector [12]

Core Viewpoint - China Property Investment (00736) is undergoing a share transfer and has announced a subscription agreement to issue new shares at a discount, aiming to raise funds for cryptocurrency investments and operational needs [1] Group 1: Share Transfer and Market Impact - On September 25, 2025, shareholders transferred shares from Ruicheng Securities to Hengda Securities, with a market value of HKD 8.8334 million, representing 5.9% of the total shares [1] Group 2: Subscription Agreement Details - The company has entered into six separate subscription agreements with six individual third parties to issue a total of 53.433 million new shares at a price of HKD 0.43 per share [1] - The total number of new shares represents approximately 16.67% of the issued shares after the subscription [1] - The subscription price of HKD 0.43 per share reflects an approximate discount of 18.87% compared to the closing price of HKD 0.53 on September 25, 2025 [1] Group 3: Fund Utilization - The estimated gross proceeds from the subscription are approximately HKD 22.97 million, which will be used for investments in cryptocurrency and to supplement working capital and other corporate purposes [1]

Report Overview - Report Title: "科技及高制板块交易最热，金融板块资金流入最多——ETF市场周报2025.09.19" [2] - Report Date: September 21, 2025 [2] - Analysts: Li Qianyun, Xiong Jingyan [2] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The ETF market has 1312 products with a total scale of 53110.15 billion yuan. Stock - type ETFs dominate in quantity and scale. In the A - share market, the technology and high - end manufacturing sectors have the highest trading heat, while the financial sector has the most capital inflows. In the Hong Kong and global markets, the technology sector in the Hong Kong market has the highest trading heat, and the technology sector in the Hong Kong market also has the most capital inflows [5] 3. Summary by Directory 3.1 ETF Market Overview - **ETF Quantity Distribution**: There are 1312 ETFs in the market, with a total scale of 53110.15 billion yuan. Stock - type ETFs are the most numerous (1036) and have a scale of 35295.63 billion yuan, accounting for 66.46% of the market scale. Among stock - type ETFs, theme - index ETFs are the most numerous (483) with a scale of 7127.91 billion yuan [9] - **ETF Tracking Index**: In the A - share market, the top three indices with the highest current valuations among the 30 indices with the highest ETF tracking scale are Kechuang 100, Kechuang Chip, and Kechuang 50. In the Hong Kong and global markets, the top three indices with the highest current valuations among the 20 indices with the highest ETF tracking scale are Nasdaq Technology Market - Cap Weighted, Hong Kong Stock Connect Innovative Drugs, and Nasdaq 100. For A - share broad - based indices, the weekly changes of CSI 300, CSI 500, and CSI 1000 are - 0.44%, 0.32%, and 0.21% respectively. The index with the highest weekly increase is Kechuang Semiconductor Materials and Equipment (7.49%), and the index with the highest weekly decrease is Hong Kong Stock Connect Non - Banking (- 6.39%) [5][12][13] 3.2 Equity ETF Valuation - **A - share Market ETF Valuation Overview**: Among the 30 indices with the highest ETF tracking scale in the A - share market, the top three indices with the highest current valuations are Kechuang 100, Kechuang Chip, and Kechuang 50, with current PEs of 277.17, 203.14, and 176.49 respectively. The indices with the highest 3 - year valuation quantiles are ChiNext 50, CNI Chip, and Kechuang Chuangye 50 [17] - **Hong Kong and Global Market ETF Valuation Overview**: Among the 20 indices with the highest ETF tracking scale in the Hong Kong and global markets, the top three indices with the highest current valuations are Nasdaq Technology Market - Cap Weighted, Hong Kong Stock Connect Innovative Drugs, and Nasdaq 100, with current PEs of 37.53, 37.18, and 36.88 respectively. The indices with the highest 3 - year valuation quantiles are S&P 500 Net Total Return, Hang Seng Index, and Hang Seng China Enterprises Index [19] 3.3 A - share Market ETF - **A - share Market ETF Sector Overview**: In the A - share market, the technology and high - end manufacturing sectors have the highest trading heat, with a daily average trading volume of 394.82 billion yuan. The financial sector has the most capital inflows (116.52 billion yuan), and the large - medical sector has the most capital outflows (6.24 billion yuan) [23] - **A - share Market ETF Trading Heat**: The ETF with the highest trading heat is Huaxia SSE STAR Market 50 ETF, with a daily average trading volume of 63.32 billion yuan, tracking the Kechuang 50 index. The top ten ETFs in terms of daily average trading volume involve sectors such as Kechuang & Chuangye, large - cap, technology and high - end manufacturing, and finance. The ETF with the largest increase in trading heat is Harvest SSE STAR Market Chip ETF, with a daily average trading volume increase of 9.11 billion yuan, tracking the Kechuang Chip index [27][29] - **A - share Market ETF Fund Flow**: The ETF with the most capital inflows is Cathay CSI All - China Securities Company ETF, with an inflow of 43.69 billion yuan, tracking the securities company index. The top ten ETFs in terms of inflow involve sectors such as finance, technology and high - end manufacturing, large - cap, and consumption. The ETF with the most capital outflows is Huaxia SSE STAR Market 50 ETF, with an outflow of 41.2 billion yuan, tracking the Kechuang 50 index [32] - **A - share Market ETF Share Growth**: By sector, the sector with a relatively high ETF share growth rate is the home appliance sector, while the sector with a relatively high reduction rate is the computer sector [34] 3.4 Hong Kong and Global Market ETF - **Hong Kong and Global Market ETF Overview**: In the Hong Kong and global markets, the technology sector in the Hong Kong market has the highest trading heat, with a daily average trading volume of 492.24 billion yuan. The technology sector in the Hong Kong market has the most capital inflows (99.43 billion yuan), and the large - cap sector in the Hong Kong market has the most capital outflows (4.84 billion yuan) [38] - **Hong Kong and Global Market ETF Trading Heat**: The ETF with the highest trading heat is E Fund CSI Hong Kong Securities Investment Theme ETF, with a daily average trading volume of 133.59 billion yuan, tracking the Hong Kong Securities index. The top ten ETFs in terms of daily average trading volume involve sectors such as finance, large - medical, and technology. The ETF with the largest increase in trading heat is Huaxia Hang Seng Internet Technology Industry ETF, with a daily average trading volume increase of 28.89 billion yuan, tracking the Hang Seng Internet Technology Industry index [41][45] - **Hong Kong and Global Market ETF Fund Flow**: The ETF with the most capital inflows is Fullgoal CSI Hong Kong Stock Connect Internet ETF, with an inflow of 30.92 billion yuan, tracking the Hong Kong Stock Connect Internet index. The top ten ETFs in terms of inflow involve sectors such as technology, finance, and resources. The ETF with the most capital outflows is Huatai - Peregrine Hang Seng Technology ETF, with an outflow of 6.1 billion yuan, tracking the Hang Seng Technology index [47] 3.5 Industry Crowding Tracking - This week, the home appliance sector has the highest crowding degree, followed by the food and beverage, non - banking finance, and power and public utilities sectors. Compared with last week, the consumer services sector has a relatively large increase in crowding degree, while the steel sector has a decrease. The crowding degree of the consumer services sector is at a high level in the past year, reaching the 88.68% quantile. The crowding degrees of the power equipment and new energy, computer, and comprehensive finance sectors are historically low [52] 3.6 WTS ETF Recommendation - The screening rule is that the WTS AI model scores the indices, selects those with a score above 0.8, then finds the corresponding ETFs, selects those with a daily average trading volume of more than 30 million yuan in the recent 30 days, and selects the ETFs with a lower IOPV premium rate for the same index [55]

Mergers and Acquisitions - China Shipbuilding has completed the share swap absorption merger with China Shipbuilding Industry Group, resulting in the issuance of 3.053 billion new shares, with a listing date set for September 16, 2025 [1] - Chipone Technology plans to acquire 97.0070% of Chipone Semiconductor Technology (Shanghai) Co., Ltd. through a combination of issuing shares and cash, pending board and regulatory approvals [2] - Western Securities has completed the transfer of 64.6% of Guorong Securities' shares, totaling 1.151 billion shares, which now represents 64.5961% of Guorong Securities' total share capital [3] - Yangjie Technology intends to invest 2.218 billion yuan to acquire 100% of Better Electronics, with the final transfer price based on a valuation from a qualified appraisal agency [4] Shareholding Changes - Jinpu Garden's shareholders plan to collectively reduce their holdings by no more than 4.58%, with specific reductions of 183.93 million shares each from three shareholders and an additional 2.9126 million shares through block trading [5] - Suqian Liansheng's shareholder, Fangyuan Zhihui, intends to reduce its stake by up to 3%, equating to 12.569 million shares, through various trading methods from October 13, 2025, to January 12, 2026 [6] - Huahai Chengke's shareholder, Yang Senmao, plans to reduce his holdings by no more than 3%, totaling 2.4209 million shares, due to personal financial needs [7] - Zhongwen Online's two major shareholders plan to collectively reduce their holdings by no more than 2%, with each planning to sell up to 7.285 million shares [8] - Shanwaishan's major shareholder and a board member plan to collectively reduce their holdings by no more than 4.08%, with the major shareholder reducing up to 4% and the board member up to 0.08% [9][10]