► Ministry of Finance:As of the end of 2024, The total amount of the full-scope debt of my country's government is 92.6 trillion yuan, including 34.6 trillion yuan of government bonds, 47.5 trillion yuan of local government statutory debt, 10.5 trillion yuan of local government hidden debt, and the government debt ratio is 68.7%.
► National Express:This year's Mid-Autumn Festival and National Day holidays "tourism" trend is more obvious, and more tourists hope to play multiple cities on a long holiday. As of September 12, the per capita booking volume of transportation services including air tickets, train tickets, and car use increased by about 4.2% year-on-year. Among them, the "travel" characteristics of high-speed rail and "aircraft + high-speed rail" are particularly significant, with per capita bookings increasing by 7% year-on-year.
► Canalys:It is predicted that foldable screen smartphone shipments will surge by 51% year-on-year in 2026, and will continue to drive market momentum in 2027. Still, foldable screens will be a niche market, accounting for only the low single-digit proportion of the overall smartphone market.
Macroeconomic
1. Central Bank: At the end of August, the balance of broad money (M2) was 331.98 trillion yuan, an increase of 8.8% year-on-year. The stock of social financing was 433.66 trillion yuan, an increase of 8.8% year-on-year. In the first eight months, the cumulative increase in social financing scale was 26.56 trillion yuan, an increase of 4.66 trillion yuan year-on-year; RMB loans issued to the real economy increased by 12.93 trillion yuan, an increase of 485.1 billion yuan year-on-year.
2. Ministry of Finance: During the 14th Five-Year Plan period, the country's fiscal strength has greatly enhanced, and the income "cake" has become larger and larger. The national general public budget revenue is expected to reach 106 trillion yuan. In the past four years, my country's economy has achieved an average growth rate of 5.5%, and its contribution to world economic growth remains at around 30%.
3. People's Daily: In March, a short video of someone "urinating on hot pot" in Haidilao hot pot restaurant attracted widespread public attention. The first instance sentenced the parties and their parents to apologize, and compensate Haidilao for various losses of 2.2 million yuan.
4. Guandian.com:On September 11, the incident of "Luo Yonghao complained about the use of pre-made dishes in Xibei" caused heated discussions online. Xibei announced that "Luo Yonghao Menu" will be launched in all stores across the country from September 12. Customers can enter the back kitchen to visit the entire process of the dish production at any time.
5. CCTV News Client:my country's third aircraft carrier, Fujian ship, passed through the Taiwan Strait, went to relevant waters of the South China Sea to carry out scientific research experiments and training tasks. This time, the organization of cross-regional test training for Fujian ships is a normal arrangement during the construction of the aircraft carrier and does not target any specific targets.
Real Estate News
1. Shenzhen Zhongyuan Research Center: After the new policy was introduced, from September 6 to 11, the number of second-hand residential transfers in the city was 935 units, a month-on-month increase of 14%. A year-on-year increase of 33%;Shenzhen Zhongyuan second-hand transaction volume increased by 24% month-on-month, and the average daily viewing volume of stores increased by 42.9% compared with the beginning of the month.
2. The Paper:Recently, the price of second-hand houses in Haikou Residential and Real Estate Information Network showed abnormal display of second-hand houses. There are unexpectedly houses such as "zero yuan house" and "100 yuan house", and there are also problems such as untimely update of information. The Haikou Municipal Housing and Urban-Rural Development Bureau has temporarily closed the "Second-hand House Listing" module of the Haikou Municipal Housing and Real Estate Information Network and started system optimization.
3. Henan Province: focus on increasing housing subsidies, supporting multiple children's home purchases, and reasonably increasing the housing provident fund personal housing loan quota. On the basis of the original policies, localities can increase the housing provident fund personal loan amount by 10%, and the maximum loan amount will not exceed the difference between the total purchase price and the down payment.
4. Minister of Finance Lan Foan: During the 14th Five-Year Plan period, we supported the raising of about 7.8 million affordable housing units of various types and renovated 160,000 old communities to help urban people with housing.
5. Yuexiu Real Estate:First 8 months, Contract sales were approximately RMB 73.011 billion, up about 3.7% year-on-year;In August, the contract sales amount was approximately RMB 5.505 billion, down about 45% year-on-year.
Stock Market Stocks
1. On Friday, the Shanghai Composite Index was 3870.60 points, down 0.12%, with a turnover of 1093.807 billion. The Shenzhen Component Index was 12924.13 points, down 0.43%, with a turnover of 1427.118 billion. The ChiNext Index was 3020.42 points, down 1.09%, with a turnover of 680.315 billion. Overall, the stocks fell more than the rise. More than 3,300 stocks in the entire market fell, with the turnover of the two markets being 2.52 trillion yuan, an increase of 83.2 billion yuan from the previous trading day. On the market, non-ferrous metals, memory chips, film and television theaters and other sectors ranked among the top in terms of growth, while large finance, liquor, games and other sectors ranked among the top in terms of decline.
2. On Friday, the Hang Seng Index rose 1.16%, at 26388.16 points. Hang Seng Technology Index rose 1.71%, at 5989.27 points. State-Enterprise Index rose 1.13%, at 9364.94 points. On the market, most sectors in the market were in red, and Kewang stocks performed well collectively, domestic real estate stocks and pharmaceutical stocks strengthened in the afternoon, and Apple concept fluctuated and fell throughout the day. Southbound funds net purchases of HK$7.331 billion. Among them, the Hong Kong Stock Connect (Shanghai) net sold HK$1.487 billion, and the Hong Kong Stock Connect (Shenzhen) net bought HK$8.818 billion.
3. As of September 12, there were 275 listed companies on the Beijing Stock Exchange, with no new additions on the same day. The total market value is 924.052 billion yuan and the transaction amount is 27.714 billion yuan.
4. Financing balance of the two markets:As of September 11, the financing balance of the Shanghai Stock Exchange was 1176.442 billion yuan, an increase of 3.094 billion yuan from the previous trading day; the financing balance of the Shenzhen Stock Exchange was 1139.474 billion yuan, an increase of 11.248 billion yuan from the previous trading day; the total of the two markets was 2315.916 billion yuan, an increase of 14.342 billion yuan from the previous trading day.
5. China Securities Regulatory Commission:Seriously investigate and punish serious financial fraud cases in Dongfangtong. The listed company is planned to fine 229 million yuan, fine the seven responsible persons a total of 44 million yuan, and ban the actual controller for 10 years of securities market entry.
6. Tuojing Technology:The planned increase will not exceed 4.6 billion yuan, and will be used for high-end semiconductor equipment industrialization base construction projects, etc.
7. Shengshi Technology: plans to establish a wholly-owned subsidiary Shengqiao Robot Company to promote the company's humanoid robot business.
8. Nanfeng Co., Ltd.:'s wholly-owned subsidiary plans to invest RMB 50 million in fixed asset investment in 3D printing service projects.
9. Tianhua New Energy: intends to acquire 75% of the equity of Suzhou Tianhua Times for 1.254 billion yuan, and transfer the actual controller's investment and development of lithium mineral resources to the listed company.
10. Guoxin Technology:The custom AI chip business is currently in hand with sufficient orders. As of August 27, the supply chain of customized AI business has improved, and related chip production and delivery are being actively organized.
11. China Super League Holdings:signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute.the two parties will cooperate in cooperation with intelligent robot technology cooperation and industrial application, lightweight technology of high-temperature alloy casting in the aerospace field, and the development and application of wire and cable technology for intelligent robots.
12. Xinyuan Co., Ltd.:Semiconductor IP has been adopted by more than 10 chips from the main chip suppliers of RISC-V.
13. Industrial Franchise Industry:There is no significant information that should be disclosed but has not been disclosed, and the company's production and operation has not undergone major changes.
14. Cambridge Technology:The company currently does not produce chips containing CPO technology. The light engine and the external light source ELSFP are in the cooperative research and development and design stages respectively.
15. Tianjin Shares:Investors' briefing on the transfer of control will be held on September 16. Investors can ask questions through online text interaction during the meeting, or provide questions by email before 17:00 on September 15.
16. Dongcai Technology:The company's high-speed electronic resin has been supplied to mainstream server systems such as Nvidia and Huawei through copper clad manufacturers.
17. Sihui Fushi:The controlling shareholder and his/her acted in concert had the act of selling the company's shares during the stock movement.
18. Dongzhu Ecology (3 consecutive boards): There is still uncertainty as to whether the acquisition of 89.49% of the shares of Kairuixingtong can pass the approval, approval or registration.
19. Qingshan Paper (6 boards in 9 days):Watching the market classifying companies into the concept of optical modules, the proportion of the net profit of subsidiaries to the company's net profit in the same period is extremely small.
Add and reduce holdings
20. Huajian Group (2 consecutive boards):Guosheng Group reduced its holdings of the company's shares by 9.7028 million shares from September 3 to September 12.
21. Juguang Technology:controlling shareholder, The actual controller and its joint actors recently reduced their holdings by 868,800 shares. After the reduction, the total shareholding ratio decreased from 16.70% to 15.73%, and the equity changes hit the 1% scale.
Wealth Focus
1. First Financial Daily:relevant state departments are studying the policy of duty-free consumption of imported goods for residents on Hainan Island, and plan a new round of off-island duty-free optimization policies to further improve the attractiveness of policies and promote the return of overseas consumption.
2. Jiang Daxin, CEO of Stepping Star:Agents will show three major development trends in the future. First, effective working hours will be longer and longer; second, moving from the digital world to the physical world; third, moving from experience learning to self-evolution.
3. Meituan Travel:The "Saturday Tickets Really Free" event will be launched on September 13, covering nearly 20 provinces, cities and districts across the country, with about 200 scenic spots. Meituan Black Diamond, Black Gold and Platinum members can enjoy "Saturday 0 yuan entry" once a week.
Industry Observation
1. National Development and Reform Commission and Energy Bureau: issued the "Special Action Plan for Large-scale Construction of New Energy Storage (2025-2027)". Encourage new energy storage to fully participate in the electricity energy market and accelerate the construction of new energy storage price mechanisms. The goal is to achieve a national installed capacity of new energy storage capacity of more than 180 million kilowatts by 2027, driving a direct investment of about 250 billion yuan.
2. Interface News:Multilateral Development Bank climate financing increased by 10% year-on-year in 2024, reaching a record $137 billion, with most of the funds flowing to low- and middle-income economies. Multilateral Development Banks provide climate financing for low- and middle-income economies in 2024, an increase of 14% year-on-year.
3. Shanghai Municipal Commerce Commission: issued the "Shanghai Action Plan to Promote Used Cars Export", striving to cultivate 3-5 leading second-hand car export enterprises by 2027, and the city's second-hand car export scale will reach 50,000 units per year.
4. Securities Times: On September 12, the world's first alcohol-hydrogen electric dual-purpose vessel "Yuanchun 001", equipped with long-range alcohol-hydrogen electric technology, was officially Jishui at the Qianhang Ship Repair Factory in Hangzhou. Yuanchun No. 001 is equipped with a remotely independently developed alcohol hydrogen electric system, which realizes efficient coordination between methanol liquid energy and lithium battery energy storage.
5. China National Offshore Oil Corporation:In the development project of the Dongfang Gas Field in Yinggehai Sea, a well achieved a single-day footprint of 2,618 meters, breaking the domestic record of daily footprint of a single well of oil and gas well. Signs that my country's offshore high-temperature and high-pressure oil and gas development technology has moved towards an international advanced level.
6. China Manned Space Engineering Office: On September 12, my country successfully organized and implemented the second tethering ignition test of the Long March 10 series launch vehicle at the Wenchang Space Launch Site, and completed all scheduled tethering ignition tests as planned.
7. TrendForce:In the second quarter, smartphone production was driven by seasonal demand, and brands such as Oppo and Transsion resumed production momentum after inventory adjustments. The total global smartphone production reached 300 million units, a quarterly increase of about 4%, and an annual increase of 4.8%.
8. South Korea's Ministry of Agriculture, Forestry, Animal and Animal Products and Food: will supply an additional 25,000 tons of rice from the rice reserves to help stabilize the soaring rice prices due to supply shortages. As of last Friday, the ex-factory price of 40 kilograms of rice exceeded 220,000 won ($158) for the first time in nearly four years.
Company News
1. Southern Finance:Xiaopeng Motors' first extended-range SUV—Xiaopeng G7 super extended-range debut. The Xiaopeng G7 super-range extension will be equipped with Xiaopeng's latest generation of range extension technology, with a pure electric range of 430km.
2. First Financial News:iPhoneAir activates the operator network through eSIM and does not support physical SIM cards. Using eSIM requires selecting an operator that supports eSIM and related mobile communication service plans. China Mobile, China Telecom and China Unicom will provide eSIM support for this product, and the specific time depends on the approval status of the regulatory authorities.
3. Google Cloud:has received a contract worth 400 million pounds to provide British sovereign cloud services to the British Ministry of Defense. The Department of Defense will provide secure cloud infrastructure for secure information processing and support the application of artificial intelligence and cybersecurity tools.
4. Alibaba: has released the next generation basic model architecture Qwen3-Next, and has opened the Qwen3-Next-80B-A3B series models based on this architecture.
5. Anta:The Southeast Asian market has achieved 1,000 store plans within three years. In the first half of the year, Southeast Asia's sales increased by nearly doubled year-on-year, with new US offline businesses and Middle East businesses added, jointly driving overseas business flows increased by more than 150% year-on-year.
Global Vision
1. CCTV News Client: During the second round of local heat wave in France this summer, It is estimated that at least 280 deaths were all caused by excessive deaths, all of whom were 75 years old and above. The second round of heat wave this summer lasts from August 8 to August 19, mainly covering southwestern and central and eastern France, affecting 41 provinces and affecting 40% of the permanent population.
2. Xinhua News Agency:Canadian Prime Minister Carney announced the launch of the first batch of five key infrastructure projects on September 11, involving liquefied natural gas, nuclear energy, ports and key minerals, in order to cope with the impact of US trade policy. The total investment of these projects exceeds CAD 60 billion (approximately US$43 billion).
3. CCTV News Client:Denmark announced the purchase of eight land-based air defense systems from European manufacturers, worth 58 billion Danish kroner (approximately 64.9 billion yuan). This is the largest weapon purchase in Denmark's history.
Financial Data
Domestic
1. New Third Board: On September 12, a total of 6,017 companies were listed, with 2 more than 583 million on the same day. The third-board index rose 0.28%, with a turnover of 463 million.
2. Domestic commodity futures:As of the closing of the afternoon of September 12, the rise and fall were mixed, Shanghai Silver rose by more than 2%, while Apple, Shanghai Aluminum, polysilicon, Shanghai Nickel, Shanghai Copper, International Copper, and aluminum alloy rose by more than 1%. In terms of decline, the European Union fell by more than 5%, LU fuel fell by more than 3%, crude oil, fuel oil and asphalt fell by more than 2%, and caustic soda fell by more than 1%.
3. Treasury bonds: On September 12, the main contract of 2-year treasury bond futures TS2512 fell 0.03% to 102.380; the main contract of 5-year treasury bond futures TF2512 rose 0.01% to 105.600; the main contract of 10-year treasury bond futures T2512 rose 0.06% to 107.710. The interest rate of 10-year treasury bonds fell 0.73BP to 1.87%; the interest rate of 10-year treasury bonds fell 1.48BP to 2.03%.
4. Shanghai International Energy Trading Center:On September 12, the international copper price in Shanghai rose, with the main contract of 2510, closing at 72,030.00 yuan/ton, up 850.00 yuan. The increase was 1.19%.
5. Central Bank: On September 12, the 230 billion yuan 7-day reverse repurchase operation was launched, with an operating interest rate of 1.40%, the same as before. As 188.3 billion yuan of 7-day reverse repurchase expired on the same day, a net injection of 41.7 billion yuan was achieved on the same day.
6. Shibor: overnight at 1.3670%, down 0.20 basis points. It was 1.4600% in 7 days, down 0.60 basis points. It was 1.5530% in 3 months, up 0.00 basis points.
7. RMB:online RMB closed at 16:30 against the US dollar, at 7.1224, up 0.0154%,the RMB mid-price was 7.1019, up 0.0211%.
8. Shanghai Environmental Exchange: On September 12, the national carbon market carbon emission quota listing agreement transaction volume was 393,390 tons, with a transaction volume of 23.6815 million yuan, and a closing price of 62.07 yuan/ton, down 1.91%.
Foreign
9. Asia:Nike 225 index rose 0.89%, at 44768.12 points. Korea KOSPI index rose 1.54%, at 3395.54 points.
10. US stocks:Dow Jones closed down 0.59% at 45834.22 points; Nasdaq closed up 0.44%, at 22,141.10 points; the S&P 500 closed down 0.05%, at 6,584.29 points.
11. Europe:UK FTSE 100 closed down 0.15% at 9283.29 points; Germany's DAX30 closed down 0.02% at 23698.15 points; French CAC40 closed up 0.44%, at 7825.24 points.
12. Gold: COMEX gold futures rose 0.19%, at $3,680.7 per ounce.
13. Crude oil:WTI October crude oil futures closed up 0.51%, at $62.69 per barrel. Brent November crude oil futures closed up 0.93%, at $66.99 per barrel.
14. Baltic dry bulk index: up 0.71% to 2126 points.
