Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 204.57 CNY, indicating a potential upside of 43% [2][9]. Core Insights - The launch of the upgraded Aito M7 on September 23 is expected to elevate the company's sales and pricing strategy, with the extended range version priced between 279,800 to 359,800 CNY and the pure electric version priced between 319,800 to 379,800 CNY [2][9]. - The upgraded M7 features significant enhancements in space, range, cabin technology, and driving assistance, which are anticipated to boost sales performance, with initial orders exceeding 30,000 units within the first hour of launch [9]. - The report forecasts steady monthly sales of around 20,000 units for the M7, leading to an improvement in gross margins by 2-3 percentage points due to increased average selling price (ASP) and scale effects [9]. Financial Projections - Total revenue is projected to grow from 145.176 billion CNY in 2024 to 289.895 billion CNY in 2027, with year-on-year growth rates of 305.0%, 27.4%, 35.4%, and 15.8% respectively [5][10]. - Net profit attributable to the parent company is expected to rise from 5.946 billion CNY in 2024 to 16.506 billion CNY in 2027, with growth rates of 342.7%, 60.5%, 40.1%, and 23.5% respectively [5][10]. - Earnings per share (EPS) are projected to increase from 3.64 CNY in 2024 to 10.11 CNY in 2027, reflecting a strong growth trajectory [5][10]. Market Positioning - The upgraded M7 is positioned to become a market leader in the mid-to-large SUV segment, further establishing the Aito brand as a premium SUV player [9]. - The report anticipates that the company's sales volume will reach 560,000, 820,000, and 950,000 units in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14%, 46%, and 16% [9].

Investment Rating - The report maintains a "Recommended" rating for Tongwei Co., Ltd. (600438) [1] Core Views - The company is experiencing a reduction in losses, with cost reduction and overseas expansion forming the foundation for recovery [1] - The company achieved a revenue of 40.509 billion yuan in the first half of 2025, a year-on-year decrease of 7.51%, while the net profit attributable to shareholders was -4.955 billion yuan, indicating an expanded loss [7] - The report highlights the company's leading position in the industry, with a focus on cost reduction and efficiency improvement, as well as successful overseas market expansion [7] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 91.994 billion, 94.447 billion, 116.194 billion, and 130.164 billion yuan respectively, with year-on-year growth rates of -33.9%, 2.7%, 23.0%, and 12.0% [3] - The net profit attributable to shareholders is projected to be -7.039 billion, -5.808 billion, 2.785 billion, and 5.211 billion yuan for the same years, with growth rates of -151.9%, 17.5%, 148.0%, and 87.1% respectively [3] - The earnings per share (EPS) is expected to be -1.56, -1.29, 0.62, and 1.16 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3] Operational Highlights - The company has achieved a 90% shipment ratio of N-type products in the polysilicon segment, with silicon consumption reduced to below 1.04 kg/kg.si [7] - In the battery segment, the company continues to lead in key competitive indicators such as A-grade rate and conversion efficiency, with a focus on the mass production of new technologies [7] - The company sold 16.13 million tons of polysilicon, maintaining a global market share of approximately 30%, and achieved a battery sales volume of 49.89 GW, continuing to hold the global first position [7] Investment Recommendations - The company is recognized as a dual leader in silicon materials and battery cells, with successful overseas market expansion in the component business [7] - The report adjusts profit forecasts, expecting net profits of -5.808 billion, 2.785 billion, and 5.211 billion yuan for 2025-2027, with corresponding PE ratios of -17, 35, and 19 times [7] - The target price is set at 27.84 yuan, based on a 45x PE for 2026 [7]

1. Report Industry Investment Rating There is no information provided in the content about the report's industry investment rating. 2. Core Viewpoints of the Report In September 2025, multiple employment data in the US indicated a cooling labor market, and the cost - pressure transmission of tariff adjustments was still slow. The economic recovery momentum in the Eurozone, Japan, etc., increased. In terms of monetary policy, the Fed's restart of interest rate cuts was fulfilled as expected, which was defined as a "risk - management - style" cut by Powell and was somewhat hawkish. The European and British central banks remained on hold, waiting for the tariff impact to become clearer. In October, attention should be paid to the fundamental performance of major countries, and the intensification of capital market volatility risks should be vigilant [7]. 3. Summary by Relevant Catalogs 3.1 Overseas Economy: Divergent Monetary Policy Trends and Overall Controllable Inflation Pressure 3.1.1 Global Economy: Resilient Economy and Manufacturing PMI Back in Expansion Zone The global economy remained resilient, and the manufacturing PMI returned to the expansion zone. In August, the J.P. Morgan Global Manufacturing PMI index was 50.9%, up 1.2 percentage points from 49.7% in July. Only the Eurozone's manufacturing PMI was above the 50 boom - bust line among major overseas countries. The global services PMI index decreased by 0.1 percentage points to 53.4% in August, maintaining high - level prosperity. In trade, the Baltic Dry Index fluctuated upward, and South Korea's exports in the first 20 days of September increased by 13.5% year - on - year. The Fed cut interest rates as expected, the European and British central banks remained on hold, and the Bank of Japan sent hawkish signals. The US Treasury Secretary considered "all stabilization options" to support Argentina [8]. 3.1.2 Developed Economies: Resilient Economies in Major Countries and Potentially Controllable Inflation Pressure - **US: Slowing Fundamental Growth Momentum and Cooling Labor Market** - Economic growth showed a divergence in prosperity. Manufacturing continued to contract, while the service industry expanded faster. In August, the US ISM manufacturing PMI rose to 48.7%, and the non - manufacturing PMI rose to 52.0%. - Newly added employment was far below expectations, and the unemployment rate reached a new high. In August, the non - farm payrolls increased by 22,000, and the unemployment rate rose to 4.3%. - The inflation level was relatively moderate, and the pressure on commodity prices from tariffs was limited. In August, the US CPI increased by 2.9% year - on - year. - Retail sales remained resilient, and the sustainability of consumption momentum needed attention. In August, US retail sales increased by 0.62% month - on - month. - The real estate market was restricted by high mortgage rates and rising housing prices [21][22][23]. - **Eurozone: Strengthening Recovery Momentum, Divergent Prosperity in the UK and Japan, and Unstable Manufacturing Recovery Foundation** - The Eurozone's recovery momentum increased. In August, the composite PMI rose to 51.0%, and the manufacturing PMI rose to 50.7%. - The UK's manufacturing continued to contract, while business activities in the service industry accelerated expansion. In August, the UK's manufacturing PMI fell to 47.0%, and the service industry PMI rose to 54.2%. - Japan's economic prosperity was divergent. In August, the composite PMI rose to 52.0%, and the manufacturing PMI rose to 49.7%. - In terms of inflation, the Eurozone's inflation remained stable month - on - month, the UK faced greater pressure, and Japan's inflation remained high [35][37][39]. 3.2 Monetary Policy: US Restarts Rate Cuts, Europe and UK are Cautious, and Japan Sends More Hawkish Signals 3.2.1 Fed: "Risk - Management - Style" Rate Cut Implemented, Focus on Downward Employment Risks On September 18, the Fed cut interest rates for the first time this year, lowering the federal funds rate target range by 25BP to 4.0% - 4.25%. The policy balance shifted from focusing on inflation rebound to employment stall risks. The dot - plot predicted two more rate cuts in October and December. Whether to cut rates again in October depends on the performance of September's non - farm data, and the Fed's independence and the composition of the new council members have increased the uncertainty of future rate - cut prospects [54]. 3.2.2 ECB: ECB Continues to Hold Rates Steady, Inflation Risks are Roughly Balanced On September 11, the ECB held rates steady, maintaining the main refinancing rate at 2.15%. It believed that manufacturing and services were growing, and previous rate cuts would further boost consumption and investment. It raised inflation expectations for 2025 and 2026 and lowered those for 2027. In the future, it may continue to make data - dependent and meeting - by - meeting decisions [58]. 3.2.3 BoJ: Increased Probability of Interest Rate Hike, Planned Reduction of ETF and Other Assets On September 19, the BoJ kept the benchmark interest rate at 0.5% and decided to gradually sell ETF and J - REITs in the market. Two officials voted against and supported a 25 - basis - point rate hike. If economic and price forecasts are realized, the BoJ may continue to raise interest rates, increasing the possibility of restarting rate hikes this year [61]. 3.2.4 BoE: BoE Maintains Interest Rates, Slows Down Quantitative Tightening, and Reduces Expectations of Rate Cuts This Year On September 18, the Monetary Policy Committee voted to keep the policy rate at 4% and announced a reduction in the scale of central bank balance - sheet contraction from October. Concerns about inflation rebound made the market cautious about further rate cuts by the BoE this year [64]. 3.3 Financial Markets: US Treasury Yields First Declined and Then Rose, the US Dollar Index Weakened, and International Oil Prices Fluctuated 3.3.1 US Bond Market: Cooling Labor Market and Fed Rate Cut Implementation Led to Fluctuations in US Treasury Yields In September, the US bond market focused on the weakening labor market and the Fed's rate cut. In the first and middle of the month, the yield dropped from 4.28% to around 4%. In the late month, it rebounded to around 4.15%. Overall, the 2 - year US Treasury yield rose 2BP to 3.61%, and the 10 - year yield fell 8BP to 4.15% [67][68]. 3.3.2 Exchange - Rate Market: Weakening US Dollar Index, Fluctuating Japanese Yen, and Strengthening Euro and Pound - The US dollar index was overall weak. In early September, the downward risks in the labor market increased rate - cut expectations and pressured the US dollar. In the middle and late months, the Fed's rate cut was less dovish than expected, and the US dollar index rebounded. - The Japanese yen fluctuated in a narrow range between 146 - 148 due to the US dollar index and domestic political uncertainties. - The euro and pound strengthened overall. In the first and middle of the month, the Eurozone's economic indicators were positive, and the pound was supported by the UK's fiscal policy and the BoE's stance [69][70]. 3.3.3 International Crude Oil: Geopolitical Frictions and Oil - Demand Outlook Caused Volatility in Crude Oil Prices In September, international oil prices fluctuated around $63 per barrel. In early September, concerns about OPEC + production increases and US economic recession led to a price drop. Then, geopolitical tensions and reduced concerns about supply surpluses pushed prices up. In the middle and late months, the Fed's statement on employment risks and EU sanctions on Russia caused prices to fall again [74].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market rose following the underlying stocks today, with valuations increasing month - on - month. The small - cap growth style was relatively dominant, and trading sentiment in the convertible bond market heated up [1]. - Convertible bond prices and their central values increased, and the proportion of high - priced bonds rose. Valuations also increased, with the proportion of high - priced bonds over 130 yuan reaching 50.59%, a 3.52 - percentage - point increase from the previous day [2]. - Most industries in the underlying stocks rose today, with the top three gainers being the power equipment, electronics, and media sectors. All convertible bond industries rose, with the top three gainers being non - ferrous metals, communications, and national defense and military industries [3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index rose 1.30% month - on - month, the Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.80%, the ChiNext Index rose 2.28%, the SSE 50 Index rose 0.68%, and the CSI 1000 Index rose 1.70%. The small - cap growth style was relatively dominant, with small - cap growth rising 2.67% [1]. - The convertible bond equal - weighted index rose 1.41%, the convertible bond index rose 1.65%, and the convertible bond pre - plan index rose 1.90% [6]. Market Fund Performance - The trading volume of the convertible bond market was 88.173 billion yuan, a 5.48% increase month - on - month. The total trading volume of the Wind All - A was 2.347154 trillion yuan, a 6.80% decrease month - on - month. The net outflow of main funds in the Shanghai and Shenzhen stock markets was 279 million yuan, and the yield of the 10 - year treasury bond rose 2.52bp to 1.90% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 130.16 yuan, a 1.34% increase from the previous day. The closing price of equity - biased convertible bonds was 179.14 yuan, a 1.72% increase; the closing price of bond - biased convertible bonds was 117.32 yuan, a 0.69% increase; the closing price of balanced convertible bonds was 126.13 yuan, a 1.15% increase [2]. - The fitted conversion premium rate of 100 - yuan parity was 28.42%, a 0.87 - percentage - point increase from the previous day. The overall weighted parity was 100.70 yuan, a 1.31% increase from the previous day [2]. Industry Rotation - In the A - share market, the top three gainers were the power equipment (+2.88%), electronics (+2.76%), and media (+2.59%) sectors; the top three losers were the banking (-0.36%), coal (-0.29%), and communications (-0.01%) sectors [3]. - All convertible bond industries rose, with the top three gainers being non - ferrous metals (+4.39%), communications (+3.15%), and national defense and military industries (+2.64%) [3].

Investment Rating - The report maintains a "Buy" recommendation for transportation dividend assets, highlighting the presence of quality stocks with a dividend yield of over 5% [1]. Core Viewpoints - The transportation sector has underperformed relative to the CSI 300 index and the transportation index, with a cumulative decline of 0.3% from September 1 to September 22, 2025 [4][8]. - The report emphasizes the importance of dividend assets in the transportation sector, particularly in a low-interest-rate environment, which has led to a significant increase in trading volumes for ports [25][28]. - The report identifies several high-quality stocks with attractive dividend yields, such as Sichuan Chengyu (5.3%) and Tangshan Port (5.2%) [4][73]. Monthly Market Performance - The transportation sector's performance from September 1 to September 22, 2025, shows declines in highway, railway, and port segments, with cumulative changes of -5.25%, -2.76%, and -0.86%, respectively [4][9]. - Year-to-date performance indicates that highway, railway, and port segments have also underperformed, with cumulative changes of -14.95%, -11.4%, and -3.56% [9]. Market Environment - The report notes a continued low-interest-rate environment, with the 10-year government bond yield at 1.86% as of September 22, 2025, reflecting a slight increase from the previous month [25][28]. - Trading volumes for transportation assets have seen significant growth, with average daily transaction values for highways, railways, and ports increasing by 8.4%, 25.6%, and 104%, respectively [28]. Industry Data - Highway passenger volume in July 2025 was 950 million, a year-on-year decrease of 4.6%, while freight volume increased by 3.3% to 3.699 billion tons [34]. - Railway passenger volume in July 2025 reached 455 million, a year-on-year increase of 6.6%, with freight volume at 45.2 million tons, up 4.5% [46]. - Port cargo throughput for the four weeks ending September 21, 2025, was 1.063 billion tons, a year-on-year increase of 7.0% [54]. Investment Recommendations - The report suggests focusing on high-dividend stocks in the highway sector, particularly Sichuan Chengyu and Anhui Wantong, which have shown stable performance and growth potential [73]. - In the port sector, the report recommends companies like China Merchants Port and Tangshan Port for their high dividend yields and growth prospects [73]. - For the railway sector, it highlights the potential of assets like the Beijing-Shanghai High-Speed Railway and the Daqin Railway, which are expected to benefit from long-term reforms and dividend growth [73].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][18]. Core Insights - The company reported a total operating revenue of 760 million yuan for the first half of 2025, representing a year-on-year growth of 7.77%. However, the total profit reached -51 million yuan, a decrease of 255.13% year-on-year, with a net profit attributable to the parent company of -53 million yuan, down 315.63% year-on-year [2][4]. - The implementation of AI technology has shown significant results, with the company's AI server call volume doubling to over 500 million times compared to the previous version, and the performance of the AI model improving by approximately 90% [8]. - The company has established a solid global presence, with overseas revenue growing by 11.06% to 712 million yuan, accounting for over 93% of total revenue [8]. - The company is focusing on deepening technical cooperation and expanding its ecosystem, including partnerships with major tech firms and optimizing its subscription service model to enhance user retention [8]. Financial Summary - The company is projected to achieve total operating revenues of 1.666 billion yuan, 1.963 billion yuan, and 2.338 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 8 million yuan, 88 million yuan, and 108 million yuan [4][9]. - The earnings per share (EPS) are expected to be 0.04 yuan, 0.45 yuan, and 0.56 yuan for the years 2025, 2026, and 2027, respectively [4][9]. - The company's total market value is reported at 13.584 billion yuan, with a circulating market value of 12.031 billion yuan [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company presented clinical data at the 2025 WCLC conference, which is expected to reshape the first-line treatment landscape for EGFR mutation NSCLC [2]. - The clinical trials for the drug BL-B01D1, both in combination with Osimertinib and as a monotherapy, show promising results, with an overall response rate (ORR) of up to 100% in certain studies [8]. - The company is advancing its innovative drug pipeline, with multiple breakthrough therapy designations for BL-B01D1 across various cancer types [8]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are estimated at 2.188 billion, 2.525 billion, and 2.182 billion respectively, reflecting a significant decline in 2025 followed by a recovery in 2026 [4][9]. - The net profit attributable to the parent company is forecasted to be -532 million, -1.014 billion, and -1.831 billion for the years 2025, 2026, and 2027 respectively, indicating ongoing financial challenges [4][9]. - The target price for the company's stock is set at 458.30 yuan, based on a valuation of 183.763 billion yuan derived from risk-adjusted cash flow discounting methods [4][8].

Group 1 - The report indicates that M1 has shown a significant recovery, with a year-on-year increase of 11 percentage points from September 2024 to June 2025, which correlates with a 9 percentage point increase in non-financial corporate cash flow, suggesting a new cash flow cycle for enterprises has begun [1][7][10] - Non-financial operating cash flow saw a notable year-on-year increase of nearly 1 trillion yuan in Q2 2025, marking it as the primary positive contributor to the growth of cash and cash equivalents [7][10][17] - Historical cash flow cycles are referenced, indicating that the current improvements in operating cash flow, narrowing negative contributions from financing cash flow, and reduced negative contributions from investment cash flow align with the characteristics of the beginning of a new cash flow cycle [1][7][17] Group 2 - The overall improvement in non-financial operating cash flow is primarily attributed to reduced purchasing rather than increased sales, with a notable contraction in cash outflows for purchases, which is a rare occurrence historically [2][20][27] - Industries experiencing net inflow expansion due to downstream prosperity include automotive, machinery, electronics, non-ferrous metals, and chemicals, while those benefiting from significant cost reductions include construction, transportation, real estate, utilities, and new energy [2][8][20] - Leading contributors to cash increment across the A-share market include construction (+1.4 percentage points), new energy (+1.3 percentage points), real estate (+1.0 percentage points), and electronics (+1.0 percentage points), while coal and food & beverage sectors showed negative contributions [3][8][17] Group 3 - The report highlights that the automotive and food & beverage sectors have shown healthy cash flow expansion, indicating improved cash collection and sales quality, which is crucial for maintaining cash flow health [35][36] - The construction and transportation sectors are noted for their significant net inflow expansions, driven by cost control and operational efficiency improvements [2][29] - The electronics sector has benefited from increased demand driven by AI and technological advancements, leading to improved operating cash flow and accelerated capital expenditures [3][8][35]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, convertible bonds declined following the underlying stocks, while the valuation increased on a month - on - month basis [1] - The large - cap value style was relatively dominant, and the trading sentiment in the convertible bond market heated up [1] Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index decreased by 0.18% month - on - month, the Shanghai Composite Index decreased by 0.18%, the Shenzhen Component Index decreased by 0.29%, the ChiNext Index increased by 0.21%, the SSE 50 Index decreased by 0.09%, and the CSI 1000 Index decreased by 1.09% [1] - In terms of market style, large - cap growth rose by 0.42%, large - cap value rose by 0.64%, mid - cap growth decreased by 0.36%, mid - cap value decreased by 0.59%, small - cap growth decreased by 0.04%, and small - cap value decreased by 0.35% [1] 2. Market Fund Performance - The trading volume of the convertible bond market was 83.594 billion yuan, a month - on - month increase of 16.18%; the total trading volume of the Wind All - A was 2.518471 trillion yuan, a month - on - month increase of 17.55% [1] - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 76.167 billion yuan, and the yield of the 10 - year treasury bond increased by 1.23bp to 1.88% on a month - on - month basis [1] 3. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 128.51 yuan, a month - on - month decrease of 0.17%. The closing price of equity - biased convertible bonds was 176.30 yuan, a month - on - month decrease of 0.40%; the closing price of bond - biased convertible bonds was 116.52 yuan, a month - on - month increase of 0.01%; the closing price of balanced convertible bonds was 124.70 yuan, a month - on - month decrease of 0.21% [2] - The proportion of high - price bonds above 130 yuan was 47.07%, a month - on - month decrease of 0.59pct; the proportion of the 120 - 130 (including 130) range increased by 0.31pct. There were 0 bonds with a closing price below 100 yuan. The median price was 128.34 yuan, a month - on - month decrease of 0.30% [2] - The fitted conversion premium rate of 100 - yuan par value was 27.55%, a month - on - month increase of 0.28pct; the overall weighted par value was 99.40 yuan, a month - on - month decrease of 0.39%. The premium rate of equity - biased convertible bonds was 8.02%, a month - on - month decrease of 0.59pct; the premium rate of bond - biased convertible bonds was 86.45%, a month - on - month increase of 2.88pct; the premium rate of balanced convertible bonds was 22.58%, a month - on - month increase of 0.27pct [2] 4. Industry Performance - In the A - share market, the top three industries with the largest declines were social services (-3.11%), commerce and retail (-2.90%), and computers (-2.39%); the top three industries with the largest increases were banks (+1.52%), coal (+1.11%), and power equipment (+0.43%) [3] - In the convertible bond market, 19 industries declined. The top three industries with the largest declines were machinery and equipment (-4.15%), communications (-2.74%), and household appliances (-1.66%); the top three industries with the largest increases were environmental protection (+2.37%), automobiles (+1.06%), and petroleum and petrochemicals (+0.29%) [3] - In terms of closing price, large - cycle increased by 0.04%, manufacturing decreased by 0.90%, technology decreased by 1.14%, large - consumption decreased by 0.34%, and large - finance decreased by 0.13% [3] - In terms of conversion premium rate, large - cycle increased by 1.1pct, manufacturing increased by 0.98pct, technology increased by 0.66pct, large - consumption increased by 1.3pct, and large - finance increased by 0.7pct [3] - In terms of conversion value, large - cycle decreased by 0.76%, manufacturing decreased by 1.48%, technology decreased by 1.23%, large - consumption decreased by 1.45%, and large - finance decreased by 0.52% [3] - In terms of pure bond premium rate, large - cycle increased by 0.035pct, manufacturing decreased by 1.3pct, technology decreased by 1.8pct, large - consumption decreased by 0.44pct, and large - finance decreased by 0.14pct [4] 5. Industry Rotation - The banking, coal, and power equipment industries led the gains. For example, the daily increase of the banking industry's underlying stocks was 1.52%, and the daily increase of convertible bonds was 0.06%; the daily increase of the coal industry's underlying stocks was 1.11%, and the daily increase of convertible bonds was -0.66%; the daily increase of the power equipment industry's underlying stocks was 0.43%, and the daily increase of convertible bonds was 0.16% [55]

Investment Rating - The report maintains a "Buy" recommendation for the real estate sector [2] Core Insights - The real estate index increased by 0.7% in the 38th week, ranking 9th among 31 primary industry sectors [9][10] - New housing demand is declining, inventory issues remain unresolved, and land finance continues to negatively impact the economy, necessitating stronger policy measures to alleviate downward pressure on the real estate fundamentals [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market capitalization: 1,233.623 billion - Circulating market capitalization: 1,183.334 billion [3] Relative Index Performance - Absolute performance over 1 month: 4.7% - Absolute performance over 6 months: 12.2% - Absolute performance over 12 months: 31.4% - Relative performance over 1 month: 1.4% - Relative performance over 6 months: -3.4% - Relative performance over 12 months: -9.9% [4] Policy News - Various local governments are implementing measures to boost housing consumption and support affordable housing development, including adjustments to housing provident fund contributions and property tax policies [15][18] Sales Data - New housing transactions in 20 monitored cities increased by 32% year-on-year, with a total transaction area of 176 million square meters in the 38th week [21] - Second-hand housing transactions in 11 monitored cities increased by 71% year-on-year, with a total transaction area of 191 million square meters [25][29] Financing Data - Most bond issuances this week were by local state-owned enterprises, with the largest issuance being 1.98 billion by Jinqiao Group [30][32] Investment Strategy - Focus on companies with strong product differentiation and stable rental income from quality commercial real estate, as well as stock brokerage businesses in the existing housing market [34]