香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧 桂 園 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 於2025年7月份之未經審核營運數據 碧桂園控股有限公司（「本公司」）董事會（「董事會」）公佈，本公司及其附屬公司（「本集 團」），連同其合營公司和聯營公司於2025年7月單月共實現歸屬本公司股東權益的合同銷售金額 約人民幣 27.7 億元，歸屬本公司股東權益的合同銷售建築面積約 32 萬平方米。 上述已披露初步數據取自本集團及其合營公司和聯營公司之管理層資料，或會變更並可能與本集 團按年度或半年度刊發的經審核或未經審核綜合財務報表所呈現的數字存在差異。這些資料不應 被視為本集團現時或將來的經營或財務表現的指標或測量依據。據此，本公告披露之資料僅供參 閱而不作其他目的。投資者在買賣本公司證券時務須小心謹慎，不可依賴前述已披露信息。投 ...

Group 1 - The credit bond market is entering an adjusted allocation window, expected around mid-August, following a brief adjustment period. The market anticipates no significant negative factors post-equity and commodity shocks, with liquidity remaining relatively loose. The consensus on weak economic expectations and challenges in PPI recovery will likely lead to a decline in market risk appetite, presenting a buying opportunity during the current adjustment phase [5][8][9] - The strategy for city investment bonds remains unchanged, focusing on short-term positions and exploring yield curve "convexity points." The recommendation is to dig deeper into bonds with maturities of 3 years or less, while maintaining a longer duration in high-quality areas. The report emphasizes the importance of seizing post-adjustment allocation opportunities without overly shortening durations [9][11] - In the industrial bond sector, valuation is primarily supported by the credit backing of central and state-owned enterprises rather than fundamentals. The report highlights the potential for yield compression opportunities in August, despite the lack of a "de-involution" market. The focus is on medium to large-sized entities with attractive coupon yields [11][29] Group 2 - The weekly review indicates a significant reduction in credit bond issuance, with a 49% decrease to 179.2 billion yuan, while the total repayment volume also decreased to 165.8 billion yuan, resulting in a net inflow of 13.4 billion yuan. The report notes that the issuance cost for medium-rated new bonds has increased, with average coupon rates for AAA and AA+ rated bonds at 2.01% and 2.46%, respectively [18][19] - The secondary market shows a comprehensive valuation recovery across all grades and maturities, with a central downward adjustment of approximately 3 basis points. Short-term credit spreads have narrowed by 2-3 basis points, while long-term spreads have widened by about 1 basis point [23][24][25] - The report highlights that credit spreads for city investment bonds have generally widened by about 1 basis point, with notable variations across provinces. For instance, Qinghai experienced the largest widening of 5 basis points, indicating ongoing differentiation in credit risk across regions [28][30]

Core Viewpoint - The Chinese real estate market continues to operate at a low level, with significant declines in sales performance among the top 100 real estate companies in July, reflecting a seasonal downturn in supply and demand [1][2][11]. Group 1: Market Performance - In July, the transaction volume of new homes in 30 key cities was only 8.36 million square meters, with cumulative sales for the first seven months remaining flat compared to the previous year [1]. - The top 100 real estate companies achieved a monthly sales amount of 211.16 billion yuan, marking a return to historically low levels [2]. - Cumulative sales for the first seven months reached 1,863.84 billion yuan, representing a year-on-year decline of 12.5%, although this decline is 25 percentage points less than the same period last year [2]. Group 2: Company Performance - The number of companies achieving over 100 billion yuan in sales increased to four in the first seven months, although this is one less than the same period last year [1]. - The sales threshold for the top 100 companies decreased by 22.4% year-on-year to 3.19 billion yuan, down from 4.1 billion yuan last year [5]. - The cumulative sales for the top 10 companies fell by over 10%, with the top three companies reporting sales of 412.26 billion yuan, down 14.4% year-on-year [8]. Group 3: Future Outlook - It is anticipated that new home sales in August will continue to fluctuate at low levels, with a cumulative year-on-year decline expected to remain within 5% [11]. - The market is expected to see continued differentiation between cities and projects, with core first and second-tier cities facing supply constraints and potential short-term declines in transaction volume [11]. - Some second-tier cities, such as Tianjin, Wuhan, and Nanjing, may experience a temporary recovery, particularly with the introduction of new housing regulations and products [11].

Core Insights - The 2025 Fortune Global 500 list was released, with China having 130 companies, maintaining its position as the second-largest contributor globally, and the average profit of these companies increased by 7.4% [2][3] - The total revenue of the companies on the list reached approximately $41.7 trillion, accounting for over one-third of the global GDP, with both total assets and net assets at an all-time high [2][3] - Employment numbers among the listed companies decreased compared to the previous year [2] Group 1: Company Rankings - Walmart retained its position as the largest company globally for the twelfth consecutive year, followed by Amazon in second place [3] - Three Chinese companies made it to the top ten: State Grid at third, and PetroChina and Sinopec at fifth and sixth, respectively [3] - The number of U.S. companies on the list decreased by one to 138, while Japan had 38 companies, down by two from last year [3] Group 2: Chinese Companies Performance - Although the total number of Chinese companies decreased by three compared to last year, the quality improved significantly, with an average profit of $4.2 billion, marking a historical high [3] - BYD entered the global top 100 for the first time, ranking 91st, a jump of 52 places from the previous year [3] - Other notable Chinese companies that improved their rankings include Luxshare Precision (up 65 places to 423), Tencent (up 25), Huawei (up 20), and Midea (up 31), while Country Garden returned to the list at 460th [3] Group 3: Guangdong Region Highlights - The Greater Bay Area had 23 companies on the list, with Guangdong contributing 18, an increase of one from last year, covering sectors such as automotive, electronics, home appliances, and finance [4] - Shenzhen had 9 companies, Guangzhou 6, Foshan 2, Dongguan 1, and Hong Kong 5 [4] - Guangzhou Pharmaceutical Group ranked 459th overall and was the only Chinese company in the pharmaceutical sector to be listed, ranking 14th in its industry category [4]

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]

每经AI快讯，7月31日，港股三大指数午盘涨跌不一，恒生科技指数午间收涨0.34%，恒生指数、国企 指数分别下跌1.07%及1.03%，恒指跌破25000点关口。盘面上，大型科技股盘中部分由跌转涨，快手大 涨近9%，腾讯转涨至1.46%，网易、阿里巴巴飘红，美团下跌近4%，京东、小米跌超2%。黄金股跌幅 明显，潼关黄金跌8.6%，录得6连跌行情；内房股全线下跌，碧桂园、新城发展跌幅居前；家电股、汽 车股、光伏股、煤炭股、建材水泥股、石油股、中资券商股、内险股纷纷走低。 ...

7月31日消息，港股三大指数涨跌不一。截至午间收盘，恒生指数跌1.07%，报24906.39点，恒生科技指数涨0.34%，国企指数跌1.03%。盘面上，科网股涨跌 不一，快手涨近9%，哔哩哔哩涨超2%，美团跌超3%，小米、京东跌超2%；AI概念股走强，美图公司涨超15%；生物医药B类股活跃，乐普生物涨超4%； 黄金股持续走低，潼关黄金跌超8%；内房股跌幅居前，碧桂园跌超6%。 | 代码 | 名称 | | 最新价 | 米铁幅 ^ | | --- | --- | --- | --- | --- | | 00340 | 伊斯米奥 | (0) | 1.790 | -8.67% | | 02899 | 三分年薪 | | 21.200 | -4.93% | | 03330 | 灵宝黄金 | | 10.160 | -4.51% | | 00815 | 中国白银集团 | | 0.430 | -4.44% | | 01787 | 山东黄金 | | 24.350 | -3.94% | | 06693 | 赤峰黄金 | | 22.750 | -3.81% | | 01818 | 招金矿业 | | 19.600 | -3.69% | ...

Group 1 - The 2025 Fortune Global 500 list has a revenue threshold of $32.2 billion, which is an increase of $100 million from the previous year [1] - Walmart ranks first globally for the 12th consecutive year, followed by Amazon and State Grid Corporation of China in second and third place respectively [1] - China has 130 companies on the list, ranking second after the United States, which has 138 companies [4][5] Group 2 - Beijing leads globally with 47 companies on the list, followed by Tokyo with 26 and New York with 14 [8][9] - The notable companies from Beijing include State Grid, PetroChina, and Industrial and Commercial Bank of China [8] - The total revenue of Chinese companies on the list is approximately $10.7 trillion, a year-on-year decrease of 3% [7] Group 3 - Three real estate companies made the list: Vanke, Country Garden, and Greenland Holdings, with Country Garden returning to the list [3] - The Guangdong-Hong Kong-Macao Greater Bay Area has 23 companies on the list, with Shenzhen having the highest number at 9 [21][22] - The average revenue of Chinese companies on the list is $82 billion, lower than the average of $105.8 billion for U.S. companies [7] Group 4 - The distribution of companies in China shows that 49 are located in the Beijing-Tianjin-Hebei region, 27 in the Yangtze River Delta, and 23 in the Guangdong-Hong Kong-Macao Greater Bay Area, accounting for 76.2% of the total [19] - The top provinces for companies on the list are Beijing (47), Guangdong (18), and Shanghai (12) [19] - The list includes companies from various sectors, with notable representation from technology, finance, and energy [25][26]

Group 1 - The 2025 Fortune Global 500 list includes 130 Chinese companies, with 120 from mainland China, 4 from Hong Kong, and 6 from Taiwan [1] - The total revenue of Chinese companies on the list for 2024 is approximately $10.7 trillion, with State Grid Corporation of China leading at $548.4 billion and China General Technology Group at the bottom with $32.3 billion [1] - JD.com ranks highest among private enterprises with a revenue of $161.055 billion for 2024 [1] Group 2 - Among the 33 cities with Fortune Global 500 companies, Beijing, Shanghai, and Shenzhen are the top three, with Beijing having 46 companies [2] - Shanghai has a total of 12 companies, while Shenzhen has 9, with Ping An Insurance ranking highest in Shenzhen at 47th place with a revenue of $158.627 billion [2] - BYD's ranking improved significantly by 52 places due to its leading position in global electric vehicle sales, marking its first entry into the top 100 [2]

3亿老年人中近三成持有两套以上房产，随着年龄增长，物业费、维修基金等支出增加，叠加房产税试点优化（如重庆将免税面积从100㎡扩至180㎡）， 持有多套房的隐性成本显著上升。湖南某业主拥有6套房产，年设备维护费超5000元，若房产税落地年支出将激增至3万元以上。 2025年仲夏的北京蜂鸟家园，44平方米房源挂牌价较2021年峰值下跌49%至500万元，西城德胜学区房单价从22万/㎡腰斩至11.3万/㎡，溢价空间完全消 失。深圳南山网红楼盘单价跌破7万/㎡，较2023年下跌超40%，部分房源跌幅达50%。与此同时，成都金融城地块以4.12万/㎡楼面地价刷新纪录，招商锦 城序等改善型项目四开四罄 ，上海智慧社区开盘去化率80%，远超周边普通小区。 1. 人口结构剧变 00后人口较90后减少4700万，教育部门数据显示2026年小学入学人口将锐减263万，直接导致学区房需求萎缩。与此同时，90后群体中"租房不买房"观念 普及，房贷月供占收入超30%即被视为风险警戒线，刚需入市节奏显著放缓。 这种分化在库存数据上尤为明显：深圳二手房挂牌量突破15万套，去化周期28个月；中西部某县城新房库存75万㎡，二手房3.2万套，去 ...