Group 1 - The top three stocks with net inflow of southbound funds are Yingfu Fund (02800) with 6.292 billion, Hang Seng China Enterprises (02828) with 1.618 billion, and Southern Hang Seng Technology (03033) with 0.956 billion [1] - The top three stocks with net outflow of southbound funds are China Mobile (00941) with -0.289 billion, Jitu Express-W (01519) with -0.185 billion, and Horizon Robotics-W (09660) with -0.152 billion [1] - In terms of net inflow ratio, Anjii Food (02648), Pacific Shipping (02343), and Yuehai Investment (00270) lead the market with 55.07%, 54.09%, and 53.58% respectively [1] Group 2 - The top ten stocks with the highest net inflow include Yingfu Fund (02800) at 6.292 billion, Hang Seng China Enterprises (02828) at 1.618 billion, and Southern Hang Seng Technology (03033) at 0.956 billion [2] - The top ten stocks with the highest net outflow include China Mobile (00941) at -0.289 billion, Jitu Express-W (01519) at -0.185 billion, and Horizon Robotics-W (09660) at -0.152 billion [2] - The top three stocks with the highest net inflow ratio are Anjii Food (02648) at 55.07%, Pacific Shipping (02343) at 54.09%, and Yuehai Investment (00270) at 53.58% [3]

FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03990 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 1 HKD | | 2,000,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美的置業控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月1日 | 1. ...

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - This week, most credit spreads in different industries widened, with only a few narrowing. The credit spreads of urban investment bonds widened overall, with the short - end widening more than the long - end. For industrial bonds, the credit spreads of AA+ and above industrial bonds widened to varying degrees, and the short - end of AA industrial bonds also widened. The credit spreads of bank secondary and perpetual bonds widened overall. After a significant adjustment in credit bond yields, the cost - effectiveness of credit bonds has increased from a static coupon perspective. With the rapid decline in black - series futures prices on Friday night, the bond market sentiment may improve, and the space for further adjustment of credit bonds is relatively limited. It is recommended to focus on long - duration urban investment bonds, capital bonds, and insurance sub - debt, especially the long - duration capital bonds of Minsheng, Bohai, and Hengfeng banks, and be optimistic about urban investment dim sum bonds and US dollar bonds [4][43] - Since July 2024, the long - end risk - free interest rate has been in a downward channel, and the yield of ultra - long - term credit bonds has followed suit. Although the proportion of low - valuation transactions and TKN transactions has been rising this year, it has not exceeded last year's high, indicating that the buying sentiment may not have reached its end. With the concentrated listing of science - innovation bond ETFs on July 17, the spreads of medium - and short - term component bonds have been compressed to an extreme level. In the context of the "asset shortage" in the low - interest - rate environment this year, the market may further evolve towards long - duration assets. Investors can still find relatively suitable ultra - long - term credit bond targets in the market [5][49] Group 3: Summary According to the Directory 1. Primary Market 1.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 390.6 billion yuan, an increase of 220.3 billion yuan compared with last week. The total issuance was 631.6 billion yuan, an increase of 233.9 billion yuan, and the total repayment was 241 billion yuan, an increase of 13.6 billion yuan. The net financing of asset - backed securities was 3.09 billion yuan, an increase of 0.91 billion yuan [10] - By product type, the net financing of urban investment bonds was 3.31 billion yuan, an increase of 0.28 billion yuan; that of industrial bonds was 11.06 billion yuan, an increase of 5 billion yuan; and that of financial bonds was 24.69 billion yuan, an increase of 16.74 billion yuan [10] - In terms of the number of issuances and redemptions, the number of urban investment bond issuances increased by 10, and the number of redemptions increased by 33. The number of industrial bond issuances increased by 16, and the number of redemptions decreased by 7. The number of financial bond issuances increased by 7, and the number of redemptions decreased by 3 [12] 1.2 Issuance Cost - The weighted average issuance rates of AA - rated industrial bonds and AA+ - rated financial bonds increased significantly compared with last week, while the issuance rates of other bond types and ratings fluctuated slightly. The issuance rate of AA - rated industrial bonds increased by 51BP, mainly due to bonds such as "25 Nonggu 03" and "25 Tiandiyuan MTN001". The issuance rate of AA+ - rated financial bonds increased by 41BP, mainly due to "25 Donghai 03". The fluctuations of other bonds did not exceed 10BP [18] 2. Secondary Market 2.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) increased by 178 billion yuan compared with last week. The trading volume of urban investment bonds was 227.2 billion yuan, an increase of 23.5 billion yuan; that of industrial bonds was 361.2 billion yuan, an increase of 3.3 billion yuan; and that of financial bonds was 611.6 billion yuan, an increase of 151.2 billion yuan. The trading volume of asset - backed securities was 1.45 billion yuan, a decrease of 0.22 billion yuan [19] - In terms of turnover rate, the turnover rate of traditional credit bonds increased overall, while that of asset - backed securities decreased. The turnover rate of urban investment bonds was 1.48%, an increase of 0.15 pct; that of industrial bonds was 2.06%, an increase of 0.01 pct; that of financial bonds was 4.12%, an increase of 0.96 pct. The turnover rate of asset - backed securities was 0.42%, a decrease of 0.06 pct [20] 2.2 Yield - The yields of credit bonds with different maturities and ratings increased significantly this week, with an increase range of 7 - 17BP. For example, the yields of AA, AAA -, and AAA+ credit bonds with a maturity of less than 1 year increased by 7BP, 8BP, and 8BP respectively; those with a maturity of 3 - 5 years increased by 10BP, 11BP, and 11BP respectively; and those with a maturity of more than 10 years increased by 17BP, 10BP, and 9BP respectively [24] - Taking AA+ - rated 5 - year bonds of each type as an example, the yields of non - publicly issued industrial bonds and perpetual industrial bonds increased by 11BP and 10BP respectively; the yield of AA+ - rated 5 - year urban investment bonds increased by 10BP; the yields of commercial bank ordinary bonds and secondary capital bonds increased by 7BP and 17BP respectively; and the yield of AA+ - rated 5 - year asset - backed securities increased by 11BP [25] 2.3 Credit Spread - Overall, most credit spreads in different industries widened this week, with only a few narrowing. The credit spreads of AA+ - rated electronics and building materials narrowed by 17BP and 8BP respectively, the credit spread of AA+ - rated light industry manufacturing narrowed by less than 1BP, and the credit spread of AAA - rated leisure services narrowed by 1BP. The credit spreads of other industries and ratings mostly widened, with an increase range of 0 - 7BP [27] 2.3.1 Urban Investment Bonds - By maturity, the credit spreads of urban investment bonds widened overall, with the short - end widening more than the long - end. The 0.5 - 1Y credit spread was 36BP, a widening of 5BP; the 1 - 3Y credit spread was 40BP, a widening of 4BP; the 3 - 5Y credit spread was 58BP, a widening of 1BP; the 5 - 10Y credit spread was 49BP, a widening of less than 1BP; and the credit spread of more than 10Y remained unchanged [32] - By region, most urban investment credit spreads widened, with only a few regions showing a slight compression. For example, the AA - rated credit spreads in Henan and Guizhou compressed by 6BP and 3BP respectively, while the AA - rated credit spread in Yunnan and the AA+ - rated credit spread in Guizhou widened by 12BP and 13BP respectively. The credit spreads in other regions mostly widened by no more than 5BP [33] 2.3.2 Industrial Bonds - The credit spreads of AA+ and above industrial bonds widened to varying degrees this week, and the short - end of AA industrial bonds also widened. For example, the credit spreads of 1Y AAA -, AA+, and AA private - placement industrial bonds widened by 5BP, 5BP, and 3BP respectively, and those of 10Y AAA -, AA+, and AA private - placement industrial bonds compressed by 5BP, 3BP, and less than 1BP respectively. The credit spreads of 1Y AAA -, AA+, and AA perpetual industrial bonds widened by 4BP, 4BP, and 7BP respectively, and those of 10Y widened by 5BP, 3BP, and 1BP respectively [36] 2.3.3 Bank Capital Bonds - The credit spreads of bank secondary and perpetual bonds widened overall this week, with the widening range of different maturities and ratings being 3 - 9BP. The credit spreads of 10Y AAA -, 10Y and 5Y AA+ and 10Y and 5Y AA secondary capital bonds widened by more than 8BP, and the credit spreads of 10Y AAA -, AA+, and AA bank perpetual bonds also widened by more than 8BP. The widening range of other bonds did not exceed 6BP [38] 3. This Week's Bond Market Negative News - Shenzhen Longfor Holdings Co., Ltd. extended the maturity of 5 bond issues; Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. had the implied ratings of 12 bond issues downgraded; Inner Mongolia Oujing Technology Co., Ltd. was placed on the watchlist, and its "Oujing Convertible Bond" was also placed on the watchlist; Midea Real Estate Group Co., Ltd. had the implied ratings of 20 bond issues downgraded; and Agile Group Co., Ltd. extended the maturity of 3 bond issues [2][40] 4. Investment Recommendations - Pay attention to long - duration urban investment bonds, capital bonds, and insurance sub - debt, especially the long - duration capital bonds of Minsheng, Bohai, and Hengfeng banks, and be optimistic about urban investment dim sum bonds and US dollar bonds [43] - Focus on the allocation and trading opportunities of ultra - long - term credit bonds. For industrial bonds, State Grid has the largest scale of ultra - long - term credit bonds and good trading atmosphere, but the yield level is relatively low. Chengtong Holdings, Sinochem Group, Guangzhou Yuexiu, and Sichuan Energy Development are more cost - effective. For urban investment bonds, although the static coupon levels are generally better than industrial bonds, the range of available bonds is relatively narrow. Pay attention to the opportunities for further compression of the spreads of Shenzhen Metro, Shaanxi Communications Control, Yantai Guofeng, and Yizhuang Investment Development. The cost - effectiveness of the ultra - long - term bank secondary capital bonds of several large state - owned and joint - stock banks is limited [6][50]

Group 1 - The Hong Kong stock market for property stocks experienced a significant upward trend, with Country Garden and Agile Group rising over 7% [1] - Greenland Hong Kong saw an increase of more than 5%, while other companies such as Midea Real Estate, Kaisa Group, Longfor Group, and Sunac China also followed suit with gains [1]

Core Insights - The report from the China Index Academy indicates that the delivery scale of real estate companies in the first half of 2025 has peaked and is on a downward trend, with pressures on delivery easing in the industry [1][7]. Delivery Scale Rankings - In the first half of 2025, the top real estate company delivered over 50,000 units, with 15 companies delivering more than 10,000 units each [1]. - The delivery numbers for major companies have generally decreased compared to the same period last year, with companies like Greenland, Sunac, and Jianye experiencing declines of over 50% [1]. Company Performance - The report highlights that delivery capability has become a core competitive advantage for real estate companies, with some firms managing to gain market trust by enhancing quality and optimizing services despite the overall contraction in delivery scale [7]. Market Dynamics - The new housing market remains stable, supported by the combination of "good cities + good houses," although there has been a slight weakening in the market in the second quarter [5]. - The government is expected to take stronger measures to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market in the second half of the year [6]. Delivery Quality Improvement - Real estate companies are focusing on product delivery and service optimization to enhance delivery quality, utilizing methods such as open construction days and live broadcasts to build customer trust [4].

Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. Core Viewpoints of the Report - In the volatile market, credit bonds outperformed interest - rate bonds. Interest - rate bond yields slightly declined, while credit bond yields dropped more significantly. Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline [2][5]. - Urban investment bond spreads generally compressed slightly. Spreads of external ratings AAA, AA +, and AA platforms decreased by 1BP respectively. Spreads also declined when classified by administrative levels [2][9][15]. - Most industrial bond spreads decreased. Central and state - owned enterprise real - estate bond spreads declined, mixed - ownership real - estate bond spreads decreased, and private - enterprise real - estate bond spreads increased. Spreads of coal, steel, and chemical bonds also decreased [2][18]. - The yields of secondary and perpetual bonds followed the decline of certificates of deposit, with the short - to - medium - term performing relatively strongly [2][21]. - The excess spreads of 5Y industrial bonds and 3Y urban investment bonds slightly decreased [2][24]. Summary by Directory 1. Credit Bonds Outperformed Interest - Rate Bonds in the Volatile Market - Interest - rate bond yields slightly declined. The yields of 1Y, 5Y, and 7Y China Development Bank bonds decreased by 2BP, 1BP, and 1BP respectively, while the 3Y and 10Y remained flat [2][5]. - Credit bond yields dropped more significantly. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y credit bonds decreased to varying degrees [2][5]. - Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline. Rating spreads and term spreads showed obvious differentiation [5]. 2. Urban Investment Bond Spreads Slightly Compressed - By external ratings, the spreads of AAA, AA +, and AA platforms decreased by 1BP respectively, with different changes in different regions [9]. - By administrative levels, the spreads of provincial, municipal, and district - level platforms decreased by 2BP, 1BP, and 1BP respectively, with different changes in different regions [15]. 3. Most Industrial Bond Spreads Decreased - Real - estate bonds: Central and state - owned enterprise real - estate bond spreads decreased by 2 - 4BP, mixed - ownership real - estate bond spreads decreased by 1BP, and private - enterprise real - estate bond spreads increased by 7BP [2][18]. - Other industrial bonds: The spreads of AAA, AA +, and AA coal bonds decreased by 2BP, 2BP, and 1BP respectively; the spreads of AAA and AA + steel bonds decreased by 2BP and 4BP respectively; and the spreads of all levels of chemical bonds decreased by 3BP [2][18]. 4. The Yields of Secondary and Perpetual Bonds Followed the Decline of Certificates of Deposit, with the Short - to - Medium - Term Performing Relatively Strongly - 1Y secondary and perpetual bonds: Yields decreased by 2 - 3BP, and spreads compressed by 1 - 2BP [21]. - 3Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 2BP, and spreads decreased by 2 - 3BP; the yields of perpetual bonds decreased by 3 - 4BP, and spreads decreased by 3 - 4BP [21]. - 5Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 1 - 2BP, and spreads compressed by 0 - 1BP; the yields of AA + and above perpetual bonds decreased by 1BP, and spreads increased by 1BP, while the yields of AA perpetual bonds decreased by 4BP, and spreads decreased by 2BP [21]. 5. The Excess Spreads of 5Y Industrial Bonds and 3Y Urban Investment Bonds Slightly Decreased - AAA 3Y industrial perpetual bond excess spreads remained at 3.82BP, at the 1.32% quantile since 2015; 5Y industrial perpetual bond excess spreads decreased by 0.86BP to 7.65BP, at the 4.18% quantile since 2015 [24]. - Urban investment AAA 3Y perpetual bond excess spreads decreased by 0.65BP to 3.75BP, at the 0.29% quantile; urban investment AAA 5Y perpetual bond excess spreads increased by 0.09BP to 10.21BP, at the 10.93% quantile [24]. 6. Credit Spread Database Compilation Instructions - Market - wide credit spreads, commercial bank secondary and perpetual spreads, and industrial/urban investment perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data. Historical quantiles are since the beginning of 2015 [28]. - Industrial and urban investment bond credit spreads are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [28]. - Specific calculation methods and sample selection criteria are provided, including how to calculate spreads, which samples to select, and which samples to exclude [31].

Group 1 - Hong Kong property stocks experienced a significant surge in the afternoon, with Midea Real Estate rising over 45% [1] - Midea Real Estate's stock price reached a peak of 5.920, reflecting a 45.81% increase [1] - The stock showed a consistent upward trend throughout the trading session, with various price points indicating substantial gains, such as 5.859 (44.31%) and 5.798 (42.81%) [1]

Group 1 - The Hong Kong real estate sector experienced a significant rally, with Meidi Real Estate rising over 45% [1] - Longfor Group and Jingrui Holdings both saw increases of over 10% [1] - Other companies such as CIFI Holdings and Greenland Hong Kong also participated in the upward trend [1]

Group 1 - Hong Kong property stocks experienced significant afternoon gains, with Meidi Zhiye (03990.HK) rising over 45% [1] - Longguang Group (03380.HK) saw an increase of more than 15% [1] - Jinhui Holdings (09993.HK) and Xuhui Holdings Group (00884.HK) both rose by 3% [1]

Group 1 - The article highlights the resurgence of private enterprises in the real estate market, with numerous companies actively acquiring land across various regions in China, indicating a revitalization of the sector [1][4][7] - There are two main perspectives in the industry regarding this trend: one is optimistic about the potential of these companies, while the other is cautious, recalling the failures of major players like Evergrande and Country Garden [2][3] - The article notes that many private enterprises are seizing opportunities in a market that has been disrupted, with some companies focusing on smaller, manageable projects rather than large-scale expansions [3][6] Group 2 - The article identifies several active private companies, such as Bangtai Group and Wanhu Group, which are making significant land acquisitions in cities like Chengdu and Wuhan, showcasing their ambition to grow despite market challenges [7][9][15] - It discusses the competitive landscape, where private enterprises are not only competing with each other but also with state-owned enterprises that have gained more influence in the market [5][6] - The article emphasizes the importance of product quality and delivery in the current market, suggesting that both private and state-owned enterprises must focus on these aspects to succeed [18][19]