Zhi Tong Cai Jing·2025-08-12 02:10Core Viewpoint - The report from CMB International indicates a significant decline in total sales in July 2025, with a 38.1% month-on-month decrease to 229.4 billion RMB, attributed to seasonal factors affecting sales prices and areas sold [1] Group 1: Market Performance - The total sales amount for July 2025 dropped from 370.7 billion RMB in June, marking a 38.1% decrease [1] - The sales figures for 20 major listed developers tracked by the company fell by 40.2% month-on-month in July [1] - The average sales price and sales area decreased by 21.4% and 21.8% respectively on a month-on-month basis [1] Group 2: Policy Outlook - The recent Central Political Bureau meeting emphasized maintaining policy continuity and stability, with expectations for further policy support in the future [1] - Policies related to urban village and dilapidated housing renovation, construction of "good houses," optimizing land supply, and strengthening financial support are anticipated to continue [1] Group 3: Market Expectations - According to the National Bureau of Statistics, the new commodity residential price index for June showed a year-on-year decline of 3.7% and a month-on-month decrease of 0.3% [1] - The second-hand commodity residential price index fell by 6.1% year-on-year and 0.6% month-on-month [1] - CMB International expects demand in the secondary market to continue improving and outperform the primary market [1] Group 4: Company Recommendations - The report maintains a positive outlook on China Resources Land (01109) and Yuexiu Property (00123), both rated as "Buy" [1] - These companies have demonstrated strong sales performance over the past few years and possess superior execution capabilities in sales [1]