J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. China/Hong Kong Property & Conglomerates Karl Chan AC (852) 2800-8513 karl.chan@jpmorgan.com Jocelyn Gao (852) 2800-8529 jocelyn.gao@jpmorgan.com Venus Choi (852) 2800-8599 venus.choi@jpmo ...

Core Insights - In July 2025, both supply and demand for new residential properties in Beijing weakened, with a total of 365,600 square meters signed online [1] - The Beijing land market saw a slowdown in supply, with only two plots sold, located in Changping and Yanqing, totaling a planned construction area of 126,500 square meters and a land transfer fee of 1.929 billion yuan, with an average floor price of 15,254 yuan per square meter [1][9] Sales Performance - From January to July 2025, the top 20 real estate companies in Beijing achieved a total sales revenue of 195.08 billion yuan and a total sales area of 3.747 million square meters [2][3] - China Overseas Land & Investment, China Resources Land, and Yuexiu Property ranked as the top three companies by sales revenue, with sales of 27.99 billion yuan, 22.43 billion yuan, and 19.58 billion yuan respectively [2][3] Market Conditions - The new housing market in Beijing experienced a decline in both supply and demand during the traditional off-season, with new supply of 189,300 square meters and total online signed transactions of 365,600 square meters in July [7] - The land market in Beijing saw a total of two plots sold in July, with a combined land transfer fee of 1.929 billion yuan and a floor price of 15,254 yuan per square meter [9] Policy Developments - On July 31, 2025, the Beijing Municipal Government issued a notice to improve housing support policies, emphasizing the need to increase the supply of affordable housing and provide priority allocation for families with multiple children [6]

Core Insights - The report highlights the impact of tax restoration on bond pricing, indicating that new bonds will see an increase in yield while older bonds may experience a slight decrease in yield due to investor expectations [2] - The performance of various sector funds has shown a rotation, with pharmaceutical-themed funds regaining the highest net value growth, while cyclical funds have seen significant pullbacks [3] - The liquidity outlook for August suggests an increase in credit issuance and government bond supply, with market interest rates under upward pressure [4] Sector Summaries Automotive - In July, the delivery performance of new energy vehicle manufacturers showed divergence, with Li Auto and NIO experiencing a month-on-month decline, while XPeng achieved a historical sales high [5] - The report anticipates a potential turning point in the commercialization scale of Robotaxi, favoring companies with technological, ecological, and operational advantages [5] Real Estate - The top 100 real estate companies reported a year-on-year decline in sales, with July's total sales amounting to 226.5 billion yuan, reflecting a 25.2% decrease [6] - The cumulative sales from January to July also showed a decline of 13.2%, indicating ongoing challenges in the sector [6] Steel - The July PMI for new export orders was reported at 47.10%, with the Ministry of Industry and Information Technology emphasizing the need for the orderly exit of outdated production capacity [9] - The report suggests that steel sector profitability may recover to historical average levels, supported by regulatory measures [9] Copper - The report notes that the operating rate of cable enterprises in July hit a near six-year low, with expectations for copper prices to rise in Q4 due to recovering demand [10] - The ongoing tension in supply and demand dynamics is expected to influence copper pricing positively in the latter part of the year [10] Construction Materials - The photovoltaic glass industry is facing a supply-demand imbalance, with a significant drop in average daily melting volume required to achieve sales balance [8] - The report indicates that achieving production balance will be challenging even with coordinated production cuts [8] Chemical Industry - The report discusses the performance of Xin'an Chemical, noting a downward revision in profit forecasts for 2025-2026 due to low prices of key products [11] - Despite current pressures, the company is expected to recover profitability as downstream demand improves [11] Coal - China Shenhua's asset injection is seen as a positive development, with expectations for continued expansion and scale effects [12] - The profit forecasts for 2025-2027 remain stable despite the anticipated asset injection [12] Building Materials - Oriental Yuhong reported a revenue decline in H1 2025, but its strong domestic position and overseas expansion are expected to drive future growth [13] - The company is projected to recover from the industry bottom, maintaining a "buy" rating [13] Internet Media - Mingyuan Cloud is focusing on optimizing its product layout and enhancing AI functionalities, with revenue forecasts adjusted downward due to slow recovery in real estate demand [15] - The company aims to achieve breakeven through cost control and improved product offerings [15] Education Services - TAL Education reported a significant revenue increase in FY26Q1, with a year-on-year growth of 38.8% [16] - The company is expected to continue its growth trajectory, supported by strong performance in offline classes and new product launches [16]

Group 1 - The top three stocks with net inflows of southbound funds are Yingfu Fund (02800) with 2.858 billion, Hang Seng China Enterprises (02828) with 2.255 billion, and Meituan-W (03690) with 1.397 billion [1][2] - The top three stocks with net outflows of southbound funds are Pop Mart (09992) with -0.382 billion, Ping An of China (02318) with -0.360 billion, and Laopu Gold (06181) with -0.345 billion [1][2] - In terms of net inflow ratio, the top three are Hopson Development Holdings (00754) at 70.43%, K Wah International Holdings (00173) at 64.10%, and Qingdao Port International (06198) at 61.26% [1][2] Group 2 - The top three stocks with the highest net outflow ratios are Gawei Electronics (01415) at -60.55%, Bank of China Aviation Leasing (02588) at -46.75%, and GX Hengsheng Technology (02837) at -43.69% [1][3] - The top ten stocks with the highest net inflows include Kuaishou-W (01024) with 1.391 billion and Alibaba-W (09988) with 1.040 billion [2] - The top ten stocks with the highest net outflows also include CICC (03908) with -0.333 billion and Kangfang Biologics (09926) with -0.263 billion [2]

Group 1 - The core viewpoint of the article highlights the recent stock performance of China Jinmao, which experienced a decline of 5.16%, trading at 1.47 yuan per share with a transaction volume of 39.64 million yuan as of 11:33 AM on August 4 [1] - China Jinmao is a platform enterprise under Sinochem Holdings, primarily engaged in urban operation business and listed on the main board of the Hong Kong Stock Exchange [1] - The company focuses on a multi-dimensional business strategy centered around high-quality development, premium holdings, high-end service business, and architectural technology innovation, while also launching a series of high-end products under the "Jinmao" brand [1] Group 2 - The latest operational data indicates that China Jinmao has been included in the "Fortune" China 500 for several consecutive years and ranks among the "Forbes" Global 2000 companies, receiving widespread recognition in ESG (Environmental, Social, and Governance) aspects [1] - As of the 2024 annual report, China Jinmao reported total operating revenue of 59.05 billion yuan and a net profit of 1.07 billion yuan [1]

来源：每日经济新闻 作者：陈利 近日，中指研究院、克而瑞、亿翰智库等机构陆续发布2025年1~7月百强房企销售业绩。 从各销售阵营房企的表现来看，今年前7月，销售额超千亿元阵营的房企共有5家，较去年同期减少1 家，销售额均值为1320.1亿元；第二阵营（500亿~1000亿元）以上阵营6家，与上年持平，销售额均值 为674.1亿元；第三阵营（300亿~500亿元）企业4家，较去年同期减少1家，销售额均值为371.8亿元； 第四阵营（100亿~300亿元）企业共有34家，与上年持平，销售额均值为161.8亿元。 城市更新迎来更好机遇 百强房企销售业绩的持续下滑，也与7月房地产市场"供需两淡"有关。 中指研究院数据显示，1~7月百强房企销售总额20730.1亿元，同比下降13.3%，降幅较1~6月扩大1.5个 百分点。 头部企业表现依然稳健。亿翰智库统计显示，前7月TOP10房企销售门槛值同比增长5%，保利发展以 1632亿元领跑，绿城中国、中海地产则以1368亿元、1319亿元紧随其后。 "下半年房企销售仍然面临很大压力，如果政策给予进一步更大力度支持，房企销售降幅或会改善。"中 指研究院企业研究总监刘水分析指 ...

净利润由盈转亏，深陷经营困境的光明地产正面临严峻挑战。近日，光明地产披露2025年半年度业绩预 告，公司上半年净亏损约3.6亿—4.4亿元，较上年同期由盈转亏。 面对业绩颓势，光明地产已着手实施调整举措。北京商报记者注意到，2024年光明地产一方面通过剥离 旗下涉足仓储运营、物流运输及生活服务等业务的子公司，收缩非核心业务板块；另一方面，逐步退出 江苏、浙江等非重点深耕区域的项目，2024年新增土地储备全部落子上海，持续优化投资布局。尽管采 取了上述一系列操作，光明地产的净利润仍未出现回升，反而呈现下滑态势。 收缩拿地与出售资产并行 拿地扩张令光明地产在2018—2020年期间签约金额迎来连续增长，在2020年触顶达362.68亿元。然而， 随着房地产市场经历调整，光明地产的签约金额逐年下滑，2024年降至55.47亿元。 面对签约金额和净利润的下滑，光明地产也适时调整拿地策略，收缩拿地的同时，深耕上海大本营。 北京商报记者注意到，2024年光明地产新增房地产土地储备面积约3.12万平方米，2023年约3.65万平方 米，2022年则无新增土地储备。 值得一提的是，在2023年及2024年光明地产分别提出土地 ...

Group 1 - The sales revenue of the top 100 real estate companies in the first seven months decreased by 13.3% year-on-year, with a slight increase in the decline compared to the first half of the year [2] - Poly Developments ranked first with sales of 163.2 billion, followed by Greentown China at 136.8 billion and China Overseas Property at 131.95 billion [2] - In July alone, the sales revenue of the top 100 real estate companies fell by 18.2% year-on-year, with companies like Jianfa, China Jinmao, and Binhai Group showing strong sales performance [2] Group 2 - The average sales revenue for the top 10 real estate companies was 101.03 billion, down 13.6% from the previous year, while the second tier (11-30) averaged 25.63 billion, down 15.2% [2] - The number of companies in various sales tiers changed, with the 1000 billion and above tier decreasing by one to five companies, while the 500-1000 billion tier remained stable at six companies [3] - As of July 30, about 62 listed real estate companies had released mid-year profit forecasts, with 11 expecting losses, 28 continuing losses, and 17 anticipating profit increases or turnaround [3] Group 3 - The Central Political Bureau meeting on July 30 emphasized the need for sustained macro policies and indicated that more policy support is expected to stabilize the real estate market [3] - The market performance in July showed weak transaction activity in key cities, with the second-hand housing market continuing a "price-for-volume" strategy [3] - The real estate market is still in a phase of fluctuation and adjustment, with a structural opportunity for "good cities + good houses" expected to persist [3]

Core Insights - The real estate market in July experienced a seasonal decline in supply and demand, reflected in the sales performance of real estate companies [2][4] - The total sales amount of the top 100 real estate companies from January to July was 20,730.1 billion yuan, a year-on-year decrease of 13.3% [4] - The sales performance of leading real estate companies remained stable, with the top 10 companies showing a sales threshold increase of 5% year-on-year [2][4] Sales Performance - In July, the sales amount of the top 100 real estate companies decreased by 18.2% year-on-year [2][6] - The top three companies by sales in the first seven months were Poly Developments (1,632 billion yuan), Greentown China (1,368 billion yuan), and China Overseas Land & Investment (1,319 billion yuan) [3][4] - The number of "billion-dollar" real estate companies increased to five this year, with an average sales amount of 1,320.1 billion yuan [11] Market Trends - The overall transaction volume of new homes in 30 key cities was 836 million square meters in July, down from 1,034 million square meters in June [14] - The cumulative transaction volume for the first seven months remained roughly flat compared to the previous year [14] - The market is expected to see a low-level fluctuation in new home transactions, with a projected year-on-year decline of less than 5% [14] Policy and Future Outlook - The Central Political Bureau meeting emphasized the need for stable and flexible macroeconomic policies to boost market confidence [15] - Various cities have introduced new policies to enhance supply quality and meet diverse housing needs, including optimizing public housing loan policies [15] - The real estate market is still in a phase of adjustment, with structural opportunities in "good cities + good houses" expected to emerge [15]

Group 1: Sales Performance of Top Real Estate Companies - The total sales amount of the top 100 real estate companies from January to July reached 20,730.1 billion yuan, a year-on-year decrease of 13.3%, with the decline rate expanding by 1.5 percentage points compared to the first half of the year [1] - The sales threshold for the top 10 real estate companies increased by 5% year-on-year, with Poly Developments leading at 1,632 billion yuan, followed by Greentown China and China Overseas Land & Investment at 1,368 billion yuan and 1,319 billion yuan respectively [1] - In July, the sales amount of the top 100 real estate companies decreased by 18.2% year-on-year, with some companies like Vanke and Binjiang Group showing strong performance, achieving sales of 130 billion yuan and over 80 billion yuan respectively [2] Group 2: Market Conditions and Trends - The continuous decline in sales performance is attributed to a "supply and demand" stagnation in the real estate market, with new home transaction volume in 30 key cities dropping to 836 million square meters in July from 1,034 million square meters in June [3] - The cumulative transaction volume from January to July remained roughly flat compared to the previous year, with expectations of low-level fluctuations in new home transactions continuing [3] - The central government's recent meeting emphasized maintaining policy continuity and stability, indicating that macroeconomic policies will continue to exert influence on the real estate market [3][4] Group 3: Policy Responses and Future Outlook - Various local governments have introduced new policies to enhance supply quality and meet diverse demands, including optimizing housing loan policies to better satisfy reasonable housing needs [4] - As of July 27, 26 provinces and cities have announced plans to use special bonds to acquire idle land, with a total amount exceeding 500 billion yuan, indicating a proactive approach to stimulate the market [4] - The real estate market is expected to continue experiencing fluctuations, with structural opportunities arising in "good cities + good houses" as urban differentiation trends persist [5]