Core Viewpoint - The land market continues to experience a seasonal decline in transaction volume, with significant policy support from tax refunds expected to boost future land auction investments [2][4][8]. Supply and Demand - The supply of land in August reached 65.92 million square meters, a year-on-year decrease of 9.5%, while transaction volume was 40.74 million square meters, down 14% year-on-year [5][10]. - The average premium rate for land auctions in August was 5.6%, marking the second-lowest point of the year, with first-tier cities achieving a premium rate of 26.64%, a new monthly high for 2025 [5][18]. Market Heat - There is a significant divergence in land auction activity across different city tiers, with first-tier cities maintaining high premiums while second and third-tier cities see a decline in auction frequency [5][18]. - The average premium rates for first, second, and third/fourth-tier cities were 26.64%, 2%, and 3% respectively [5][18]. Future Outlook - The recent tax refund policy is expected to alleviate cash flow pressures for new land-acquiring companies, enhancing their confidence in participating in land auctions [8][16]. - The ongoing urban renewal and land reserve efforts are likely to improve the certainty of supply, leading to more quality land offerings in the market [7][12]. Transaction Details - As of August 25, 2025, the total transaction amount for land reached 95.3 billion yuan, a year-on-year decrease of 16%, primarily due to a decline in high-quality land transactions in major cities [15][19]. - The average floor price for land in August was 2,339 yuan per square meter, down 3% year-on-year and 20 percentage points from the previous month [15][18]. Key Land Transactions - The highest total price for a land transaction in August was 8.6 billion yuan for a site in Shenzhen, with a premium of 35% [23][24]. - The highest floor price was recorded at approximately 59,586 yuan per square meter for a site in Shenzhen, setting a new price record for the area [26][27].

Group 1 - The company reported stable revenue and profit growth, with a focus on core cities for land acquisition, maintaining a "buy" rating [1] - For the first half of 2025, the company achieved operating revenue of 51.485 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.448 billion yuan, a year-on-year increase of 2.18% [1] - The gross profit margin and net profit margin were 14.38% and 3.38%, respectively, with a year-on-year increase of 2.40 percentage points and a decrease of 0.22 percentage points [1] Group 2 - The company experienced a contraction in sales scale, with a signed sales area of 3.35 million square meters, a year-on-year decrease of 23.6%, and a signed sales amount of 88.89 billion yuan, a year-on-year decrease of 11.9% [2] - The company acquired 16 plots of land with a total construction area of 1.669 million square meters, a year-on-year increase of 108%, and a total land price of 35.29 billion yuan, a year-on-year increase of 142% [2] - The company’s asset operation income increased by 4.1% year-on-year to 3.66 billion yuan, with an EBITDA of 1.90 billion yuan, a year-on-year increase of 0.4% [2]

Group 1 - The core issue in the real estate market is the continuous decline in both new and second-hand housing prices, with a notable drop of 1% in second-hand housing prices in four first-tier cities in July [1] - The stock market is reaching a 10-year high, leading to capital being drawn away from the real estate market, prompting some individuals to consider selling their homes to invest in stocks [1] - The National Bureau of Statistics reported a 4% year-on-year decrease in new housing sales area and a 6.5% drop in sales revenue from January to July [2] Group 2 - In July, the sales area of commercial housing plummeted by 45.8% month-on-month, reaching only 0.57 billion square meters, marking the lowest level for the same period since 2009 [2] - The ongoing sluggish sales in the real estate market could drag down the economy in the second half of the year, with potential impacts on local government finances due to reduced revenue from land sales [2][4] - A 10% drop in commercial housing sales revenue could lead to a 1% decrease in national public budget revenue, with land transfer income potentially falling by 15% the following year [4] Group 3 - Recent tax policies have been introduced to address the revenue gap left by the real estate market, including the taxation of interest income from government bonds and local government bonds starting August 8 [6] - New regulations require individuals to pay personal income tax on capital gains from overseas stock transactions at a rate of 20%, with provisions for tax credits if taxes were paid abroad [8] - The introduction of the "landlord tax" and stricter enforcement of existing tax regulations aim to increase tax compliance among property owners and high-income individuals [10][13] Group 4 - The overarching strategy of the recent tax reforms is to enforce existing tax laws more strictly rather than introducing new taxes, primarily targeting wealthier individuals [13] - To mitigate the risks associated with the real estate sector and alleviate the financial burden on homeowners, a potential solution could involve promoting moderate inflation to gradually reduce debt burdens [15]

Report Industry Investment Rating No relevant content provided. Report's Core View - On August 25, equity indices and CGB futures rose, and most commodity futures increased, with coking coal and coke leading the gains [2][11][13] - Shanghai issued new property market policies, and the CSRC strengthened supervision over futures companies' internet marketing activities [39][40] Summary by Related Catalogs 1. China Futures 1.1 Overview - On August 25, equity indices and CGB futures rose; most commodity futures gained ground, with coking coal and coke leading the gains. The top three gainers were coking coal (up 6.5% with open interest up 3.1% month - on - month), fuel oil (up 5.1% with open interest up 4.5% month - on - month), and coke (up 4.4% with open interest up 6.2% month - on - month). The top three decliners were rapeseed (down 0.3% with open interest down 5.0% month - on - month), lithium carbonate (down 0.3% with open interest up 1.8% month - on - month), and polyester staple fiber (down 0.3% with open interest down 2.8% month - on - month) [11][12][13] 1.2 Daily Raise 1.2.1 Coking Coal - On August 25, coking coal increased by 6.5% to 1215.5 yuan/ton. Supported by slow supply recovery and rigid demand from coking enterprises, the short - term futures market has support. Attention should be paid to the potential impact of major coal mine accidents [17][20][21] - Supply: Some coal mines in main production areas resumed operations, but new ones suspended or reduced production in some areas. Imported coal customs clearance at Ganqimaodu Port increased. Demand: Coke output was stable with a slight increase, and coking enterprises procured based on demand. Upstream coal mines started to accumulate inventories slightly [18][19][21] 1.2.2 Coke - On August 25, coke increased by 4.4% to 1736 yuan/ton. With military parade - related production restriction expectations, the supply - demand tight situation may continue, and the futures market has support from rigid demand and production restriction expectations [26][28][29] - Supply: The seventh round of price increases was implemented, coking enterprise profits rebounded, and output picked up, but supply increase was limited due to high costs. Demand: Steel mills had good profits, steel exports improved, and the rigid demand for coke was strong. Inventory: Steel mills actively purchased, and coking enterprise inventories dropped to a low level and then slightly accumulated [27][28][29] 1.2.3 Fuel Oil - On August 25, fuel oil increased by 5.1% to 2907 yuan/ton. The reasons were Ukraine's attacks and US sanctions on Chinese companies, leading to the resurgence of the geopolitical premium for fuel oil. In the short - term, it performed strongly, and the bitumen - fuel oil price spread fell rapidly. In the context of Russia - Ukraine peace talks, it may be strong in the near term but weak in the long term [32][33][34] 2. China News 2.1 Macro News - Shanghai issued the "Notice on Optimizing and Adjusting the City's Real Estate Policy Measures" on August 25, including policies on housing purchase restrictions, housing provident fund, credit, and property tax, effective from August 26, 2025 [39][40] - The Shanghai Head Office of the People's Bank of China adjusted the pricing mechanism for commercial personal housing loan interest rates in Shanghai on August 25, no longer differentiating between first - home and second - home loans [39][40] - Premier Li Qiang listened to the report on the implementation of policies for large - scale equipment upgrading and consumer goods trade - in on August 22, emphasizing strengthening coordination, cracking down on fraud, and releasing domestic demand potential [39][40] 2.2 Industry News - On August 22, the CSRC issued the "Interim Provisions on the Administration of Internet Marketing by Futures Companies", strengthening the whole - process supervision over futures companies' internet marketing activities [40]

一、房地产开发投资完成情况 1-7月份，全国房地产开发投资53580亿元，同比下降12.0%（按可比口径计算）；其中，住宅投资41208亿元，下降10.9%。 1-7月份，房地产开发企业房屋施工面积638731万平方米，同比下降9.2%。其中，住宅施工面积445107万平方米，下降9.4%。房屋新开工面积35206万平方 米，下降19.4%。其中，住宅新开工面积25881万平方米，下降18.3%。房屋竣工面积25034万平方米，下降16.5%。其中，住宅竣工面积18067万平方米，下 降17.3%。 二、新建商品房销售和待售情况 1-7月份，新建商品房销售面积51560万平方米，同比下降4.0%；其中住宅销售面积下降4.1%。新建商品房销售额49566亿元，下降6.5%；其中住宅销售额下 降6.2%。 7月末，商品房待售面积76486万平方米，比6月末减少462万平方米。其中，住宅待售面积减少285万平方米。 三、房地产开发企业到位资金情况 1-7月份，房地产开发企业到位资金57287亿元，同比下降7.5%。其中，国内贷款9207亿元，增长0.1%；利用外资17亿元，增长3.2%；自筹资金23230亿元， 下 ...

Group 1 - Despite a sluggish real estate market across California, San Diego County's real estate market is experiencing growth, with both home prices and sales increasing in July [2] - In July, the sales volume of existing single-family homes in San Diego County rose by 3.8% compared to June, contrasting with a 1% decline in statewide home sales [2] - The median sales price for single-family homes in San Diego County reached $1.04 million in July, an increase of $15,000 from June, and higher than the $1.02 million median price in July 2024 [2] Group 2 - The California Association of Realtors noted that the slowdown in the statewide real estate market is due to some buyers waiting for more certainty in the market and macroeconomic conditions [2] - A positive signal is the recent drop in mortgage rates to the lowest level since October of the previous year, which has led to an increase in mortgage applications [3] - If the trend of lower mortgage rates continues, stronger buyer activity and demand are expected in the coming months [3]

Core Viewpoint - The company remains optimistic about the long-term economic outlook for Hong Kong and mainland China, despite facing significant short-term challenges in the overall economy and real estate market [1][5]. Financial Performance - In the first half of 2025, the company reported a consolidated revenue of HKD 99.54 billion, a 65% year-on-year increase, while net profit decreased by 22% [1][2]. - The property sales revenue surged 176% to HKD 64.2 billion, but rental income from properties and hotels declined by 6% and 3%, respectively [1][9]. - The basic earnings per share fell to HKD 0.42, down 22% from HKD 0.54 in the same period last year [5]. Mainland Operations - The company’s mainland property division recorded a consolidated revenue of HKD 31.43 billion, down from HKD 39.87 billion year-on-year, with a consolidated profit of HKD 16.95 billion, also lower than the previous year's HKD 21.03 billion [5][6]. - The decline in revenue was attributed to a decrease in confirmed sales of development properties, with a significant drop in revenue from development properties confirmed sales [5][6]. Hong Kong Operations - In contrast, the company’s Hong Kong property division achieved a consolidated revenue of HKD 68.11 billion, a substantial increase from HKD 20.52 billion year-on-year, with a consolidated profit of HKD 9.98 billion, up from HKD 6.17 billion [11][12]. - The growth was primarily driven by increased sales confirmations from development properties, which reached HKD 62.46 billion, compared to HKD 14.41 billion in the previous year [12][13]. Market Challenges - The company faces ongoing challenges in the commercial property market, with a 5% decline in rental income due to economic uncertainties and oversupply in the office market [10][11]. - The hotel business also saw a decline in revenue, with a reported income of HKD 10.12 billion, down from HKD 10.50 billion year-on-year [11]. Future Outlook - The company plans to gradually release remaining units from four projects based on market conditions, while also preparing to convert a warehouse into residential development [16]. - Analysts maintain a positive outlook, with expectations for recovery in pre-sales for the Shanghai Jinling project, which is crucial for the company's future performance [16].

Group 1: Market Performance - The US stock market opened lower on August 21, with the Dow Jones down 0.40%, S&P 500 down 0.31%, and Nasdaq down 0.39% [1] - Walmart's Q2 revenue was $177.4 billion, showing a year-on-year growth of 4.8%, but the stock fell over 3% [1] - Chinese stocks showed mixed performance, with Miniso up over 9%, XPeng and NIO up over 4%, while Bilibili and New Oxygen fell over 3% [1] Group 2: Trade Agreements - The US and EU reached a framework agreement on trade, with the US expected to impose a 15% tariff on most EU imports, including cars, pharmaceuticals, semiconductors, and timber [2] Group 3: Economic Outlook - A rare perspective from Wall Street suggests that US deflation may be imminent, primarily driven by the real estate market, with predictions of significant declines in housing prices potentially lowering inflation to near 1% [3] Group 4: Corporate Developments - Xiaopeng Motors' CEO He Xiaopeng increased his stake by purchasing 3.1 million shares at an average price of HKD 80.49 [5] - JD.com has relaunched its community group buying initiative, JD Pinpin, with multiple stores opened in Beijing and plans for expansion in other regions [6] - Alibaba announced plans to spin off Zhaoma Network Technology Co., Ltd. for independent listing on the Hong Kong Stock Exchange, aiming to provide separate valuations for investors [7]

Group 1 - The average housing price in Mongolia for the first half of 2025 is 3.8 million Tugrik per square meter (approximately 7630.52 RMB), while luxury residential properties average 6.6 million Tugrik (approximately 13253.01 RMB) [1] - Real estate agencies completed 5466 transactions with a total area of 2.2937 million square meters and a total value of 1.39 trillion Tugrik (approximately 27.91 billion RMB), representing year-on-year increases of 2.7% and 10.3% respectively [1] - The transaction structure shows that land accounts for 82.5%, residential properties 14.8%, commercial real estate 1.7%, and industrial real estate 1% [1] Group 2 - In the rental market, real estate agencies completed 3979 rental transactions with a total area of 313,300 square meters and a total value of 125.6 billion Tugrik (approximately 2.52 billion RMB), with area decreasing by 0.3% year-on-year but value increasing by 21.7% [1] - The highest proportion of rental housing is in the 51 to 100 square meter category, accounting for 33.5% [1] - There are currently 303 licensed real estate agencies in Mongolia, a decrease of 8 from the previous year, with total assets of 225.5 billion Tugrik (approximately 4.53 billion RMB), of which current assets are 167.5 billion Tugrik (approximately 3.36 billion RMB) [1]

Core Viewpoint - The People's Bank of China has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively for three consecutive months, indicating a stable monetary policy environment amid economic fluctuations [1] Group 1: Loan Prime Rate (LPR) - The 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, both remaining unchanged for three months [1] - The stability in LPR suggests a cautious approach by the central bank in response to current economic conditions [1] Group 2: Economic Outlook - According to Wang Qing, Chief Macro Analyst at Dongfang Jincheng, macroeconomic data showed a downward trend in July, with potential external demand slowdown ahead [1] - There is an expectation for future policy measures aimed at boosting domestic demand and stabilizing the real estate market, which may create room for a reduction in policy rates and LPR quotes [1]