Core Viewpoint - A newly established private company, Shanghai Qixiang Wangyu Real Estate Co., Ltd., won a prime land parcel in Xuhui District, Shanghai, setting a record for the highest unit price in China at 200,300 yuan per square meter, with a premium rate of 22.38% [1][2] Company Overview - Shanghai Qixiang Wangyu Real Estate was founded on January 17, 2025, with a registered capital of 1.55 billion yuan, significantly increased from 10 million yuan just before the land auction [1][2] - The company is linked to Ye Shuqing, daughter of Ye Huabiao, a prominent figure in the automotive mold industry, indicating a cross-industry investment strategy [1][2] Industry Context - The land auction attracted strong competitors, including state-owned enterprises like China Overseas and China Merchants, highlighting the competitive nature of the real estate market in Shanghai [2][3] - The small size of the land parcel (4,705.49 square meters) and high development costs deterred larger developers, allowing the private company to secure the land [3][4] Land Characteristics - The land, located in a prime area, has a total price of 1.225 billion yuan and is designated for residential use with a floor area ratio of 1.3, limiting the total buildable area to approximately 5,200 square meters [4][5] - The site is strategically positioned near major transportation links and high-quality amenities, making it a valuable asset in the competitive Shanghai real estate market [4][5] Market Implications - The successful bid for the Xuhui land indicates a potential shift in the market dynamics, with private companies increasingly participating in high-stakes land auctions [1][2] - The overall land auction results in Shanghai showed a total transaction value of 28.96 billion yuan across eight parcels, suggesting a robust demand for prime real estate [5]

Core Insights - Shanghai's land auction on July 24, 2023, saw the sale of 5 plots, generating a total transaction amount of 18.53 billion yuan, with 4 plots sold at a premium and 1 at the base price [1][2] Group 1: Auction Results - The highest premium rate was observed in Minhang District at 30%, while mixed-use land in Jing'an District and multi-purpose land in Putuo District were acquired by China Overseas Land & Investment with premium rates of 10.1% and 14.17%, respectively, totaling 11.888 billion yuan [1][3] - The Minhang District residential land had a starting price of 2.838 billion yuan and was sold for 3.689 billion yuan after 78 rounds of bidding, resulting in a floor price of 56,247 yuan per square meter [3] - The Jing'an District mixed-use land was sold for 5.363 billion yuan after 34 rounds of bidding, with a floor price of 90,390 yuan per square meter [3] - The multi-purpose land in Putuo District was sold for 6.525 billion yuan, achieving a comprehensive floor price of 58,823 yuan per square meter [3] Group 2: Market Trends - The auction attracted 11 companies, including 4 central enterprises and 7 state-owned enterprises, indicating sustained interest in Shanghai's land market [5] - The overall heat of the land auction reflects Shanghai's strong real estate investment appeal, supported by its economic scale, infrastructure, and talent resources [5] - The rapid supply of quality new housing is expected to continue supporting the stability of Shanghai's real estate market [5]

Report Information - Report Title: Aluminum Daily Report [1] - Date: July 18, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - In the off-season, both supply and demand of electrolytic aluminum tend to weaken, while smelting profits are high. It is recommended to mainly conduct short-selling hedging at high levels [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 17th, Shanghai aluminum fluctuated within a narrow range, with the main contract 2508 rising slightly by 0.07% to 20,415. The total open interest of the index increased by 5,825 to 633,881 lots, and the premium of 08 - 09 remained flat at 40 compared to the previous day [8]. - After the decline in futures prices, the market trading atmosphere improved, and downstream purchasing willingness increased. However, due to the strong off-season sentiment, purchases were difficult to improve substantially. The premium and discount fluctuated, with a premium of 100 in East China, a discount of -30 in Central China, and a premium of 85 in South China [8]. - Cast aluminum alloy fluctuated narrowly following Shanghai aluminum, with the 2511 contract closing slightly up 0.18% at 19,845. The negative spread of AD - AL was -445. Currently in the off - season of the automotive industry, with weakening demand and short supply of raw materials, it is expected that cast aluminum will continue to fluctuate, and the low negative spread structure of AD - AL will be maintained [8]. - The operating capacity of domestic electrolytic aluminum remained at a high level, with a slight decrease in the short term due to capacity replacement. The demand side was still troubled by the off - season. The operating rate of the aluminum processing sector was still sluggish, with insufficient orders. Due to high - temperature weather, some downstream production lines in the Central China region that had previously cut production began to resume operation one after another. On Thursday, the social inventory of aluminum ingots decreased by 0.9 to 492,000 tons compared to Monday, but still increased by 26,000 tons compared to last Thursday. Overall, it was still in a state of inventory accumulation, and the subsequent support for prices was expected to continue to weaken [8]. 3.2 Industry News - China's primary aluminum (electrolytic aluminum) production in June 2025 was 3.81 million tons, a year - on - year increase of 3.4%. In June, the operating capacity of domestic electrolytic aluminum changed slightly. Due to the start of the second - phase replacement of electrolytic aluminum from Shandong to Yunnan, the replacement capacity of the original factory was required to reduce production, and the new factory could start production after passing the acceptance. As a result, the production of electrolytic aluminum decreased slightly month - on - month [9]. - In July, SMM stated that the operating capacity of domestic electrolytic aluminum remained at a high level. The second - batch replacement project in Yunnan was put into operation, and the industry's operating rate rebounded, while other projects remained unchanged [10]. - The Ministry of Housing and Urban - Rural Development said it would continue to consolidate the stable situation of the real estate market. The research team recently visited Guangdong and Zhejiang provinces, emphasizing the importance of promoting the stable, healthy, and high - quality development of the real estate market. Local governments should take responsibility, make full use of the autonomy of real estate regulation policies, implement policies according to local conditions, and promote the real estate market to stop falling and recover [10]. - Alcoa announced on July 14 that it expected its San Ciprián aluminum smelter in Spain to restart by mid - 2026, with an expected loss of up to $110 million. The plant's production decreased in 2021 due to high electricity prices. The restart plan was postponed due to a nationwide power outage in Spain on April 28. After evaluating the power outage losses, the joint - venture company suspended the resumption of production until the Spanish government provided detailed information on the cause of the power outage and measures to prevent similar events. The electrolytic aluminum plant has a production capacity of 228,000 tons. After consultations, Alcoa and its joint - venture partner Ignis Equity Holdings decided to resume the project. Alcoa expects the smelter to record a net loss of approximately $90 million to $110 million in 2025, and the entire restart process is expected to be completed by mid - 2026 [10].

Report Information - Report Title: Aluminum Daily Report [1] - Date: July 16, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided Core Viewpoints - On the 15th, Shanghai aluminum fluctuated within a narrow range, with the main 2508 contract slightly down 0.02% at 20,430. The total open interest of the index decreased by 8,776 to 635,827 lots, and the 07 - 08 premium continued to narrow to 25. After the decline in futures prices, the market trading atmosphere improved, and downstream procurement willingness increased compared to last week. Near the contract roll - over, the monthly spread fluctuations led to changes in the spot premium or discount. The current automotive industry is in the off - season, with weakening demand and raw material supply shortages. Under the situation of weak supply and demand, cast aluminum is expected to continue to fluctuate, and the low negative spread structure of AD - AL will remain. China's electrolytic aluminum operating capacity remains at a high level, with a slight decline in the short term due to capacity replacement. Downstream, due to multiple negative factors such as insufficient orders in the traditional off - season, high aluminum prices, and high - temperature weather, the operating rate remains weak, and the off - season effect at the terminal is prominent. On Monday this week, the inventory suddenly increased by 35,000 tons to over 500,000 tons, and the price support weakened. As the off - season arrives, both the supply and demand of electrolytic aluminum tend to be weak, while the smelting profit is high. The strategy is mainly to short - sell for hedging at high levels, and hold the AD - AL arbitrage [8]. Summary by Directory 1. Market Review and Operation Suggestions - On the 15th, Shanghai aluminum fluctuated narrowly. The main 2508 contract slightly decreased by 0.02% to 20,430. The total open interest of the index decreased by 8,776 to 635,827 lots, and the 07 - 08 premium continued to narrow to 25 [8]. - After the decline in futures prices, the market trading atmosphere improved, and downstream procurement willingness increased compared to last week. Near the contract roll - over, the monthly spread fluctuations led to changes in the spot premium or discount. The spot premium in East China was 50, the discount in the Central Plains was - 90, and the premium in South China was 40 [8]. - Cast aluminum alloy fluctuated narrowly following Shanghai aluminum. The 2511 contract closed flat compared to the previous day, and the AD - AL negative spread was - 480. In the current off - season of the automotive industry, with weakening demand and raw material supply shortages, cast aluminum is expected to continue to fluctuate under the situation of weak supply and demand, and the low negative spread structure of AD - AL will remain [8]. - China's electrolytic aluminum operating capacity remains at a high level, with a slight decline in the short term due to capacity replacement. Downstream, due to multiple negative factors such as insufficient orders in the traditional off - season, high aluminum prices, and high - temperature weather, the operating rate remains weak, and the off - season effect at the terminal is prominent. On Monday this week, the inventory suddenly increased by 35,000 tons to over 500,000 tons, and the price support weakened [8]. - As the off - season arrives, both the supply and demand of electrolytic aluminum tend to be weak, while the smelting profit is high. The strategy is mainly to short - sell for hedging at high levels, and hold the AD - AL arbitrage [8]. 2. Industry News - As the July 9 tariff deadline approaches, the EU - US trade negotiation has entered a critical stage. The EU Commission spokesperson said on Monday that the negotiation has made progress and entered the "beginning of the final stage" and will at least reach a principled agreement. Previously, US President Trump threatened to impose a 50% tariff on EU goods if there was no breakthrough in the EU - US trade negotiation before July 9. Currently, the US imposes a 50% tariff on EU steel and aluminum products, a 25% tariff on the automotive sector, and a 10% benchmark tariff on almost all other goods [9]. - The Ministry of Housing and Urban - Rural Development emphasized the importance of promoting the stable, healthy, and high - quality development of the real estate market. Local governments should take responsibility, make full use of the autonomy in real estate regulation policies, implement policies according to local conditions, and continuously consolidate the stable situation of the real estate market [10]. - On July 3, PowerChina announced that its subsidiary signed a mining and transportation project contract for the KEBO bauxite in the TELIMELE MADINA DIAN area of Guinea with a contract value of approximately 5.063 billion yuan. The project is located in the MADINA DIAN area of Telimele Province, Kindia Region, Guinea. The main project content includes bauxite exploration, overburden stripping, waste ore excavation, mining, and transportation in a 204.37 - square - kilometer mining area. The expected mining volume is 28 million tons, and the total land transportation length is approximately 197 kilometers. The total project duration is about 72 months, with no warranty period [10]. - On July 3, Vedanta announced its key metal production in FY26Q1 (April - June 2025). The alumina production at Lanjigarh reached a record high of 587,000 tons, a year - on - year increase of 9% and a month - on - month increase of 36%. The quarterly electrolytic aluminum production was 605,000 tons, a year - on - year increase of 1% and flat month - on - month [10].

Core Viewpoint - The article discusses the ongoing efforts across various regions in China to stabilize the real estate market by acquiring existing residential properties for use as affordable housing, thereby promoting a new model of "market + guarantee" in real estate development [1][2][3] Group 1: Policy Initiatives - Zhengzhou's Housing Security and Real Estate Management Bureau has announced a plan to acquire existing residential properties for affordable housing projects, aiming to balance supply and demand in the real estate market [1] - The Guangxi Zhuang Autonomous Region government has set a target to acquire 25,000 existing residential units by 2025, utilizing special bonds and affordable housing refinancing loans to broaden the sources and uses of acquired properties [1][2] Group 2: Market Impact - The acquisition of existing residential properties is seen as a crucial strategy for revitalizing the real estate market, helping to reduce inventory and prevent resource wastage [1][2] - In Guangdong, the integration of existing property acquisitions with urban village renovations has led to significant results, with nearly 1,000 units sold and a transaction value exceeding 1.6 billion yuan as of May 30 this year [2] Group 3: Financial Support - The injection of special bond funds is expected to accelerate the absorption of completed residential properties, reducing inventory risks and stabilizing the real estate market [3] - The People's Bank of China has indicated a commitment to enhancing financial support for the acquisition of existing residential properties, aiming to implement effective financial policies to stabilize the market [3]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has decreased both year-on-year and month-on-month, prompting an increase in the recovery of idle land [4][59] - The sales performance has shown initial stabilization in 2025, with supportive policies expected to continue, aiding the industry's steady development [4][59] Summary by Sections Sales Performance - In the 28th week of 2025, the transaction area of new residential properties in 68 cities was 169 million square meters, a year-on-year decrease of 19% and a month-on-month decrease of 44% [6][18] - The cumulative transaction area from the beginning of the year to date in 68 cities reached 67.28 million square meters, with a year-on-year decrease of 9% [6][18] - The transaction area of second-hand houses in 20 cities was 186 million square meters, with a year-on-year growth rate of -8% [35] Investment Performance - In the 28th week of 2025, 100 major cities launched land planning with a total area of 29.91 million square meters, and the transaction area was 26.68 million square meters, a year-on-year increase of 49% [38] - The premium rate for land transactions was 4.9% [38] - The land market in Wuhan was active, with four residential land parcels sold, one of which had a premium of over 15% [4][59] Financing Performance - In the 28th week of 2025, the issuance of credit bonds was 15.4 billion yuan, a year-on-year increase of 61% and a month-on-month increase of 72% [47] - The cumulative issuance of credit bonds reached 200.5 billion yuan, a year-on-year decrease of 13% [47] Market Overview - The real estate index rose by 6.12% in the week of July 7-13, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.82% [52][54] - The real estate sector ranked first among 28 sectors in terms of performance [52][54]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - The report highlights a significant year-on-year decline in both new and second-hand housing transaction areas, with the decline rate expanding [2][10] - The report indicates that the overall demand for new and second-hand homes may stabilize due to potential decreases in mortgage rates, which could narrow the gap between net rental returns and mortgage rates [6] - The report emphasizes the importance of urban renewal and the optimization of existing policies to stabilize the real estate market [6] Summary by Sections New Housing Transactions - The year-on-year decline in new housing transaction areas has expanded, with a reported decrease of 24% for sample cities [4] - The decline in new housing transactions is more pronounced in first-tier cities, with a 21% decrease [4][10] Second-Hand Housing Transactions - The year-on-year decline in second-hand housing transaction areas has also expanded, with a reported decrease of 10% for sample cities [4] - First-tier cities have seen a shift to negative growth in second-hand housing transactions, with a 10% decline [4] Market Trends and Indicators - The average number of viewings for second-hand homes in 12 sample cities has decreased by 8.3% month-on-month [5][45] - The liquidity outlook indicates an expansion in macro-level liquidity as of July 2025 [5][49] Land Acquisition - The cumulative land transaction area from January to June 2025 has seen a year-on-year decline of 5%, while the average transaction price has increased by 33% [24] - The report notes a decrease in the proportion of listings with price increases, indicating a potential cooling in market expectations [50] Inventory and Unsold Properties - The report indicates a marginal increase in the unsold inventory cycle for newly acquired and unsold properties compared to April [34] - The unsold inventory cycle for newly constructed properties in first-tier cities has decreased, while it has increased in second and third-tier cities [36]

Group 1: Market Overview - The real estate market has shown signs of recovery in 2023 after experiencing fluctuations in recent years, with industry experts expressing optimism about future performance due to supportive policies [1][2][3] - In 2024, the overall real estate market is expected to remain in an adjustment phase, with a significant decline in land transfer fees and new construction areas compared to the peak in 2020, with a 67% decrease reported [2][3] - The construction industry has seen a 7.89% year-on-year decline in revenue for companies focused on housing construction, with new contract amounts also decreasing by 1.43% [2] Group 2: Policy Support - Various supportive policies have been introduced since May 2023, including a reduction in the reserve requirement ratio and interest rates for housing loans, aimed at stabilizing the real estate market [6][7] - The central government has emphasized the importance of a new model for real estate development, with significant funding allocated for urban renewal projects to promote stable and healthy market growth [6][7] - The implementation of these policies has led to an increase in both new and second-hand housing transactions, with the latter gradually surpassing new home sales in several provinces [7] Group 3: Market Trends - In the first three quarters of 2024, new home sales have seen a noticeable year-on-year decline, but the relaxation of purchase restrictions in some cities has led to a rise in second-hand home transactions, maintaining market activity [3][4] - The core cities have shown signs of price stabilization in the second-hand housing market, with a notable recovery in transaction volumes since the fourth quarter of 2024 [3][4] - The land auction market has also seen a 39% year-on-year increase in transaction amounts, indicating a recovery in land premium rates in first-tier cities, which may positively influence second-hand housing prices [4]

Core Viewpoint - The South Korean central bank indicates that the real estate market previously showed signs of overheating, but it appears to be stabilizing gradually due to government measures [1] Group 1 - The real estate market in South Korea had previously exhibited overheating signs [1] - Government measures are contributing to the stabilization of the real estate market [1]

Group 1 - The A-share real estate sector experienced an initial surge, with Haitai Development hitting the daily limit, and Yucheng Development rising over 9% [1] - Other stocks such as TeFa Service, I Love My Home, and Shahe Shares also saw increases [1] - The Ministry of Housing and Urban-Rural Development stated that it will take multiple measures to stabilize expectations, activate demand, optimize supply, and mitigate risks, with a greater effort to promote the stabilization of the real estate market [1]