Core Viewpoint - The article discusses the challenges and risks associated with investing in apartments, particularly focusing on taxation and land use rights, which significantly impact potential appreciation and returns on investment. Group 1: Taxation Issues - The taxation on property transactions, including deed tax and value-added tax, can be substantial, reducing the net profit from property sales significantly [4][2][9] - For example, selling an apartment purchased for 400,000 and sold for 800,000 incurs various taxes totaling approximately 266,000, which includes deed tax, value-added tax, individual income tax, and land value increment tax [4][2] - The land value increment tax is particularly burdensome, as it can consume a large portion of any appreciation in property value [2][4] Group 2: Land Use Rights - The issue of land use rights is critical, as non-residential properties typically have a 40-year usage period, after which high renewal fees are required, effectively necessitating a new purchase [2][9] - The renewal process for land use rights in cities like Shenzhen has been established, but it still poses a financial burden on property owners [7][8] Group 3: Investment Returns - The actual returns on investment in apartments may be significantly lower than expected due to depreciation, property management fees, and increasing taxes, with real returns potentially dropping to 1-3% after accounting for these factors [9] - The competition from government-subsidized rental housing also poses a threat to the rental income potential of apartments, as these alternatives have lower holding costs [9]

Core Viewpoint - The resurgence of interest in older walk-up apartments, particularly top-floor units, is driven by their affordability and potential for future value appreciation through urban redevelopment and renovation projects [1][3]. Group 1: Market Dynamics - Older walk-up apartments are being purchased due to their significantly lower prices compared to newer developments, with examples showing prices as low as 200 million yuan for 60 square meters in Shenzhen and 10 million yuan for 80 square meters in Tonghua [3]. - The price difference for top-floor units can be substantial, with savings of 40-50 million yuan for a 100 square meter apartment in Shanghai compared to lower floors, creating a profit margin for investors [3]. Group 2: Investment Opportunities - Investors are betting on potential demolition and compensation, as compensation is calculated based on area rather than floor level, leading to high return rates if redevelopment occurs [5]. - Renovation of older apartments can significantly increase their value, with post-renovation price premiums of 15% and rental yields rising by 15-20%, making them attractive for rental income [6][7]. Group 3: Government Policies - Local governments are actively purchasing older properties for redevelopment, which boosts market confidence and provides a safety net for investors [9][11]. - Policies supporting the acquisition of older properties are making previously unsellable units more appealing, as they may be eligible for government buyouts [9]. Group 4: Location and Demand - The location of older walk-up apartments is crucial; those near public transport and essential services are more desirable, ensuring a steady demand for rentals and easier resale [12]. - Low total price points for small units are attracting budget-conscious investors, with quick turnover potential in markets like Weihai [14]. Group 5: Risks and Considerations - While top-floor units offer high potential returns, they also come with risks such as uncertain demolition plans and high maintenance costs due to aging infrastructure [16].

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Group 1 - The core viewpoint is that housing prices have significantly dropped, leading to relaxed purchasing restrictions and lower mortgage rates in major cities, indicating a potential stabilization in the market [1][6] - In first-tier cities, there are signs of price stabilization after a decline of around 50%, with central urban areas in second-tier cities seeing prices drop below 10,000 per square meter [1][6] - The sentiment among sellers is questioned, as many are selling at low prices, possibly due to financial pressures rather than market conditions [1][6] Group 2 - The belief exists that housing prices will eventually stabilize and rise again, as they cannot remain flat indefinitely; recent trends in real estate stocks indicate a potential upward movement [7] - Factors supporting a rise in housing prices include economic needs for employment and income, the necessity of property as collateral for loans, and the government's interest in preventing further declines that could harm banks [7] - The current state of savings in RMB is 32 billion, emphasizing the need for wealth conversion into assets like real estate to avoid depreciation [7] Group 3 - The urgency to create positive expectations in the housing market is highlighted, as confidence in rising prices can stimulate consumer spending and foster a healthy economic cycle [10][11] - Housing is viewed as a fundamental asset for individuals, with historical significance as a financial vehicle, reinforcing its importance in personal wealth management [10]

Core Insights - DWS has appointed Matthias Naumann as the head of direct real estate business for the Asia-Pacific (APAC) region, based in Sydney [1] - Naumann previously served as the Chief Investment Officer for DWS's APAC real estate division, bringing extensive strategic and investment experience in both European and APAC real estate markets [1] - The appointment aims to strengthen DWS's market position in the region and drive business expansion in key markets such as Japan, South Korea, and Australia, particularly in residential properties [1] - DWS emphasizes that this appointment reflects the company's commitment to increasing its footprint in the APAC real estate market and supports the implementation of its global real estate investment strategy [1]

Investment Rating - The industry is rated as outperforming the market, with a projected increase of over 5% relative to the benchmark index in the next six months [1][118]. Core Insights - The macroeconomic indicators are showing marginal recovery, leading to an overall rebound in engineering machinery sales [1]. - In the first seven months of 2025, excavator sales reached 137,658 units, representing a year-on-year increase of 17.8% [19][26]. - The report highlights a structural divergence in the sales of various types of cranes, with tower cranes and truck cranes experiencing declines due to the ongoing downturn in the real estate market, while crawler cranes are benefiting from strong demand in large-scale energy projects [54]. Summary by Sections 1. Macroeconomic Tracking - As of July 2025, China's manufacturing PMI recorded at 49.3%, indicating a contraction, while the production PMI was at 50.5%, signaling expansion [2][6]. - The Producer Price Index (PPI) decreased by 3.6% year-on-year, while the Consumer Price Index (CPI) showed a slight increase of 0.4% month-on-month [11][12]. - Fixed asset investment in China reached 288,229 billion yuan in the first seven months of 2025, growing by 1.6% year-on-year, with infrastructure investment up by 7.3% [14]. 2. Sales Overview of Chinese Engineering Machinery - In the first seven months of 2025, various machinery sales showed mixed results: - Excavators: 137,658 units (+17.8%) - Concrete machinery: 183,700 units (-2.14%) - Tower cranes: 3,181 units (-36.8%) - Crawler cranes: +13.1% - Truck cranes: +3.3% [19][27][30][38][48]. - The report indicates that the sales of forklifts reached 857,939 units, marking a 12% increase year-on-year [104][111]. 3. Investment Opportunities - The report emphasizes that domestic infrastructure investment remains resilient, with machinery related to construction, such as road rollers and pavers, expected to benefit in the long term [102]. - The government has increased the issuance of special bonds for local governments, which is anticipated to drive demand for engineering equipment [102].

Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

Group 1: Fixed Asset Investment - National fixed asset investment from January to August increased by 0.5% year-on-year, a decline of 1.1 percentage points compared to January to July [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 2.0% year-on-year, down 1.2 percentage points from January to July [2] - Full-year infrastructure investment growth is expected to reach around 5.0%, an acceleration of 0.6 percentage points compared to the previous year [2] Group 2: Government Policies and Financing - The Central Political Bureau emphasized the need for sustained macro policies and the acceleration of government bond issuance to improve fund utilization efficiency [2] - There will be a large-scale issuance of new special bonds for local governments for project construction in the second half of the year [3] - The issuance scale of special long-term bonds to support "two heavy" investments may be increased, providing sufficient funding for infrastructure investment [5] Group 3: Real Estate Investment - Real estate development investment from January to August decreased by 12.9% year-on-year, with the decline expanding by 0.9 percentage points compared to January to July [4] - New commercial housing sales area was 57,304 million square meters, a year-on-year decrease of 4.7% [4] - The expected year-on-year decline in real estate investment is projected to be around -9.0%, narrowing by 1.6 percentage points compared to the previous year [6] Group 4: Manufacturing Investment - Manufacturing investment from January to August increased by 5.1% year-on-year, but this was a decline of 1.1 percentage points compared to the first seven months [7] - The external economic environment and "anti-involution" policies may further impact domestic manufacturing investment, with a projected full-year growth rate of around 5.5%, down 3.7 percentage points from the previous year [7][8] - Manufacturing investment is expected to continue its downward trend in the second half of the year [7]

Core Insights - The recent developments in Nansha Island, including the opening of Line 22, new residential land, and infrastructure improvements, are expected to significantly enhance property values and living conditions in the area [1][34]. Group 1: Market Conditions - Property prices in Nansha Island have seen a decline, with values dropping from over 30,000 yuan per square meter to around 20,000 yuan per square meter, resulting in significant losses for homeowners [18][19]. - The area has experienced a lack of new supply, with the last new project being launched years ago, leading to a reliance on the second-hand market [5][10]. Group 2: Buyer Experience - A homeowner, referred to as "Xiao V," purchased a 95 square meter apartment for 3.28 million yuan (34,000 yuan per square meter) during the peak market conditions in 2021, but now faces a loss of over 1 million yuan due to market fluctuations [15][18]. - Despite the financial loss, the homeowner values the tranquility and community of the neighborhood, indicating a shift in priorities from purely financial considerations to lifestyle factors [23][34]. Group 3: Future Developments - The anticipated opening of Line 22 and the construction of the Haizhu Bay Tunnel are expected to improve accessibility and potentially increase property values in Nansha Island [34][36]. - Future urban planning includes the addition of five new residential plots and 32 public service facilities, including a school, which may enhance the area's appeal and infrastructure [36].

9月11日晚，首开股份发布风险提示公告称，盈信公司为公司持股比例为62.74%的控股子公司，其持有的基金持有宇树科技4.7683%股权，盈信公司间接 持有的宇树科技股权比例约为0.3%，持股比例很低。盈信公司对该基金的投资仅为财务性投资，对基金决策运作无控制力和影响力。 事实上，9月3日起，首开股份股价开启"狂飙"。有媒体报道称，首开股份控股子公司北京首开盈信投资管理有限公司（以下简称"盈信公司"）间接持有杭 州宇树科技股份有限公司（以下简称"宇树科技"）股权。 而就在9月2日，宇树科技在海外社交媒体上宣布预计将在2025年10月至12月期间向证券交易所提交上市申请文件，届时公司的相关运营数据将正式披露。 此前今年7月，宇树科技已启动IPO辅导。 本报讯 （记者向炎涛）9月12日开盘，首开股份（600376）（股票代码：600376）继续走高，9:44即封涨停板，报5.51元/股，在8个交易日内实现7个涨 停，涨幅108.71%。 公告还显示，公司主营业务、生产经营情况以及经营环境与前期披露的信息相比未发生重大变化。自9月3日以来，公司股票交易呈现出交易量明显增长、 换手率大幅提升、股东人数显著增长、个别机构 ...