Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report objectively reflects the research views of futures companies and securities companies on various commodity varieties, tracks hot varieties, analyzes market investment sentiment, and summarizes investment driving logics. It is based on the research reports publicly released by institutions in the current week, and processes and summarizes the long - short views and trading logics of each futures variety. The closing price data is from last Friday, and the weekly change is the change in the closing price of last Friday compared with the previous Friday [2]. 3. Summary by Directory 3.1 Market Data - **Commodities**: From July 7th to July 11th, 2025, the commodities with significant weekly increases include coke (6.04%), glass (5.85%), and iron ore (4.30%); while those with decreases include copper (-1.63%), corn (-2.00%), and methanol (-1.21%) [3]. - **A - shares**: The CSI 500 rose 1.96%, the SSE 50 rose 0.60%, and the CSI 300 rose 0.82% [3]. - **Overseas Stocks**: The French CAC40 rose 1.73%, the FTSE 100 rose 1.34%, while the Nasdaq Index fell -0.08%, the S&P 500 fell -0.31%, and the Nikkei 225 fell -0.61% [3]. - **Bonds**: The 2 - year Chinese Treasury bond rose 2.81%, the 5 - year rose 2.00%, and the 10 - year rose 1.08% [3]. - **Foreign Exchange**: The US Dollar Index rose 0.91%, while the US Dollar central parity rate fell -0.08%, and the Euro - US Dollar exchange rate fell -0.74% [3]. 3.2 Commodity Views Summary - **Macro - Financial Sector** - **Stock Index Futures**: Among 8 institutions' views, 4 are bullish, 0 are bearish, and 4 expect a sideways trend. The bullish logics include domestic "anti - involution" boosting market confidence, potential passive position - increasing after index breakthrough; bearish logics include weakened upward momentum at high levels and concerns about policy risks [4]. - **Treasury Bond Futures**: Among 8 institutions' views, 4 are bullish, 2 are bearish, and 2 expect a sideways trend. Bullish factors are the loose monetary policy and weak inflation environment; bearish factors are the recovery of risk appetite and short - term cooling of interest - rate cut expectations [4]. - **Energy Sector** - **Crude Oil**: Among 9 institutions' views, 2 are bullish, 2 are bearish, and 5 expect a sideways trend. Bullish logics are strong US diesel demand and a decline in active drilling rigs; bearish logics are potential impacts of US tariff policies on the global economy and high OPEC+ production in June [5]. - **Agricultural Sector** - **Live Pigs**: Among 7 institutions' views, 2 are bullish, 1 is bearish, and 4 expect a sideways trend. Bullish factors are low slaughter volume and policy regulation; bearish factors are stable sow inventory and weak demand due to hot weather [5]. - **Non - ferrous Metals Sector** - **Copper**: Among 7 institutions' views, 1 is bullish, 2 are bearish, and 4 expect a sideways trend. Bullish logics are tight mine supply and low LME inventory; bearish logics are expected US copper tariff hikes and weak demand in construction and other industries [6]. - **Chemical Sector** - **Soda Ash**: Among 7 institutions' views, 0 are bullish, 5 are bearish, and 2 expect a sideways trend. Bullish factors are the stabilization of the coal market and low short - term valuations; bearish factors are weakening basis, high production rates, and high inventory levels [6]. - **Precious Metals Sector** - **Gold**: Among 7 institutions' views, 6 are bullish, 1 is bearish, and 0 expect a sideways trend. Bullish logics are the expectation of Fed rate cuts and increased geopolitical uncertainties; bearish logics are low energy prices and potential delays in Fed policy shifts [7]. - **Black Metals Sector** - **Coking Coal**: Among 8 institutions' views, 3 are bullish, 0 are bearish, and 5 expect a sideways trend. Bullish factors are the first price increase by coke enterprises and high iron - water production; bearish factors are the resumption of coal mine production and weak construction demand [7].

Investment Rating - The report does not explicitly state an investment rating for the real estate industry Core Insights - The real estate sector in A-shares and Hong Kong has experienced declines, with A-share real estate down by 1.5% and Hong Kong real estate down by 4.6% during the week of April 5-11 [2] - The average premium rate for land transactions remains high at 11%, despite a significant week-on-week decline in land transaction volume by 51% [2][29] - New housing transactions have decreased due to holiday effects and the pace of new launches, with a week-on-week decline of 35% across 47 cities [3][34] - The second-hand housing market shows resilience with a week-on-week increase of 9% in transactions across 22 cities [3][42] - The necessity for real estate stimulus has increased due to tariff impacts, with the potential for policy measures to be introduced in late April [4][13] Summary by Sections Market Overview - The A-share real estate sector ranked 6th among all sectors with a decline of 1.5%, while the Hong Kong real estate sector ranked 5th with a decline of 4.6% [2][18] - The property service index in Hong Kong fell by 2.5%, outperforming the Hang Seng China Enterprises Index and the CSI 300 Index by 4.9% and 0.4%, respectively [23] Land Transactions - In the week of April 5-11, the total area of residential land sold in 300 cities was 276 million square meters, reflecting a 51% decrease week-on-week and a 43% decrease year-on-year [2][29] - Cumulatively, from the beginning of 2025, the total area of residential land sold reached 9,554 million square meters, with a year-on-year increase of 1% [29] New Housing Transactions - New housing sales across 47 cities totaled 283 million square meters, with a week-on-week decline of 35% and a year-on-year decline of 6% [3][34] - First-tier cities saw a week-on-week decline of 39% in new housing transactions [34] Second-hand Housing Transactions - Second-hand housing transactions across 22 cities totaled 272 million square meters, with a week-on-week increase of 9% and a year-on-year increase of 23% [42] - First-tier cities experienced a year-on-year increase of 30% in second-hand housing transactions [42] Policy and Stimulus - The report highlights the need for stimulus measures in the real estate sector due to increased tariffs, with potential policy implementations expected following the political bureau meeting at the end of April [4][13] - Various cities are conducting research and preparing policies to stabilize the real estate market [14] Market Dynamics - The average absorption rate for new projects in March reached 45%, with significant increases in cities like Beijing, Shanghai, and Chengdu [5][15] - Strong product quality is identified as a key factor driving market interest, particularly in core urban areas [5][15] Investment Recommendations - The report suggests focusing on companies with strong product offerings and land acquisition capabilities, particularly in first-tier and core second-tier cities [6] - Recommended companies include Binjiang Group, China Overseas Development, and Jianfa International Group, along with their respective property management firms [6]