Reece Ltd股票在澳大利亚股市近五十年来跌幅最大，原因是这家澳大利亚的管道供应公司公布其全年 利润出现下滑，并警告称美国住房市场仍存在持续疲软的情况。虽然Reece在艰难的环境中取得了"还算 不错"的业绩，但花旗分析师在一份报告中指出，"美国宏观经济仍是一个令人担忧的问题"。据收集的 数据，该公司约57%的收入来自美国。 该公司股价暴跌了多达22%，这是自1978年6月以来的最大跌幅。此前该公司截至6月30日的年度净利润 下降了24%，至3.169亿澳元(约合2.05亿美元)，未达到分析师的预期。该公司还表示，鉴于购房能力方 面存在的问题，预计未来12至18个月内美国房地产市场将受到限制。 Reece的谨慎态度与众多涉足美国房地产市场的公司所发出的警告相呼应。James Hardie Industries公司 (一家在悉尼上市的公司)的股票上周经历了半个世纪以来最糟糕的行情，原因是这家建筑材料制造商警 告称房地产需求疲软。James Hardie Industries Plc(一家管道产品公司)的股价也受到了冲击，因为该公司 表示销售前景不佳。 ...

Summary of Real Estate Market Conference Call Industry Overview - The overall real estate market in July 2025 is weak, with sales figures at a near low, slightly above the Spring Festival months, indicating significant market pressure [1][2] - Sales in 30 key cities fell by 30% month-on-month and 20% year-on-year, with a cumulative year-on-year decrease of 1% [1][2] Key Points and Arguments Sales Performance - July sales for the top 100 real estate companies dropped by 39% month-on-month and 25.8% year-on-year, with total sales for the first seven months down by 12.7% [2] - The sales figure for July 2025 was 207 billion yuan, marking the third-lowest since 2019 [2] City-Level Performance - First-tier cities saw significant declines: Shanghai's new home absorption rate fell to 40%, Beijing's transactions decreased by 41%, and Shenzhen's absorption rate dropped below 5% [1][8][9] - Second-hand housing market also showed a decline, with a 6% month-on-month drop and a 5% year-on-year decrease [1][13] Inventory and Supply - National supply in July decreased by 20% month-on-month and 11% year-on-year, remaining at historical lows [4] - Total inventory stands at 220 million square meters, with a slight month-on-month decrease of 1% and a year-on-year decrease of 8% [12] Future Market Expectations - The market is expected to continue facing pressure in the coming months, with potential further declines in the third quarter [6][15] - Short-term policy changes are not anticipated to provide significant relief, with conventional measures having limited impact [15] Notable Company Performances - Some companies performed relatively well despite the overall market downturn: - China Jinmao saw a 50% year-on-year increase despite a 45.8% month-on-month drop [3] - Binjiang achieved a 25% year-on-year growth with a slight 6.2% month-on-month decline [3] - Major state-owned enterprises like China Merchants, China Overseas, and China Resources maintained declines within 10% [3] Land Market Insights - The land market remains subdued, with a 13% month-on-month decrease in land transaction area and an 18% decrease in transaction value [14] - Some core cities, like Shanghai and Shenzhen, saw record high land sale prices despite overall declines [14] Structural Highlights - Certain project types are performing well: 1. Scarce projects in prime locations with good amenities continue to sell well [20][21] 2. Strong product offerings, such as new regulations and high-quality homes, show faster absorption rates [21] 3. Significant price reductions in some second-tier cities attract buyers, requiring discounts of 20% or more to achieve sales [21] Conclusion - The real estate market in July 2025 reflects a challenging environment with declining sales, increased inventory, and cautious attitudes from major developers regarding land acquisition. The outlook for the coming months suggests continued pressure with limited immediate policy support.