Core Viewpoint - The article emphasizes the ongoing efforts by the central and local governments to stabilize the real estate market through various financial policies and measures aimed at enhancing housing supply and improving existing inventory management [1][7][10]. Policy Trends - The frequency of local "stabilizing market" policy announcements has slightly decreased, with 14 policies released this week, but remains at the annual average level [2]. - There has been an increase in the issuance of comprehensive "stabilizing market" policies, with notable examples such as Fuzhou's 16 new policies supporting real estate project development [2][11]. Supply-Side Management - The optimization of housing provident fund policies has been the most frequently mentioned type of policy, with five mentions this week [3]. - The focus on "supply-side optimization" has significantly increased, with five localities addressing this aspect [3]. - Local governments, including Hainan and Fuzhou, have introduced measures to support the revitalization of existing real estate inventory, including financial support for purchasing existing properties for affordable housing [11][12]. Housing Security - The issuance of special bonds for affordable housing has increased by over 300% compared to the same period in 2024, indicating a strengthened commitment to affordable housing construction [10]. - Localities such as Dongguan and Yancheng have announced new policies to enhance housing security, including the collection of existing commercial housing for use as affordable housing [12]. Recent Policy Announcements - A summary of recent policy announcements includes: - The central bank's commitment to stabilizing the real estate market and improving financial systems [7]. - Dongguan's initiative to collect existing commercial housing for affordable housing [11]. - Fuzhou's reduction of the down payment ratio for affordable housing loans to 15% [11]. - Guangdong's encouragement of old community renovations and allowing for increased building scale [11][12].

Group 1 - The central bank has adopted a more positive tone regarding the domestic economic situation, indicating that positive factors for prices are increasing, while external environmental fluctuations remain [1][3] - The macroeconomic policy is described as "more proactive and effective," leading to stable economic operation with good performance in major economic indicators, supported by regulatory measures against low-price disorderly competition [1][3] - The external environment continues to show volatility, with weakened global economic growth momentum and increased trade barriers, necessitating a focus on domestic strategic tasks for modernization [1][3] Group 2 - The policy framework emphasizes continuity and predictability, focusing on "stability in employment, enterprises, markets, and expectations," which enhances support for the capital market [2][4] - The monetary policy remains accommodative, providing protection for the real economy and capital markets, with a focus on guiding social expectations amid uncertainties [2][5] - The emphasis is on implementing existing policies in detail, optimizing the credit structure, and maintaining reasonable growth in financial totals rather than merely increasing credit scale [2][5] Group 3 - Interest rate policies stress execution and regulation, reflecting reforms in the interest rate system and transmission mechanisms, aimed at reducing social financing costs [3][7] - The report indicates a more relaxed stance on exchange rates, suggesting stability at a reasonable equilibrium level, with monetary policy execution being "self-directed" [3][7] Group 4 - The report outlines eight major tasks for the next phase of monetary policy, including enhancing macro credit policy guidance, developing green financial products, and supporting small and micro enterprises [8] - The focus is on promoting financial support for consumption, stabilizing the real estate market, and ensuring the effective implementation of various financial policies [8]

Core Viewpoints - The article discusses the current state and future trends of the real estate market, focusing on various aspects such as macroeconomic factors, industry dynamics, and company performance [2]. Group 1: Company Support and Financial Health - Shenzhen Metro Group has provided over 20 billion yuan to support Vanke, emphasizing the need for further liquidity support from Shenzhen State-owned Assets Supervision and Administration Commission and Shenzhen Metro Group for Vanke's success [5]. - Longfor Group's confidence in repaying over 10 billion Hong Kong dollars in syndicated loans ahead of schedule is attributed to its diversified and stable income structure, prudent investment strategy, and healthy financial status [6][7]. Group 2: Market Trends and Data Insights - In Wuhan, the proportion of price-reducing communities has decreased to 49%, with demand from first-time buyers and those seeking improvements acting as dual cores to stabilize prices [8]. - The real estate market in August showed signs of recovery, with a structural increase in visitor registrations driven by quality-focused supply in cities like Hangzhou and Wuhan [8]. - The inventory indicators for both short and long-term are decreasing, and the year-on-year price index is showing marginal improvement, with personal loans to real estate companies increasing [9]. Group 3: Land Auction and Policy Dynamics - A land auction in Shenzhen saw a record high price with a 35% premium, as a consortium led by China Resources won a plot for 8.64 billion yuan [10]. - The number of properties in judicial auctions reached new highs in July, indicating a potential opportunity for improving the housing market through better management of auction platforms [12]. - Local governments have been actively implementing policies to stabilize the market, with a notable increase in policy announcements, marking a shift to a "high-frequency output" mode since 2025 [13][14]. Group 4: Land Supply and Pricing Trends - The land supply and demand have both decreased on a month-on-month basis, with a slight rebound in premium rates, although they remain low for the year [15]. - In the 32nd week, the monitored supply area in key cities was 2.78 million square meters, down 35% month-on-month, while the transaction area was 3.18 million square meters, down 39% month-on-month [15]. Group 5: Residential Product Trends - From January to July, the national market has seen an increasing trend in the sale of larger residential products, with those over 120 square meters gaining market share, while smaller units have seen a decline [17].

另外，从房企资金状况来看，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，同比增长0.1%；利用外资17亿元，同比增长3.2%；自筹资金23230亿元，同比下降8.5%；定 金及预收款16815亿元，同比下降9.9%；个人按揭贷款7918亿元，同比下降9.3%。 从开发投资数据来看，1—7月份，全国房地产开发投资53580亿元，同比下降12.0%；房地产开发企业房屋施 工面积638731万平方米，同比下降9.2%；房屋新开工面积35206万平方米，同比下降19.4%；房屋竣工面积 25034万平方米，同比下降16.5%。 广东省住房政策研究中心首席研究员李宇嘉指出，1—7月份，全国房屋新开工面积同比下跌19.4%，比上半年 20.0%的降幅收窄0.6个百分点，且降幅连续五个月收窄，意味着行业连续三年多的体量收缩开始进入尾声。 随着各地加大优质土地供应，完善公共配套设施，优化规划报建等营商环境，推进城中村、危旧房改造等，市 场规模开始稳定。 中指研究院指数研究部总经理曹晶晶认为，7—8月为市场传统淡季，新房市场交易量出现季节性回落，而核 心城市优质地块土拍保持较 ...

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]

7月24日，上海2025年六批次土拍正式开拍，8宗地块分两日出让，其中7月24日共出让5宗地块，最终4 宗溢价成交、1宗底价成交，总成交金额185.3亿元。 从土拍结果来看，闵行区宅地溢价率最高，为30%；静安区商住混合用地和普陀区多用途组团用地均由 中海竞得，溢价率分别为10.1%和14.17%，总价达118.88亿元。 业内人士认为，上海本场土拍热度持续，随着土拍市场热度的传导，叠加优质新房供应的加快，上海房 地产市场的稳定态势或将持续得到支撑。 普陀区多用途组团用地由1幅宅地和1幅商服地块组成，总土地出让面积47199.11m²，总规划建筑面积 110925.6m²，总起始价57.15亿元。该地块吸引了两家房企竞价，最终由中海以总价65.25亿元竞得，成 交综合楼面价58823元/m²，溢价率14.17%。 奉贤区宅地土地出让面积25690.6m²，规划建筑面积30828.72m²，容积率1.2，起始价6.78亿元。该地块 吸引了两家竞买人参与竞价，最终由国贸和象屿联合体以总价7.58亿元竞得，成交楼面价24595元/平方 米，溢价率11.8%。 青浦区多用途组团用地由3幅住宅用地、2幅商业用地组成，总 ...

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]