Report Summary 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - Since 2024, the number of new bond - issuing industrial entities has significantly increased under the strict supervision of urban investment bonds. The new industrial entities from January 1 to August 26, 2025, are mainly concentrated in low - to - middle administrative levels, with over half of them having an AA+ rating and mostly located in economically developed provinces. The marginal supply increment of industrial bonds brought by these new entities is difficult to substantially alleviate the shortage of credit bond assets [1][2]. - Newly - issued bonds of new industrial entities often have an excess spread at the initial listing stage due to liquidity and market cognitive differences, and the excess spread tends to narrow to varying degrees after listing. It is recommended to select bonds from industries with relatively good prosperity (such as social services) and focus on bonds issued by urban investment subsidiaries [3]. 3. Summary by Directory 3.1 Newly - Issued Bond Industrial Entities Inventory - **Quantity change**: Since the second half of 2023, under the strict supervision of urban investment bonds, the number of new bond - issuing industrial entities has increased. In 2024, there were 133 new industrial bond - issuing entities, and from January 1 to August 26, 2025, 191 industrial entities entered the capital market for bond financing. The number of new industrial bond - issuing entities from January to July 2025 showed a fluctuating upward trend, with 41 entities in July alone [1][4]. - **Administrative level**: Among the 191 new industrial bond - issuing entities from January 1 to August 26, 2025, 63 were district - level state - owned enterprises and 62 were prefecture - level state - owned enterprises, showing a concentration in low - to - middle administrative levels. The 63 new district - level industrial entities were mostly concentrated in economically developed provinces such as Shandong, Zhejiang, Guangdong, and Jiangsu [8]. - **Subject rating**: Among the new industrial bond - issuing entities from January 1 to August 26, 2025, 103 had an AA+ rating, accounting for 54%, followed by 52 with an AA rating and 31 with an AAA rating, mainly medium - and low - credit - rated entities [8]. - **Industry distribution**: The top five industries with the largest number of new industrial bond - issuing entities from January 1 to August 26, 2025, were comprehensive (47), social services (31), building decoration (24), non - bank finance (18), and real estate (10) [13]. - **Regional distribution**: New industrial bond - issuing entities were mostly concentrated in economically developed provinces such as Shandong (30), Jiangsu (24), Guangdong (17), and Zhejiang (17) [13]. - **Asset scale**: Most of the industrial entities that first appeared in the bond market in 2025 were small - scale. Among the 191 new industrial bond - issuing entities from January 1 to August 26, 2025, 47% had a total asset scale of less than 100 million yuan, and 49% had a net asset scale of less than 50 million yuan. Among the 81 industrial entities with a total asset scale of less than 100 million yuan, 32 were subsidiaries of urban investment companies [17]. - **Bond issuance scale and use of funds**: The total issuance scale of bonds issued by new industrial entities from January 1 to August 26, 2025, was 13.78 billion yuan, mainly private placement corporate bonds. The funds were mainly used to repay interest - bearing debts (8.08 billion yuan, accounting for 59%), and some were used for project construction, supplementary working capital, and other purposes [20]. - **Ways for urban investment entities to increase bond quotas**: Bond - financing - restricted urban investment entities usually use subsidiaries as issuers to try to increase bond quotas, mainly by injecting assets into existing subsidiaries or stripping urban investment - related businesses. The former is the preferred method, but the single - bond quota of urban investment subsidiaries is usually small [23]. 3.2 How to Evaluate the Investment Value of New Industrial Entities - **Value discovery process**: In the first five trading days after the listing of bonds issued by new industrial entities, the excess spread fluctuated little and showed no obvious trend. As time passed, the market's perception of new industrial entities gradually converged, and the liquidity premium and risk premium at the initial listing stage mostly narrowed significantly [3][26]. - **Overview of major industries of new industrial entities**: - **Building industry**: The industry is currently in a state of low prosperity. In 2024, the construction and completion areas decreased year - on - year. In July 2025, the PMI and its sub - indicators were at a low level. Although the "anti - involution" initiative was put forward, it is difficult to significantly boost the bargaining power of construction enterprises in the short term, and the subsequent marginal improvement needs attention [30][31]. - **Social services**: The number of domestic tourists and tourism revenue have been continuously rising. The main business of social service issuers is mainly related to tourism. With the improvement of the modern tourism system, tourism will play a more prominent role in promoting economic development [35]. - **Real estate**: Housing prices and investment are at a low level. In July 2025, the prices of new and second - hand houses in 70 large and medium - sized cities decreased year - on - year, and real estate development investment also declined. Policy support may be the key variable for the real estate market [37]. 3.3 Investment Recommendations - Focus on new bond - issuing industrial entities in the future, as they often have an excess spread at the initial listing stage, which tends to narrow over time. - Select bonds from industries with relatively good prosperity, such as social services. - Pay attention to bonds issued by urban investment subsidiaries, as their credit risks are relatively controllable [39].

智通财经获悉，内房股午前涨幅扩大，截至发稿，建发国际集团(01908)涨5.24%，报17.26港元；中国金 茂(00817)涨4.17%，报1.5港元；越秀地产(00123)涨3.9%，报4.79港元；龙湖集团(00960)涨3.46%，报 10.16港元；万科企业(02202)涨2.02%，报5.06港元。 消息面上，7月以来，核心城市已经在继续优化房地产政策，如北京、广州、南京、大连等地从提高额 度、优化提取、延长还款期限等方面优化公积金贷款政策。7月30日，中央政治局召开会议。国盛证券 指出，根据本次会议内容，房地产领域后续的政策举措或将重点在于托底，帮助房地产市场企稳态势， 政策端包括增加"城市更新"、"城中村和危旧城改造"等潜在需求。 东方证券指出，市场部分投资者因期待短期内出台房地产刺激政策，但本次政治局会议并未直接提及房 地产政策，进而对行业前景悲观。我们认为，在行业风险下降的背景下，不强调短期刺激进而转向新发 展模式的探索，是符合当下行业逻辑的。我们对于地产股的看好，并不依赖于短期内政策刺激带来阶段 性脉冲，而在于行业整体处于筑底阶段的判断以及无风险利率的下降、地产行业风险评价回落，市场风 ...

Group 1 - The core viewpoint indicates that real estate stocks have seen significant gains, with notable increases in companies such as Jianfa International Group (up 5.24%), China Jinmao (up 4.17%), and others, driven by policy optimizations in major cities since July [1] - Key cities like Beijing, Guangzhou, Nanjing, and Dalian have improved housing fund loan policies, including increasing loan amounts, optimizing withdrawals, and extending repayment periods [1] - The Central Political Bureau meeting on July 30 suggested that future policies in the real estate sector will focus on stabilizing the market, with potential demands for urban renewal and the renovation of old urban villages [1] Group 2 - Eastern Securities noted that some investors are optimistic about short-term real estate stimulus policies, but the recent Political Bureau meeting did not directly address these policies, leading to a pessimistic outlook for the industry [2] - The industry is transitioning from short-term stimulus expectations to exploring new development models, which aligns with the current industry logic [2] - The overall assessment of the real estate sector is that it is in a bottoming phase, with decreasing risk-free interest rates and improved risk evaluations contributing to rising market risk appetite and stock price opportunities [2]

Group 1 - The core viewpoint indicates that real estate stocks in China have seen significant gains, with notable increases in companies such as Jianfa International Group (up 5.24%) and China Jinmao (up 4.17%) as of the latest report [1] - Key cities have been optimizing real estate policies since July, including adjustments to public housing loan policies in cities like Beijing, Guangzhou, Nanjing, and Dalian [1] - The Central Political Bureau meeting on July 30 suggested that future policy measures in the real estate sector will focus on stabilizing the market, with potential demand from urban renewal and renovation of old urban villages [1] Group 2 - Some market investors are optimistic about the potential for short-term real estate stimulus policies, although the recent Political Bureau meeting did not directly address these policies, leading to a more pessimistic outlook for the industry [2] - The industry is viewed as being in a bottoming phase, with a decrease in risk-free interest rates and a recovery in risk assessment for the real estate sector, which may lead to upward price movements in real estate stocks [2]