Group 1: Platinum Market Overview - The sentiment during the "New York Platinum Week" from September 15 to 19 was predominantly bullish, with spot platinum prices fluctuating around $1,400 per ounce, marking a significant increase of over 30% from the average price of $1,061 per ounce during the "London Platinum Week" in May [1] - The market structure has strengthened this optimistic sentiment, with the "futures to spot" (EFP) spread showing a notable change, where futures prices remained above spot prices in July and August, leading to a premium exceeding $80 [1] - Concerns over tariffs have driven traders to increase demand for physical metal in the U.S., resulting in a significant inflow of physical platinum into certified warehouses in Chicago and a reduction in London market inventories, exacerbating supply tightness [1] Group 2: Leasing Market Dynamics - The leasing rates for platinum surged to historical highs, reaching nearly 40% on July 18, after starting at around 10% in early May, with rates remaining above 15% in early September [2] - The primary drivers for the rising leasing rates include tight physical supply in the London and Zurich OTC markets, along with significant inflows of platinum into the Chinese market and weak mining supply during the first half of the year [2] Group 3: Palladium Market Insights - Palladium prices also saw an increase, with spot prices rising by over $170 since May 19, driven more by speculative positioning and inflows into exchange-traded products (ETPs) rather than immediate physical demand [2][3] - In July, palladium futures also experienced a significant premium over spot prices, driven by similar tariff concerns, although leasing rates did not reach the extreme levels seen in platinum [3] Group 4: Tariff Policy Uncertainty - The uncertainty surrounding U.S. tariff policies continues to create market volatility, with the specifics of tariff implementation remaining unclear during the "New York Platinum Week" [4] - The complexity of tariff applicability for platinum group metals depends on specific trade agreements, leading to potential risks for semi-finished products and industrial goods containing platinum group metals [4] Group 5: Supply and Demand Trends - The global refined output of 3E platinum group metals is expected to decline by 8% year-on-year in the first half of 2025, with South African supply facing structural declines due to various factors [5] - The automotive sector, a major demand area for platinum group metals, is projected to see a 4% decrease in demand, influenced by the cancellation of electric vehicle tax credits in the U.S. and relaxed emissions targets [6] Group 6: Future Supply Shortages - All five platinum group metals are currently in a state of supply shortage, with expectations that this gap will persist until 2026 [7] - The supply shortage for platinum is anticipated to widen, while the palladium supply-demand gap is expected to narrow, contrasting sharply with previous market expectations of surplus [7]

Group 1 - The rental market in key cities is showing signs of recovery, with overall rental prices in 55 cities rebounding in August, ending a two-month decline [1][2] - The average rental price in 55 cities is reported at 31.76 yuan per square meter per month, reflecting a month-on-month increase of 0.37% and a year-on-year decrease of 2.72%, indicating a continued recovery trend [2][9] - Among the 55 cities, 27 cities experienced a month-on-month increase in rental prices, with Wuhan leading at a 4.5% increase, while Beijing is the only city with a month-on-month decline of 2.05% [2][4] Group 2 - The increase in supply of affordable rental housing in cities like Beijing is a significant factor contributing to the downward pressure on rental prices [7][9] - Beijing plans to construct 50,000 units of affordable rental housing by 2025, which is expected to further increase market supply and impact rental prices [7][10] - The overall rental environment is becoming more competitive due to rising personal housing supply and the entry of affordable rental projects, leading to a potential decline in rental prices in the future [8][9] Group 3 - The rental market is currently experiencing a seasonal downturn, with expectations of continued downward pressure on rental prices as the market transitions into a traditional off-peak season [10] - The impact of the "graduation season" is still evident, but as this period concludes, rental prices are likely to face further pressure, particularly in cities like Wuhan where recent increases were driven by a surge in demand from graduates [8][9]

Group 1: Residential Market Insights - The Hong Kong residential market saw a 17% month-on-month increase in total transaction volume in June, driven by a 28% surge in primary residential sales [1] - Despite the increase in transaction volume, residential prices are under pressure, with a 0.9% decline year-to-date and a 6.2% year-on-year decrease as of May [1] - The most sought-after residential properties are priced between 12 to 15 million HKD, with the most active areas being Wong Chuk Hang and Ma On Shan [1] - The luxury residential market recorded 54 transactions exceeding 78 million HKD in the second quarter, a 29% increase from the previous quarter [1] - The rental market for luxury properties is performing well, with a 0.7% month-on-month increase in May and a 1.4% increase year-to-date, driven by demand from non-local professionals and students [1] - The forecast for general residential prices is a potential decline of up to 3% this year, while luxury and general residential rents are expected to rise by 3% to 5% [1] Group 2: Office Market Dynamics - The Grade A office market is showing signs of recovery, with hedge funds being the primary tenants and significant leasing activity, such as Jane Street leasing 223,000 square feet in Central [2] - The demand for well-located, high-quality office spaces in Central remains strong, particularly for units sized between 3,000 to 5,000 square feet [2] - The IPO market in Hong Kong is performing well, attracting mainland enterprises, which is expected to boost office leasing demand in the second half of the year [2] - The Kowloon office market faces challenges due to global trade uncertainties, with subdued leasing activity noted in Kowloon East [2] - Rental prices in Tsim Sha Tsui have seen a slight increase of 0.7%, with demand primarily from the insurance, finance, and professional services sectors [2] Group 3: Retail Market Trends - The retail sector is experiencing a slowdown in expansion plans as local consumer spending decreases despite rising incomes [3] - The interest of mainland tourists in luxury goods has diminished, impacting retail strategies [3] - The consumption patterns of local citizens are evolving, with Generation Z becoming a key driver in luxury spending, emphasizing brand value, sustainability, and pricing transparency [3] - Although the tourism industry in Hong Kong is recovering, retail consumption across various sectors has not fully rebounded [3]