Summary of China Housing Survey Insights Industry Overview - The document discusses the current state of the **Chinese housing market**, based on the **UBS Evidence Lab's China Housing Survey** conducted from **October 28 to November 18, 2025**, with **2,500 respondents** across mainland China [2][8]. Key Insights Housing Market Sentiment - **Housing purchase intention** and overall sentiment have shown a slight improvement but remain subdued compared to historical norms. The percentage of respondents planning to buy properties in the next two years increased to **30%**, up from **27%** in the previous year [8]. - **Selling intention** has also strengthened, with **17%** of homeowners planning to sell in the next 1-2 years, compared to **10%** previously [8]. Price Expectations - Over **50%** of respondents reported a decline in property prices over the past six months, with **tier 1 cities** experiencing the most significant deterioration [3][17]. - **42%** of respondents expect housing prices to decline further in the next 12 months, while only **19%** anticipate an increase [18]. - The average new and secondary residential prices fell by over **12%** and **21%** from peak levels by December 2025, respectively [17]. Divergence Among City Tiers - There is a notable divergence in sentiment among different city tiers. **Tier 1 cities** reported the sharpest price declines and increased paper losses, while **tier 3 cities** saw a slight improvement in sentiment due to previous sharp declines in prices [4][10]. - **11%** of respondents in tier 3 cities reported stronger confidence compared to **0%** in tier 1 cities [10]. Economic Factors Influencing Sentiment - Concerns over stalled projects have eased, but they remain a significant factor depressing sentiment. Respondents indicated that further property policy easing, including mortgage rate cuts and improved salary growth, are crucial for boosting confidence [5][34]. - The **People's Bank of China (PBC)** is expected to cut policy rates by **10-20 basis points** in 2026, potentially leading to **30-40 basis points** in mortgage rate cuts [6][39]. Wealth Effect and Consumption - The negative wealth effect is likely to continue impacting household consumption, with **52%** of homeowners reporting paper losses [22]. The average mortgage servicing burden is **27.1%** of monthly income, slightly higher than previous surveys [22]. - The combination of increased paper losses and a high debt servicing burden suggests ongoing constraints for household consumption, although a recent equity market rally may provide some offset [22]. Future Outlook - The property downturn in China is expected to persist into **2026-2027**, albeit with smaller declines in property sales and investment (projected **5-10%** decline in 2026 compared to **-9%/-17%** in 2025) [6][39]. - The sustainability of the marginal improvements in sentiment, particularly in tier 3 cities, remains questionable given the latest weak market data [10][19]. Additional Considerations - The survey indicates that **government assistance** in cash or coupons is viewed as a significant boost to confidence, with **23%** of respondents citing it as important [9]. - The shift from pre-sale schemes to completed-only projects is expected to continue, which may alleviate concerns over project delivery [29]. This summary encapsulates the key findings and insights from the UBS Evidence Lab's China Housing Survey, highlighting the current challenges and potential future developments in the Chinese housing market.

Investment Rating - The report indicates a continued downturn in China's property market, with expectations of a decline in property activities in 2025, albeit less severe than in 2024 [51]. Core Insights - Home purchase intentions have weakened overall, with tier 1 cities stabilizing while lower-tier cities, particularly tier 2 and tier 3, have seen a more significant decline [2][7]. - The survey reveals that 42% of respondents expect housing prices to decline further in the next 12 months, with a notable increase in homeowners reporting paper losses [3][30]. - The report emphasizes the need for government intervention through pro-growth policies, further mortgage rate cuts, and support for developers to boost market sentiment [4][51]. Summary by Sections Home Purchase Intentions - The latest survey shows a decrease in home purchase intentions, with only 20% planning to buy in the next two years, down from previous surveys [7]. - Among current renters, 73% prefer to rent rather than buy, marking the highest inclination since the survey began [7][40]. Housing Price Outlook - 42% of respondents anticipate further declines in housing prices, with 47% expecting a drop of less than 10% and 37% expecting a decline of 10-20% [3][23]. - Official data indicates a 10% decline in new residential prices and a 17% decline in secondary residential prices from peak levels [22]. Market Confidence and Economic Factors - The report notes that government policy easing has slightly improved market confidence, with fewer respondents expressing a lack of confidence compared to previous surveys [18]. - Key factors affecting confidence include lower mortgage rates, reduced down payment requirements, and expectations of further price declines [18][49]. Consumer Sentiment and Wealth Effect - The negative wealth effect from declining housing prices is likely to suppress household consumption, as 47% of homeowners report paper losses [30]. - The report highlights that housing stock value constitutes a significant portion of household assets, further impacting consumer sentiment [30]. Policy Recommendations - The report suggests that the government should implement more supportive policies to address stalled projects and enhance financing for both developers and home buyers [4][51]. - It emphasizes the importance of addressing bottleneck restrictions in the destocking program to improve market conditions [51].

Summary of RxSight (RXST) Q1 2025 Conference Call Company Overview - **Company**: RxSight (RXST) - **Industry**: Medical Technology, specifically focusing on ophthalmology and cataract surgery Key Points Q1 2025 Financial Performance - Q1 revenue grew by **28% year-over-year**, but fell short of market expectations [3][17] - LAL (Light Adjustable Lens) sales were impacted by macroeconomic factors, while LDD (Light Adjustable Lens Delivery) sales exceeded expectations [3][11] Macroeconomic Impact - The demographic typically resistant to economic downturns (60+ age group) showed signs of deferring treatments due to equity market shocks and changes in administration [5][6] - Patients cited economic concerns as reasons for deferring or canceling surgeries, a trend not seen since COVID-19 [6][14] Market Dynamics - The premium IOL market has been flat to declining, with RxSight's growth primarily driven by LAL sales [9][10] - The company noted a generational shift in ophthalmology, with a growing emphasis on work-life balance among physicians, impacting practice productivity [8][9] LDD Sales Performance - LDD sales remained strong throughout 2024 and continued into Q1 2025, indicating a robust demand for capital equipment [11][12] - LALs offer significantly better outcomes for patients compared to monofocal lenses, which incentivizes practices to adopt them despite economic pressures [12][13] Future Expectations - The company anticipates a **20% growth in LAL sales** for Q2 2025, with expectations of a stronger second half of the year as economic conditions stabilize [17][19] - Guidance for 2025 is wide-ranging, reflecting uncertainty in consumer behavior and macroeconomic conditions [20][21] International Market Opportunities - Recent approvals in international markets (e.g., Korea, EU) are expected to contribute modestly to sales, with a focus on building clinical data and key opinion leaders in these regions [28][44][49] Education and Support Initiatives - RxSight plans to enhance education and marketing support for practices to optimize the implementation of their technology, driven by feedback from customers [30][32] - The company aims to address utilization challenges and improve patient outcomes through systematic dissemination of information [32][34] Utilization Trends - There has been a slowdown in the growth of LDD procedures, attributed to macroeconomic factors affecting patient confidence [36][38] - The installed base of LDDs is growing, but the ramp-up in utilization has not met expectations compared to previous years [36][40] Physician Demographics - The adoption of RxSight's technology spans a range of physician experience levels, with younger doctors more inclined to adopt new technologies for career advancement [41][42] Conclusion - RxSight is navigating a challenging macroeconomic environment while maintaining strong sales in LDDs and LALs. The company is focused on education, international expansion, and adapting to market dynamics to drive future growth [44][49]