Investment Rating - The report does not explicitly state an overall investment rating for the industry but highlights specific companies with "Buy" and "Sell" recommendations [49][50]. Core Insights - The primary market is experiencing a continued decline, with new home sales volume down 30% week-over-week and 26% year-over-year, while tier-3 and Central & Western cities are outperforming [5][9]. - Secondary market transactions are showing a slight decline, with average sales down 2% week-over-week and 3% year-over-year, indicating negative price appreciation expectations from agents and homeowners [26][28]. - The focus on urban renewal policies is expected to positively impact the market, particularly through demand-side stimulus measures such as urban village redevelopment [2]. Summary by Sections Market Performance - New homes sales volume decreased by 30% week-over-week and 26% year-over-year, with tier-3 and Central & Western cities outperforming [5]. - Secondary transactions were down 2% week-over-week and 3% year-over-year, with negative price expectations from agents and homeowners [26]. - Year-to-date, primary gross floor area (GFA) sold is down 1% year-over-year, while secondary GFA sold is up 16% year-over-year [8][28]. Inventory and Completions - Inventory balance decreased by 0.1% week-over-week and 3.9% from the end of 2024, with inventory months at 26.0 [36]. - Completions are expected to decline by mid-to-high teens year-over-year for June 2025, with a projected 10% decline for the full year [41]. Valuation and Developer Performance - Offshore developers saw an average share price increase of 6% week-over-week, outperforming the MSCI China index [49]. - Onshore developers averaged a 2% increase week-over-week, with specific companies like China Jinmao and Longfor receiving "Buy" ratings [49][50]. - The average price-to-book (P/B) ratio for offshore and onshore coverage is at 0.5X for 2025E, indicating a significant discount to net asset value (NAV) [49].

Market Overview - A-shares exhibited a mixed performance, with the Shanghai Composite Index falling approximately 1% to below 3500 points, while the ChiNext Index surged over 2% [1] - As of the afternoon close, the Shanghai Composite Index decreased by 0.42% to 3505 points, the Shenzhen Component Index increased by 0.56% to 10744.56 points, and the ChiNext Index rose by 1.73% to 2235.05 points [1] - Total trading volume in the Shanghai, Shenzhen, and North markets reached 163.53 billion yuan, an increase of over 150 billion yuan compared to the previous day [1] AI Industry Chain - Stocks in the AI industry chain rose against the trend, with New Yi Sheng (300502) hitting a 20% limit up, marking a historical high [1] - Other notable performers included Zhongji Xuchuang (300308) with a nearly 17% increase, and Tianfu Communication (300394) rising about 12% [1] - The Nvidia concept stocks also saw significant gains, with China Electric Port (001287) hitting the limit up, and Huajin Technology (603296) and Inspur Information (000977) rising over 7% [1][2] Nvidia Concept Stocks - Nvidia concept stocks experienced a substantial rise, with Zhongji Xuchuang increasing nearly 17%, Shenghong Technology (300476) and Yipinhong (300723) rising over 13%, and Tianfu Communication up about 12% [2] - The Nvidia concept sector overall rose by 2.02%, ranking fifth among industry concept sectors for the day, with a weekly increase of 2.31% [2] - Nvidia announced the resumption of H20 sales to China and the launch of a new GPU compliant with Chinese regulations, which is expected to alleviate the domestic chip shortage [2][3] AI Intelligent Agent Concept - The AI intelligent agent concept also showed strength, with stocks like Dingjie Zhizhi (300378), Chutianlong (003040), and Fanwei Network (603039) hitting the limit up [4] - The AI intelligent agent sector overall rose by 1.05%, ranking eighteenth among industry concept sectors for the day [4] - A new standard for AI intelligent agent operation safety testing was released, addressing risks associated with language barriers and establishing a comprehensive risk analysis framework [4] Real Estate Sector - The real estate sector saw a notable rally, with stocks like Tianbao Infrastructure (000965) and Chongqing Development (000514) hitting the limit up [6] - The Hong Kong real estate sector also experienced a surge, with Meidi Real Estate rising over 60% at one point [6] - Recent government meetings emphasized the need for comfortable and convenient living cities, indicating a potential shift in real estate development strategies [6]

龙湖集团公告，截止二零二五年六月末，本集团累计实现总合同销售金额人民币350.1亿元，合同销售 面积261.4万平方米，六月单月实现总合同销售金额人民币64.6亿元，合同销售面积51.9万平方米；六月 单月实现归属本公司股东权益的合同销售金额人民币46.4亿元，归属本公司股东权益的合同销售面积 39.4万平方米。 ...

Group 1 - The AI computing hardware sector is experiencing significant growth, driven by strong policy support and increasing demand for data centers, with companies like Xinyiseng and Zhongji Xuchuang seeing substantial gains [3] - The real estate sector is showing signs of recovery, particularly in areas related to urban renewal and affordable housing, as local policies become more favorable, although traditional developers are still struggling [3][4] - The overall market is witnessing a divergence, with many stocks declining while a few sectors, particularly AI and real estate with policy backing, are performing well, indicating a selective investment environment [4] Group 2 - The solar, coal, and power sectors are facing challenges, with companies like Yamaton and Dayou Energy experiencing significant declines due to oversupply and strict policy regulations [3][4] - The market is characterized by a concentration of funds in sectors with clear growth logic, suggesting that investors need to be more discerning in their stock selections [4] - The rise in the ChiNext index is primarily driven by heavyweight stocks, while the majority of stocks are declining, highlighting the importance of focusing on industry trends and company fundamentals rather than just index movements [4]

V i e w p o i n t | 10 Jul 2025 03:30:09 ET │ 38 pages Hong Kong Property CITI'S TAKE Buying flow amid national support & China yield compression — National support to HK could be a game-changer: it solidifies HK's positioning as a financial hub, brings people (talent) & money (A-share enterprises listing in HK; connect, etc.), and protects asset prices (sector is 5.8% of HSI weighting). As new investors tend to be price-setters, we expect high-yield & index stocks to benefit from buying flows in 2H after a ...

Investment Rating - The report maintains an "Overweight" rating for specific companies in the property sector, including CR Land, CR Mixc, and Longfor, while identifying distressed names like Sunac as potential outperformers in a speculation-driven rally [1][27]. Core Insights - The property sector experienced a 6% increase on July 10 due to speculation about a potential high-level meeting aimed at reviving the struggling market. However, if no concrete measures are announced, profit-taking is expected [1][4]. - The report highlights a worsening property market, with top 100 developers' sales in June dropping 26% year-on-year, indicating a significant decline compared to previous years [5][17]. - There are rising hopes for new policy support in the coming months, driven by the deteriorating property data, which may lead to tactical buying opportunities, especially during dips [1][5]. Summary by Sections Market Speculation - Speculation about a high-level meeting to support the property sector has emerged, but the accuracy of such reports has historically been low, with only a 40-45% verification rate [4][12]. - The last Central City Work Conference was held in 2015, focusing on urbanization rather than directly boosting the property market [4][14]. Property Market Data - The primary market is showing significant declines, with a 26% year-on-year drop in sales for top developers in June, marking the second worst performance since 2021 [5][17]. - Home prices in tier-1 cities have also declined, with a month-on-month drop of 1.21% in June, mirroring declines seen before previous policy support announcements [5][19]. Potential Policy Directions - The report outlines four levels of potential policy support, with Level 1 and Level 2 being more likely in the near term, focusing on easing home purchase restrictions and expanding inventory purchases [6][7]. - Level 3 and Level 4 policies, which would be more effective but less likely, include calls for home price stabilization and a national stimulus program [8][9]. Company Recommendations - The report identifies CR Land, CR Mixc, and Longfor as fundamental top picks, while suggesting that POE survivors and small-cap SOEs like Jinmao offer the best risk-reward balance [1][27]. - Distressed companies such as Sunac may outperform in a speculation-driven environment, although this performance is likely to be unsustainable [1].

克而瑞监测到，广州今年一季度市场表现稳健，四月房企提前取证抢占"五一"，带动供应增加，优质新规入市支 撑楼市热度，六月集中签约创年内高位，最终录得广州上半年商品住宅网签面积355万㎡，同比增长12%，整体表 现优于去年同期。 例如，一层的先锋会客厅未来计划作为幸福轰趴馆，在原有会谈接待功能之外增加聚会属性。该空间交付后将配 置品牌厨电设备，业主可联系物业管家预约方太烹饪团队提供轻餐饮服务。此外。深研当代人群对健康生活的高 阶需求，除日常健身器械外，会所还配置独立理疗室及独立器械的健身房，未来预计引入国际知名健身品牌，以 私教定制课程与圈层运动沙龙。 配套方面，项目位于珠江后航道滨江豪宅带，坐拥一线珠江景观。地铁10号线大干围站已通车，距项目千米以 内，出行交通便利。周边规划有约2.3公里环岛路步道、1.7 万㎡滨江公园，近邻在建的7万㎡综合商业Mall，未来 将引入知名品牌与五星级酒店；教育方面，人户一致可就读宝玉直实验小学教育集团成员校-海珠区外国语实验中 学附属第二小学（最终学校名称、招生条件和招生范围以官方部门公布为准）。 采写：南都·湾财社记者 王艳玲 该项目"江澜"组团PLUS高区户型正在加推，包含 ...

出让条件显示，地块建筑面积为25600平方米，其中住宅25000平方米允许分割转让；物业服务用房100 平方米产权归全体业主共有，不得转让；托育机构500平方米产权归政府，建成后由受让人无偿移交南 山区政府或其指定机构。该地块无70/90户型、商品房售价限制。 下午三点开拍后，竞价迅速进入白热化。据了解，参与本次竞拍的12家房企，包括华润、招商、中海、 保利、越秀、建发等，堪称"国家队"的全明星阵容。经过长达一个多小时、158轮的密集出价，价格从 11.58亿的起拍价一路飙升，最终定格在21.55亿元。 8.42万元/平方米的楼面价，在深圳楼市中是何概念？一组对比数据或能说明其分量。2023年备受关注 的深超总地块，起拍楼面价为6.03万元/平方米，其商品房毛坯限价已达13.3万元/平方米。而今天成交 的桂湾地块，仅楼面价就比深超总地块高出近2.4万元/平方米。有观点认为，高溢价成交将对前海乃至 宝安中心区的二手房业主心态和未来新房定价，产生提振效应。 7月14日下午，深圳土地市场迎来一场久违的鏖战。位于前海桂湾核心片区的T201-0232宗地，在12家国 资背景房企的激烈争夺下，历经158轮竞价，招商蛇口以 ...

New World Development missed a self-imposed target to complete an up to $2 billion loan led by Deutsche Bank, sources say, as challenges persist even after the distressed developer closed a major refinancing deal last month https://t.co/9GjNgXLKjt ...

Core Insights - The Global Property Expo is the largest international residential property show in Singapore, featuring offerings from over 20 countries and a diverse range of properties [2][7] - The event aims to provide Singaporean buyers with essential tools and insights for navigating overseas residential property ownership [1][7] Event Highlights - DAMAC Properties will showcase a selection of its waterfront developments, including Canal Crown and DAMAC Bay [3] - THIRDHOME will launch its presence in Asia, introducing a new investment model for global property ownership [3] Learning Opportunities - The expo includes daily talks from 11:00 AM to 6:30 PM, with a keynote address by Adam Challis from JLL on market insights [4] - A live-streamed panel titled "Buyers' Toolkit: Your Next Steps to Owning Property Abroad" will provide actionable advice for prospective buyers [5] Expert Engagement - Attendees will have access to various professionals, including developers, legal advisors, and mortgage advisors, to clarify property laws and financing options [6] - Immigration specialists will discuss residency considerations linked to property purchases, providing comprehensive support for attendees [7] Organiser Information - The event is organized by JLL, a leading global commercial real estate and investment management company with annual revenue of $23.4 billion and operations in over 80 countries [8]