Core Viewpoint - Axis Bank is highlighted as a strong risk-reward trade in the private banking sector, with expectations for a turnaround after a period of underperformance [1][14]. Axis Bank - A buy recommendation is made at current levels, targeting Rs 1,225 with a stop loss at Rs 1,150 [2][14]. - The recent correction of 20-30 points has made the setup more attractive for short-term traders [4][14]. State Bank of India (SBI) - SBI is featured as a "safe sparkler," showing strong momentum with higher highs for five consecutive years, indicating sustained buying [5][14]. - A buy range is suggested between Rs 830 and Rs 880, targeting Rs 960 to Rs 1,040 over the next 6-12 months [5][14]. Hero MotoCorp - Hero MotoCorp is also classified as a "safe sparkler," outperforming peers with expectations to reach Rs 6,300 to Rs 6,400 [6][14]. ICICI Bank - ICICI Bank is identified as a medium-term investment opportunity, likely to join the banking rally if Bank Nifty leads the next market leg [7][14]. - The target is set at Rs 1,475 to Rs 1,500, with a stop loss at Rs 1,325 [14]. MTAR Technologies and Paytm - MTAR Tech is categorized as a "high-risk rocket," with a target of Rs 2,380 to Rs 2,500 and an accumulation zone at Rs 2,090 to Rs 2,180 [9][15]. - Paytm has regained investor attention, with a target of Rs 1,500 and a buy range of Rs 1,200 to Rs 1,275 [10][15]. DLF - DLF is presented as a long-term bet, offering an attractive entry after a nearly 30% correction from its 2024 high, with a buy recommendation near Rs 700 and a target of Rs 880 [12][15]. Inox Green and NBCC - Inox Green is noted as a "value bomb," with an upside target of Rs 285 to Rs 300 and an accumulation range of Rs 240 to Rs 257 [13][15]. - NBCC is highlighted for a major breakout, with a target of Rs 130 to Rs 140 and a buy range of Rs 102 to Rs 111 [13][15]. Investment Strategy - The importance of diversification with discipline is emphasized, suggesting a mix of safe and high-risk stocks for optimal portfolio performance [14].

Market Performance - Australia's share market approached its intraday record high, with the S&P/ASX200 gaining 85.2 points (0.95%) to 9,076.1 and the All Ordinaries rising 81.1 points (0.94%) to 9,386.5 [1] - The top 200 index surpassed its previous intraday record of 9,054 following higher-than-expected September unemployment figures at 4.5%, suggesting a potential interest rate cut by the Reserve Bank of Australia (RBA) in November [2] Sector Performance - Real estate stocks surged by 2.3%, with Stockland increasing by 4% due to sales growth in master-planned community sales during the September quarter [3] - Financials rallied by 1.8%, driven by strong performance from the big four banks [3] Company Highlights - AMP Limited's assets under management grew by 3.6% to $159.5 billion, leading to an 11% increase in its stock price to $1.96, the highest since 2020 [4] - Macquarie's stock rose over 4% to $227.94 after selling a network of 50 data centers to Nvidia-backed Aligned Data Centers for $US40 billion (A$62 billion) [4] Raw Materials and Energy - The raw materials sector increased by 0.5%, with profit-taking observed in rare earths stocks like Iluka (-7.3%) and Lynas (-3.4%) [5] - Gold prices reached a record high above $US4,227 (A$6,507) per ounce, boosting gold miners like Northern Star and Evolution, which surged over 2% [5][6] Consumer Sector - Consumer discretionary stocks rose by 1%, supported by a 12th consecutive month of higher household spending, indicating economic strength [7] - The Australian dollar traded at 64.87 US cents, a slight decrease from 65.19, following the morning's jobs data [7]

Armando Codina, a Cuban-American developer known for huge master-planned suburbs in South Florida, is listing his waterfront mansion for $45 million and moving to a luxury rental-apartment building under construction by his company https://t.co/eIkFpipBtG ...

Core Insights - SIA Merko mājas has launched the second stage of the Arena Garden Towers residential project in Riga, featuring a 13-storey building with 80 apartments set to be completed by early 2027 [1][2] - The project incorporates energy pile technology for sustainable heating and cooling solutions, and offers a variety of apartment types, including two-storey penthouses [2][3] - The overall Arena Garden Towers project will consist of four residential buildings with approximately 400 apartments, with the first stage already seeing nearly 80% of its 84 apartments sold [3] Company Overview - SIA Merko mājas is a prominent Latvian residential developer that manages all phases of development, including planning, design, construction, sales, and warranty service [4] - The parent company, AS Merko Ehitus, operates in Estonia, Latvia, and Lithuania, employing 605 people and generating a revenue of EUR 539 million for the year 2024 [4]

Core Viewpoint - The Competition Commission of India (CCI) has granted in-principle approval for Vedanta's proposal to acquire Jaiprakash Associates Ltd (JAL) during its ongoing insolvency proceedings [1][2][3]. Group 1: Acquisition Details - Vedanta's winning bid for JAL was ₹17,000 crore, translating to a net present value (NPV) of ₹12,505 crore [7][8]. - Other bidders included Jindal Power, PNC Infratech, Adani Group, and Dalmia Bharat, all of which had their proposals cleared by the CCI [1][2]. Group 2: Insolvency Process - JAL entered the corporate insolvency resolution process (CIRP) after defaulting on loan payments, with financial creditors claiming ₹57,185 crore in unpaid dues [9][11]. - The National Asset Reconstruction Company Ltd (NARCL) is the leading claimant after acquiring stressed JAL loans from a consortium of lenders [9]. Group 3: Company Background - JAL has diverse interests, including real estate, cement, power, hotels, and roads, and has major projects like Jaypee Greens and Jaypee International Sports City [12][13]. - The company operates four cement plants in Madhya Pradesh and Uttar Pradesh, although these plants are currently non-operational [13].

Core Insights - The Guangzhou real estate market experienced a significant surge during the National Day holiday, with a 325% increase in visits to new residential properties and a 394% increase in subscriptions compared to the previous week [1] - The government implemented a series of policies aimed at reducing the barriers to home buying, which effectively stimulated market demand [2][3] - Promotional activities by real estate developers played a crucial role in driving sales, with various incentives offered to attract buyers [3][4] Policy Impact - New policies expanded the scope for withdrawing housing provident fund for down payments, allowing more individuals to benefit from these policies [2] - Simplified purchasing processes for residents from Hong Kong and Macau targeted specific buyer needs, enhancing market activity [2] - Localized measures, such as additional subsidies and streamlined processes, activated purchasing power in key districts [2] Market Dynamics - The first-hand housing market showed robust activity, while the second-hand market remained relatively quiet, indicating a divergence in buyer sentiment [4][6] - The promotional campaigns by developers, including discounts and incentives, significantly boosted the attractiveness of new properties compared to second-hand options [3][4] - The overall trend indicates a shift towards higher-quality, well-located new properties, which are perceived as offering better value [5] Sales Performance - Major developers reported strong sales figures during the holiday, with some achieving over 700 units sold and significant revenue generated [3][4] - Despite high visitor and subscription numbers, the net signing data showed a more moderate increase, suggesting a gap between interest and final transactions [6] - The market is moving towards a more refined state, characterized by a focus on quality and specific buyer needs, underpinned by solid demand fundamentals [6]

Core Insights - The real estate market in China is experiencing a significant downturn, transitioning from a symbol of wealth to a burden, with properties becoming inventory rather than sought-after assets [3][5][9] - The rise of artificial intelligence (AI) is reshaping the economic landscape, with a shift from real estate-driven growth to data and technology-driven opportunities [7][11][19] - The focus of local governments is shifting from land sales to attracting talent and data resources, indicating a fundamental change in economic strategy [13][19] Real Estate Market - The once-booming real estate sector is now facing challenges, with unsold properties and reduced demand leading to financial strain on local governments [3][5] - The narrative of real estate as a guaranteed investment is fading, as the market becomes saturated and consumer confidence wanes [9][17] Artificial Intelligence - AI is becoming integrated into everyday life and various industries, moving beyond theoretical applications to practical implementations [7][15] - The competition is now centered around technological capabilities, with cities vying to attract tech talent and establish data centers [7][13] Economic Transition - The economic structure is shifting from real estate dependency to a focus on technology and data, with AI emerging as a new growth engine [11][19] - Job markets are evolving, with traditional real estate roles declining while AI-related positions are on the rise, emphasizing the need for skill development [11][17] Government and Policy Changes - Local governments are adapting their strategies, moving from land sales to data resource management and talent acquisition [5][13] - China's position in the global AI landscape is strengthening, with the country not only catching up but also leading in certain applications [15][19] Societal Impact - The societal perception of wealth is changing, with individuals increasingly valuing skills and opportunities over property ownership [9][17] - The transition from a real estate-centric mindset to one focused on technology and skills is becoming evident across various demographics [17][19]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to the escalation of US-China tensions, the Asia IG space widened 3-7bps across the board yesterday, with better selling on certain bonds and better buying on others [2] - China's export resilience strengthens its position in the trade war, leading to a revision of the 2025 export growth forecast from 3% to 4.5%, while maintaining the 2025 import growth forecast at 1.5%. The USD/RMB rate may appreciate from 7.13 to 7.1 by year-end and 7.05 by the end of 2026 [4][15][20] - China Water Affairs (CWAHK) proposes to issue a 5NC3 USD senior blue bond, with the FV of the new CWAHK 30 estimated at 6% [8] Summary by Directory Trading Desk Comments - Asia IG space widened 3-7bps due to US-China tension, with better selling on TW lifers, China TMTs, Japanese banks' bonds, and Southeast Asian names. Some bonds like FAEACO 12.814 Perp and NWDEVLs/LIFUNGs/FOSUNI 26 - 29s decreased in price. In Chinese properties, VNKRLE 27 - 29s and FTLNHD 26/FUTLAN 28 were lower, while some SOE property names had better buying. In Southeast Asia, VLLPM 27 - 29s edged up, and VEDLN 28 - 33s/GLPSPs were down. Long - end Yankee AT1s weakened in the morning and recovered slightly [2] - In the LGFV space, activities picked up with new CNH issues, and the space had a stable session with moderate two - way flows [3] - This morning, there were two - way flows on LGFV names. HAOHUAs recovered 3 - 5bps and HYUELEs recovered 5bps in Asia IG space, while NOMURA and Australian long - end Ts2 widened 2 - 3bps. CWAHK 26 had buyers and was 0.1pt higher [4] Marco News Recap - On Monday, S&P (+1.56%), Dow (+1.29%), and Nasdaq (+2.21%) were higher. The US bond market was closed for Columbus Day, and the UST yield was unchanged, with 2/5/10/30 yield at 3.52%/3.65%/4.05%/4.63% [7] Desk Analyst Comments - CWAHK proposes to issue a 5NC3 USD senior blue bond (Ba1/BB+/-), with the FV of the new CWAHK 30 at 6% considering its CWAHK 26 and peers' valuations, adjusted for rating and tenor differential. The issuance size should be capped at its remaining offshore - issuance quota of USD200mn [8] - The net proceeds will be used to repay offshore debt and finance eligible green projects. The new CWAHK 30 will have a CoC put at 101 [10] - CWAHK is a holding company operating mainly through PRC subsidiaries. The new CWAHK 30 will be guaranteed by non - PRC - incorporated subsidiary guarantors [11] - CWAHK is one of the largest water supply companies in China, focusing on water supply and sewage treatment, generating stable cash flow from exclusive concession rights in 58 districts. It serves various end - users with potential coverage of over 30mn people [12] - In FY25, CWAHK generated HKD11.7bn of revenue and HKD3.4bn of operating cash flow, with an estimated free cash flow of HKD40mn. Total debt was HKD25.6bn, and its operating performance weakened, with revenue and EBIT down c9%. Coverage ratios also weakened [13] - CWAHK is listed in Hong Kong, with the chairman and founder owning 27.4%, ORIX Corp and affiliates holding 27.2%, and Great Wall Life Insurance holding 6.0% [14] China Economy - China's export growth beat expectations as exports to Africa, Latin America, and the EU picked up. Exports of integrated circuits and ships remained robust, while personal consumption goods were subdued. Imports rebounded across the board, especially in processing trade. China's rare earth export control is a countermeasure to US semiconductor export restrictions. Trade tensions may intensify in the next two weeks before potentially easing after a possible Trump - Xi meeting [15] - Exports rebounded in September, reaching 8.3% YoY from 4.4% in August, beating market expectations. Exports to the US remained in deep contraction, while shipments to Africa, the EU, and Latin America accelerated. Exports to ASEAN moderated. Since the tariff shocks, exports to ASEAN and Africa have increased significantly, making up for over 120% of the export losses to the US since April. Trade surplus narrowed to US$91bn in September [16] - Integrated circuits and ships had strong growth in September, while personal consumption goods moderated. Low - value - added exports and housing - related products were hit by tariffs. Rare earth exports rebounded despite additional export controls [17] - China's imports increased to 7.4% in September from 1.3% in August, beating market expectations. Imports from the US steadied at - 16%. Import value of processing trade accelerated. For energy products, crude oil import volume rose, while coal and natural gas dropped. Raw material imports had mixed results, and crop imports picked up [18] Offshore Asia New Issues - No offshore Asia new issues were priced today [22] - There are several issuers in the pipeline, including the Macau Branch of Bank of China Limited, Jinan Hi - tech International, and KEB Hana Bank, with different tenors, coupons, and issue ratings [23] News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB138bn. Month - to - date, 191 credit bonds were issued with a total amount of RMB212bn, a 19.7% yoy increase [24] - Indonesia plans to shorten the permit process for geothermal projects to three months [24] - Country Garden's top shareholder agrees to a USD1.14bn debt - to - equity swap and will hold scheme meetings on 5 Nov'25 for creditors to vote on its offshore restructuring plan [24] - Freeport Indonesia halts the Gresik smelter due to a mine landslide [24] - China Energy Overseas will redeem GEZHOU 4.15 Perp of USD200mn on 25 Nov'25 [24] - LG Electronics expects a 8.4% yoy drop in 3Q25 operating profit due to higher tariffs [24]

Core Viewpoint - Hefei is set to auction three residential land plots on October 24, 2025, following announcements on September 24 and September 30, 2025, indicating a continued focus on land supply in the region [1] Group 1: Land Auction Details - The three plots include: 1. **Wuhu District BH202527**: 45.59 acres, starting price of 11 million CNY per acre, adjusted from 15 million CNY per acre, with a floor price of 10,312.5 CNY per square meter [3] 2. **Shushan District SS202507**: 150.78 acres, residential area of 71.62 acres, starting price of 11 million CNY per acre, with a floor price of 9,705.9 CNY per square meter [9][11] 3. **Yaohai District YH202506**: 81.97 acres, residential area of 68.85 acres, starting price of 7.2 million CNY per acre, with a floor price of 7,200 CNY per square meter [13][16] Group 2: School District Information - The BH202527 plot is associated with Huizhou Primary School and the West Di Middle School of Hefei No. 48 Education Group, with some discrepancies noted between the district map and written descriptions [6][8] - The SS202507 plot is linked to Daoxiang Village Primary School and Hefei No. 50 Middle School, indicating a strong educational infrastructure in the area [11] - The YH202506 plot is served by Heping Primary School and the New Campus of No. 38 Middle School, further enhancing its appeal [16] Group 3: Overall Land Supply Situation - In 2025, Hefei has conducted 11 land auctions, totaling 33 residential plots by the end of October, with a focus on state-owned land supply [18][20] - The land auction trend shows a predominance of platform companies acquiring land, suggesting a cautious approach to land supply in the latter part of the year [24]

Key Points - The core point of the article is the recent land auction in Nanjing, where a plot of land was sold for a total price of 1.323 billion yuan, highlighting the competitive nature of the real estate market in the area [1] Group 1: Land Auction Details - The G72 plot in Hexi Central was won by Zhongbei Shengye with a total transaction price of 1.323 billion yuan, resulting in a floor price of 34,083 yuan per square meter and a premium rate of 0.3% [1] - The plot has a low density with a floor area ratio (FAR) of only 1.35, making it one of the few low-density residential lands in Hexi Central [1][4] Group 2: Location and Amenities - The G72 plot is strategically located near the Zhongsheng subway station, with convenient access to various public transport lines, including the 7th and 10th subway lines [5] - Within a 2-kilometer radius, there are several commercial complexes and essential services, including hospitals and schools, enhancing the living convenience for future residents [7] Group 3: Future Developments - There are multiple valuable plots in Hexi Central that are expected to be listed for auction soon, indicating ongoing interest and investment potential in the area [8]