Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report provides a daily update on the fixed - income market, including bond price changes, new issuances, and macro - news. It also analyzes the profit situation of WESCHI and gives investment suggestions [1][7][8]. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, GUOTJU priced a 3 - year floating - rated bond at SOFR + 60 (IPT at SOFR + 115). In KR, spreads of DAESEC/SHINFN/NACF 26 - 30s widened by 1 - 2bps. HYNMTR Float 30 tightened 8bps, and HYNMTR 5.3 29/HYNMTR 3.5 31 tightened 2 - 4bps [1]. - In Chinese IGs, BABA/HAOHUA 28 - 35s were unchanged to 1bps tighter, while MEITUA 30 widened 2bps. In financials, BBLTB/KBANK 31 - 40s tightened 2 - 4bps, and NANYAN/BNKEA 30 - 34s tightened 2 - 3bps [1]. - In insurance, SHIKON/CATLIF 34 - 35s were unchanged to 1bp tighter. MYLIFE/NIPLIF 54 - 55s and SUMILF/FUKOKU Perps were up 0.1 - 0.3pt. In AT1s, NWG 7.3/BNP 7.375/HSBC 6.95 Perps were up 0.2 - 0.8pt [1]. - In HK, AIA/CKHH 30 - 35s tightened 1 - 2bps under buying from PBs. LIFUNG 5.25 Perp was 3.1pts higher, and LIFUNG 5.25 08/18/25 was up 0.1pt. Li & Fung launched a tender offer for LIFUNG 5.25 Perp up to USD50mn at USD55 and mandated a 3.5 - year USD bond issuance [1]. - HYSAN/FAEACO Perps were up 0.2 - 0.5pt. LASUDE 26 was up 0.7pt. Media reported Lai Sun Development has been working on a HKD3.5bn 5 - year loan refinancing deal. NWDEVL 27 - 31s/Perps were unchanged to 0.4pt lower [1]. - In Chinese properties, ROADKG 28 - 30s were 0.5 - 3.6pts lower, and ROADKG Perps were unchanged to 0.2pt lower. Outside properties, WESCHI 26 was up 0.2pt. FOSUNI 25 - 28s were up 0.3 - 0.5pt. MONMIN 30 was up 0.7pt, closed 2.6pts higher WTD [1]. New Issuances - TEMASE priced 5 - year, 10 - year, and 30 - year CNH bonds at par to yield 1.85%, 2.05%, and 2.55% (IPT at 2.3%, 2.55%, and 3.05%) respectively [2]. - CHMEDA priced 5 - year and 10 - year CNH bonds at par to yield 2% and 2.3% (IPT at 2.55% and 2.85% area) respectively [4]. - Jiaozuo State - owned Capital Operation (Holding) Group issued a 150 - million 3 - year bond at a 6.5% coupon rate, unrated [12]. Morning Updates - This morning, the new CNH TEMASE 1.85 30/TEMASE 2.05 35 were 0.1 - 0.2pt lower, while TEMASE 2.55 55 was 0.5pt higher from ROs at par. The new CNH CHMEDA 2 30/CHMEDA 2.3 35 were unchanged to 0.1pt lower. VLLPM 29 was up 0.5pt [3]. - WESCHI 4.95 07/08/26 was up 1.0pt this morning post - positive profit alert. HYUELEs were unchanged this morning as SK Hynix 2Q25 EBITDA rose 47% yoy to KRW12.7tn (cUSD9.1bn) [3]. Macro News Recap - On Wednesday, S&P (+0.78%), Dow (+1.14%), and Nasdaq (+0.61%) were higher. Trump said countries will face tariffs ranging from 15% to 50% ahead of an 1 Aug '25 deadline. The US may impose a 15% tariff on EU goods. UST yield was higher on Wednesday, with 2/5/10/30 - year yields at 3.88%/3.94%/4.40%/4.95% [7]. Desk Analyst Comments - West China Cement (WESCHI) expects the profit attributable to owners to increase 80 - 100% yoy to RMB696 - 774mn in 1H25, driven by overseas cement revenue, mainland China cement sales, property sales profit, and reversal of impairment losses [8]. - WESCHI plans to use proceeds from non - core asset sales to partly repay its WESCHI 4.95 07/08/26 due in Jul '26. The company also plans to sell other assets and offshore projects for bond repayment [9]. - Despite potential recovery in the Chinese cement market, caution remains regarding WESCHI's ability to remit cash from African operations. The full and timely repayment of the bond is uncertain. The report maintains a neutral rating on WESCHI 4.95 07/08/26 and prefers BTSDF 9.125 07/24/28 and EHICARs in the China HY space [10]. News and Market Color - Regarding onshore primary issuances, 123 credit bonds were issued yesterday with an amount of RMB119bn. Month - to - date, 1,592 credit bonds were issued with a total amount of RMB1,699bn, a 16.6% yoy increase [14]. - Adani Ports is in the race to set up a logistics park in north India. San Miguel buys a 3.8% stake in First Pacific - owned Meralco for PHP3.9bn (cUSD68.4mn) [14]. - Fosun will early redeem USD178.857mn FOSUNI 5.95 10/19/25 at 101 on 22 Aug '25. China Hongqiao seeks a USD300mn - equivalent three - year loan [14]. - JD.com will create a virtual restaurant chain. Media reported Lai Sun Development has been seeking an HKD3.5bn loan refinancing deal, but about half of the lenders have yet to commit [14]. - Li & Fung says no covenant restriction on perp refi, and the final plan depends on EBITDA. Rakuten sells JPY bonds for JPY30bn (cUSD204mn) for 5G projects [14]. - Sands China 2Q25 adjusted property EBITDA climbs 0.9% yoy to USD566mn. Viceroy alleges Vedanta's promoters siphon margins from Hindustan Zinc [14]. Top Performers and Underperformers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | LIFUNG 5 1/4 PERP | 51.4 | 3.1 | ROADKG 5 1/8 01/26/30 | 22.8 | - 3.6 | | NSANY 5 1/4 07/17/29 | 100.9 | 1.1 | ROADKG 6.7 03/30/28 | 26.5 | - 1.7 | | NWG 7.3 PERP | 102.3 | 0.8 | ROADKG 6 03/04/29 | 25.8 | - 1.7 | | MONMIN 8.44 04/03/30 | 97.4 | 0.7 | GRNLGR 5 7/8 07/03/30 | 21.9 | - 0.9 | | LASUDE 5 07/28/26 | 52.0 | 0.7 | ROADKG 5.2 07/12/29 | 25.9 | - 0.6 | [5]

Group 1 - Icahn Enterprises L.P. will discuss its second quarter 2025 results on a webcast scheduled for August 4, 2025, at 10:00 a.m. Eastern Time [1] - Viewers are encouraged to access the webcast 15 minutes prior to the start time, and a replay will be available for at least twelve months [1] Group 2 - Icahn Enterprises L.P. is a diversified holding company operating in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [2]

Group 1: Meme Stock Revival - Shares in Krispy Kreme surged by as much as 25%, GoPro jumped 49%, and Beyond Meat rose 11% in a revival of meme stocks [1][2] - The rally was driven by social media buzz and short squeezes, despite little change in the companies' business fundamentals [2][3] - The recent surge in meme stocks is reminiscent of the GameStop chaos from four years ago [3] Group 2: Trading Activity - Krispy Kreme experienced record call volume with over 100,000 contracts traded, about 71 times the average daily volume over the past four years [5] - GoPro saw its highest call volume since 2021 with over 56,000 contracts traded [6] - Other stocks with high short interest, such as Campbell's Co., Aehr Test Systems, Polaris, and Wendy's, also attracted buyers this week [10] Group 3: Market Context - The meme stock rally coincided with broader market optimism, as the S&P 500 reached another all-time high and Bitcoin doubled in less than a year [5] - The revival of meme stocks began last week with significant movements in Opendoor Technologies, which surged over 300% [2][7]

Core Viewpoint - The auction market for second-hand homes, particularly for judicial auction properties, reflects the overall state of the second-hand housing market, with many properties selling below their assessed values and some even failing to sell at all [1][9]. Group 1: Auction Market Trends - In the Qiantang District, judicial auction properties have been consistently selling below their assessed values, with some properties failing to sell and awaiting re-auction [1]. - For example, a property with an assessed value of 2.31 million yuan sold for 1.82 million yuan, which is 490,000 yuan below the assessed value, translating to a price of approximately 18,600 yuan per square meter, significantly lower than the capped price of 26,200 yuan per square meter [1]. - Another property, previously considered a "book bag house," failed to sell at auction due to its long-term rental agreement, indicating a shift in market dynamics and buyer preferences [1][6]. Group 2: Buyer Sentiment and Market Dynamics - The auction of a property in the popular "Yue Dong" area attracted nearly 16,000 views but still failed to receive any bids, despite an opening price that was nearly 60% lower than its original price [2][6]. - The average transaction price for similar properties in the conventional second-hand market was around 9,630 yuan per square meter, highlighting the disconnect between auction prices and market expectations [2][3]. - The decline in interest for previously sought-after properties, such as "red plate" developments, indicates a more rational approach from buyers who are now more discerning about property quality and location [7][9]. Group 3: Market Evolution and Future Outlook - The judicial auction market has seen a trend of properties selling below assessed values, with many transactions reflecting a broader decline in the housing market [7][9]. - The rapid iteration of new housing products has increased competition in the second-hand market, leading to a faster decline in the desirability of older properties [9]. - Buyers are advised to consider both price and quality when making purchasing decisions, as the relationship between these two factors is often proportional [9].

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NEW - The @BitcoinForCorps Show Ep. 9 w/ @BitcoinPierre 🔶Real Estate Magnate @EliasSacalMRNO: Bitcoin Obsoletes Real Estate as a Store of Value 🏠Why the @MURANOMRNO ($MRNO) CEO is pivoting to a BTC-first capital strategy 👇00:00 – Intro01:00 – Weekly Bitcoin treasury news & BFC member updates02:00 – Introducing Elias Sacal of Grupo Murano06:00 – Elias' real estate background and path to Bitcoin09:00 – How Bitcoin unlocks financing for real estate12:00 – Collateral dynamics: depreciation vs. appreciation15:00 ...

Core Viewpoint - Weyerhaeuser Company (WY) is expected to report second-quarter 2025 results on July 24, with anticipated declines in earnings and net sales compared to the previous year [1][3][10]. Earnings Performance - In the last reported quarter, Weyerhaeuser's adjusted earnings were 11 cents per share, meeting the Zacks Consensus Estimate, while net sales exceeded expectations by 0.7% [1]. - The company has beaten consensus estimates in two of the last four quarters, with an average surprise of 50.7% [2]. Earnings Estimates - The Zacks Consensus Estimate for the upcoming quarter's EPS has decreased to 12 cents from 15 cents, indicating a 42.9% decline year-over-year [3]. - The consensus for net sales is projected at $1.88 billion, reflecting a 3% year-over-year decline [3]. Segment Performance - The Wood Products segment, which contributed approximately 73% of first-quarter 2025 net sales, is expected to see a decline in earnings and adjusted EBITDA due to soft demand and increased costs [4][6]. - The Timberlands segment is projected to maintain its outlook, with expected lower earnings and adjusted EBITDA quarter-over-quarter, influenced by higher costs and unfavorable sales realizations [8]. - The Real Estate, Energy, and Natural Resources segment is anticipated to show significant growth, with adjusted EBITDA expected to increase by 61.6% sequentially due to favorable sales timing [10][11]. Financial Projections - The Wood Products segment's net sales are expected to decline 4.4% year-over-year but grow 5.6% sequentially to $1.36 billion, with adjusted EBITDA forecasted to drop 37.3% year-over-year [7][10]. - The Timberlands segment's net sales are expected to decline 2% year-over-year but increase 1.9% sequentially to $544 million [9]. - The Real Estate, Energy, and Natural Resources segment's net sales are projected to be $136.4 million, up 25.1% year-over-year and 45.1% sequentially [11]. Earnings Prediction Model - The model indicates that Weyerhaeuser is unlikely to achieve an earnings beat this quarter, with an Earnings ESP of -18.10% and a Zacks Rank of 4 (Sell) [12].

A duplex penthouse at the planned 50-story Waldorf Astoria Residences tower in St. Petersburg, Florida, sold for $27 million, smashing the record for the most expensive condo in the Tampa Bay area https://t.co/wnIi1Uc9SE ...

Billionaire Gautam Adani is building a multi-billion dollar real estate empire that includes a major redevelopment of Dharavi, one of Asia’s largest slums.@advait_px explains: https://t.co/7Vuhf4qGAI https://t.co/R2EyVsIA7h ...

RT Advait Palepu (@advait_px)https://t.co/f84U63LWLBAdani Realty is now one of the country's largest property players and is worth about $1.5 billion. With over a dozen upcoming projects in Mumbai, including Dharavi redevelopment, the firm could become a dominant player in the financial capital ...