Investment Rating - The report maintains an "Overweight" rating for the real estate development sector and an "Overweight" rating for real estate services [1][6]. Core Insights - The Hong Kong private residential market experienced a rise in both transaction volume and prices in June, with private residential prices increasing for three consecutive months [1][2]. - The report highlights that the market is expected to improve due to factors such as potential appreciation of the Renminbi, spillover effects from the Hong Kong stock market, and a rebound in population [1][2]. - The report suggests that the local developers and commercial operators in Hong Kong are likely to see valuation recovery, particularly companies with ample land reserves and quality commercial assets along the MTR lines [1][6]. Summary by Sections Market Performance - In June, the number of new private residential transactions reached 2,140, up 28% month-on-month, while second-hand transactions totaled 3,605, up 11% month-on-month [1]. - For the first half of the year, new private residential transactions totaled 9,280, down 1.4% year-on-year, while second-hand transactions increased by 8.3% year-on-year to 18,452 [1][2]. Price Trends - The Hong Kong private residential price index stood at 286.7 in June, reflecting a month-on-month increase of 0.03%, marking three consecutive months of price increases [2]. - Rental prices also showed an upward trend, with the rental index rising by 0.31% month-on-month in June, continuing a seven-month streak of increases [2]. Interest Rates and Market Conditions - The one-month HIBOR averaged 0.68% in June, down 78 basis points from May, indicating a significant easing of the high-interest rate pressure that previously suppressed market demand [3]. - The report notes that the "supply exceeds demand" phenomenon continues, creating favorable conditions for first-time homebuyers [3]. Recommendations - The report recommends focusing on MTR Corporation (66 HK) and Link REIT (823 HK), with target prices of HKD 31.90 and HKD 50.59 respectively, both rated as "Overweight" and "Buy" [6][18].

Market Performance - The real estate service sector increased by 2.09% on July 29, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Zhujiang Co. (600684) closed at 4.48, up 4.19% with a trading volume of 524,800 shares and a turnover of 232 million yuan [1] - TeFa Service (300917) closed at 49.11, up 3.83% with a trading volume of 167,600 shares and a turnover of 817 million yuan [1] - World Union (002285) closed at 2.56, up 2.81% with a trading volume of 570,400 shares and a turnover of 144 million yuan [1] - Other notable stocks include: - China Merchants Jiyu (001914) at 12.79, up 2.73% [1] - Wo Ai Wo Jia (000560) at 3.21, up 2.56% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 156 million yuan from institutional investors, while retail investors experienced a net outflow of 122 million yuan [1] - The table shows the capital flow for individual stocks, with TeFa Service receiving a net inflow of 65.02 million yuan from institutional investors [2] - Zhujiang Co. had a net inflow of 20.26 million yuan from institutional investors, but a net outflow of 31.99 million yuan from retail investors [2]

Group 1: Investment Rating - There is no information about the industry investment rating in the report Group 2: Core View - The report tracks the weekly data of green bonds from July 21 to July 25, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1] Group 3: Summary by Catalog Primary Market Issuance - 24 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 35.999 billion yuan, an increase of 27.42 billion yuan from last week [1] - Most bonds have a 3 - year issuance term, and issuers include central enterprise subsidiaries, local and central state - owned enterprises, and large private enterprises [1] - The issuers' credit ratings are mostly AAA and AA +, and they are located in Beijing, Anhui, Guangdong, and other places [1] - The types of issued bonds include ultra - short - term financing bills, science and technology innovation bonds, and other financial institution bonds [1] Secondary Market Trading - The total weekly trading volume of green bonds was 61 billion yuan, an increase of 8.7 billion yuan from last week [2] - By bond type, the top three in trading volume were financial institution bonds, non - financial corporate credit bonds, and interest - rate bonds, with trading volumes of 30.4 billion, 23.6 billion, and 5.4 billion yuan respectively [2] - By issuance term, green bonds with a term of less than 3 years had the highest trading volume, accounting for about 87.94% [2] - By issuer's industry, the top three industries in trading volume were finance, public utilities, and transportation equipment, with trading volumes of 32.5 billion, 11.7 billion, and 1.5 billion yuan respectively [2] - By issuer's region, the top three in trading volume were Beijing, Guangdong, and Fujian, with trading volumes of 25 billion, 5 billion, and 5 billion yuan respectively [2] Valuation Deviation of Individual Bonds - The overall deviation of the weekly average trading price valuation of green bonds was not large, with the discount trading amplitude smaller than the premium trading, and the discount trading proportion less than the premium trading [3] - Among the discount bonds, the top three in discount rate were 21 Linchuan Green Bond 02 (- 0.3664%), 22 Vanke GN003 (- 0.1649%), and 24 Kangfu Leasing MTN002 (sustainability - linked) (- 0.1057%) [3] - Among the premium bonds, the top four in premium rate were 22 Guangdong Bond 10 (1.1757%), GC Wind Power KV (0.8326%), 20 Shandong 70 (0.7413%), and 25 CNNC Leasing GN002 (carbon - neutral bond) (0.5381%) [3]

Core Insights - The wildfires in Los Angeles in January caused property losses exceeding $51.7 billion, affecting approximately 11,000 residential properties [1] - The analysis was based on data provided by the Los Angeles City Council, which included a list of 11,125 residential parcels surveyed by the Los Angeles Department of Building and Safety after the fires [1] - The majority of the affected properties were impacted by the Palisades fire, and the analysis did not include losses from the Eaton fire in the Altadena suburb, indicating that the total losses could be significantly higher than $51.7 billion [1] - The average pre-fire valuation of the affected homes was approximately $3.7 million, with nearly 100 properties valued over $20 million prior to the fires [1]

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Viewpoints - The real estate sector continues to see low allocation, with leading real estate companies presenting good investment opportunities. The total market value of heavy holdings in the real estate sector among public funds was 25.67 billion yuan in Q2 2025, a decrease of 11.3% quarter-on-quarter, with a holding ratio of 0.83%, which is 0.37 percentage points lower than the industry standard [4][10][17]. Summary by Sections Industry: Fund Holdings Decline, Low Allocation Trend Continues - In Q2 2025, the total market value of heavy holdings in the real estate sector among sample funds was 25.67 billion yuan, down 11.3% quarter-on-quarter. The holding ratio was 0.83%, a decrease of 0.12 percentage points, indicating a relative underweight of 0.37 percentage points compared to the industry standard [10][17]. Sector: Development and Service Sectors See Decline - In Q2 2025, the heavy holding ratios for the real estate development and service sectors were 0.74% and 0.09%, respectively, both showing a quarter-on-quarter decline of 0.11 and 0.02 percentage points [11][22]. Individual Stocks: Focus on State-Owned Enterprises and Commercial Real Estate - The top five heavy holdings in the real estate development sector were Poly Developments (4.902 billion yuan), China Merchants Shekou (3.193 billion yuan), and others. Notably, New Town Holdings and China Resources Land saw increases in holdings of 466 million yuan and 202 million yuan, respectively [12][24]. Funds: Northbound Funds Increase Holdings in Poly, Southbound Funds Add to Beike, Longfor, and Greentown - In Q2 2025, the top five companies with increased northbound fund holdings included Poly Developments (+1.37 percentage points) and others. Southbound funds increased holdings in Beike-W (+2.15 percentage points) and Longfor Group (+2.04 percentage points) [13][35]. Investment Recommendations: Continue to Recommend Leading State-Owned Enterprises and Improvement-Oriented Real Estate Companies - The real estate sector's valuation remains at historical lows, with policies supporting market stabilization. The report suggests focusing on leading state-owned enterprises and improvement-oriented real estate companies with strong land acquisition capabilities and high-quality products, such as Jianfa International Group and Greentown China [14][38].

Group 1 - The core viewpoint of the article highlights the performance and strategy of the AI Fund Qianhai Kaiyuan State-owned Enterprise Selected Mixed Fund A, which reported a profit of 373,800 yuan in Q2 2025, with a net asset value growth rate of 2.48% [3] - As of July 21, 2025, the fund's unit net value was 1.092 yuan, and the fund manager, Tian Wei, oversees seven funds, with the highest one-year growth rate of 25.73% for the Qianhai Kaiyuan Hong Kong and Shanghai Consumer Theme Mixed A fund [3][4] - The fund management indicated that their investment strategy during the tariff war focused on companies with strong business resilience, low valuations, and excellent shareholder returns, which helped mitigate risks from the market during the tariff war's early phase [3] Group 2 - Looking ahead, the market's concerns about external pressures on the Chinese economy are expected to decrease, with more focus on internal economic changes, despite ongoing pressures in traditional sectors like real estate [4] - The fund's high concentration in holdings is noted, with the top ten stocks as of Q2 2025 including China Mobile, China Construction Bank, and others, indicating a strategic preference for quality state-owned enterprises [4]

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [6]. Core Insights - The market shows increasing divergence regarding real estate stocks, with a focus on developers in core cities with abundant resources. The report recommends developers with strong credit, good cities, and solid products, as well as top property management companies and Hong Kong REITs benefiting from asset revaluation [1][2]. - Public fund holdings in the real estate sector decreased, with a total market value of 48.4 billion yuan, down 12% quarter-on-quarter, marking a new low in holding ratio [2][3]. - Northbound capital's real estate allocation slightly increased, with a total market value of 13.7 billion yuan, up 10% quarter-on-quarter, indicating a preference for "real estate+" attributes [4]. Summary by Sections Public Fund Holdings - As of Q2 2025, public fund holdings in real estate stocks saw a significant decline, with the total market value at 48.4 billion yuan, representing a 12% decrease from the previous quarter. The holding ratio fell to 0.67%, a drop of 0.12 percentage points [2][3]. - The top five real estate stocks held by public funds include Poly Developments, China Merchants Shekou, and others, with a combined holding value accounting for approximately 27.9% of the total real estate sector holdings, down 1.3 percentage points [3]. Northbound Capital - Northbound capital's holdings in real estate stocks increased slightly, with a total market value of 13.7 billion yuan, reflecting a 10% rise quarter-on-quarter. The top five holdings include Poly Developments and China Merchants Shekou [4][19]. Recommended Companies - The report highlights several companies with "Buy" ratings and target prices, including: - Chengdu Investment Holdings (600649 CH) with a target price of 6.34 yuan - Chengjian Development (600266 CH) with a target price of 7.32 yuan - Binjiang Group (002244 CH) with a target price of 12.08 yuan - New Town Holdings (601155 CH) with a target price of 17.50 yuan - China Overseas Development (688 HK) with a target price of 17.07 HKD [8][20].

Core Viewpoint - Beike (BEKE) has shown significant financial growth, with a notable increase in revenue and net profit, indicating strong performance in the real estate service sector [1][2]. Group 1: Financial Performance - As of March 31, 2025, Beike reported total revenue of 23.328 billion RMB, representing a year-on-year growth of 42.44% [1]. - The company's net profit attributable to shareholders reached 856 million RMB, marking a substantial increase of 98.2% year-on-year [1]. Group 2: Company Overview - Beike is a leading integrated online and offline real estate transaction and service platform in China, focusing on enhancing service efficiency for consumers in the housing market [2]. - The company operates the well-known real estate brokerage brand, Lianjia, which plays a crucial role in Beike's platform and has contributed to the establishment of industry standards [2]. - With over 23 years of operational experience since Lianjia's founding in 2001, Beike has developed unique insights into market dynamics, operational environments, and customer needs, which are essential for providing effective solutions and expanding market presence [2].

Group 1 - The average house price index in the UK for July, as reported by Rightmove, shows a year-on-year increase of 0.1%, down from a previous value of 0.8% [1]

Group 1 - The average house price index in the UK for July, as reported by Rightmove, decreased by 1.2% month-on-month, compared to a previous decrease of 0.3% [1]