中国房地产行业：上半年业绩疲软；下半年指引乐观-China Property_ Weak 1H Results; Positive 2H Guidance

September 2, 2025 09:34 AM GMT China Property | Asia Pacific Weak 1H Results; Positive 2H Guidance While developers reported weak 1H results as expected, they provided positive guidance for 2H and beyond, particularly in development margin recovery and rental income growth. We remain cautious on the physical market, and reiterate our recommendation to stay with quality SOEs that have alpha. Major developers posted weak 1H results as expected (Exhibit 3-12) Overall positive guidance for 2H and beyond Stay de ...