TA: Guming Holdings (1364 HK) / BYD Electronic (0285 HK)

报告摘要

The central government will subsidise new first-home mortgages by 1ppt a year from 1 October, its first subsidy on commercial mortgages, with eligible loans capped at Rmb1m for up to five years. Premier Li Qiang called for further property support, while Beijing and Shanghai detailed the 28 August housing sales reform. Tier 1 land supply rose to 17 sites worth Rmb61.8b in Sep 26, up 12% mom and 3.5x yoy, with premiums at 12.9%. Maintain UNDERWEIGHT.