Company Coverage

报告摘要

NBS data showed new-home GFA sold down 22.6% yoy in Sep 26, the steepest monthly decline in 2026, while second-hand transaction GFA rose 10.7% yoy in 9M26 to 1.3x residential new-home GFA sold. In Sep 26, Tier 1 new-home and second-hand prices rose 0.1%/0.2% mom. Household medium- to long-term loans rose Rmb87.4b in Sep 26, 65% lower than last year’s. Over 1-18 Oct 26, Tier 1 new-home and second-hand sales rose 8%/30% yoy. Maintain UNDERWEIGHT on China’s property sector.