Insurance industry: when will the inflection point of the insurance industry come?
Category: Industry Institution: Everbright Securities Co. Researcher: Wang Yifeng Date: 2021-07-23
2021 first half of the insurance sector lost the broader market. 2021 first half of the A-share insurance stocks are down, compared to H-share performance is better, the insurance sector lost the broader market, the valuation of various insurance companies pivot is constantly close to the historical low. The valuation pivot of each insurance company has been close to the historical low. In terms of personal insurance, the open door superimposed on the new and old definition of critical illness insurance switch, following the rapid growth of premiums at the beginning of 2021, the follow-up support force is insufficient, premium growth is under pressure; property insurance, the comprehensive reform of the pressure of the continuation of auto insurance premiums, auto insurance premiums are under pressure, non-automobile insurance accounted for the proportion of the increase in support of the overall premiums; the investment side of the long end of the interest rate shock downward superimposed on the increase in volatility of the equity market, pulling down the insurance index.
Product innovation has entered a bottleneck, and the problem of manpower channels has gradually come to the fore. In the past, the driving force of the rough development of the insurance industry mainly lies in product innovation and policy guidelines, the essence of the human channel problem has always existed, only in the past has not been exposed. Investment-linked insurance and universal life insurance development pressure, million medical piece average unit price is low and life insurance fixed annual growth limit its scale space and profit, pension annuity insurance due to tax-advantaged policy is not enough attraction, critical illness insurance due to the demand for old products released in advance, resulting in the sales of new products is not as expected, the insurance industry in urgent need of a new high business value rate of the product to pull the short-term performance, but there is no new sales of the more prominent and to meet the market's core demand for the product. However, there were no new products with outstanding sales volume that met the core needs of the market. Therefore, the sloppy development of manpower channels has gradually highlighted the problem, and supply-side reform of the insurance industry is imperative.
The reform of the agency channel of domestic insurers is still in the first stage compared to AIA. AIA China's optimal agent reform performance effectiveness has experienced three stages: (1) the decline in the number of agents stage (2010-2013): the annualized new premium growth rate declined, the per capita ANP maintains growth but the per capita VONB growth rate declined; (2) the number of agents rapid increase stage (2014-2018): the annualized new premium rapid growth, the per capita ANP and the per capita VONB growth rate declined and then rose; (3) the number of agents rapid increase stage (2014-2018): the annualized new premium rapid growth, the per capita ANP and the per capita VONB growth rate declined and then rose. (3) Stage of stable growth in the number of agents (after 2018): annualized new premiums, ANP per capita and VONB per capita maintained stable growth. On the whole, benchmarking against AIA China, although domestic insurers are actively promoting agency channel reform, they are still in the first stage, i.e., the stage of agents clearing the void, per capita FYP rising, and per capita NBV declining, and the inflection point of the insurance industry shifting from rough development to high-quality development still needs to be waited for.
We believe that the insurance industry or will usher in the inflection point in half a year to a year: 1, the future of the supply-side transformation of the three main lines: channel transformation, technology empowerment, industrial synergy. (1) channel transformation, in recent years, insurance marketers academic structure gradually optimized, the overall quality of the new marketers rose, the growth rate of insurance agents is cyclical, the current manpower clearing is close to the end, is expected to half a year to a year or a new round of incremental. (2) In terms of technology empowerment, Zhongan insists on the strategy of technology empowerment, creates the development mode of "product + system", rapidly expands the Internet channel, reduces the comprehensive cost rate, and successfully realizes the cost reduction and efficiency increase, and the domestic listed insurers are also actively promoting technology empowerment, and it is expected that the industry will break through the demographic dividend cycle in the future, and further expand the sinking market through technology empowerment + Internet. It is expected that the industry will break through the demographic dividend cycle in the future and further expand the sinking market through technology-enabled + Internet. (3) Industrial synergy: insurance companies to build a recreational industry chain, the use of community to attract customers, through the "product + service" to enhance customer stickiness, thereby promoting the pension, health insurance product sales, boosting NBV. 2, the demand side: the depth of the insurance density lags behind, the huge gap in the life insurance protection, the pension market has a wide space for the future development of epidemics. After the epidemic, people's awareness of insurance gradually increased, the market is expected to further expand.3, investment side: short-term, the equity market is expected to warm up to release the equity investment income, help insurance stock valuation restoration; long-term, insurance companies still maintain investment in solid fixed-income assets, long-term interest rates, although the trend is going down, but asset-liability maturity gap is gradually narrowing, is still optimistic about the asset side of the valuation of the role of the boost.
Investment advice: recommend higher dividend yield and lower valuation, life insurance transformation continues to deepen, and actively layout "insurance + health + pension" industry of China taicao (601601.SH/2601.HK); earlier layout of the field of financial science and technology and embedded value of the most robust, and actively promote the transformation of Ping An (601318.SH). (601318.SH/2318.HK); Zhong'an Online (6060.HK), which is at the forefront of online insurance, building an insurance and medical ecosystem, and actively exploring innovative applications of insurance technology; AIA (1299.HK), which focuses on the high-end market, has a high quality agent business, and has seen the proportion of its new business value to its embedded operating profit rise year-on-year, with the long-term embedded value return expected to steadily improve; and AIA (1299.HK), which has a strong focus on the high-end market, with a high quality of agent business, and with the proportion of new business value to embedded operating profit rising year-on-year. HK); and China Property & Casualty (2328.HK), which has a stable long-term ROE of 10%+ and a high dividend yield.
Risks: Premium income is less than expected; Epidemic recurrence on a wide scale; Epidemic impact on residents' insurance and health awareness is less than expected; Interest rate downturn is more than expected; Regulatory policy changes; Management change.
Agriculture, forestry, animal husbandry and fisheries industry: the agricultural cycle as expected downward growth standard more firm
Category: Industry Institution: Guoxin Securities Company Limited Researcher: Lu Jiarui Date: 2021-07-23
Fund position: growth stocks position firm, pro-cyclical plate was the focus of the layout of the 21Q2 agricultural sector. The total number of long position holdings decreased by about 7%, but the growth stocks Haida Group, Makuhara shares of the long position rankings of the advantage of a solid position, the total number of holdings against the trend of improvement; in addition, long position holdings of the total market value of the subject of the promotion of the obvious: Ruipu Biologicals, the people and shares, Tsuenyin High-tech, back to Sheng Biologicals, Pettigrew shares, Denghai seeds, the spoiled shares, the days of the Kang Biologicals, the Golden Dragon Fish, the Lixinhua shares, etc.. The high degree of prosperity of the animal protection, pet and seed plate, as well as the previous low valuation of the white chicken label to get the focus of the layout.
Industry views: the layout of the boom seed industry sector, long-term firm Haida and Makuhara 1) the recent seed industry ushered in a number of important catalysts, optimistic about the planting chain boom upward, taking into account the genetically modified may bring about disruptive industry changes, it is recommended that the plate configuration. 2) the future of the agricultural industry will go through the industrialization and digitalization of the supply side of the revolution, the industry ahead of the digitization of the enterprise will be fully benefited, the bottom-up recommended! Management excellent growth stocks Haida Group, Makuhara shares, goldfish. 3) hogs:
Investment advice
Bottom-up recommended growth stocks, the core recommendation: Haida Group, Makuhara shares, goldfish. Top-down optimistic pro-cyclical planting and animal protection and low valuation of the white feather chicken industry. Among them, 1) seed industry recommended: Lupin Gaoke, Tsuen Yin Gaoke, Denghai seed industry, Dabei Nong; 2) planting recommended: Suken Nongfa, COFCO sugar industry; 3) animal insurance recommended: Keqian Biological, biological shares; 4) white-feathered chicken: Yisheng shares, Xiantan shares, and Sheng Nong development.
Investment Summary
Key Conclusions and Investment Recommendations
1, the recent seed industry has ushered in a number of important catalysts, optimistic about planting chain boom upward, taking into account the genetically modified may bring subversive industry changes, it is recommended that the plate configuration.
2, rural revitalization background, the future of agriculture will experience industrialization and digital supply-side revolution, the industry in advance of the digitalization of enterprises will fully benefit, bottom-up core recommended entropy reduction evolution, sustained breakthroughs in the growth of growth stocks Haida Group, hogs growth stocks Makuhara shares, as well as the kitchen food leader Jinlongyu.
The overall investment view of agriculture is as follows, bottom-up recommended growth stocks, the core recommendation: Haida Group, Makuhara shares, gold dragonfish. Top-down optimistic pro-cyclical planting and animal protection and low valuation of the white feather chicken industry. Among them, 1) seed industry recommended: Lupin Gaoke, Tsuen Yin Gaoke, Denghai seed industry, Dabei Nong; 2) planting recommended:
Suken Nongfa, COFCO sugar industry; 3) animal insurance recommended: Keqian biology, biological shares; 4) white feathered chicken: Yisheng shares, Xiantan shares, and shengnong development.
Core assumptions or logic
First, the normalization of non-fever, the epidemic in 2021 will be more rewarding to the strong management ability of the farming community, performance differentiation may be more extreme; pig prices slowed down down the speed of the downward trend, the scale of the farming market share of the rapid increase.
Second, the food price post-cycle and GMOs bring growth *** vibration, planting chain long-term boom upward.
Differences with market expectations
We not only analyze the standard agriculture, forestry, animal husbandry and fisheries sub-industry sector position indicators, but also from the perspective of the hog sector to explore the current trend of the fund's asset allocation of the hog sector and the change in preference, to grasp the future investment opportunities in the field of hogs to provide a certain reference to the recommendations.
Catalysts for stock price changes
First, if GM corn and soybeans are liberalized in the future, the domestic corn seed industry will be transformed from a cyclical industry to a growth industry, with the headline companies benefiting the most, and the market share will be significantly increased.
Secondly, the market share of leading hog breeders is increasing rapidly.
Core assumptions or logic of the main risks
First, the risk of uncertainty due to bad weather. Agricultural planting companies are directly engaged in agricultural planting production, and seed companies also need to plant before seed production. If bad weather occurs, it may cause damage to the listed company's products, resulting in company losses.
Second, the potential risk caused by uncontrollable animal epidemics. Agricultural livestock and poultry farming enterprises are mainly based on large-scale farming, such as the occurrence of uncontrollable animal diseases may cause the company's livestock and poultry high mortality rate, resulting in greater losses.
Pharmaceutical industry: pharmaceutical position continues to rebound core assets continue to differentiate
Category: Industry Institution: Southwest Securities Company Limited Researcher: Du Xiangyang Date: 2021-07-23
From the point of view of the position of the public equity funds
21Q2 all public funds accounted for 14.54%, +0.83pp; excluding active pharmaceutical funds accounted for 11.14%, +0.8pp; and then excluding the index fund accounted for 12.98%, +2.35pp; Shenwan pharmaceutical sector market value accounted for 10.1%, +1.05pp.
From the point of view of the number of public funds position, public funds Fund number of the top five are WuXi Kande (907), Myriad Healthcare (634), Aier Eye (338), Zhifei Biological (333), Hengrui Medicine (309), the number of funds to increase the top five stocks are: WuXi Kande (+346), Aier Eye (+146), Tongzhe Medical (+76), Myriad Healthcare (+66), AiMeiKe ( +62).
From the public equity fund positions accounted for the situation, 1) positions accounted for the proportion of outstanding shares of the top five were: Boateng shares (25.2%), Myriad Healthcare (24.6%), NanWeiMedicine (21.1%), Tongce Medical (19.4%), Tiger Pharmaceuticals (17.2%); 2) positions accounted for the proportion of the top five of the total share capital were: Boateng shares (20.7%), Tongce Medical ( 19.4%), WuXi AppTec (16.9%), Kelaiying (15.6%), Changchun High-Tech (15.5%).
From the point of view of the total market value of the position of public funds, the top five total market value of the position are: WuXi AppTec (78.03 billion yuan), Myriad Healthcare (59.04 billion yuan), Aier Ophthalmology (38.13 billion yuan), Tongcai Medical (25.61 billion yuan), Zhifei Biological (24.43 billion yuan); changes in view of the market value of the fund's holdings to increase the top five were WuXi AppTec (+31.19 billion yuan), Kelai Ying (15.6%), Changchun Gaoxin (15.5%). 31.19 billion yuan), Aier Ophthalmology (+17.43 billion yuan), Tongze Medical (+13.62 billion yuan), Myriad Healthcare (+9.08 billion yuan), Tigermed (+7.24 billion yuan).
From the perspective of the position of the Land Stock Connect
21Q2 foreign investors hold the total market value of the pharmaceutical and biological sectors accounted for 3.27%, a decline of 0.2pp, the total market value of holdings of 307.9 billion yuan, +39.9 billion yuan.
From the position share situation,
1) the top five positions in the circulation were Dean Diagnostics (18.6%), Tiger Pharmaceuticals (17.8%), Myriad Healthcare (16.4%), Yifeng Pharmaceuticals (15.7%), Kanglong Huacheng (15%), and from the change, Aide et al Bio (+) 4.4%), Kehua Bio (+4.2%), Lipang Instruments (+2.8%), Kangxinuo-U (+2.5%), Yifeng Pharmacy (+2.3%);
2) the top five total equity positions were Yifeng Pharmacy (15.2%), Dean Diagnostics (13.7%), Hengrui Medical (12%), Jinwei Medical (11.8%), Taige Medical ( 11.5%); from the change, Kemper Bio (+1.3%), Dabo Medical (+1.3%), the old people (+1.2%), Boya Bio (+1.1%), Haier Bio (+0.9%).
From the position market value situation, the top five are, respectively, Hengrui Medicine (52 billion yuan), Myriad Healthcare (39.2 billion yuan), WuXi AppTec (27.1 billion yuan), Aier Ophthalmology (25 billion yuan), Tiger Pharmaceuticals (19.3 billion yuan); from the change of the top five are, respectively, Myriad Healthcare (+10.9 billion yuan), Aier Ophthalmology (+8.6 billion yuan), WuXi AppTec (+7.6 billion yuan), Pientzehuang (+0.6 billion yuan), Pientzehuang (+0.9%), and Haier Bio (+0.9%). ), Pientzehuang (+3.2 billion yuan), Tiger Pharmaceutical (+2.9 billion yuan).
Risk Warning: The analysis of public fund positions is based on the summary of the 2021Q2 quarterly report of the open and closed-end public funds disclosed in the wind fund database, and there is a risk of sample error due to the fact that some of the stocks are outside of the top ten positions.
Mechanical equipment industry: silicon material price three consecutive decline! Photovoltaic demand to meet the upward inflection point; push particle silicon, heterogeneous junction equipment!
Category: Industry Institution: Zheshang Securities Company Limited Researcher: Wang Huajun Date: 2021-07-23
Silicon prices fell three times! Lower module costs are expected to stimulate PV demand; PV demand will usher in an upward inflection point 1) Since the beginning of July, silicon prices have fallen three times in a row! According to the silicon industry branch report, this week the average price of monocrystalline compound casting material 208,000 yuan / ton, nearly three weeks down 4.2%; monocrystalline dense material average price of 206,000 yuan / ton, nearly three weeks down 3.5%; monocrystalline cauliflower material average price of 203,500 yuan / kg, nearly three weeks down 3.2%.
2) Since December 2020, the price of silicon has risen more than 150%, suppressing industry end demand. Recently, the CPIA issued an article calling for the healthy development of the PV industry, and the price of silicon began to fall, and the cost of components is expected to fall. It is expected that the future price of silicon will form an inflection point downward, into the benign range, PV industry demand is expected to usher in an upward inflection point!
3) Photovoltaic will become the absolute main force of carbon neutral. 2020 global photovoltaic new installed capacity of 130GW, we estimate that the global photovoltaic new installed capacity in 2030 will reach 1,200-1,400GW, the next 10 years will meet 10 times the growth of about, CAGR of 25%-27%.
PV/PV equipment: embracing three new technologies - granular silicon, heterojunction, large size? The newest addition to the PV equipment is a new generation of silicon technology that will help reduce the cost of PV. 1) Demand: In May, JA announced the purchase of nearly 150,000 tons of specialized granular silicon, and the large-scale purchase of 10,000 tons of granular silicon indicates that the granular silicon has gained recognition in the market, marking the beginning of large-scale industrialization. 2) The newest addition to the PV equipment is the newest addition to the PV equipment. Previously, Zhonghuan and LONGi have signed long single procurement contracts with GCL for granular silicon. At present, on the machine CNC, JAO, Central, LONGi and other mainstream wafer manufacturers have been trial particles of silicon, doping ratio has been significantly increased compared with the previous. The use of granulated silicon in mass production of N-type wafers has resulted in stable quality parameters and reduced crystal pulling costs.
2) Supply side: At present, GCL-Poly plans to produce 500,000 tons of granular silicon capacity in Xuzhou, Leshan and Inner Mongolia. Among them, on the machine CNC and GCL-Poly joint venture construction of 300,000 tons, on the machine in the first phase of 60,000 tons of particles of silicon project 35% participation, will strongly promote the industrialization of particles of silicon process. We expect the 300,000-ton granular silicon project of SCMC and GCL-Poly to progress smoothly; China's granular silicon production capacity is expected to reach 100,000-200,000 tons in 2022, and will be accelerated in the future.
Heterogeneous junction: recent Huasheng, Tongwei and other major breakthroughs in the project, large-scale application is approaching, the next five years, industry CAGR of more than 80%1) PV heterogeneous junction to reduce the cost of photovoltaic kWh, in the global promotion of a wide range of so as to realize the "carbon neutral" is crucial to the photovoltaic "future star". It is the "future star" of PV. In the future, it will replace PERC as the third generation of mainstream PV cell technology.
"Large size": "cost reduction and efficiency", bringing a new round of iterative demand, equipment to open the era of large-size update iteration of large size has "cost reduction and efficiency" advantage. We judge that in 2021 large size (210/182) will become the mainstream of the market, and in 2022 will occupy more than 90% of the market share. The market demand for new equipment is basically in accordance with the implementation of most of the 210 downward compatibility standards, will gradually replace the stock of equipment. Long crystal furnace, slicer, cell, component equipment manufacturers will benefit significantly.
2) photovoltaic heterojunction equipment: focus on recommended Jinchen shares (Zhejiang business July gold shares), Mai for the shares, Jiejia Weichuang; 3) large size: focus on recommended on the machine numerical control, Jinchen shares, Mai for the shares, jingsheng electromechanical, Jiejia Weichuang, trina photovoltaic, jinbao shares, optimistic about the Central shares.
Risk tips: the risk of photovoltaic products or technology substitution; downstream expansion is less than expected; the impact of the epidemic on overseas demand.
Food and beverage industry: food and beverage positions fall back sub-end liquor and beer by the fund favor
Category: Industry Institutions: Open Source Securities Company Limited Researcher: Zhang Yuguang Date: 2021-07-23
2021Q2 fund re-positioning of the proportion of food and beverage continued to fall back, the second quarter plate Rise and fall outperform the broader market 2021Q2 food and beverage fund heavy holdings proportion of 9.2%, down 0.64pct, but the proportion of holdings is still at a high level. Molecular industry, white wine allocation ratio from 2021Q1 of 8.3% fell back to 2021Q2 of 7.8% level. Most of the liquor positions in the second quarter showed differentiated characteristics, the first-line liquor was reduced by the fund, and the sub-high-end liquor was increased more. Estimated reasons should be related to the performance of the second high-end white wine faster growth rate, growth highlights. Non-white wine food and beverage, in addition to beer, the rest of the industry allocation ratio are slightly down. 2021Q2 overall non-white wine food and beverage fund long position ratio fell 0.18pct to 1.37% level. We predicted that the performance of liquor in the second quarter is still good, and the growth rate of popular products may be slightly pressured due to the base reason. At the same time, taking into account the second half of the growth rate of some companies may fall, the third quarter of food and beverage positions may continue to be under pressure.
Ranking top ten analysis: the fund reduced allocation of food and beverage, sub-high-end liquor and beer to get the funds favor (1) from the food and beverage company holding the number of funds, 2021Q2 ranked in the top ten companies, Guizhou Moutai, Yili shares, Luzhou Laojiao holdings of the number of funds declined, the number of fund holdings of the other companies have rallied.
The ranking change lies in the fact that Bairun shares, Haitian Taste fell out of the top ten, and Jiu Gai Liquor, Tsingtao Beer came in to fill the position. (2) From the fund holdings of the market value of shares as a percentage of the view: Shanxi Fenjiu, Yanghe shares, Bairun shares, Ghost Spirits, Chongqing Beer's holdings of the market value of the proportion of the recovery, the rest of the holdings of the market value of the proportion of the fall back. From the ranking point of view, Anjing Food and Shunxin Agriculture fell out of the top ten, and Ghost Spirits and Chongqing Beer came in to fill the position; Yanghe shares and Bailun shares improved their ranking, while Yili shares and Gujing Gongjiu slipped in the ranking. Overall view of the second quarter of 2021 fund to reduce the allocation of liquor is more obvious, the performance growth rate of higher expectations of the sub-high-end liquor companies and beer companies to obtain institutional favor.
Fund top ten long positions in food occupy three seats, consumer companies still occupy the mainstream observation 2021Q2 market overall fund top ten long positions, food and beverage occupy three seats: Guizhou Maotai, Wuliangye, Luzhou Laojiao. Top ten long positions in consumer companies occupy five seats (in addition to food and beverage companies, as well as the pharmaceutical industry, Myriad Pharmaceuticals and WuXi KangDe), consumer companies are still the mainstream configuration.
Risks: macroeconomic downturn, slowdown in consumer demand, rising raw material prices, food safety risks.
Real estate industry: heavy policy under the various real estate enterprises to get land strategy?
Category: Industry Institution: Huaxi Securities Company Limited Researcher: Yuzipei/Hou Xide/Xiao Feng Date: 2021-07-22
2021H1 National Land Supply and Transaction Situation
In terms of land supply, the 2021H1 National Land Transfer The land supply in 2021H1 was +9% year-on-year, of which, the June single-month land transfer was -5% year-on-year. 2021H1 national full-caliber cumulative launch of 2.43 billion square feet of floor space, -6% year-on-year, cumulative transaction of 1.91 billion square feet of floor space, -6% year-on-year, the full-caliber transfer amounted to 3.7 trillion yuan, +9% year-on-year, of which, the residential transfer amounted to 3.1 trillion yuan, +10% year-on-year. From the perspective of premium rate data, in the first half of 2021, the premium rate of first-tier cities was not high, and the premium rate in February and April was the high point in the first half of the year, and then gradually declined. While the premium rate of second-tier and third- and fourth-tier cities climbed since the beginning of the year, both of them reached a relatively high level in April, after which, the premium rate was showing a gradual decline. In terms of auction rate, 2021H1 national auction rate has been gradually decreasing since January, from 8.8% in January to 5.5% in June.
City Analysis of High Gross Price and High Premium Rate Plots
In 2021H1, the number of high gross price plots was mainly distributed in May and June, when the centralized land supply was implemented, and the market was not very hot in the beginning of the year, and then increased month by month, with the high gross price plots hitting a new record high in the first half of the year in May. From the perspective of city distribution, 2021H1 land parcels with a total land value of more than 5 billion yuan were mainly distributed in first-tier cities. From the perspective of the number of cities with high premium rate, in June 2021, the number of cities with premium rate exceeding 25% decreased by 2 cities compared with May. From the perspective of full-caliber land premium rate data, the number of cities with premium rates exceeding 25% in a single month in June was 47 cities (42 and 49 cities in April and May respectively), and the number of cities with premium rates exceeding 35% was 22 cities (33 and 29 cities in April and May respectively). From the data of residential land premium rate, the number of cities with premium rate exceeding 25% in June was 58 cities (66 and 56 cities in April and May respectively), and the number of cities with premium rate exceeding 35% was 29 cities (47 and 35 cities in April and May respectively). The number of cities with high premiums remains high.
An overview of the land acquisition situation of the sample real estate companies in 2021H1
The amount of land acquisition by leading real estate companies rose 15% year-on-year, while the amount of land acquisition by growing real estate companies fell 10% year-on-year, and the amount of land acquisition by medium-sized real estate companies rose 6% year-on-year in 2021H1. From the perspective of the year-on-year growth rate of land acquisition by various echelons, the overall land acquisition amount of leading real estate enterprises has increased the fastest in 2021H. 59 sample real estate enterprises have shown a downward trend in the premium rate of land acquisition since 2018, but after the implementation of the policy of "two centralized", the premium rate of land acquisition by auction has risen sharply to 21.2% in 2021H1, among which, the leading real estate enterprises and growth-oriented real estate enterprises have shown a downward trend in the premium rate. The premium rate of land acquisition by leading real estate enterprises and growth-oriented real estate enterprises has significantly increased, and the premium rate of land acquisition by growth-oriented real estate enterprises has reached 25%. 2021H1, the proportion of land acquisition by sample real estate enterprises in first-tier cities decreased from 18% to 17% in 2020, the proportion of land acquisition in second-tier cities increased from 54% to 57%, and the proportion of land acquisition in third- and fourth-tier cities decreased by 3 pct to 26%. The second-tier cities are still dominated by the second-tier cities.
Investment Recommendations
Risks
Sales rebound is not as expected, the real estate control policy tightened.