Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
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Coming up on today’s program.
重点提要
China"s property market continued to face downward pressure in July as home sales halved from June;
The NDRC vows to ramp up coal supply for power generation amid prolonged heat waves.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China’s real estate market softened again last month, ending a two-month recovery, as home sales almost halved from June and prices in second- and third-tier cities fell, and national real estate development investment saw a year-on-year decline, official data showed on Monday.
In first-tier cities last month, new apartments became 0.3 percent more expensive than in June, with lived-in homes 0.2 percent pricier, data from the National Bureau of Statistics (NBS) showed on Monday.
In second-tier cities, the cost of a new apartment was unchanged, while second-hand ones were 0.2 percent cheaper. In third-tier cities, new and lived-in apartments saw prices dip 0.3 percent each from June.
Among 70 large and medium-sized Chinese cities, 40 recorded price drops from June for new homes, two more than in June.
Experts noted that mortgage defaults in some cities, with yet-to-be delivered property projects being delayed, have also affected market sentiment.
Some 92.6 million square meters of residential property were sold last month, down from 181.9 million in June, NBS data showed. The value of sales slumped 46 percent to 969.1 billion yuan from 1.8 trillion yuan.
National real estate development investment fell 6.4 percent year-on-year in the first seven months, according to NBS data.
According to the latest data released by the central bank, new home mortgages increased 121.7 billion yuan in July, compared with 848.2 billion yuan in June.
Overall, the domestic property market has been in a downturn this year, with some areas facing apartment delivery problems, NBS spokesperson Fu Linghui said. But development projects close to delivery dates have remained stable with regards to construction progress, with risks generally controllable.
7月份中国楼市复苏遭遇波折。
在5月和6月份的小幅回暖之后，7月楼市再次进入“降温通道”：前7月房地产开发投资增速降幅扩大至6.4%，商品房销售面积和销售额累计同比跌幅依然超过20%。
房价修复动力也有所减弱。中国国家统计局8月15日发布的70个大中城市房价数据显示，官方数据显示，7月份，70个大中城市中，40个城市新房价格环比下跌，51个城市二手房价格环比下跌，分别较上月增加2个、3个。不过，也有部分一线和二线城市房地产市场韧性显现，仍然保持回升势头。
国家统计局城市司首席统计师绳国庆分析，一线城市商品住宅销售价格环比微涨、同比涨幅回落，二三线城市环比整体呈降势、同比降幅扩大。
7月房地产市场再降温，不仅表现在房价下降城市数量上，在整体房价变化上也有所反映。7月70城新房价格环比下降均值接近0.11%，较6月略有扩大；二手房价格环比下降均值为0.21%，较上月亦略增。
同时，1-7月全国房地产开发投资增速、全国商品房销售面积增速和全国房企本年到位资金增速等指标的降幅也较1-6月扩大。如1-7月全国商品房销售面积同比下降23.1%，降幅较1-6月增加0.9个百分点。与之相对，1-7月商品房销售额降幅较1-6月收窄0.1%个百分点，下降28.8%。
国家统计局新闻发言人、国民经济综合统计司司长付凌晖表示，总的看，房地产市场呈现下行态势，当前整体上处于筑底阶段。展望后市，付凌晖认为，随着房地产市场长效机制不断完善，因城施策效果逐步显现，房地产市场有望逐步企稳。
Moving on to regional highlights
区域观察
Southwest China"s Sichuan Province notified a large number of industrial enterprises in the province to suspend production for six days to guarantee people"s livelihood, as high temperatures overstretched local power grid. In a joint announcement released by Sichuan Provincial Economic and Information Department and State Grid"s Sichuan Electric Power Company, the province will expand industrial power cuts to 19 cities and prefectures in the province from Monday to Saturday.
四川扩大停产“让电于民”：四川省经济和信息化厅、国网四川省电力公司8月14日下发的《关于扩大工业企业让电于民实施范围的紧急通知》称，由于当前电力供需紧张形势进一步加剧，为确保四川电网安全，确保民生用电，确保不出现拉闸限电，经研究决定，从8月15日起取消主动错避峰需求响应，在全省（除攀枝花、凉山）的19个市（州）扩大工业企业让电于民实施范围，对四川电网有序用电方案中所有工业电力用户（含白名单重点保障企业）实施生产全停（保安负荷除外），放高温假，让电于民，时间从2022年8月15日00:00至20日24:00。该文件要求各地立即通知企业做好生产调整，保障保安负荷用电。
Next on industry and company news
产业及公司新闻
China will ramp up coal supply for power generation, as high temperatures and quickened pace of economic recovery have pushed national demand for electricity higher, the NDRC said on Tuesday.In July, China’s power generation reached 805.9 billion kilowatt hours, an increase of 4.5 percent year-on-year, 3 percentage points above the previous month, while electricity consumption rose 6.3 percent from last year.
发改委回应电煤供应保障：国家发改委16日介绍，7月份，全国发电量8059亿千瓦时，同比增长4.5%，增速比上月加快3.0个百分点。7月份全国全社会用电量8324亿千瓦时，同比增长6.3%。国家发改委新闻发言人金贤东表示，发改委已指导督促有关地方和企业加快释放煤炭先进产能产量，全力做好电煤中长期合同签订履约工作，着力加强运输保障，推动电煤供应保障取得积极成效。
China is managing the implementation of 102 key projects which are making "smooth progress,” an official from China"s top economic planner disclosed during a press conference on Tuesday. The NDRC also moved to speed up issuance and usage of local government special bonds to stimulate investment. By the end of July, the quota of 3.45 trillion yuan of special bonds for project construction this year had almost been fully issued.
102项重大工程扎实实施：16日，国家发展改革委举行新闻发布会。会上介绍称，今年以来，发改委加大力度推进各地方各领域重大项目建设，取得了积极成效。截至目前，各部门和地方协同发力，102项重大工程有序推进，总体进展顺利。此外，截至7月31日，今年用于项目建设的3.45万亿专项债券额度已经基本发行完毕。
China"s transport sector reported a 7.5-percent increase to over 259 billion yuan in fixed-asset investment in July, data from the Ministry of Transport showed on Monday. The majority of funds went to road construction, which jumped 6.8 percent year on year to 245.2 billion yuan.
7月交通固定资产投资增长7.5%：据交通运输部15日发布统计数据显示，7月份公路水路交通固定资产投资达2591亿元，同比增长7.5%。其中，公路投资2452亿元，同比增长6.8%。1-7月我国公路水路交通固定资产投资16035亿元，同比增长9.1%。
Chinese solar wafer maker Wuxi Shangji Automation said Monday that it will spend 15 billion yuan to build a photovoltaic industrial park in eastern Jiangsu province. The facility, to be located in the city of Xuzhou, will have an annual capacity of 25 gigawatts of silicon wafers as well as 24 GW of high-efficiency N-type crystalline silicon photovoltaic cells.
上机数控豪掷150亿进军下游电池：8月15日，上机数控发布公告称，公司拟于徐州经济技术开发区投资建设新能源产业园，包括年产25GW单晶硅切片及年产24GW的N型高效晶硅电池生产项目。按照规划，该项目建设期为2~3年，预计总投资金额为150亿元。
Xiangdao Chuxing, the ride-hailing service backed by China’s largest carmaker, completed a 1 billion yuan fundraising that brings in an autonomous driving startup as new investor, the company said Monday. The latest funding round valued SAIC Motor-affiliated Xiangdao at $1 billion. Largest shareholder SAIC Motor, self-driving company Momenta and Gaohang (Tianjin) Management Consulting led the fundraising.
享道出行完成超10亿元融资：8月15日，上汽集团旗下的打车平台享道出行宣布，完成超10亿元人民币B轮融资，由上汽集团、国内自动驾驶初创企业Momenta、高行管理咨询等投资，投后估值达到10亿美元。
Earnings reports express
财报速递
Chinese electric vehicle maker Li Auto said its interim net loss widened by 5.6 percent to 629 million yuan year-on-year, due mainly to a doubling of expenses in sales and its general operations. Still, the company"s total revenue amounted to 18.2 billion yuan, representing a 112.4-percent year-on-year increase. In the second quarter this year, Li Auto’s deliveries slid under 30,000 compared to the last two quarters, but increased 63 percent from the same period last year.
理想汽车上半年营收增长112%：8月15日，理想汽车公布了2022年二季度及上半年业绩。今年上半年，理想汽车实现营业收入增长182.95亿元，同比增长112.4%；净亏损6.52亿元，较去年同期扩大9.5%；归属母公司净亏损6.29亿元，亏损同比扩大5.61%。第二季度，理想汽车的交付量为2.87万辆，同比增长了63.2%，环比下滑，此前两个季度交付量均超过了3万辆。
Chinese media company China Literature saw its first-half net profit plunge by 78.9 percent year-on-year to 228.5 million yuan, while the adjusted profit inched up by 0.2 percent to 666 million yuan. Revenue of the Tencent-backed firm declined by 5.9 percent to 4.1 billion yuan. Sales at its online business, which accounted for more than half of the total revenue, fell by 9.2 percent to 1.76 billion yuan. However, its monthly average revenue per user for its pay-to-read business increased by 6.6 percent to 38.8 yuan as paid users reached 8.1 million as of the end of June, it said in a filing on Monday.
阅文集团上半年收入40.9亿：8月15日，阅文集团公布了2022年中期业绩报告。报告期内，阅文集团实现营收40.9亿元，同比减少5.9%；期内盈利2.32亿元，同比下滑78.5%；公司权益持有人应占盈利为2.29亿元，同比下滑78.9%；非国际财务报告准则公司权益持有人应占盈利为6.66亿元，同比增长0.2%。在线业务收入同比减少9.2%至23.07亿元，占总收入的56.4%。阅文在线业务实现收入同比减少9.2%至23.1亿元，占总收入的56.4%。截至2022年6月，阅文月付费用户达810万人，每名月付费用户平均月收入达到38.8元，同比增长6.6%。
Chinese hotpot chain Haidilao International Holding fell into the red in the six months ended June 30, the Beijing-based company said late Sunday. It had a net loss of between 225 million and 297 million yuan, compared with 96 million yuan in net profit a year earlier. Revenue likely fell 17 percent to be no less than 16.7 billion yuan. Shares of Haidilao rallied 8 percent on Monday as investors were relieved that the first-half loss wasn’t as big as they feared, after the firm reported a net loss of 4.2 billion yuan for last year.
海底捞净亏损低于预期：8月14日晚间，海底捞国际控股有限公司发布了2022年上半年盈利预警。公告显示，截至2022年6月30日六个月中，海底捞收入预计不低于167亿元，与2021年同期的201亿元收入相比最高下滑17%；净利润方面，2022年上半年，海底捞预期净亏损额约在2.25亿元至2.97亿元，与2021年同期约9650万元的净利润相比，转盈为亏。尽管海底捞今年上半年仍出现净亏损，但其业绩已经超出市场预期，8月15日收盘，海底捞股价涨幅达7.99%。
Switching gears to financial news
金融市场消息
China"s central bank plans to issue 25 billion yuan worth of bills in Hong Kong next Monday. The central bank bills will be issued in two batches. One batch is worth 10 billion yuan with a maturity of three months. The other batch is worth 15 billion yuan with a maturity of one year, the People"s Bank of China said in a statement Tuesday.
央行下周一在港发行250亿央票：人民银行网站8月16日消息，2022年8月22日中国人民银行将通过香港金融管理局债务工具中央结算系统（CMU）债券投标平台，招标发行2022年第七期和第八期中央银行票据。据介绍，第七期中央银行票据期限3个月，为固定利率附息债券，到期还本付息，发行量为人民币100亿元。第八期中央银行票据期限1年，为固定利率附息债券，每半年付息一次，发行量为人民币150亿元。
China’s holdings of US Treasury bonds shrank for the seventh consecutive month in June to the lowest level in 12 years. China cut its holdings by $13 billion to $967.8 billion in June, the lowest level since May 2010, but it remains the US’ second-biggest creditor, according to data released by the US Treasury Department Monday.
中国连续7个月减持美债：美国财政部美东时间8月15日公布的2022年6月的财政部国际资本 (TIC) 数据显示，6月，海外持有的美国国债在6月增加51亿美元至7.43万亿美元。其中，中国(大陆)6月所持美债减少130亿美元，至9678亿美元，这是中国连续7个月减持美国国债，规模降至12年来最低。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks edged slightly higher on Tuesday, led by gains in photovoltaic and property stocks on policy support. The Shanghai Composite and Shenzhen Component added 0.05 percent and 0.08 percent each. In Hong Kong, the Hang Seng Index closed 1.05 percent lower, as the TECH index dropped 2.03 percent.
周二三大股指小幅收涨。截至收盘，沪指涨0.05%，深证成指涨0.08%，创业板指涨0.47%。光伏等赛道股继续走强，农产品加工、养殖业、电力设备、房地产开发、汽车产业链等板块表现活跃。港股全天震荡下挫，恒生指数跌1.05%，科技指数跌2.03%。
Biz Word of the Day
财经词汇划重点
Fixed assetsare a form of non-current assets which are company-owned, long-term tangible assets. These assets make up its day-to-day operations to generate income. Being fixed means they can"t be consumed or converted into cash within a year.Fixed assets can include buildings, computer equipment, software, furniture, land, machinery, and vehicles.
固定资产是指企业为生产产品、提供劳务、出租或者经营管理而持有的、使用时间超过12个月的，价值达到一定标准的非货币性资产，包括房屋、建筑物、机器、机械、运输工具以及其他与生产经营活动有关的设备、器具、工具等。固定资产是企业的劳动手段，也是企业赖以生产经营的主要资产。
Executive Editor: Sonia YU
Editor: LI Yanxia, HE Jia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: ZENG Libin
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞、和佳
播音：李莹亮
撰稿：李莹亮
音频制作：曾丽镔
设计：郑文静、廖苑妮
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