Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>The Bank of Japan raised interest rates by 25 bps as expected, with Japanese stocks closing up 1.4%.</li><li>The HSI finished the day at 24,750, rebounding 146 pts or 0.6%, as easing oil prices and softer US Treasury yields improved market sentiment after the Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00% and signaled the possibility of another hike this year.</li><li>The People's Bank of China left its key lending rates at record lows for a 16th straight month in September 2026, even as the yuan continued to strengthen, in line with market expectations.</li></ul>

The Bank of Japan raised interest rates by 25 bps as expected, with Japanese stocks closing up 1.4%.The HSI finished the day at 24,750, rebounding 146 pts or 0.6%, as easing oil prices and softer US Treasury yields improved market sentiment after the Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00% and signaled the possibility of another hike this year.The People's Bank of China left its key lending rates at record lows for a 16th straight month in September 2026, even as the yuan continued to strengthen, in line with market expectations.

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources</li>
</ul>


This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources


REF China Property Developers In Distress - Weekly News & Announcements Tracker | Sep 11-17, 2026

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Indika Energy</li>
<li>UST yields were stable yesterday, with the curve twisting marginally flatter around the 10Y. The yield on the 2Y UST rose 1 bp to 3.81%, while the yield on the 10Y UST was stable at 4.32%. Equities rallied for a second day, on hopes of a de-escalation in the Middle East conflict. The S&amp;P 500 and Nasdaq advanced 0.7% and 1.2% to 6,575 and 21,841, respectively.</li>
<li>US President Donald Trump delivered a 19-minute televised address at the White House this morning, mostly repeating previous remarks. Mr Trump said the US is "nearing completion" on its strategic objectives, but added that the military will be hitting Iran "extremely hard" over the next 2-3 weeks. Mr Trump also repeated calls for other nations to "build up the courage" to secure shipping in the Strait of Hormuz or buy oil from the US instead. In the US, the March ISM manufacturing index rose to 52.7 (52.3 e / 52.4 p), driven by a jump in the prices paid index on account of the higher oil prices.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Indika Energy
UST yields were stable yesterday, with the curve twisting marginally flatter around the 10Y. The yield on the 2Y UST rose 1 bp to 3.81%, while the yield on the 10Y UST was stable at 4.32%. Equities rallied for a second day, on hopes of a de-escalation in the Middle East conflict. The S&amp;P 500 and Nasdaq advanced 0.7% and 1.2% to 6,575 and 21,841, respectively.
US President Donald Trump delivered a 19-minute televised address at the White House this morning, mostly repeating previous remarks. Mr Trump said the US is "nearing completion" on its strategic objectives, but added that the military will be hitting Iran "extremely hard" over the next 2-3 weeks. Mr Trump also repeated calls for other nations to "build up the courage" to secure shipping in the Strait of Hormuz or buy oil from the US instead. In the US, the March ISM manufacturing index rose to 52.7 (52.3 e / 52.4 p), driven by a jump in the prices paid index on account of the higher oil prices.


REF China Property Developers In Distress - Weekly News & Announcements Tracker | August 14-20, 2026

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: How Gamed AI Answers Can Lead Investors Astray</li><li>When China Central Television used its annual consumer-rights program in March to show how artificial intelligence (AI) could be manipulated to present pure fiction as fact, the state broadcaster showed an industry insider conjuring a product out of thin air.</li><li>Harry Chun Tak Yeh, a veteran cryptocurrency investor and founder of Quantum Fintech Group, died after falling naked from a luxury high-rise apartment in Paraguay’s capital early Aug.7, local media reported.</li></ul>

In Depth: How Gamed AI Answers Can Lead Investors AstrayWhen China Central Television used its annual consumer-rights program in March to show how artificial intelligence (AI) could be manipulated to present pure fiction as fact, the state broadcaster showed an industry insider conjuring a product out of thin air.Harry Chun Tak Yeh, a veteran cryptocurrency investor and founder of Quantum Fintech Group, died after falling naked from a luxury high-rise apartment in Paraguay’s capital early Aug.7, local media reported.

CX Daily: How Gamed AI Answers Can Lead Investors Astray 

China

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

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China Vanke (000002 CH)

Quam Morning Note (21 Sep)

The Bank of Japan raised interest rates by 25 bps as expected, with Japanese stocks closing up 1.4%. The HSI finished the day at 24,750,...

Quam Securities

REF China Property Developers In Distress - Weekly News & Announcements Tracker | Sep 11-17, 2026

This note is a weekly (Sep 11-17, 2026; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Indika Energy

Lucror Analytics

REF China Property Developers In Distress - Weekly News & Announcements Tracker | August 14-20, 2026

This note is a weekly (August 14-20, 2026; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

CX Daily: How Gamed AI Answers Can Lead Investors Astray

In Depth: How Gamed AI Answers Can Lead Investors Astray When China Central Television used its annual consumer-rights program in...

Caixin Global

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