National Bureau of Statistics: Beijing July resale residential prices MoM 0.0% (June +0.1%), YoY -4.5% (June -5.5%).

Hoisington data show the Fed's Treasury holdings rose about $290bn from December 2025 to end-June 2026, a seven-month increase approaching the roughly $320bn seen during the pandemic; total holdings are at a record high. The rise partly reflects reserve-management purchases to keep reserves ample and partly reinvestment of maturing MBS principal — the latter reshapes asset mix rather than equivalently expanding the balance sheet. The NY Fed began reserve-management purchases at $40bn/month and trimmed them to $10bn/month by summer. NY Fed research concludes these buys have raised demand for short-term debt, eased repo-market stress and marginally lowered short-end funding costs, but are far smaller than 2020 QE, when the Fed bought nearly $2trn of medium- and long-term Treasuries. The flow indicates only that runoff has ended and the Fed is again a material buyer of short-dated debt; it does not constitute QE or yield-curve control.

CITIC CLSA says Lenovo Group (00992.HK) delivered a stronger-than-expected Q1 FY2027 (period ended June), driven by a rapid recovery in server revenue and margins. The broker raises its PT to HK$48.7 from HK$36 and keeps an Outperform rating, upgrading adjusted net profit forecasts for FY2027 and FY2028 by 40% and 35% to US$4.4bn and US$4.8bn. CITIC CLSA cites Lenovo’s growing role in the AI server market and retains it as a top pick in its China tech coverage.