CHINA JINMAO

China Jinmao opened at HK$1.31, peaked at HK$1.36 in the morning, then retraced to a low of HK$1.30 in the afternoon before closing at HK$1.32, up 2.33% from the previous close of HK$1.29 but well below the intraday high. The rally was driven by positive broker calls: CLSA added the stock to its top picks alongside Yuexiu Property, Citi upgraded the sector and reiterated Jinmao as a preferred name, and JPM highlighted its clear inventory clearance plan and attractive valuation. However, S&P recently revised the rating outlook to negative, citing challenges in deleveraging. The stock at HK$1.32 remains 35.29% below its 52-week high of HK$2.04 and trades below both the 20-day (1.433) and 60-day (1.587) moving averages, reflecting ongoing tension between policy optimism and fundamental headwinds.