7月购物中心增长放缓，因零售销售疲软

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M

Update

August 17, 2026 03:41 PM GMT

China Property Management & Services | Asia

Pacific

Morgan Stanley Asia Limited+

Cara Zhu

Equity Analyst

Mall Growth Eased in July Amid

Weaker Retail Sales

Stephen Cheung, CFA

Equity Analyst

Leading mall operators delivered flat-MSD% SSSG (ex auto

sales) in July, broadly stable after the moderation seen in June.

Weak weather conditions continued to weigh on consumer

traffic, while 3Q trends should provide a clearer read on

underlying demand as comps become more normalized.

China Property Management & Services

Asia Pacific

Industry View

Attractive

Stock ideas: July retail sales continued to soften, reflecting both unfavorable

China Property: Leading Mall Operators –

weather conditions and a high comparison base. As disruptions related to consumer

Hidden Gems in the Consumption Space (5 Aug

subsidies fade in 2H26, we expect shopping mall tenant sales and same-store sales

2026)

growth (SSSG) to exhibit a more stable underlying trend. We continue to favor CR

China Property Management & Services: 2025

Mixc (1209.HK, OW) as our preferred alpha idea, supported by its strong market

Results Review: Navigating the New Normal (13

share consolidation capabilities and an attractive, defensive dividend yield of c.5%.

Apr 2026)

However, near term, softer retail sales could drive share price volatility. We

China Property Management & Services:

recommend investors closely monitor 3Q26 operating trends and management

Shopping Mall Operators – Identifying

commentary during the upcoming interim results season. Any near-term weakness

Beneficiaries amid Market Polarization (7 Nov

would, in our view, present an attractive opportunity to accumulate positions.

2024)

Related reports:

Adjusted offline retail sales (ex-autos) moderated to 2.2% in July (vs. +2.6% in

June, re-based across categories): Total retail sales +0.6% in July (vs. +1% in June).

The implied recovery pace of offline retail sales was 110% vs. 2019 or a 1.4% CAGR

in 2019-25 ( Exhibit 1 ). By store categories, Supermarkets was stable at +3.8% y-y in

…