摩根士丹利-中国房地产：实体市场挑战重重仍应坚守阿尔法-China Property：Stick with Alpha amid A Challenging Physical Market-20260410

Morganstanley

RESEARCHFouNDATloN

April10,202608:46AMGMT

InvestorPresentation|AsiaPacific

ChinaProperty:StickwithAlphaamidAChallengingPhysicalMarket

Weexpectthepropertymarkettostaysluggishin2026-27,althoughindustryliquidityrisksnow

appearlargelybehindus.Theindustrymaystillunderperformin2Q26,asrenewedweaknessinhomepricesweightsonsentiment.Wecontinuetofavorqualitynameswithcredibleself-helpstories.

MoRGANSTANLEyAsiALimiTEd+StephenCheung,CFAEquityAnalyst

Stephen.Cheung@

+8523963-0385

CaraZhuEquityAnalyst

Cara.Zhu@

+8522848-7117

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

PhysicalMarketmayStayChallengingin2026-27

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

PhysicalMarketmayStayChallengingin2026

MoRGANSTANLEyREsEARcH3

(1)Primaryhousinginventoryathistoricalhighlevel…

Tier1cities’primaryinventory(4cities)

Lower-tiercities’primaryinventory(39cities)

Tier2cities’primaryinventory(27cities)

70cities’primaryinventory

Source:CRIC,MorganStanleyResearch.

4

(1)Primaryhousinginventoryathistoricalhighlevel…(con’t)

Weestimatethenationalprimaryhousinginventoryremainselevatedatcloseto40months

Inventoryandstructureestimate

3M25

1H25

2025

CREIS300-cityresidentiallandsalesGFA(Since2010)

(mnsqm)

17,480

17,548

17,892

CREIS300-cityresidentiallandsales%ofnationallandsales^

(%)

91%

91%

91%

EstimatednationalresidentiallandsalesGFA(Since2010)

(mnsqm)

19,208

19,283

19,662

NBSresidentialGFAsold(Since2012)*

(mnsqm)

16,329

16,528

16,878

Estimatedunsoldresidentialinventoryatperiodend

(mnsqm)

2,879

2,755

2,784

Completed

(mnsqm)

422

408

402

Underconstruction

(mnsqm)

2,026

1,934

1,964

Idleland

(mnsqm)

432

413

418

Completed%

(%)

15%

15%

14%

Underconstruction%

(%)

70%

70%

71%

Idleland%

(%)

15%

15%

15%

Past12-monthnationalsales

(mnsqm)

810

797

733

Inventorylevel(completed+under-constructions)

(mnsqm)

2,447

2,342

2,367

Inventorylevel(onlyunder-constructions)

(mnsqm)

2,026

1,934

1,964

Inventorymonth(completed+under-constructions)

(month)

36.3

35.3

38.7

Inventorymonth(onlyunder-constructions)

(month)

30.0

29.1

32.2

Forcomparion

-CRIC70-city

(month)

23.7

24.5

29.9

-Tier1cities

(month)

17.6

17.8

22.2

-Tier2cities

(month)

23.3

24.2

28.8

-Tier3cities

(month)

28.4

29.4

38.2

Note:^Thereare~330prefecturecitiesinChina,andtheremaining30citiesnotcoveredbyCREISaremainlyinnorth-westernChina.*Wefactorinatwo-yearlagbetweenlandsalesandhousingsalesinearlieryears,priortotheadoptionofthefastasset-turnovermodelfrom2015onward.Source:CRIC,NBS,MorganStanleyResearchEstimate.

MoRGANSTANLEyREsEARcH5

(1)…despiteprolongedcontractiononlandsalessince2021

Since2021,landsalesvolumehasdropped~70%cumulatively…

Landsalespriceshaveremainedlargelystableduetocity-tiermixchanges

Source:CREIS,CEIC,MorganStanleyResearch.

…andlandsalesvaluehasdropped~60%cumulatively

Landsalesincomecontributesadeclining%oflocal

governments’revenue

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

PhysicalMarketmayStayChallengingin2026

6

(2)Secondaryhousingdivestmentpressureremainshigh

Secondarylistingsreachedrecordhighin~50majorcities

SecondarylistingsinTier1citiesshowdivergingtrends

Newlistingshavebeensofteningm-msince1Q25,indicatingthepeakofrush-salehasbeenpassed

Source:Bingshan,Beike,MorganStanleyResearch.

MoRGANSTANLEyREsEARcH7

(2)Secondaryhousingdivestmentpressureremainshigh(con’t)

Weestimatesecondaryhousingdivestmentcouldcrowdout>10%primarysalesannually

Potentialsecondaryhousingsupplyfromdivestment

Estimatedtotalurbanhousingstockin2024

(mnunit)

a

329

Self-builthousing%

(%)

b

21%

Publicrentalhousing%

(%)

c

6%

Others%

(%)

d

8%

Totalurbanhousingstockavailabletosale

(mnunit)

e=a*(1-b-c-d)

215

Urbanhousingstockownedbymulti-homefamilies%

(%)

f

10%

Totalurbanhousingstockfordivesting

(mnunit)

g=e*f

21.5

Secondaryhousingunitssoldin2025

(mnunit)

h

6.3

Secondaryhousinginventorylevel

(month)

i=g/h

40.7

Potentialcrowding-outimpactfromdivestmentBearBase

Keyassumptions

Willing-to-sell%(%)j100%55%

Sell-throughrate%(%)k100%60%

Yearstoabsorb(years)l1010

Annualsecondaryhousingsales(mnunit)m=g*j*k/l2.10.7

Potentialimpactonprimaryhousingsales

Primaryhousingunitssoldin2025(mnunit)n6.46.4

Secondaryhousingunitssoldin2025(mnunit)o6.36.3

Totalhousingunitssoldin2025(mnunit)p=n+o12.812.8

As%oftotalhousingunitssold(%)q=m/p16.8%5.6%

As%ofprimaryhousingunitssold(%)r=m/n33.4%11.0%

Source:NBS,Beike,MorganStanleyResearchEstimate.

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

PhysicalMarketmayStayChallengingin2026

8

H

(3)Residentsentimentremainssubdueddespitemultipleroundsofregulatory“narrativesupport”

omepurchaseplansremainedlimitedHousingisnolongerviewedprimarilyasaninvestment

Residentsareturningincrementallymorebearishonhousingpriceoutlook

Source:AlphaWiseSurvey,MorganStanleyResearch.

MoRGANSTANLEyREsEARcH9

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

SnapshotoftheLatestHousingMarket

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

SnapshotoftheLatestHousingMarket

10

(1)Nationalpropertysaleshavedeclinedtoaroundhalfoftheir2021peak

Since2021,propertysalesvolumehasdropped>50%cumulatively…

Newstartshaveplunged>70%cumulativelyduetodevelopers’tightcashflows

Source:NBS,CEIC,MorganStanleyResearch.

…andpropertysalesvaluehasdropped~55%cumulatively

Realestateinvestmenthasdropped~45%cumulativelygivendecreasingconstructionscale

MoRGANSTANLEyREsEARcH11

(2)Nationalhousingpriceshavepulledback>40%versusthe2021peak

Bingshansecondaryhomeprices(42cities)

NBSprimaryhomeprices(70cities)

Bingshansecondarylistingprices(85cities)

Nationalrentalyieldhastrendedupto2.7%amidhomepricedecline,butisstill<2%inTier1cities

Source:Bingshan,MorganStanleyResearch.

12

(3)Weforecastnationalpropertysalestodeclinebylow-teens%in2026

Nationalpropertyquarterlyforecasts

SalesVolume

SalesValue

NewStarts

Completion

REI

Quarterly

(mnsqm)

Y-Y

(%)

Quarterly

(Rmbbn)

Y-Y

(%)

Quarterly

(mnsqm)

Y-Y

(%)

Quarterly

(mnsqm)

Y-Y

(%)

Quarterly

(Rmbbn)

Y-Y

(%)

1Q24

227

-19.4%

2,135

-27.6%

173

-27.8%

153

-20.7%

2,208

-9.5%

2Q24

252

-18.6%

2,578

-22.7%

207

-19.9%

113

-23.2%

3,045

-10.5%

3Q24

224

-12.7%

2,175

-17.2%

180

-18.8%

103

-30.4%

2,615

-10.1%

4Q24

271

0.6%

2,787

1.2%

178

-23.3%

369

-27.8%

2,160

-8.6%

1Q25

219

-3.0%

2,080

-2.1%

130

-24.4%

131

-14.3%

1,990

-9.9%

2Q25

240

-4.0%

2,344

-8.3%

174

-16.4%

95

-15.5%

2,675

-12.1%

3Q25

200

-9.8%

1,880

-13.1%

150

-16.6%

86

-16.6%

2,105

-19.3%

4Q25

223

-17.8%

2,090

-25.0%

134

-25.1%

292

-20.9%

1,508

-30.2%

1Q26E

175

-20.0%

1,622

-22.0%

100

-23.0%

104

-20.0%

1,546

-22.4%

2Q26E

216

-10.0%

2,063

-12.0%

148

-15.0%

81

-15.0%

2,211

-17.4%

3Q26E

200

0.0%

1,842

-2.0%

135

-10.0%

75

-12.0%

1,837

-12.7%

4Q26E

216

-3.0%

1,985

-5.0%

114

-15.0%

248

-15.0%

1,318

-12.6%

NationalpropertyYTDforecasts

SalesVolume

SalesValue

NewStarts

Completion

REI

YTD(mnsqm)

Y-Y

(%)

YTD(Rmbbn)

Y-Y

(%)

YTD(mnsqm)

Y-Y

(%)

YTD(mnsqm)

Y-Y

(%)

YTD(Rmbbn)

Y-Y

(%)

3M24

227

-19.4%

·2,135

-27.6%

173

-27.8%

153

-20.7%

·2,208

-9.5%

6M24

479

-19.0%

·4,713

-25.0%

380

-23.7%

265

-21.8%

·5,253

-10.1%

9M24

703

-17.1%

·6,888

-22.7%

561

-22.2%

368

-24.4%

·7,868

-10.1%

2024A

974

-12.8%

·9,675

-17.1%

739

-22.5%

737

-26.1%

·10,028

-9.8%

3M25

219

-3.0%

2,080

-2.1%

130

-24.4%

131

-14.3%

1,990

-9.9%

6M25

459

-3.5%

4,424

-5.5%

304

-20.0%

226

-14.8%

4,666

-11.2%

9M25

658

-5.5%

6,304

-7.9%

454

-18.9%

311

-15.3%

6,771

-13.9%

2025A

881

-9.5%

·8,394

-13.2%

588

-20.5%

603

-18.2%

·8,279

-17.4%

3M26E

175

-20.0%

·1,622

-22.0%

100

-23.0%

104

-20.0%

·1,546

-22.4%

6M26E

391

-14.8%

·3,685

-16.7%

248

-18.4%

185

-17.9%

·3,757

-19.5%

9M26E

591

-10.3%

·5,528

-12.3%

383

-15.6%

261

-16.3%

·5,594

-17.4%

2026E

807

-8.4%

·7,513

-10.5%

497

-15.5%

509

-15.7%

·6,912

-16.5%

Source:NBS,MorganStanleyResearch(E)estimates

MoRGANSTANLEyREsEARcH13

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

Long-termHousingMarketOutlook:AcceleratedTransitiontoASecondary-DominantMarket

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

Long-termHousingMarketOutlook

14

(1)Acceleratedtransitiontoasecondary-dominantmarket

Weforecastlong-termfundamentalhousingdemandinChinatodropbelow14mnunitsayear,withnotablemarketsharegainbysecondaryhousingfrom~50%nowto~70%by2040.

Chinahousingdemand-4drivers

Housingsupplychannelsandmarketshare

Housingstock

(mnunit)

Totaldemand

Urbanization

Newmarriage

Home

upgrade

Urbanrenewal

(mnunit)

Primary

market

Secondar

ymarket

Publichousing

(mnunit)

Totalhousingsales

share

(%)

Primary

market

Secondar

ymarketshare

(mnunit)(%)

Totalhousingstock

Secondary

turnoverrate

2021

16.3

2.6

4.9

8.3

0.4

12.4

3.9

1.0

16.3

76%

24%

2961.3%

2022

14.8

1.6

4.5

8.3

0.4

9.1

4.1

2.4

13.2

69%

31%

3101.3%

2023

16.8

3.0

5.1

8.3

0.4

8.3

6.0

1.8

14.2

58%

42%

3201.9%

2024

15.5

2.7

4.1

8.3

0.4

7.0

6.4

1.8

13.4

52%

48%

3291.9%

2025E

14.7

2.6

3.4

8.3

0.4

6.3

6.7

1.8

12.9

48%

52%

3372.0%

2026E

14.6

2.5

3.4

8.3

0.4

5.7

7.7

1.2

13.4

42%

58%

3432.2%

2027E

14.4

2.5

3.3

8.3

0.4

5.4

7.9

1.1

13.3

40%

60%

3492.3%

2028E

14.2

2.4

3.2

8.3

0.4

5.4

7.8

1.1

13.2

41%

59%

3542.2%

2029E

14.0

2.3

3.1

8.3

0.4

5.7

7.3

1.0

13.1

44%

56%

3602.0%

2030E

13.9

2.2

3.0

8.3

0.4

6.0

6.9

0.9

13.0

46%

54%

3661.9%

2031E

14.6

2.3

2.9

8.3

1.1

6.2

7.5

0.8

13.8

45%

55%

3722.0%

2032E

14.5

2.2

2.9

8.3

1.1

6.4

7.4

0.7

13.7

46%

54%

3781.9%

2033E

14.4

2.0

2.9

8.3

1.1

6.4

7.3

0.7

13.7

47%

53%

3841.9%

2034E

14.3

1.9

2.9

8.3

1.1

6.4

7.3

0.6

13.7

47%

53%

3911.9%

2035E

14.2

1.8

3.0

8.3

1.1

6.3

7.4

0.5

13.7

46%

54%

3971.9%

2036E

14.1

1.7

3.0

8.3

1.1

6.1

7.6

0.4

13.7

44%

56%

4031.9%

2037E

14.0

1.6

3.0

8.3

1.1

5.8

7.9

0.3

13.7

42%

58%

4091.9%

2038E

14.0

1.5

3.0

8.3

1.1

5.4

8.3

0.3

13.7

39%

61%

4152.0%

2039E

13.9

1.4

3.1

8.3

1.1

4.9

8.7

0.2

13.7

36%

64%

4212.1%

2040E

13.8

1.3

3.1

8.3

1.1

4.4

9.3

0.1

13.7

32%

68%

4262.2%

Source:NBS,Beike,MorganStanleyResearch(E)Estimate.

MoRGANSTANLEyREsEARcH15

(2)Continuedconsolidationinprimarymarketbytop-tierSOEplayers

Top5andtop10developers’marketshare

Top100developers’marketshare:SOEvs.POE

Top30andtop50developers’marketshare

Top30developers’marketshare:Defaultvs.Operatingwell

Source:CRIC,MorganStanleyResearch.

16

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

SummaryofDevelopers’LandbankandFinancials

Morganstanley

RESEARCH

FouNDATloN

MORGANSTANLEYRESEARCHChinaProperty

April10,2026

SummaryofDevelopers’LandbankandFinancials

MoRGANSTANLEyREsEARcH17

(1)Saleableresourcesbreakdownbycitytier

MajordevelopershaveincreasedtheirfocusonTier1andtop-Tier2citiesforlandinvestment.

Note:LandbankofCMSKandJinmaoincludesprimarylanddevelopment.

Source:Companydata,MorganStanleyResearchestimates.

18

(2)Saleableresourcesbreakdownbylandacquisitionyear

Legacyprojectsaccountfor>40%ofunsoldsaleableresourcesofmajordevelopers.

Note:LandbankofCMSKandJinmaoincludesprimarylanddevelopment.

Source:Companydata,MorganStanleyResearchestimates.

MoRGANSTANLEyREsEARcH19

(3)Annualcontractedsalesofmajordevelopers

Majordevelopersrecorded28%y-ycontractedsalesdeclinein2025.SOEscontinuedtooutperformwithmilderdrops.

CompanyTicker

ContractedsalesContractsalesy-ychange

2018A2019A2020A2021A2022A2023A2024A2025A

2019A2020A2021A2022A2023A2024A2025A

Agile

Binjiang

C&DInternational*

ChinaSCECIFI

CMSKCOLI

CountryGarden*

CRLand

Gemdale

GreentownGZR&F

JinmaoKWG

Logan

Longfor

MideaRE

Poly

PowerlongRonshine

Seazen

Shimao

Sino-Ocean

SunacVankeYuexiu

YuzhouZhenro

Zhongliang

Zhongnan

3383HK

002244CH1908HK

1966HK

884HK

001979CH688HK

2007HK

1109HK

600383CH3900HK

2777HK817HK1813HK

3380HK

960HK

3990HK

600048CH1238HK

3301HK

1030HK813HK3377HK

1918HK

000002CH

123HK1628HK

6158HK

2772HK

000961CH

102.0

85.0

24.8

51.4

152.0

170.6

256.1

501.9

210.7

162.3

101.2

131.1

128.0

65.5

71.8

200.6

79.0

404.8

41.0

121.9

221.1

176.1

109.5

460.8

607.0

57.8

56.0

108.0

101.5

146.6

118.0

112.1

38.7

80.5

200.6

220.5

320.6

552.2

242.5

210.6

135.4

138.2

160.8

86.1

96.0

242.5

101.2

461.8

60.3

141.3

270.8

260.1

130.0

556.2

630.8

72.1

75.1

130.7

152.5

196.1

138.2

136.4

64.5

101.5

231.0

277.6

360.7

570.7

285.0

242.7

214.7

149.6

231.1

103.6

120.7

270.6

126.2

502.8

81.6

155.2

251.0

300.3

131.0

575.3

704.2

95.8

105.0

141.9

168.8

223.8

139.0

169.1

130.1

104.5

247.3

326.8

369.5

554.4

315.8

286.7

266.6

120.2

235.6

103.8

140.2

290.1

137.1

534.9

101.2

155.5

233.8

269.1

136.3

597.4

627.8

115.2

105.0

145.6

171.8

197.4

65.2

153.9

121.5

59.0

124.0

292.6

294.8

357.5

301.3

221.8

212.8

38.4

155.0

50.9

44.7

201.6

79.2

457.3

41.0

57.9

116.0

86.5

100.3

169.3

417.0

125.0

35.6

33.4

66.1

64.9

45.3

153.5

138.0

27.8

70.0

293.6

309.8

174.8

307.0

153.6

194.3

20.0

141.2

25.2

23.1

173.5

65.9

422.2

27.5

16.4

76.0

42.8

50.5

84.8

376.1

142.0

17.8

15.4

34.1

39.9

15.5

111.6

103.4

11.3

33.7

219.3

310.7

47.2

261.1

68.5

171.8

11.2

98.3

10.2

8.4

101.1

40.2

323.0

12.8

7.7

40.2

34.0

35.2

47.1

246.0

114.5

8.0

6.7

17.9

17.4

8.6

101.8

90.9

8.4

16.1

196.0

251.2

33.0

233.6

30.0

153.4

14.2

113.5

7.1

7.3

63.2

25.6

253.0

7.3

3.8

19.3

24.0

26.3

36.8

133.9

106.2

6.7

4.3

12.1

5.3

16%

32%

56%

57%

32%

29%

25%

10%

15%

30%

34%

5%

26%

31%

34%

21%

28%

14%

47%

16%

22%

48%

19%

21%

4%

25%

34%

21%

50%

34%

17%

22%

67%

26%

15%

26%

13%

3%

18%

15%

59%

8%

44%

20%

26%

12%

25%

9%

35%

10%

-7%

15%

1%

3%

12%

33%

40%

9%

11%

14%

1%

24%

102%

3%

7%

18%

2%

-3%

11%

18%

24%

-20%

2%

0%

16%

7%

9%

6%

24%

0%

-7%

-10%

4%

4%

-11%

20%

0%

3%

2%

-12%

-53%

-9%

-7%

-44%

-50%

-10%

-20%

-36%

-5%

-23%

-20%

-68%

-34%

-51%

-68%

-31%

-42%

-15%

-60%

-63%

-50%

-68%

-26%

-72%

-34%

9%

-66%

-77%

-62%

-67%

-31%

0%

14%

-53%

-44%

0%

5%

-51%

2%

-31%

-9%

-48%

-9%

-50%

-48%

-14%

-17%

-8%

-33%

-72%

-35%

-51%

-50%

-50%

-10%

14%

-50%

-54%

-48%

-39%

-66%

-27%

-25%

-59%

-52%

-25%

0%

-73%

-15%

-55%

-12%

-44%

-30%

-60%

-63%

-42%

-39%

-23%

-54%

-53%

-47%

-21%

-30%

-44%

-35%

-19%

-55%

-56%

-47%

-56%

-45%

-9%

-12%

-26%

-52%

-11%

-19%

-30%

-11%

-56%

-11%

27%

16%

-31%

-14%

-38%

-36%

-22%

-43%

-51%

-52%

-30%

-25%

-22%

-46%

-7%

-15%

-35%

-33%

-70%

AggregateMedian

5,106

6,194

7,061

7,328

4,545

3,6622,5341,993

21%

27%

14%

15%

4%

3%

-38%

-43%

-19%

-34%

-31%

-44%

-21%

-28%

SOEMedian

Semi-SOEMedianPOEMedian

25%

26%

11%

-10%

2%

-23%

-11%

24%

13%

11%

-25%

-20%

-33%

-35%

31%

15%

2%

-60%

-48%

-53%

-33%

Source:Companydata,MorganStanleyResearch.Note:*C&DInternationalandCountryGardenreportattributablesales,whiletheremainderreportgrosssales.

20

(4)Monthlycontractedsalesofmajordevelopers

Majordevelopersrecorded36%y-ycontractedsalesdeclinein3M26.

DeveloperCompanyTickertype

Monthly(Rmbbn)

YTD(Rmbbn)

2025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-012026-022026-03YoYMoM

2025-032026-03YoY

Agile3383HKPOE

Binjiang002244CHPOE

C&DInternational*1908HKSOE

ChinaSCE1966HKPOE

CIFI884HKPOE

CMSK001979CHSOE

COLI688HKSOE

CountryGarden*2007HKPOE

CRLand1109HKSOE

Gemdale600383CHSemi-SOE

Greentown3900HKSemi-SOE

GZR&F2777HKPOE

Jinmao817HKSOE

KWG1813HKPOE

Logan3380HKPOE

Longfor960HKPOE

MideaRE3990HKPOE

Poly600048CHSOE

Powerlong1238HKPOE

Ronshine3301HKPOE

Seazen1030HKPOE

Shimao813HKPOE

Sino-Ocean3377HKSemi-SOE

Sunac1918HKPOE

Vanke000002CHSemi-SOE

Yuexiu123HKSOE

Yuzhou1628HKPOE

Zhenro6158HKPOE

Zhongliang2772HKPOE

1.20.50.90.90.50.60.50.70.60.50.50.60.7-43%

10.310.210.19.48.89.08.17.78.27.25.33.95.9-42%

9.98.29.511.44.35.77.78.84.56.65.35.58.5-14%

0.90.70.80.70.60.60.60.80.70.70.50.50.8-11%

2.01.71.71.31.01.00.91.10.91.00.70.51.1-44%15.614.817.321.715.719.516.715.414.125.87.77.817.915%21.220.223.929.711.918.320.218.722.239.814.58.528.635%

3.23.13.12.82.83.02.62.92.42.72.22.22.2-31%

26.117.318.423.513.313.217.615.223.041.011.710.122.4-14%

3.12.83.13.12.62.22.21.91.52.41.20.61.5-53%

21.711.417.714.95.410.012.212.512.520.56.34.514.8-32%

1.21.41.41.81.01.11.11.21.01.50.70.81.24%

7.27.012.415.68.59.19.812.08.012.87.65.39.532%

0.80.50.70.70.60.60.70.60.50.40.30.30.3-63%0.80.70.70.60.40.90.50.50.60.80.4