Group 1 - Morgan Stanley has raised the target prices for several real estate stocks, with New World Development (00016) and Henderson Land (00012) being top picks, increasing their target prices from HKD 105 to HKD 120 and from HKD 30 to HKD 36, respectively, both receiving "Overweight" ratings [1] - Cheung Kong Holdings (01113) is also among the preferred stocks, with its rating upgraded from "Market Perform" to "Overweight" and target price raised from HKD 39 to HKD 47 [1] - The firm expects residential property prices to rise by 10% this year, driven by increased demand from mainland buyers, inventory depletion, limited supply, and declining interest rates [1] Group 2 - Strong rental performance is anticipated due to talent inflow, leading to higher yields and positive spread returns, which will stimulate further investment demand; rental growth is expected to be 5% this year [1] - The wealth effect generated by the rise in the Hang Seng Index is also expected to support property prices [1]

Group 1 - Morgan Stanley has raised the target prices for several real estate stocks, with New World Development (00016) and Henderson Land Development (00012) being top picks, increasing their target prices from HKD 105 to HKD 120 and from HKD 30 to HKD 36, respectively, both receiving "Overweight" ratings [1] - Cheung Kong Holdings (01113) is also a preferred choice, with its rating upgraded from "Market Perform" to "Overweight" and target price raised from HKD 39 to HKD 47 [1] - The firm expects residential property prices to rise by 10% this year, driven by increased demand from mainland buyers, inventory depletion, limited supply, and declining interest rates [1] Group 2 - Strong rental performance is anticipated due to talent inflow, leading to higher yields and positive spread returns, which will stimulate further investment demand, with rental growth expected to be 5% this year [1] - The wealth effect generated by the rise in the Hang Seng Index is also expected to support property prices [1]

Core Viewpoint - Morgan Stanley expects Hong Kong residential property prices to rise by 10% this year due to increased demand from mainland buyers, inventory depletion, limited supply, and declining interest rates [1] Group 1: Property Market Outlook - The anticipated increase in residential property prices is supported by strong rental performance driven by talent inflow, leading to higher yields and positive spread returns, which in turn stimulates more investment demand [1] - Rental prices are projected to grow by 5% this year, further enhancing the attractiveness of the property market [1] Group 2: Stock Recommendations - Morgan Stanley has raised target prices for several real estate stocks, with New World Development and Henderson Land Development being top picks, having their target prices increased from HKD 105 to HKD 120 and from HKD 30 to HKD 36, respectively, both receiving "Overweight" ratings [1] - Cheung Kong Property is also among the preferred stocks, with its rating upgraded from "Market Perform" to "Overweight" and target price raised from HKD 39 to HKD 47 [1]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Views - The report emphasizes the importance of stabilizing real estate market expectations and highlights the sector's significant role in the national economy and as a source of household wealth [3][50] - The report suggests that the real estate market's healthy development is crucial for overall economic stability and calls for decisive policy measures rather than piecemeal approaches [50] Market Performance - The Shanghai Composite Index rose by 0.1%, while the Shenzhen Component Index fell by 0.6%, and the real estate sector (Shenwan) declined by 0.7% during the week [5][8] - Notable stock performances included Chengjian Development (+13.2%) and Sanzhong Impression (+10.7%), while Hualian Holdings (-15.5%) and Yatong Shares (-6.8%) saw significant declines [5][8] Data Tracking New Housing Transactions - In the week of December 27 to January 2, new housing transactions in 42 key cities totaled 2.56 million square meters, a 2.0% decrease from the previous week [16] - For December, new housing transactions reached 10.63 million square meters, a 35.7% increase month-on-month but a 40.5% decrease year-on-year [21] Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 1.64 million square meters, a 21.5% decrease from the previous week [34] - For December, second-hand housing transactions amounted to 9.22 million square meters, an 11.1% increase month-on-month but a 27.9% decrease year-on-year [37] Industry News - The Ministry of Housing and Urban-Rural Development aims for significant progress in housing quality improvement by 2030, focusing on standards, design, materials, and construction [50] - New tax policies were introduced, reducing the value-added tax rate for second-hand housing transactions to 3% for properties held for less than two years, while properties held for two years or more are exempt from VAT [50] - The China Securities Regulatory Commission announced the launch of a pilot program for commercial real estate investment trusts (REITs) to promote high-quality market development [50] Company Announcements - China Resources Land secured a sustainable development-linked loan of 2 billion yuan with a term of 36 months [54] - Huafa Group elected Guo Lingyong as the chairman of its board and Liu Yingzhe as vice chairman [54]

Core Viewpoint - Henderson Land Development's residential project, Xiaobai Peak, sold 12 units in a single day, achieving a total transaction value of 66.66 million HKD, with the highest transaction price recorded at 20,088 HKD per square foot [1] Group 1: Sales Performance - As of January 3, Henderson Land Development's sales for the year 2026 exceeded 120 million HKD, involving 21 units across six projects, including THE HENLEY series and BAKER CIRCLE [1] - The sales from Xiaobai Peak accounted for 57% of the total units sold during this period, making it the primary sales project [1] Group 2: Market Activity - Sun Hung Kai Properties launched the second phase of the Sierra Sea residential project, focusing on three-bedroom units of approximately 700 square feet [1]

Group 1 - The top three companies with the highest short-selling ratios are Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), all reporting a short-selling ratio of 0.00% [1][2] - The top three companies by short-selling amount are also Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), with amounts not specified [1][2] - The companies with the highest deviation values are Energy and Energy Global (01142), Hu Shang Ayi (02589), and China Shipbuilding Defense (00317), with deviation values of -0.41%, -0.41%, and -0.66% respectively [1][2] Group 2 - The top ten short-selling ratios include Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), all at 0.00%, with significant negative deviation values [2] - The top ten short-selling amounts also feature Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), all at 0.00% short-selling ratio and notable negative deviation values [2] - The top ten companies with the highest deviation values include Energy and Energy Global (01142), Hu Shang Ayi (02589), and China Shipbuilding Defense (00317), with deviation values indicating a decline compared to their average short-selling ratios over the past 30 days [2][3]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a slight decline of 0.68% in its closing price on December 29, with a trading volume of 3.5853 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee for the fund is set at 0.30% annually, while the custody fee is 0.10% annually [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Liquidity - As of December 26, the latest share count for the ETF is 151 million shares, with a total size of 156 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 96.319 million yuan, with an average daily trading amount of 4.8159 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 2.95% during their tenure [1]. Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares valued at 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares valued at 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares valued at 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares valued at 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares valued at 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares valued at 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares valued at 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares valued at 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares valued at 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares valued at 3.0623 million yuan [2].

Market Performance - The Hang Seng Index rose by 111.24 points, an increase of 0.43%, closing at 25,801.77 points [1] - The Hong Kong Stock Exchange's main board recorded a total turnover of 169.77 billion HKD [1] - The Hang Seng China Enterprises Index increased by 38.45 points, closing at 8,939.68 points, also up by 0.43% [1] - The Hang Seng Tech Index gained 47.79 points, closing at 5,526.83 points, reflecting a rise of 0.87% [1] Blue-Chip Stocks - Tencent Holdings saw a slight increase of 0.08%, closing at 614.5 HKD [1] - Hong Kong Exchanges and Clearing remained unchanged at 407 HKD [1] - China Mobile experienced a decline of 0.24%, closing at 83.7 HKD [1] - HSBC Holdings rose by 1.68%, closing at 121.3 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.3%, closing at 40.02 HKD [1] - Sun Hung Kai Properties saw a minor increase of 0.05%, closing at 95.55 HKD [1] - Henderson Land Development fell by 0.2%, closing at 29.22 HKD [1] Chinese Financial Stocks - Bank of China declined by 0.45%, closing at 4.4 HKD [1] - China Construction Bank increased by 0.67%, closing at 7.54 HKD [1] - Industrial and Commercial Bank of China rose by 0.16%, closing at 6.13 HKD [1] - Ping An Insurance fell by 0.31%, closing at 65.25 HKD [1] - China Life Insurance decreased by 1.11%, closing at 28.48 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.44%, closing at 4.51 HKD [1] - PetroChina decreased by 0.12%, closing at 8.08 HKD [1] - CNOOC saw an increase of 2.06%, closing at 20.8 HKD [1]

Group 1 - The core viewpoint of the news is the performance and details of the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117), which closed with a slight increase of 0.10% on December 17, with a trading volume of 6.0187 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10%, and its performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1] - As of December 16, the latest share count for the ETF is 155 million shares, with a total size of 158 million yuan [1] - The ETF has shown liquidity with a cumulative trading amount of 97.7976 million yuan over the last 20 trading days, averaging 4.8899 million yuan per day [1] Group 2 - The latest report indicates that the ETF's top holdings include companies such as Hang Lung Properties, Jiangxi Copper, China Shenhua, and others, with specific holding percentages and market values detailed [2] - The top holdings and their respective percentages are as follows: Hang Lung Properties at 1.08% with a market value of 4.0664 million yuan, Jiangxi Copper at 1.08% with a market value of 4.0565 million yuan, and China Shenhua at 1.05% with a market value of 3.9728 million yuan, among others [2]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a decline of 1.46% in its closing price on December 16, with a trading volume of 8.09 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend ETF [1]. - The management fee for the fund is set at 0.30% annually, while the custody fee is 0.10% annually [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Liquidity - As of December 15, the latest share count for the ETF is 155 million shares, with a total size of 160 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 100 million yuan, with an average daily trading amount of 5.01 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 3.58% during their tenure [1]. Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares valued at 4.07 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares valued at 4.06 million yuan - China Shenhua: 1.05% holding, 110,000 shares valued at 3.97 million yuan - Far East Horizon: 0.99% holding, 588,000 shares valued at 3.72 million yuan - CNOOC: 0.96% holding, 210,000 shares valued at 3.62 million yuan - Sino Land: 0.94% holding, 384,000 shares valued at 3.54 million yuan - PetroChina: 0.87% holding, 496,000 shares valued at 3.29 million yuan - Hengan International: 0.87% holding, 134,500 shares valued at 3.26 million yuan - Henderson Land: 0.81% holding, 122,000 shares valued at 3.05 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares valued at 3.06 million yuan [2].