Group 1 - The top short-selling stocks include China Resources Beer (80291) with a short-selling ratio of 100.00%, Lenovo Group (80992) at 91.04%, and BYD Company (81211) at 90.24% [1][2] - The highest short-selling amounts are led by Alibaba (09988) at 1.293 billion, Tencent Holdings (00700) at 1.057 billion, and Xiaomi Group (01810) at 0.925 billion [1][2] - The stocks with the highest deviation values are China Resources Beer (80291) at 31.62%, Lenovo Group (80992) at 17.55%, and BYD Company (81211) at 32.51% [1][2] Group 2 - The top short-selling ratio rankings show that China Resources Beer has the highest ratio at 100.00%, followed by Lenovo Group at 91.04% and BYD Company at 90.24% [2] - The top short-selling amounts indicate that Alibaba leads with 1.293 billion, followed by Tencent at 1.057 billion and Xiaomi at 0.925 billion [2] - The highest deviation values are recorded for China Resources Beer at 31.62%, Xiaomi at 35.05%, and BYD at 32.51% [2]

Group 1 - The top short-selling ratios are led by China Resources Beer (80291) at 100.00%, Meituan (83690) at 93.03%, and CNOOC (80883) at 85.70% [1][2] - The highest short-selling amounts are recorded for Alibaba (09988) at 1.293 billion, Tencent (00700) at 1.242 billion, and Xiaomi (01810) at 1.084 billion [1][3] - The highest deviation values are noted for Far East Development (00035) at 56.81%, CNOOC (80883) at 55.68%, and Meituan (83690) at 52.53% [1][2] Group 2 - The top short-selling amount rankings show Alibaba at 1.293 billion with a short-selling ratio of 15.00%, Tencent at 1.242 billion with a ratio of 14.58%, and Xiaomi at 1.084 billion with a ratio of 16.39% [3] - The short-selling ratio rankings indicate that China Resources Beer has the highest ratio at 100.00%, followed by Meituan at 93.03%, and CNOOC at 85.70% [2] - The deviation values highlight that Far East Development has the highest deviation at 56.81%, followed by CNOOC at 55.68%, and Meituan at 52.53% [3]

Core Insights - The top three companies with net inflows of southbound funds are Xiaomi Group-W (01810) with 1.061 billion, Southern Hang Seng Technology (03033) with 831 million, and Meituan-W (03690) with 750 million [1][2] - The companies with the highest net outflows are China Mobile (00941) at -437 million, China Pacific Insurance (02328) at -286 million, and China Construction Bank (00939) at -243 million [1][2] - In terms of net inflow ratios, the top three are Wanguo Gold Group-Old (02979) at 100.00%, Jianfa International Group (01908) at 81.19%, and Far East Horizon (03360) at 72.83% [1][2] Net Inflow Summary - Xiaomi Group-W (01810) had a net inflow of 1.061 billion, representing a 25.55% increase, closing at 41.220 with a 0.78% rise [2] - Southern Hang Seng Technology (03033) saw a net inflow of 831 million, with a 9.25% increase, closing at 5.350, up by 1.13% [2] - Meituan-W (03690) recorded a net inflow of 750 million, a 19.44% increase, closing at 101.300, up by 1.81% [2] Net Outflow Summary - China Mobile (00941) experienced a net outflow of -437 million, a -26.50% decrease, closing at 84.450, up by 0.18% [2] - China Pacific Insurance (02328) had a net outflow of -286 million, a -25.31% decrease, closing at 16.540, up by 1.22% [2] - China Construction Bank (00939) faced a net outflow of -243 million, a -14.81% decrease, closing at 7.430, up by 0.54% [2] Net Inflow Ratio Summary - Wanguo Gold Group-Old (02979) achieved a net inflow ratio of 100.00%, with a net inflow of 233,500 and closing at 7.340, up by 0.69% [3] - Jianfa International Group (01908) had a net inflow ratio of 81.19%, with a net inflow of 198 million, closing at 17.190, up by 1.84% [3] - Far East Horizon (03360) recorded a net inflow ratio of 72.83%, with a net inflow of 62.835 million, closing at 8.470, up by 1.68% [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

Core Viewpoint - Jianfa International Group (01908) has signed a renewed procurement framework agreement with Xiamen Jianfa, effective from January 1, 2026, to December 31, 2028, for the procurement of construction materials and engineering services for real estate development [1] Group 1: Stock Performance - As of December 17, 2025, Jianfa International Group's stock closed at 17.19 yuan, up 1.84% from the previous trading day [1] - The stock opened at 16.99 yuan, reached a high of 17.27 yuan, and a low of 16.81 yuan, with a trading volume of 244 million yuan [1] - The stock's 52-week high is 19.19 yuan and the low is 10.57 yuan [1] Group 2: Procurement Agreement Details - The renewed procurement framework agreement involves purchasing construction materials and engineering services from Xiamen Jianfa, which is the controlling shareholder of the company [1] - The related procurement costs for the two years ending December 31, 2024, and for the nine months ending September 30, 2025, are projected to be 333 million yuan, 343 million yuan, and 259 million yuan respectively [1] - The annual transaction cap for the next three years is set at 800 million yuan, with a limit of 700 million yuan for material procurement and 100 million yuan for engineering services [1] - The board believes the transaction is conducted on normal commercial terms and is in the overall interest of the company and its shareholders [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建發國際投資集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1908） 持 續 關 連 交 易 重 續 採 購 框 架 協 議 茲 提 述 本 公 司 日 期 為 二 零 二 三 年 三 月 十 四 日 的 公 告，內 容 涉 及（其 中 包 括） 向 本 公 司 的 控 股 股 東 採 購 建 築 施 工 原 材 料 的 採 購 框 架 協 議。 重 續 採 購 框 架 協 議 於 二 零 二 五 年 十 二 月 十 六 日（交 易 時 段 後），本 公 司 及 廈 門 建 發 簽 訂 重 續 採 購 框 架 協 議，有 效 期 為 二 零 二 六 年 一 月 一 日 至 二 零 二 八 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [2][4]. Core Insights - The Central Economic Work Conference emphasized stabilizing the real estate market and managing risks in key areas, with a focus on city-specific policies to control supply, reduce inventory, and improve quality [2][4]. - The report highlights two major opportunities: the rise of "good housing" policies and the potential for value reassessment in commercial real estate, particularly during a period of monetary easing [4][12]. - The report anticipates further supportive policies for both supply and demand in the real estate market, including potential reductions in mortgage rates and optimization of purchase restrictions [4][12]. Summary by Sections Macroeconomic Policy - The report underscores the implementation of more proactive macroeconomic policies to promote stable economic growth and achieve a good start for the 14th Five-Year Plan [4][6]. - It suggests that fiscal and monetary policies will become more aggressive, with expectations for further interest rate cuts [4][8]. Real Estate Market - The report notes that the emphasis on stabilizing the real estate market reflects a dual focus on halting price declines and addressing existing risks [4][12]. - It mentions the introduction of policies aimed at controlling supply, reducing inventory, and encouraging the acquisition of existing properties for affordable housing [4][12]. - The report also discusses the need for reform in the housing provident fund system and the promotion of high-quality housing development [4][12]. Investment Recommendations - The report recommends focusing on the value reassessment of shopping centers and the new "good housing" sector, maintaining a "positive" rating for real estate and property management [4][12]. - Specific companies to watch include: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Hang Lung Properties and Swire Properties [4][12]. - Good housing companies: Jianfa International, Binjiang Group, Greentown China, China Jinmao [4][12]. - Undervalued companies: Jianfa Co., China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments [4][12]. - Property management: China Resources Vientiane, Greentown Service, China Merchants Jinling, Poly Property, China Overseas Property [4][12]. - Second-hand housing intermediaries: Beike-W [4][12].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]