华创证券近期研报指出，寻找地产alpha。当前房地产市场三个问题仍需关注：新房需求中枢下滑；库 存尚未解决；土地财政对经济的拖累，对地产有负面影响，预计2026年房地产销售量价或仍面临一定下 行压力，寻找alpha尤为重要。 智通财经APP获悉，内房股普遍回落，截至发稿，雅居乐集团(03383)跌6.06%，报0.31港元；世茂集团 (00813)跌4.17%，报0.207港元；融创中国(01918)跌2.96%，报1.31港元；富力地产(02777)跌1.56%，报 0.63港元。 消息面上，12月10日午后，地产股突然拉升，龙头万科A直线封死涨停，港股万科则一度涨超17%。值 得关注的是，近期市场有关房贷贴息政策讨论明显增多。据华夏时报，上海易居房地产研究院副院长严 跃进表示，当前，部分城市已经执行了房贷贴息政策，这一做法也可以降低购房者的房贷压力，但需要 考虑贴息到底是谁在贴，是银行还是财政。不过，若贴息政策能够落地，的确可以激发潜在的购房需 求。 ...

Market Overview - The Hong Kong stock market saw a rebound in the afternoon, with the Hang Seng Index and the Hang Seng China Enterprises Index rising by 0.42% and 0.2% respectively, ending a two-day decline [1] - The Hang Seng Tech Index increased by 0.48%, indicating a recovery in market sentiment [1] Stock Performance - Major technology stocks mostly rose, with Horizon Robotics up over 3% and Meituan up over 2% [4] - Vanke Enterprises led the surge in property stocks, rising over 13%, while other property stocks like Sunac China and China Jinmao also saw significant gains [7][8] - Gold stocks performed strongly, with Lingbao Gold up over 9% and several others rising more than 7% [6] - Pork stocks were among the top gainers, with WH Group up over 10% and Huisheng International up over 9% [9] Sector Analysis - The afternoon saw a broad rally in heavyweight technology stocks, contributing to the market's rebound [2] - Consumer electronics stocks declined, with major player Semtech down over 7% [2] - Shipping stocks experienced significant declines, with Pacific Basin Shipping down over 6% [13] - Oil stocks continued to fall, with PetroChina and Sinopec both dropping over 1% [16] New Listings - Two new stocks were listed today, with Baoji Pharmaceutical-B surging 138.82% on its debut and Tudatong rising 33% [2] Future Outlook - According to research from交银国际, the global economy is expected to show resilience in 2025, with ongoing AI technology cycles and supportive monetary policies [22] - The report suggests that the Hong Kong stock market will continue to see earnings growth, with a reasonable valuation and improving liquidity conditions [22]

Group 1 - The Hong Kong Hang Seng Index rose by 0.42% on December 10 [1] - The Hang Seng Tech Index increased by 0.48% [1] - Chinese property stocks saw significant gains, with Vanke Enterprises up over 13%, Sunac China up over 8%, Ronshine China up over 7%, and Shimao Group up 6% [1] Group 2 - Gold stocks experienced a general rise, with Lingbao Gold up over 9% and Zijin Mining International up over 4% [1]

本文源自：金融界AI电报 港股收盘，恒指收涨0.42%，科指收涨0.48%，内房股大涨，万科企业(02202.HK)收涨13.2%，融创中国 (01918.HK)涨近9%，中国金茂(00817.HK)涨8.55%。 ...

Group 1 - Hong Kong's property stocks experienced a significant rally in the afternoon session on December 10, with Vanke Enterprises (02202.HK) rising over 13% [1] - Shimao Group (00813.HK) and Sunac China (01918.HK) both increased by more than 9%, while Ronshine China (03301.HK) saw an increase of over 8% [1] - China Jinmao (00817.HK) and Jin Hui Holdings (09993.HK) both rose by more than 7%, and Country Garden (02007.HK) increased by over 5% [1]

Group 1 - The Hong Kong stock market saw a collective surge in property stocks, with Vanke Enterprises rising by 17% [1] - Sunac China and Jin Hui Holdings both increased by over 11% [1] - Other notable gains included Agile Group, Shimao Group, and China Jinmao, which all rose by over 9%, while Country Garden increased by over 7% [1] - Oceanwide Holdings, R&F Properties, and CIFI Holdings all saw increases of over 6% [1]

Core Viewpoint - The Chinese real estate stocks experienced a strong rally in the afternoon, with significant price increases observed in several major companies, driven by expectations of policy easing due to further deterioration in the fundamentals of the sector [1] Group 1: Stock Performance - Vanke Enterprises (02202) saw a peak increase of 16.47%, reaching HKD 3.89 [1] - Sunac China (01918) rose by 12.56%, trading at HKD 1.39 [1] - Jin Hui Holdings (09993) increased by 11.56%, with a price of HKD 2.22 [1] - Shimao Group (00813) experienced a rise of 9.85%, priced at HKD 0.223 [1] - Agile Group (03383) climbed by 9.68%, reaching HKD 0.34 [1] Group 2: Analyst Insights - Caixin Securities indicated that the expectation of policy easing due to further declines in fundamentals could lead to a valuation recovery in the sector in the short term [1] - The firm suggested focusing on valuation recovery opportunities driven by policy easing in the short term, while in the medium to long term, attention should be on leading companies with core city resources and real estate operational capabilities [1] - Galaxy Securities highlighted that risks in real estate, small financial institutions, and local debts may be key areas for future policy focus [1]

Core Viewpoint - The article highlights a significant rally in the Chinese real estate stocks, driven by expectations of policy easing amid a deteriorating economic outlook [1] Group 1: Stock Performance - Vanke Enterprises (02202) surged by 16.47%, trading at HKD 3.89 [1] - Sunac China (01918) increased by 12.56%, reaching HKD 1.39 [1] - Jin Hui Holdings (09993) rose by 11.56%, priced at HKD 2.22 [1] - Shimao Group (00813) climbed by 9.85%, now at HKD 0.223 [1] - Agile Group (03383) gained 9.68%, trading at HKD 0.34 [1] Group 2: Market Analysis - Caixin Securities' recent report suggests that the expectation of policy easing due to further deterioration in the fundamentals may lead to a valuation recovery in the sector [1] - The report emphasizes the need to focus on leading companies with core city resources and real estate operational capabilities for long-term investment opportunities [1] - Galaxy Securities indicates that risks in real estate, small financial institutions, and local debts may be key areas for future policy interventions [1]

Group 1 - The article highlights a collective decline in the stock prices of Chinese property companies, with China Overseas Grand Oceans Group (00081) down 8.48% to HKD 2.05, Greentown China (03900) down 5% to HKD 8.36, New City Development (01030) down 2.31% to HKD 2.11, and Sunac China (01918) down 1.55% to HKD 1.27 [1] - Guosheng Securities reported that the total land acquisition amount for the top 100 real estate companies from January to November reached CNY 847.8 billion, marking a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the first ten months of the year [1] - The report indicates that while the land market in core cities was relatively active in the first half of the year, the enthusiasm for land acquisition among major real estate companies has decreased towards the end of the year due to the fulfillment of inventory replenishment goals and a cooling new housing market [1] Group 2 - According to Credit Lyonnais, the low investment willingness of developers is a major constraint on the real estate sector [1] - Data shows that the new construction area nationwide from January to October 2025 was only 491 million square meters, with commercial property development investment declining by 14.7% year-on-year [1] - Credit Lyonnais believes that stabilizing sales is key to rebuilding industry confidence, and it expects the decline in new construction area to narrow in 2026, with the annual sales of commercial housing expected to decrease by no more than 4% year-on-year [1]

Group 1 - The overall performance of Chinese property stocks has declined, with notable drops in companies such as China Overseas Grand Oceans Group (down 8.48% to HKD 2.05), Greentown China (down 5% to HKD 8.36), New City Development (down 2.31% to HKD 2.11), and Sunac China (down 1.55% to HKD 1.27) [1] - According to Guosheng Securities, the total land acquisition amount for the top 100 real estate companies from January to November reached CNY 847.8 billion, representing a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the previous month [1] - The land market in core cities showed relative heat in the first half of the year, driven by structural transactions, but the enthusiasm for land acquisition among major real estate companies has decreased as they met their replenishment targets and the new housing market cooled further in the second half of the year [1] Group 2 - According to Credit Lyonnais, the low investment willingness of developers is a major constraint on the real estate sector [1] - Data indicates that the newly started construction area nationwide from January to October 2025 was only 491 million square meters, with commercial property development investment declining by 14.7% year-on-year [1] - Credit Lyonnais believes that stabilizing sales is key to rebuilding industry confidence, and it expects the decline in newly started construction area to narrow in 2026, with the annual sales of commercial housing expected to decrease by no more than 4% year-on-year [1]