HTSC(SH:601688) Huan Qiu Wang·2025-09-19 01:13Core Viewpoint - The Chinese real estate market is currently in a difficult process of stabilizing after a decline, with several positive signs emerging, such as the completion of housing delivery tasks and a narrowing decline in new home prices [1] Group 1: Market Conditions - The real estate market is experiencing a gradual recovery, with the waiting inventory of new residential properties decreasing to approximately 760 million square meters by the end of August, a reduction of about 30 million square meters since the beginning of the year [1] - The year-on-year decline in housing prices is continuing to narrow, indicating a potential stabilization in the market [1] - The construction investment has seen an expanded year-on-year decline, while the decline in completed projects is narrowing, suggesting mixed signals in the market recovery [1] Group 2: Investment Recommendations - The company recommends investing in real estate stocks that exhibit "good credit, good cities, and good products," as well as stable dividend and performance head property management companies [4] - There is a focus on Hong Kong high-dividend REITs that may benefit from asset revaluation logic [4]