续刷年内新高！地产频繁活跃，老登ETF有望翻身？

Group 1 - The real estate sector showed resilience, with the CSI 800 Real Estate Index rising nearly 1% to reach a new high for the year, driven by significant gains in stocks like China Merchants Shekou (+3.86%) and Binjiang Group (+2.29%) [1] - The only ETF tracking the CSI 800 Real Estate Index (159707) saw a peak increase of 3% during trading, closing up 1.15% with a trading volume of nearly 80 million yuan and a substantial net subscription of 23.5 million units in a single day, indicating strong investor interest [1] Group 2 - The new round of housing market regulation in Shanghai has shown significant short-term effects, with new home transaction volumes increasing by over 30% in the first week and a total increase of 19% in the first month compared to the previous month, reflecting the policy's immediate impact on the market [3] - Analysts from Zhongyin Securities suggest that structural policy relaxations in major cities like Beijing, Shanghai, and Shenzhen may lead to a short-term rebound in the housing market, with a focus on companies with strong liquidity and product capabilities [3] - Guotou Securities anticipates improved new home sales due to increased supply from developers and the release of pent-up demand from relaxed regulations, alongside expectations of interest rate cuts [3] Group 3 - The current valuation of leading real estate companies, particularly state-owned enterprises, remains low, with the CSI 800 Real Estate Index's latest price-to-book (PB) ratio at only 0.8, indicating significant potential for valuation recovery [4] - Analysts from Guojin Securities recommend investing in real estate stocks due to the low valuations and the anticipated liquidity boost from potential interest rate cuts by the Federal Reserve [4] Group 4 - The real estate ETF (159707) focuses on top-tier real estate companies, with over 90% of its weight in the top ten constituents, highlighting a concentration in leading firms within the industry [6][7] - The current market environment favors leading real estate companies, which are expected to exhibit greater resilience amid industry challenges [7]