Group 1 - The overall performance of real estate stocks has declined, with major companies like Agile Group (03383) down 6.06% to HKD 0.31, Shimao Group (00813) down 4.17% to HKD 0.207, Sunac China (01918) down 2.96% to HKD 1.31, and R&F Properties (02777) down 1.56% to HKD 0.63 [1] - On December 10, there was a sudden surge in real estate stocks, with Vanke A hitting the upper limit and Hong Kong Vanke rising over 17% at one point [1] - Discussions around mortgage interest subsidy policies have increased, with some cities already implementing such policies to alleviate mortgage pressure for homebuyers, although the source of the subsidy (banks or government) remains a consideration [1] Group 2 - Huachuang Securities highlighted the need to find alpha in the real estate sector, noting three key issues: a decline in new home demand, unresolved inventory issues, and the negative impact of land finance on the economy [1] - It is anticipated that real estate sales volume and prices may continue to face downward pressure until 2026, making the search for alpha particularly important [1]