智通财经网·2026-01-05 00:20Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance [1] - Among typical real estate companies, 24% reported year-on-year performance growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to enhance their internal capabilities and product quality [1] Group 2 - Recent policies, including adjustments to housing purchase restrictions and the announcement of a new value-added tax policy on personal housing sales, are expected to boost market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments on the policy front that warrant ongoing observation of the interaction between policy and fundamentals [2] - Recommendations include focusing on real estate stocks with good credit, good cities, and good products, as well as companies that can manage cash flow effectively during market adjustments [2] Group 3 - Relevant Hong Kong-listed real estate companies include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]