智通财经网·2026-01-06 02:59Core Viewpoint - Morgan Stanley reports that second-hand housing prices in major mainland cities continued to decline month-on-month in December last year, but the rate of decline has slowed. The year-on-year sales decline has also moderated. The firm anticipates that housing policies may remain low-key in the coming months, while high listing volumes of second-hand homes may suppress buyer sentiment, putting pressure on housing sales and prices [1]. Group 1: Market Trends - The downward trend in the real estate market is expected to continue this year, albeit at a slower pace, with a projected year-on-year decline in second-hand home prices in the high single digits, compared to a 13.7% decline in 2025 [1]. - If the macro environment remains resilient, housing prices in first-tier and major second-tier cities may stabilize in the second half of 2027 [1]. Group 2: Company Insights - Morgan Stanley maintains a cautious outlook on the recovery of the real estate market but anticipates a further divergence in stock performance between the overall industry and high-quality companies with reliable self-rescue capabilities this year [1]. - The firm is optimistic about robust mall operators such as China Resources Land (01109) and New World Development (601155.SH), believing they will benefit from the emphasis on consumption in the 14th Five-Year Plan and strong tailwinds from REITs policies [1]. - Morgan Stanley also favors C&D International Group (01908) and China Overseas Land & Investment (00688), as their optimized land reserves will support profits and drive a return to positive earnings growth [1].