CMSK(SZ:001979) Xin Lang Ji Jin·2026-02-04 03:40Core Viewpoint - The real estate sector is showing strong performance, with the CSI 800 Real Estate Index rising by 3.34%, indicating a potential turning point for the industry after years of stagnation [1][3]. Group 1: Market Performance - As of February 4, the CSI 800 Real Estate Index increased by 3.34%, with leading stocks such as China Merchants Shekou rising by 5.03%, New Town Holdings by 5.0%, and Binjiang Group by 4.96% [1]. - The only ETF tracking the CSI 800 Real Estate Index (159707) saw its market price rise by 3.3%, with a trading volume of 71.27 million shares and a transaction value of approximately 45.23 million CNY [2][5]. Group 2: Policy Impact - The Shanghai government has officially initiated the acquisition of second-hand housing for affordable rental housing projects, which has positively influenced the overall real estate sector [1]. - According to Citic Securities, the real estate sector is approaching a fundamental turning point, and if subsequent policy measures are effectively implemented, it may lead to a recovery in real estate stocks [1]. Group 3: Valuation Insights - The CSI 800 Real Estate Index currently has a price-to-book (PB) ratio of 0.68, which is lower than 88% of the time over the past decade, indicating significant potential for valuation recovery [3]. - The focus should be on central state-owned enterprises and high-quality real estate companies, as they are currently undervalued and may offer greater resilience in a challenging market environment [5]. Group 4: Investment Recommendations - It is recommended to pay attention to the real estate ETF (159707), which tracks the CSI 800 Real Estate Index and includes 11 leading real estate companies, providing a concentrated investment advantage with over 90% weight in the top ten holdings [5].