海外地产行业周报：10月新房销售市场反应积极

Investment Rating - The report maintains a positive outlook on the real estate and property management sectors, recommending specific companies within these categories [3][5]. Core Insights - The Hong Kong local stock market saw significant short-selling activity, with the top three companies being Sino Land, Wharf Holdings, and MTR Corporation, with short-selling ratios of 29.0%, 28.0%, and 27.8% respectively [16]. - The Hang Seng Property Index increased by 1.3% this week, while the overall Hang Seng Index decreased by 0.4% [6][7]. - Notable performers in the real estate sector included Sunac China (+20.6%), CIFI Holdings (+14.5%), and China Jinmao (+13.2%) [9][10]. - The report highlights the resilience of companies with stable earnings and dividends, suggesting a focus on these attributes for investment [2]. Market Performance - The Hang Seng Property Index closed at 58,925.59, reflecting a year-to-date decline of 3.0% [6][7]. - The top-performing companies in the Hong Kong local stock market this week were Wharf Holdings (+3.2%), Hang Lung Properties (+2.9%), and Swire Properties A (+1.8%) [8][9]. Short Selling Activity - The report details the short-selling activity in the property management sector, with the top three companies being Beike, China Resources Land, and Greentown Management, with short-selling ratios of 25.6%, 20.4%, and 20.3% respectively [15]. - The report also notes that the highest ratios of outstanding short positions relative to total shares were for Vanke Enterprises (29.4%), China Jinmao (13.3%), and Yuexiu Property (12.9%) [15][16]. Stock Connect Holdings - The report indicates an increase in the Stock Connect holdings for Greentown China, Country Garden Services, and China Overseas Property, with increases of 0.66, 0.23, and 0.15 percentage points respectively [12]. - As of the end of the week, the Stock Connect holdings for Poly Property, Vanke Enterprises, and Sunac China were 52.7%, 50.6%, and 35.0% respectively [12].