兴证海外地产周报（2025.02.10-2025.02.16）：布局地产板块正当时-20250319

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report emphasizes that the real estate sector is currently experiencing a favorable investment environment, supported by recent policy measures aimed at stabilizing the market [3][38] - The report highlights the performance of various companies within the sector, noting significant weekly gains for several firms, indicating positive market sentiment [3][8][11] Market Overview - The report indicates that the Hong Kong local stocks performed well, with notable companies such as Hysan Development (+4.7%), Sino Land (+3.6%), and Cheung Kong Property (+3.6%) showing strong weekly gains [4][5] - The Hang Seng Property Index increased by 3.5% this week, reflecting a positive trend in the real estate market [7] Company Performance - The report lists the top-performing real estate companies for the week, including Jianfa International (+13.7%), Sunac China (+13.1%), and Vanke Enterprises (+11.0%) [8][9] - In the property management sector, companies like Beike (+17.8%), Kington Service (+6.4%), and Evergrande Service (+6.0%) also showed strong performance [11][12] Shareholding Changes - The report notes changes in the Hong Kong Stock Connect holdings for property management companies, with increases for companies like Greentown China and China Jinmao [13][14] - For local Hong Kong stocks, companies such as Hang Lung Properties and Cheung Kong Holdings saw increases in their Stock Connect holdings [16][17] Short Selling Activity - The report highlights short selling activity, with Jianfa International, Beike, and China Overseas Development having the highest short selling ratios [19][20] - For local stocks, the top short selling companies included Kowloon Development, Cheung Kong Holdings, and CLP Holdings [22][23] Macro Observations - The report provides insights into macroeconomic indicators, noting the current yield on China's ten-year government bonds at 1.6546% and the USDCNH exchange rate at 7.2594 [24][27] Industry Dynamics - The report mentions that the cumulative sales area in 30 major cities for 2025 is 8.47 million square meters, a decrease of 14.5% year-on-year, primarily due to the timing of the Spring Festival [31] Company Announcements - Key announcements from companies include Longfor Group reporting sales figures for January and Greentown China issuing priority notes [35] Investment Strategy - The report recommends an overweight position in the real estate and property management sectors, citing strong fundamentals and supportive government policies [38][39]