地产股筹码进一步出清

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [6] Core Insights - The real estate sector is experiencing a significant reduction in holdings, with public funds and northbound capital reaching new lows in their investment proportions. The market is currently stabilizing, with a focus on recovery in core cities, particularly first-tier cities [1][2] - Recommended investment opportunities include companies with strong credit, urban presence, and product quality, as well as those with robust operational capabilities to manage cash flow during market adjustments [1] - The report highlights a shift in holdings concentration, with Beike rising to the top position among public fund holdings, indicating a narrowing of investor divergence in the sector [3] Summary by Sections Public Fund Holdings - As of Q4 2025, the total market value of public fund holdings in the real estate sector was 38.8 billion yuan, a 31% decrease quarter-on-quarter. The sector's holdings accounted for 0.43% of total stock investments, down 0.19 percentage points [2] - The real estate sector index fell by 8.9%, ranking 30th out of 31 sectors, primarily due to declining fundamentals and some companies hitting new stock price lows [2] Northbound Capital - Northbound capital's total holdings in real estate stocks were 11.5 billion yuan, a 17% decrease quarter-on-quarter, representing 0.45% of total northbound holdings [4] - The top five real estate stocks held by northbound capital include China Merchants Shekou, Poly Developments, and others, with notable increases in holdings for companies with "real estate+" attributes [4] Recommended Companies - Key recommended companies include: - Yuexiu Property (123 HK) with a target price of 7.06 HKD and a "Buy" rating [8] - Longfor Group (960 HK) with a target price of 15.21 HKD and a "Buy" rating [8] - Greentown Service (2869 HK) with a target price of 6.56 HKD and a "Buy" rating [8] - China Overseas Development (688 HK) with a target price of 19.08 HKD and a "Buy" rating [8] - China Merchants Shekou (001979 CH) with a target price of 12.79 CNY and a "Buy" rating [8] - CR Land (1109 HK) with a target price of 36.45 HKD and a "Buy" rating [8] - Others include companies like Greenland China, and Hong Kong local firms benefiting from market recovery [1][8] Performance Insights - Beike's market value increased significantly, reflecting a strong investor interest, while other companies like Poly Developments and China Merchants Shekou saw reductions in their holdings [3][4] - The report emphasizes the importance of operational efficiency and cash flow management for companies navigating the current market challenges [1][3]