证券时报·2025-10-15 08:30Core Viewpoint - The article highlights the positive performance expectations for various sectors in the Hong Kong stock market, particularly in the non-ferrous metals and cement industries, while noting a significant divergence in the performance of real estate companies. Non-Ferrous Metals Industry - Companies in the non-ferrous metals sector are expected to see substantial profit increases in the first three quarters of 2025, with Jinli Permanent Magnet forecasting a net profit of 505 million to 550 million yuan, representing a year-on-year growth of 157% to 179% [5][4] - Shandong Gold anticipates a net profit of 3.8 billion to 4.1 billion yuan for the same period, reflecting an increase of 83.9% to 98.5% year-on-year, driven by optimized production layout and rising gold prices [6][4] Cement and Building Materials Industry - China National Building Material is expected to turn losses into profits, projecting a profit of approximately 2.95 billion yuan for the first three quarters of 2025, compared to a loss of about 684 million yuan in the same period last year [8][7] - The growth in profits is attributed to reduced sales costs of cement and concrete, increased sales prices of fiberglass, and higher sales volumes of wind turbine blades and coatings, despite a decline in cement sales [8][9] - Recent policies have provided support for the building materials industry, with expectations of rising cement prices due to seasonal demand and coal price increases [9][10] Real Estate Industry - The real estate sector shows a clear divergence in performance, with companies like China Resources Land reporting a 7.5% year-on-year increase in regular income, reaching approximately 4.1 billion yuan [12][11] - Greentown China reported contract sales of approximately 1,079 billion yuan for the first nine months of 2025, indicating a recovery in high-quality urban markets while lower-tier cities continue to stabilize [13][12] - Analysts suggest that the real estate market is gradually improving, with ongoing government policies aimed at boosting confidence and addressing inventory pressures, potentially leading to a broader market recovery [13][12]