Group 1 - The core viewpoint of the article emphasizes the importance of the real estate sector in national economic development and the need for proactive measures to stabilize market expectations [1] - Real estate stocks have shown significant gains, with Beike-W (02423) rising by 5.67% to HKD 44.34, Greentown China (03900) increasing by 4.89% to HKD 8.79, Shimao Group (00813) up by 4.71% to HKD 0.2, and R&F Properties (02777) climbing by 3.85% to HKD 0.54 [1] - The article from "Qiushi" magazine calls for maintaining policy strength that aligns with market expectations and avoiding piecemeal approaches that could lead to a standoff between the market and policies [1] Group 2 - Everbright Securities indicates that the article stabilizes expectations and anticipates stronger policy measures by 2026 [1] - GF Securities notes that the recent economic work conference's weak stance on stabilizing real estate is significant for enhancing expectations regarding asset price stability, suggesting that policy strength and sustainability will continue to increase [1]

2026年A股首个交易日（1月5日），重仓互联网龙头的港股互联网ETF（513770）跳空高开，强势大涨超4%突破年线！港股科网龙头多数上 涨，快手狂飙逾12%，哔哩哔哩涨超5%，贝壳、平安好医生、第四范式等齐涨超4%。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位和 风险管理。 数据来源：沪深交易所等。中证港股通互联网指数近5个完整年度的涨跌幅分别为：2020年，109.31%；2021年，-36.61%；2022 年，-23.01%；2023年，-24.74%；2024年，23.04%。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。 风险提示：港股互联网ETF被动跟踪中证港股通互联网指数，该指数基日为2016.12.30，发布于2021.1.11，指数成份股构成根据该指数编制规 则适时调整。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管理人评估的该基金风险等级为R4-中高风险，适宜积极型（C4）及以上的投资者。任何在本文出现的信息（包 ...

Core Viewpoint - The article highlights the positive performance of Chinese real estate stocks following a publication in "Qiushi" magazine, which emphasizes the importance of stabilizing the real estate market and maintaining strong policy support to manage market expectations [1] Group 1: Stock Performance - Beike-W (02423) increased by 5.67%, reaching HKD 44.34 [1] - Greentown China (03900) rose by 4.89%, reaching HKD 8.79 [1] - Shimao Group (00813) saw a rise of 4.71%, reaching HKD 0.2 [1] - R&F Properties (02777) increased by 3.85%, reaching HKD 0.54 [1] Group 2: Policy Insights - The article discusses a publication in "Qiushi" magazine that stresses the critical role of real estate in national economic development and the need for proactive measures to shorten adjustment periods and stabilize market fluctuations [1] - It is emphasized that policy measures should be robust and meet market expectations, avoiding piecemeal approaches that could lead to a standoff between the market and policy [1] Group 3: Analyst Commentary - Everbright Securities notes that the article aims to stabilize expectations, with hopes for increased policy support by 2026 [1] - GF Securities released a report indicating that the recent economic work conference's weak stance on stabilizing real estate is significant for strengthening expectations around asset price stability, suggesting that policy strength and sustainability will continue to improve [1]

Core Viewpoint - The Hong Kong Internet ETF (513770) experienced a strong opening on January 5, 2026, with a jump of over 4%, indicating positive market sentiment towards internet leaders in Hong Kong [1][4]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) surged over 4% and broke through the annual line, with major internet stocks like Kuaishou rising over 12% and Bilibili increasing by more than 5% [1][4]. - The ETF's latest price-to-earnings ratio (PE) is 25.31, which is significantly lower than the 5-year average of 29.34%, highlighting its value compared to other indices like the ChiNext and Nasdaq [3][7]. - The ETF's average daily trading volume in 2025 was nearly 600 million yuan, supporting T+0 trading and indicating good liquidity [8]. Group 2: Economic Context - Recent expectations of interest rate cuts by the Federal Reserve and the peak of year-end foreign exchange settlements in China have accelerated the appreciation of the RMB against the USD [3][4]. - A weaker dollar is expected to enhance global economic recovery, which may boost domestic export growth and profit improvement [3][4]. - The overall market outlook for Hong Kong stocks in 2026 is positive, with expectations of continued net inflows from foreign and southbound capital due to a favorable monetary policy environment [7][8]. Group 3: Investment Strategy - The Hong Kong Internet ETF is passively tracking the CSI Hong Kong Stock Connect Internet Index, with significant holdings in major internet companies like Alibaba, Tencent, and Xiaomi, which collectively account for over 78% of the top ten holdings [7][8]. - For investors looking to reduce volatility while still focusing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, which combines high-growth tech stocks with stable dividend-paying companies [8].

证券研究报告 | 朝闻国盛 gszqdatemark 2026 01 05 年 月 日 朝闻国盛 2026 年"抢开局"5 大看点 今日概览 ◼ 重磅研报 【宏观】政策半月观—2026 年"抢开局"5 大看点——20260104 【宏观】2026"国补"4 大看点—兼评 12 月 PMI 超季节性回升—— 20251231 【策略】1 月策略观点与金股推荐：配置趋势共识，博弈产业催化—— 20260104 【策略】人民币升值下的投资线索——20260101 【金融工程】上证指数再次确认日线级别上涨——20260104 【金融工程】择时雷达六面图：本周拥挤度指标弱化——20260104 【固定收益】一月债市的风险和机会——20260104 【固定收益】资金平稳跨年，新年政府债发行开启——流动性和机构行 为跟踪——20260103 【固定收益】缓和的落地，节后债市修复——20260101 【通信】无光不 AI，硅基光电子引爆新一轮算力革命——20260104 【化工】2026 年度策略：—迎接破晓时刻——20260101 【电新】光伏：反内卷带来行业拐点，新技术引领突围——20260104 【有色金属】2026 ...

Group 1 - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 939,000 shares at a cost of about $5 million [1]

Group 1 - The company, Beike-W (02423), announced a share buyback plan to repurchase approximately 939,000 shares at a cost of about $5 million [1]

Group 1 - The company Beike-W (02423.HK) announced a share buyback plan, intending to repurchase 939,000 shares at a cost of $5 million [1]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2026年1月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Views - The real estate market in 2025 is expected to remain sluggish, with new home transactions down by 15.8% year-on-year, while second-hand home transactions show a slight increase of 3.9% [11][22] - The report emphasizes that the policy environment is expected to become more stringent, similar to the conditions seen in 2008 and 2014, indicating that the current policy adjustments are still in progress [4] - The report suggests that the real estate sector serves as an early economic indicator, making it a valuable asset class for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to perform better in land acquisition and sales [4] - The report highlights a focus on first-tier and select second-tier cities for investment, as these areas are likely to see better performance during market rebounds [4] Summary by Sections New Home Transactions - In 2025, the cumulative new home transaction volume in 30 sample cities reached 98.217 million square meters, a decrease of 15.8% year-on-year [11] - First-tier cities accounted for 26.191 million square meters, down 12.0%, while second-tier cities saw a decline of 15.6% to 49.040 million square meters [11] - December 2025 saw a significant drop in new home transactions, with a total of 9.679 million square meters, reflecting a year-on-year decrease of 40.0% [2][11] Second-Hand Home Transactions - The total area of second-hand home transactions in 2025 was 103.989 million square meters, marking a year-on-year increase of 3.9% [22] - First-tier cities recorded a total of 43.287 million square meters in second-hand home transactions, up 4.4% year-on-year [22] Market Performance - The report notes that the real estate index decreased by 0.7% this week, lagging behind the CSI 300 index by 0.10 percentage points, ranking 19th among 31 sectors [34] - The report identifies a total of 28 stocks that increased in value this week, while 82 stocks experienced declines [34] Credit Bond Issuance - In the week of December 29 to January 4, only one credit bond was issued by real estate companies, totaling 250 million yuan, a decrease of 44.82 million yuan from the previous week [45]