Core Viewpoint - The real estate sector in China is experiencing a decline, with major property stocks falling significantly amid weak market sales and a challenging year-on-year comparison due to previous policy stimuli [1] Group 1: Stock Performance - Major property stocks such as Yuanhang Group (03377) fell by 5.08% to HKD 0.112, R&F Properties (02777) decreased by 3.57% to HKD 0.54, and China Overseas Macro Group (00081) dropped by 3.11% to HKD 2.18 [1] Group 2: Sales Data - According to CRIC, the top 100 property companies achieved a sales turnover of CNY 253 billion in October 2025, reflecting a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [1] - Cumulatively, the top 100 property companies recorded a sales turnover of CNY 25,766.6 billion, which represents a year-on-year decline of 16%, with the decline rate widening by 4.2 percentage points compared to the first nine months of the year [1] Group 3: Market Outlook - Huatai Securities indicates that the current market sales remain weak, with year-on-year performance under pressure due to high base effects from policy stimuli last year, suggesting that the market is still in a phase of bottoming out and stabilization [1] - Looking ahead, Huatai Securities expresses a more optimistic view on the recovery pace in core cities, particularly those represented by first-tier cities [1]