Core Viewpoint - The Chinese real estate stocks have shown signs of recovery, with significant increases in share prices for several companies, despite ongoing challenges in the market [1] Group 1: Market Performance - As of the latest report, Greentown China (03900) rose by 8.36% to HKD 8.94, R&F Properties (02777) increased by 5.66% to HKD 0.56, New World Development (01030) gained 4.04% to HKD 2.32, and Shimao Group (00813) climbed 3.85% to HKD 0.27 [1] - According to CRIC, the top 100 real estate 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] Group 2: Sales Performance - Cumulatively, the top 100 real estate companies reported a sales turnover of CNY 25,766.6 billion, which represents a year-on-year decline of 16%, with the rate of decline widening by 4.2 percentage points compared to the first nine months of the year [1] Group 3: Market Outlook - Morgan Stanley suggests that the large number of second-hand homes on the market may continue to suppress market sentiment, exerting pressure on real estate sales and prices for the remainder of the year [1] - CITIC Securities reports that the supply and demand situation in the real estate market has improved, indicating that adjustments have been sufficient, and forecasts a potential stabilization in the market in 2026 [1] - CITIC Securities also believes that 2026 could be a critical year for real estate companies to repair their balance sheets, with some firms possibly reaching a long-term profitability bottom [1]

中信证券发布研报称，房地产市场供需情况已经有所改善，调整也比较充分，预计2026年市场有止跌回 稳的基础。中信证券认为，2026年房地产企业可能进入资产负债表修复的关键一年，部分企业可能见到 盈利长周期底部。率先脱困的企业，往往布局好的城市，更具备正在良好运营的投资性房地产，或拥有 一些有增值潜力的金融资产。 智通财经APP获悉，内房股今日回暖，截至发稿，绿城中国(03900)涨8.36%，报8.94港元；富力地产 (02777)涨5.66%，报0.56港元；新城发展(01030)涨4.04%，报2.32港元；世茂集团(00813)涨3.85%，报 0.27港元。 消息面上，根据克尔瑞，2025年10月，百强房企实现销售操盘金额2530亿元，环比增长0.1%，同比减 少41.9%。累计业绩来看，百强房企实现销售操盘金额25766.6亿元，同比减少16 %，降幅相较于前9月 扩大4.2个百分点。大摩认为，大量的二手房屋放盘可能持续压抑市场情绪，并在今年剩余时间对地产 销售和价格构成压力。 ...