Group 1 - The real estate sector showed significant gains on the 20th, with stocks like Dayuecheng, Zhonghua Enterprise, and Chengdu Investment Holdings hitting the daily limit, while China Merchants Shekou and China Merchants Jinling rose over 7% [2] - Recent policies from the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development support residents in purchasing homes by extending personal income tax policies and lowering the minimum down payment for commercial property loans to 30% [2] - The financial regulatory authority aims to establish a normalized real estate financing coordination mechanism, while tax incentives for public rental housing are also being extended [2] Group 2 - According to Kaiyuan Securities, three trends are expected in 2026: 1) The real estate adjustment phase may be nearing its end, with current price adjustments in China being relatively sufficient compared to global averages [3] 2) There will be structural opportunities for "good houses" as the market enters a phase of differentiation, with a focus on high-quality residential developments [3] 3) The Hong Kong real estate market is expected to continue its recovery, driven by multiple favorable factors, leading to a potential revaluation of Hong Kong property developers [3]