Investment Rating - The report maintains an "Outperform" rating for the real estate industry [4][36]. Core Viewpoints - The stock market has risen by 53% while housing prices have decreased by 4.4% since the "924" policy announcement, indicating a divergence between the two markets post-March 2025 [1][11]. - The real estate market lacks new logic to support rising expectations, leading to a downward trend in housing prices while the stock market continues to rise [1][28]. - Short-term stabilization of housing prices relies on persuasive narratives, while medium-term recovery is dependent on income improvements [2][31]. Summary by Sections Market Trends - The report highlights a significant divergence between the stock market and housing prices after March 2025, with the stock market continuing to rise while housing prices decline [1][11]. - The report notes that the housing market's basic fundamentals have not changed significantly, and the price movements are more influenced by valuation rather than fundamental changes [1][22]. Investment Recommendations - The report suggests capturing short-term trading opportunities before a potential price stabilization, recommending companies such as China Jinmao, China Overseas Grand Oceans Group, China Overseas Development, China Resources Land, and China Merchants Shekou [2][36]. Company Profit Forecasts and Ratings - The report provides profit forecasts and investment ratings for several companies, all rated as "Outperform": - China Jinmao (0817.HK): Target price 1.50 CNY, 2025E EPS 0.14 CNY, PE 10.6 [3]. - China Overseas Grand Oceans Group (0081.HK): Target price 2.46 CNY, 2025E EPS 0.50 CNY, PE 4.9 [3]. - China Overseas Development (0688.HK): Target price 13.79 CNY, 2025E EPS 2.34 CNY, PE 5.9 [3]. - China Resources Land (1109.HK): Target price 30.22 CNY, 2025E EPS 4.18 CNY, PE 7.2 [3]. - China Merchants Shekou (001979.SZ): Target price 9.39 CNY, 2025E EPS 0.72 CNY, PE 13.1 [3].