Core Viewpoint - The article highlights a significant decline in the real estate market in China, with major property stocks experiencing notable drops amid falling housing prices in major cities [1] Group 1: Stock Performance - New World Development (01030) fell by 3.86%, trading at HKD 2.24 [1] - Ronshine China (03301) decreased by 3.64%, trading at HKD 0.159 [1] - Greentown China (03900) dropped by 3.57%, trading at HKD 8.91 [1] - Sunac China (01918) declined by 2.22%, trading at HKD 1.32 [1] Group 2: Housing Price Trends - The National Bureau of Statistics reported a 0.5% month-on-month decline in new home prices across 70 major cities, marking the largest drop since October of the previous year [1] - Second-hand home prices also saw a month-on-month decrease of 0.7% [1] - China Merchants Bank Securities noted that this is the first instance of continuous declines in second-hand home prices across all cities, although the declines in first and second-tier cities have not worsened [1] Group 3: Market Sentiment and Policy Outlook - HSBC's report indicates a cooling sentiment in the real estate market, entering a policy vacuum period [1] - Following a brief recovery, negative trends are emerging, particularly in the high-end residential market, suggesting that government efforts to improve housing quality and demand may not be sufficient to stabilize the new housing market [1] - The bank believes that in a context of low policy expectations, any policy news could be perceived as positive [1]

Core Viewpoint - The decline in the stock prices of Chinese property companies is attributed to a significant drop in housing prices across major cities, indicating a cooling real estate market and potential challenges ahead for the sector [1] Group 1: Stock Performance - Chinese property stocks experienced notable declines, with New World Development down 3.86% to HKD 2.24, Ronshine China down 3.64% to HKD 0.159, Greentown China down 3.57% to HKD 8.91, and Sunac China down 2.22% to HKD 1.32 [1] Group 2: Housing Price Trends - The National Bureau of Statistics reported that new home prices in 70 major cities fell by 0.5% month-on-month, marking the largest decline since October of the previous year; second-hand home prices decreased by 0.7% [1] - Zhongyin Securities noted that the month-on-month decline in housing prices has expanded, with the first occurrence of continuous price drops in second-hand homes across all cities; however, the decline in first and second-tier cities has not worsened [1] Group 3: Market Sentiment and Policy Outlook - HSBC's research indicates a cooling sentiment in the real estate market, entering a policy vacuum period; after a brief recovery, negative trends such as weakness in the high-end residential market have emerged, suggesting that government efforts to improve housing quality and demand may not be sufficient to stabilize the new housing market [1] - The bank believes that in a context of low policy expectations, any policy news could be perceived as positive [1]

Market Overview - The U.S. stock market experienced significant declines, with the S&P 500 and Nasdaq recording their largest single-day drops since October 10. The Dow Jones fell by 0.53%, the S&P 500 dropped by 1.17%, and the Nasdaq decreased by 2.04% [4] - Major technology stocks mostly declined, with notable drops including Nvidia down 3.96% and Tesla down 5.15%. Only Apple saw a slight increase of 0.37% [4] - Cryptocurrency assets faced pressure, with Ethereum falling below $3100, a drop of 14%, and Bitcoin decreasing over 7%, nearing the $99,000 mark [4] Commodity Market - International oil prices fell, with WTI crude oil futures down by $0.49 to $60.56 per barrel, a decrease of 0.80%. Brent crude oil also fell by $0.45 to $64.44 per barrel, down 0.69% [5] - COMEX gold futures dropped by $53.50, settling at $3960.5 per ounce, reflecting a decline of 1.33% [5] Company News - Xpeng Motors held a technology day event, showcasing advancements and future plans [2] - Meituan has repurchased A-shares totaling 9.575 billion yuan [7] - Standard Shares indicated that its stock price may be subject to market sentiment risks [7] - ST Lingnan is facing legal issues related to collusion in bidding [7] Policy and Economic Outlook - Huachuang Securities predicts a policy vacuum in the next 1-2 months, suggesting potential market fluctuations [8] - Dongwu Securities remains optimistic about the market's ability to challenge the 4000-point mark, while cautioning about individual stock movements [8] - Huashang Securities maintains a steady outlook despite short-term market fluctuations, citing improvements in the fundamental market conditions and policy support for long-term capital inflows [8]