HK Stock Market Move | Most mainland property stocks pulled back, with SUNAC (01918) falling over 6% and RADIANCE HLDGS (09993) dropping nearly 5%.

Most mainland property stocks pulled back. As of press time, SUNAC (01918) fell 6.57% to HK$0.64; RADIANCE HLDGS (09993) dropped 4.91% to HK$1.065; RONSHINECHINA (03301) declined 2.9% to HK$0.067. On the news front, Huachuang Securities noted that the phased rally in property stocks is jointly influenced by policy quality and market confirmation, and attention should be paid to the risk of fundamental fluctuations. The firm believes there are three strategies for investing in the development business: 1) On the right side of an upward real estate cycle, the entire sector benefits, but this requires a rightward shift in the aggregate demand curve, rather than just indicative signs of first-tier cities stabilizing; 2) Company alpha during a market downturn requires catalysts, not merely low valuations; 3) Policy-driven phased rallies are mainly based on policy speculation. At present, cyclical upside and alpha-type opportunities remain unclear, and policy speculation is still an important direction to watch. High-beta names have higher average backtested returns but also greater drawdown risk.