Guangfa Securities: Optimistic about the future performance of domestic and Hong Kong property stocks in the near term.

Guangfa Securities research report states that the domestic real estate market and Hong Kong real estate sector have fully launched, with multiple factors catalyzing the continued optimism for investment opportunities in the sector before the end of the year. In the 46th week of 2025, the SW real estate sector increased by 2.7% compared to the previous period, outperforming the Shanghai and Shenzhen 300 Index by 3.8 percentage points. Since the end of September, the sector's performance has outperformed for the first time as industry data accelerates downwards, policy expectations rise again, and consumption recovery expectations increase, which are the main reasons for the overall strength of the sector. Among Hong Kong real estate companies, commercial leasing enterprises have shown the highest increase in percentage this week. Finally, Hong Kong development companies have also performed well, with the second-hand house price index in Hong Kong increasing by 1% compared to the first week of November, and a 5% increase since the bottom. Guangfa Securities believes that the positive factors of policy expectations, consumption recovery, and the turnaround of the Hong Kong market will continue to catalyze the sector before the end of the year, and they are optimistic about the future performance of the domestic real estate and Hong Kong real estate sectors.