The Zhitong Finance App learned that domestic housing stocks rose collectively. As of press release, Yuexiu Real Estate (00123) rose 5.65% to HK$3.18; China Jinmao (00817) rose 4.98% to HK$1.37; Vanke Enterprise (02202) rose 4.30% to HK$2.425; and China Resources Land (01109) rose 3.94% to HK$30.60.
According to the news, the second-hand housing market in core cities showed signs of recovery in August. According to statistics from Beijing Chainjia Research Institute, Shanghai Zhongyuan Real Estate, and Shenzhen Shell Research Institute, Beijing has been growing year-on-year for 6 consecutive months. Shanghai hit a record high for the same period in the past 5 years, and the actual number of contracts signed in Shenzhen increased 12% from month to month. At the policy level, on August 28, the central level concentrated on introducing a package of real estate reform policies, covering multiple dimensions such as housing sales systems, credit management, trusts, capital markets, urban renewal, and commercial real estate, to establish a complete institutional framework for the new model of real estate development.
Orient Securities believes that in summary, the promotion of existing housing sales is milder than the market's most pessimistic expectations, but the changes in the supporting financing model are greater than the adjustments expected by the market, and the impact is more far-reaching. The market overestimates short-term risks, underestimates medium-term constraints, and the long-term benefits to the industry outweigh the disadvantages. The short-term stock market may experience a one-time emotional shock. After the pullback, positions can be moderately increased. In the long run, it will benefit leading central state-owned enterprises with strong product strength to amplify their competitive advantage, and industry concentration will increase at an accelerated pace. Furthermore, the share of second-hand housing transactions is also expected to increase further.