Huatai Securities Research Report said that from December 22 to 23, the Ministry of Housing and Construction held a working meeting to summarize real estate work in 2025 and deploy key tasks and look forward to the “15th Five-Year Plan” policy direction for 2026. Huatai Securities believes that in 2026, policies such as controlling growth, removing inventory, and improving supply will be further implemented, combined with potential interest rate cuts to help stabilize the market. The supply side will continue to be optimized. Product strength may become one of the core competencies of housing enterprises through the cycle, and is expected to reshape the market position and competitive pattern of enterprises. The Ministry of Housing and Construction meeting followed the central government's firm attitude of stabilizing the industry and proposed a series of directions. The “excellent supply” orientation is expected to promote the reshaping of the competitive landscape of enterprises, and is also expected to bring development opportunities for property management enterprises. Key recommendations: 1. “Three good” real estate stocks with “good credit, good cities, and good products”; 2. Real estate enterprises that rely on operational capacity to grasp the lifeline of cash flow in market adjustments; 3. Local Hong Kong real estate enterprises benefiting from the recovery of the Hong Kong market; 4. Property management enterprises that benefit from steady cash flow and have dividend advantages.

Huatai Securities Research Report said that from December 22 to 23, the Ministry of Housing and Construction held a working meeting to summarize real estate work in 2025 and deploy key tasks and look forward to the “15th Five-Year Plan” policy direction for 2026. Huatai Securities believes that in 2026, policies such as controlling growth, removing inventory, and improving supply will be further implemented, combined with potential interest rate cuts to help stabilize the market. The supply side will continue to be optimized. Product strength may become one of the core competencies of housing enterprises through the cycle, and is expected to reshape the market position and competitive pattern of enterprises. The Ministry of Housing and Construction meeting followed the central government's firm attitude of stabilizing the industry and proposed a series of directions. The “excellent supply” orientation is expected to promote the reshaping of the competitive landscape of enterprises, and is also expected to bring development opportunities for property management enterprises. Key recommendations: 1. “Three good” real estate stocks with “good credit, good cities, and good products”; 2. Real estate enterprises that rely on operational capacity to grasp the lifeline of cash flow in market adjustments; 3. Local Hong Kong real estate enterprises benefiting from the recovery of the Hong Kong market; 4. Property management enterprises that benefit from steady cash flow and have dividend advantages.