Changes in Hong Kong stocks | Most domestic housing stocks fell back, Sunac China (01918) fell more than 6%, Jinhui Holdings (09993) fell nearly 5%

The Zhitong Finance App learned that most domestic housing stocks had declined. As of press release, Sunac China (01918) fell 6.57% to HK$0.64; Jinhui Holdings (09993) fell 4.91% to HK$1.065; and Rongxin China (03301) fell 2.9% to HK$0.067.

According to the news, Huachuang Securities pointed out that the phased market for real estate stocks is affected by both policy quality and market confirmation, and it is necessary to pay attention to the risk of repeated fundamentals. According to the bank, investment in the development business is divided into three strategies: 1) on the right side of the upward trend in the real estate cycle, which is generally beneficial to the sector, but it requires a shift in the aggregate demand curve to the right, not an indicator of stopping the decline in first-tier cities; 2) the company alpha in the downturn period requires a catalyst rather than simply undervaluation; 3) a policy-driven phased market, which is mainly based on policy games. Currently, it is still unclear whether the cycle is rising or exploring alpha opportunities. Policy games are still an important observation direction. Highly elastic targets have a higher average backtest return, and the risk of retracement is greater.