HK Stock Market Move | Mainland property stocks lead gains; first-tier second-hand home transactions rise in "Golden September" peak season; property policy rumors continue to cause turbulence.

Mainland property stocks led the gains. As of press time, RONSHINECHINA (03301) rose 25.4% to HK$0.079; CHINA VANKE (02202) rose 13.6% to HK$2.84; SUNAC (01918) rose 9.16% to HK$0.715; COUNTRY GARDEN (02007) rose 6.15% to HK$0.19. On the news front, entering the traditional "Golden September" peak season for the property market, second-hand home transactions in Shanghai have continued to climb. Data shows that on September 19, Shanghai's second-hand home (including commercial) online signed transactions reached 1,495 units in a single day, hitting a new single-day high since the second half of 2026. In addition, according to property expert Ding Zuyu, invited by Goldman Sachs, short-term supply is roughly balanced, but due to the impact of sales model reform, a significant supply shortage will emerge starting from March 2027, lasting 12 to 18 months, after which it will gradually stabilize over about two years. It is worth noting that recently, unverified market rumors about fiscal interest subsidies for home purchases and further cuts to existing mortgage rates have continued to roil the property sector. Huachuang Securities believes that policy-driven phased rallies are mainly based on policy speculation. At present, cyclical upside and alpha-type opportunities remain unclear, and policy speculation remains an important direction to watch. High-beta names show higher average backtested returns, but also greater drawdown risk.