Huatai Securities: Multiple dimensions driving real estate stock valuation recovery.

Huatai Securities research report stated that recently, AH real estate stocks have outperformed the benchmark index. From January 19 to 29, the Wind Hong Kong Real Estate Index rose by 7.3%, ranking 3rd out of 11 industries, while the A-share Shenwan Real Estate Index rose by 5.5%, ranking 6th out of 31 industries. Huatai Securities believes that undervaluation and multiple drivers are the forces driving the valuation recovery of real estate stocks. Looking ahead, Huatai Securities believes that the loose liquidity in the Hong Kong stock market, undervaluation of the sector, and expectations for marginal improvement in the fundamentals of real estate are the foundation for this round of real estate stock recovery. The period from now until March is seen as a window for policy and the "mini spring" to resonate. Expectations for policies and signs of market recovery will contribute to the ongoing recovery of real estate stock valuations.