CI-CRL @EC2602A(27986.HK)

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CI-CRL @EC2602A

27986.HK

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"Big Banks" Citigroup: China's real estate sector will face impairment challenges in 2025, with China Jinmao, China Resources Land, and China Overseas as top picks

Citi's research report points out that the Chinese real estate industry will face challenges of impairment and declining gross margins in the fiscal year 2025, although state-owned enterprises are still expected to be profitable. Market challenges will intensify in the second half of 2025, with unclear sales targets. Some companies, such as CHINA RES LAND and GREENTOWN CHINA, may undergo strategic adjustments. It is expected that the core profits of 15 property companies without credit issues will decline by 34%, with gross margins dropping to 13.9%. Policy easing is expected to drive improvements in the second-hand market sales in 2026, but the rebound may be short-lived. The industry prefers CHINA JINMAO, CHINA RES LAND, and CHINA OVERSEAS

AASTOCKS·6 Hours ago

Top 5 HK Stock Gainers/Losers (>100B) (1.21)

GIGADEVICE(03986) rose 6.14%, with a trading turnover 758.6 Million HKD, and a year-to-date rose 100.5%. GANFENGLITHIUM(01772) rose 5.54%, with a trading turnover 926.9 Million HKD, and a year-to-date rose 26.5%. ANTA SPORTS(02020) fell 4.18%, with a trading turnover 2.8 Billion HKD, and a year-to-date fell 1.8%. NTES-S(09999) fell 3.7%, with a trading turnover 2.0 Billion HKD, and a year-to-date fell 3.1%.

Top Gainers & Losers·Yesterday at 16:30

Top Gainers & Losers·Yesterday at 16:30

JP Morgan's investment ratings and target prices for property developers and property management stocks (Table)

JP Morgan released a research report, updating the investment ratings and target prices for domestic property and property management stocks. For domestic property stocks, China Resources Land, China Overseas, China Jinmao, and Longfor Group were rated as "Overweight," with target prices of 35 yuan, 16.5 yuan, 1.75 yuan, and 14 yuan, respectively. China Vanke, Country Garden, Sunac China, and Shimao Group were rated as "Underweight," with target prices adjusted downward. In the property management sector, China Res Mixc, China OVS PPT, Poly PPT SER, and GREENTOWN SER were rated as "Overweight," with target prices raised

AASTOCKS·Yesterday at 12:35

AASTOCKS·Yesterday at 12:35

JP Morgan expects that the performance of domestic property stocks will continue to be weak last year, with a preference for CHINA RES LAND and CHINA JINMAO

JP Morgan expects that the performance of Chinese real estate developers will decline by 29% last year, with profit margins under pressure. State-owned enterprises are expected to see a profit growth of 9%, while private enterprises will decline by 21%. Morgan Stanley's top picks are CHINA RES LAND and CHINA JINMAO. More companies are expected to report net losses in March, with core net profit and dividends declining. The profit margin of property management companies is expected to drop from 16.2% in the 2024 fiscal year to 15.6%

AASTOCKS·Yesterday at 12:30

AASTOCKS·Yesterday at 12:30

The Hang Seng Index fell 76 points, while POP MART surged 9% against the trend. There is speculation in the property stocks and domestic airline stocks | Hong Kong stock market closing

The Hang Seng Index closed at 26,487 points, down 76 points, marking a four-day decline. POP MART surged 9.1% against the trend due to its announcement of a share buyback. Technology stocks generally softened, with Xiaomi and Tencent both declining. Mainland property stocks performed better, with CHINA RES LAND and China Overseas both rising. Market risk aversion has increased, influenced by the tariff war between Europe and the United States

Stheadline·01/20/2026 16:25

Stheadline·01/20/2026 16:25