Intraday Overview | The three major indices fell sharply, and the science index fell more than 3%; auto stocks and pharmaceutical outsourcing concept stocks weakened; after ideal car performance, it plummeted nearly 20%
The Hang Seng Index fell 2.2%, and the Tech Net Index fell by 3.41%; most of the shares fell by more than 7%, JD Health and NIO by more than 6%, Bilibili by more than 5%, and Tencent, Ali, Baidu, and NetEase by more than 3%.
Open Source Securities: Real estate investment and sales data continued to be low in April, and the market is still adjusting
Open Source Securities released a research report saying that after the Politburo meeting on April 30, the central government introduced a number of loose home purchase loan policies. Various regions lifted purchase restrictions in core cities such as Hangzhou and Xi'an due to city policies. The policy side was more active than before.
Institutions | The rebound in Hong Kong stocks is still resilient, focusing on the three main lines
The four major driving forces driving the current round of Hong Kong stock rebound can be categorized as: 1) mitigation of external disturbances; 2) domestic policy cohesion; 3) expectations of Hong Kong Stock Connect dividend tax relief; and 4) re-understanding and pricing of Hong Kong stock growth stocks.
Express News | CITIC Securities: Optimistic about investment opportunities in the real estate development sector
Express News | China Index Research Institute: The average price of second-hand housing in Baicheng fell 0.75% month-on-month in April
Express News | Real estate popularity soars, institutions are rapidly “taking the pulse”, and research reports are bursting out
On May 20, COGARD 5.4 05/27/25 issued by Country Garden is now 7.950, up 12.561%; OTC market prices are for reference only
On May 20, COGARD 5.4 05/27/25 issued by Country Garden is now 7.950, up +12.561%; OTC market prices are for reference only.
Changes in US dollar bonds | Country Garden COGARD 5.625 12/15/26, the price rose 7.939% to 7.623
COGARD 5.625 12/15/26, issued by Country Garden on May 20, rose +7.939% yield-% at the current price of 7.623.
Property markets in many cities heated up significantly in the first weekend after the New Deal, and the market is looking forward to the implementation of policies such as reducing down payment ratios
With the regulatory authorities announcing a major property market policy on May 17, the era of the most relaxed property market credit has arrived. The effects of the policy in various regions have gradually begun to show, and buyers' willingness to enter the market has increased markedly.
Can banks actually benefit from the “four arrows going hand in hand” in real estate finance? Industry: Both people, real estate, and money are involved, and the impact on asset quality is better than pricing
Xiao Feifei, chief banking analyst at CITIC Securities, believes that in terms of current real estate finance logic, quality is more important than pricing.
SDIC Securities: The new real estate policy goes hand in hand, and the collection and storage of state-owned assets is expected to accelerate and continue to be optimistic about the performance of building materials in the good production chain
The real estate industry has ushered in major favorable policies. Purchase restrictions have been relaxed in many places, and mortgage relaxation policies have exceeded expectations. Trade-in and state-owned assets collection and storage are expected to accelerate. The sales side and financing side are taking multiple measures together to help the building materials industry recover demand and improve repayments, and priority benefits for consumer building materials in the real estate chain.
Express News | Good release for the real estate sector to rise again
May LPR released! If the 1-year term and 5-year term continue to be “on hold”, is the rating expected to be downgraded in the second quarter?
In line with expectations
Intraday Overview | Tech Index rose nearly 1%, non-ferrous metals stocks and auto stocks strengthened, Lingbao Gold rose nearly 12%, and Xiaopeng Motor rose more than 8%
The Hang Seng Index rose 0.57% and the Tech Index rose 0.92%; TechNet stocks had mixed ups and downs; Bilibili rose nearly 3%, JD.com and NetEase rose about 2%, Baidu fell more than 3%, and Meituan fell nearly 2%; gaming stocks rose, and Aobo Holdings and Galaxy Entertainment rose about 4%.
Opinion | The real estate cycle may face a turning point, and sector revaluation is expected to continue
Source: CICC Dianjing Authors: Sun Yuanqi, Li Hao, Zhang Yu, etc. Summary Policy Highlights: On May 17, the State Council Policy Routine Briefing mainly discussed policies in the four areas of guaranteed delivery, acquisition of existing commercial housing, revitalizing existing land, and mortgages. We believe that the highlight is that the collection and storage mechanism may be effective in mitigating the cash flow risk of housing enterprises and consolidating financial stability; the lower down payment ratio is the lowest in history, and the lower interest rate limit for personal housing loans has been lifted, and the credit policy adjustments have exceeded expectations. Market outlook: We believe that the downward slope of the market in the early stages has moderated marginally, and the recent centralized introduction of policies is expected to speed up the cycle. We judge 6-
Opinions | Analysis of the impact of the Hang Seng Index and Hong Kong Stock Connect adjustments
The scope of this adjustment covers the main flagship indices of Hong Kong stocks, such as the Hang Seng, the State-owned Enterprises Index, and the Hang Seng Technology Index; in addition, there are also partial adjustments to the Hang Seng Composite Index, which directly determines the scope of investment in Hong Kong Stock Connect.
Express News | CITIC Securities: The next stage will open up room for incremental mortgage interest rates to decline, and there is a possibility that the purchase restriction policy will be further relaxed
They're all back! Property markets in more than ten cities: Enthusiasm for buying homes is high, and developers are making every effort to promote the market
The “May 17 New Deal,” dubbed “unprecedented” and “unprecedented in history,” has greatly stimulated the enthusiasm of buyers through measures such as lowering the lower down payment ratio and lowering loan interest rates.
Express News | Guotai Junan: It is estimated that collecting and storing new homes will require a capital scale of 2.6 trillion to 4.4 trillion yuan
Express News | CICC: The real estate cycle may face a turning point, and sector revaluation is expected to continue
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