Mainland property stocks showed active trading, with Ronshine China (03301) rising 3.5% to HK$0.148 by the time of writing. Greentown China (03900) gained 2.95%, reaching HK$9.07, while CH OVS G OCEANS (00081) advanced 2.46% to HK$2.08. R&F Properties (02777) also increased by 2%, trading at HK$0.51. Data released by the National Bureau of Statistics indicated that in December 2025, the sales prices of new commercial residential properties in first-tier cities experienced a month-on-month decline of 0.3%, with the rate of decrease narrowing by 0.1 percentage points compared to the previous month. Notably, Shanghai saw an increase of 0.2%. Shenwan Hongyuan believes that China's real estate sector has undergone a profound fundamental adjustment. Considering recent central government directives to "focus on stabilizing the real estate market" and the significant commentary in the official publication Qiushi at the beginning of the year—which emphasized the financial attributes of property, household balance sheets, and suggested implementing policies decisively—there has been a positive shift in the stance towards real estate, warranting anticipation for subsequent industry policies. Currently, the allocation to the sector has hit a record low. The price-to-book (PB) valuations or absolute market capitalizations of some high-quality enterprises are already at historically low levels, making them attractive.