**: China ** newspaper.
Recently, the real estate sector has picked up, and some of the most advanced institutions said that some sectors with low valuations and low expectations have been repaired under the marginal catalysis, mainly in the direction of the "Zhongzi" central state-owned enterprises and real estate chain. In addition, the frequent issuance of favorable policies related to real estate is expected to alleviate the financing liquidity dilemma of real estate enterprises, but institutions are still cautious about the future performance of the real estate sector.
Real Estate Sector**
Flush data shows that since the real estate development sector bottomed out on January 23, it has strengthened for four consecutive trading days, with a cumulative increase of more than 15%.
Recently, favorable policies related to real estate have been issued frequently. Hu Mohan, manager of Mingze Investment, said that the frequent introduction of positive policies, especially the intensive optimization of policies at both ends of supply and demand, supported the recovery of the real estate sector at the bottom. At the same time, since some real estate stocks also belong to the category of central state-owned enterprises, they have also received the "assist" of the theme of central state-owned enterprises to a certain extent. In terms of level, the effectiveness of the recent policy is still significant, which is conducive to alleviating the pressure on real estate companies in stages and also helping to control the risks of the real estate industry.
Zeng Hengwei, a partner of Paipaiwang Wealth Management, believes that the recent rise in the real estate sector is at the forefront of the industry's growth list. The real estate sector has been seriously over-falling before, and it is recommended to pay attention to high-quality real estate companies with abundant value and strong ability in mainstream cities.
Public offering holdings declined
China Securities Construction Investment said that at present, many sectors with the characteristics of low valuation, low expectations and low chip pressure are repaired under marginal catalysis, mainly in the direction of the "Zhongzitou" central state-owned enterprises and real estate chain, and can focus on the central state-owned enterprises with asset quality and dividend yield increase expectations under the catalysis of policy support.
In the fourth quarter of 2023, the public offering**'s position in the real estate sector declined, and the proportion of holdings hit a new low since 2013. Wind data shows that in the fourth quarter of 2023, the total market value of public offerings** in the real estate sector reached 56 billion yuan, down 24% from the previous quarter. At the same time, the total market value of the real estate stock holdings of northbound funds in the fourth quarter of 2023 was 14.8 billion yuan, down 18% from the previous quarter.
He Jinlong, general manager of Umili Investment, said that the current valuation and performance of the real estate sector are at the bottom, and the flexibility of the sector is sufficient under the support of policies. The regulation and control of first-tier cities have ushered in relaxation, and the policy intensity has exceeded market expectations, which is expected to improve the demand of the real estate market and promote market recovery.
Capture medium- to long-term investment opportunities
For the long-lost warmth of real estate stocks, some investors are hotly discussing whether they can continue to enter the market to chase up, and how to grasp the medium and long-term investment opportunities?
Zeng Hengwei believes that the current may be the bottom area of real estate stocks, and more data and time are needed to verify. Judging from the market reaction, driven by the favorable policy, the real estate sector has been on the way.
In He Jinlong's view, for the layout of the real estate sector, investors need to pay close attention to the changes in policies and funds, and the targets in the future can be deployed in the policy optimization areas, especially the targets with the background of state-owned assets.
Hu Mohan said that the long-term downward trend of China's population has been formed, which is the basic logic of the long-term downward trend of the real estate industry. Moreover, the risk of the real estate industry requires a long process of release, and it is still only in the early stage of risk release. For the future market of real estate stocks, it is recommended to maintain a cautious attitude, and the future is likely to be dominated by **.
A public offering person believes that the value of the real estate central state-owned enterprise target is prominent, and the structural ** can be grasped in the medium and long term, and the proportion of public offering ** in real estate stocks is expected to rebound in 2024.