BofA Securities' Positive Outlook: BofA Securities maintains a non-consensus positive view on the Chinese real estate industry, anticipating proactive policy-making that could create investment opportunities despite current pressures and low investor positioning.

Preferred Companies: The report favors companies with strong execution capabilities, including CHINA RES LAND, CHINA OVERSEAS, and C&D INTL GROUP, while also expecting CHINA RES MIXC to benefit from consumer stimulus measures.

Earnings Forecast Adjustments: BofA lowered its median EPS forecast for Chinese property developers by 8% for 2025-27, projecting a 20% decline in 2025 earnings, with a weaker-than-expected rebound anticipated in 2027.

Target Price Reductions: Due to downbeat prospects, BofA cut its target price for Chinese property developers by 12%, maintaining an Underperform rating for several companies, including CG SERVICES and POLY DEVELOPMENTS.

Resignation Announcement: Huang Peng has resigned as the chief financial officer of CG SERVICES effective December 5, to focus on managing the Group's incubation businesses.

Continued Role: Despite his resignation as CFO, Huang will remain the executive president and oversee daily management of various incubation segments, including environmental and asset management services.

New Appointment: Tian Tian has been appointed as the new chief financial officer, responsible for the Company's financial management and capital market activities, effective the same day.

Market Impact: The announcement comes amid a short selling activity of $1.95M and a short selling ratio of 6.199% for CG SERVICES.

Profit Decline and Challenges: CG SERVICES reported a decline in profits for 1H25 due to ongoing industry challenges, as noted in a CLSA research report.

Increased Dividend and Share Buyback: The company announced an increase in its dividend payout ratio to 60% for 2025 and a RMB500 million share buyback to enhance shareholder returns.

Stock Performance: CG Services and China OVS PPT experienced declines, while China Res Mixc saw an increase in share price, indicating mixed performance among property management stocks.

Short Selling Activity: Significant short selling was noted across various companies, with China Res Mixc having the highest short selling ratio at 29.105%, reflecting market caution in the sector.

Revenue Growth: BofA Securities reported an 8% revenue growth for major Chinese property management companies in 1H25, with stable core profits, though concerns about fee recovery and cash flow persist among investors.

Stock Recommendations: CHINA RES MIXC (01209.HK) is the only Buy recommendation from BofA, with a target price increase to HKD45, while CG SERVICES (06098.HK) and CHINA OVS PPT (02669.HK) received target price reductions and maintained Underperform ratings due to unstable earnings.