The government has announced a series of policies aimed at ensuring local governments can pay their bills and repay their debts. These measures should reduce the risk of an immediate slowdown in economic growth in mainland china, and the market has responded positively to these policies so far," wrote hsbc analyst in a research report on November 19.

hsbc holds a bullish view on real estate company ke holdings (BEKE.N) and believes it is a key beneficiary of the "china 2025 turning point."

"ke holdings will benefit from the rebound in sales volume and the potential stabilization of housing prices in 2025," said oliver yu, asia real estate analyst at hsbc global research. He added, "ke holdings has the highest earnings sensitivity in the recovery of new and second-hand housing markets."

After experiencing a slump over the past year, the real estate industry is currently showing signs of stabilization. Many investment banks, including goldman sachs (GS.N) and morgan stanley (MS.N), expect the china real estate market to bottom out in the second half of next year.

Despite this, ke holdings' third-quarter performance did not meet market expectations—with adjusted earnings per ADS at 1.53 yuan, below the expected 1.57 yuan; revenue was 22.6 billion yuan, also below the expected 23.46 billion yuan.

Looking ahead, oliver yu believes ke holdings' profits will grow as its market share expands, particularly with the rapid expansion of its new housing renovation and rental & leasing services business.

ke holdings' stocks are listed on hkex and are traded in the usa as american depositary receipts (ADR) under the code "BEKE." hsbc has set a target price of $34.30, indicating an upside potential of approximately 71.7%.