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《大行報告》中金:可適當增內房股配置 薦龍湖、中海外及潤地等
阿思達克 10-09 11:55

中金近日發表報告表示,認為內房前期政策端的一系列收緊措施(尤其是針對房企融資端)對實體市場的影響已逐步顯現,伴隨後市基本面各項指標進入下行通道,行業政策將進入觀察期。考慮板塊估值已回到歷史低位(內房H股相當遠期市盈率5.5倍),且龍頭房企盈利增長確定性強,該行提示投資者可適當增加地產股配置,內房H股推薦龍湖(00960.HK)、中國海外(00688.HK)、華潤置地(01109.HK)、世茂(00813.HK)、旭輝(00884.HK)和美的置業(03990.HK)。

該行指,近日到訪的內地城市9月樓市延續降溫態勢,到訪量、轉化率、成交量、去化率等指標均按年下降,其中三四線城市經歷3至4月「小陽春」後市場熱度迅速下行,重慶和成都整體保持平穩。伴隨市場降溫,部分項目(特別是三、四線城市項目)已開始通過降價促銷方式攬客(主要包括打折、返現、贈送購物卡等方式),且折扣力度高於去年同期水平。

中金表示,內房開發商對分銷渠道的依賴度上升,平均佣金率由1%至3%,增到介乎3%至5%。到訪項目平均銷售目標完成度50%至70%,往前看,該行判斷後續去化壓力仍存,銷售額達標壓力較大,房企將通過積極推貨和促銷等方式加速銷售去化。

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