備選一: 融信中國(3301.HK)：自有資金充裕，如期償還到期美元債
2月25日，融信中國(3301.HK)（以下簡稱“融信”）發佈公吿稱，公司已由中華人民共和國境內銀行帳户匯出所需資金至其境外還款帳户，用於償還存續的於2022年3月1日到期的10.5%優先票據的本金總額約2.63億美元及已累計未付利息金額約2396.57萬美元，合計約2.87億美元。至此，融信已完成上半年到期美元債的全部兑付工作。
根據Wind數據預計，2022-2025年是房企美元債兑付的高峯期，其中，部分月度償債規模超過千億元，行業整體面對較大壓力。面對到期的鉅額債務，部分房企甘願躺平，不僅嚴重損傷了投資者的信心，更加劇了整個市場的不穩定性。
我們認為，融信此次如期償債，不僅使得公司短期債務壓力得到釋放，更向市場傳遞出了公司發展穩健的有益信號。同時，這也算是以真金白銀迴應了此前市場上的一些猜疑，對維護行業及公司信心具有積極意義。
2022年，房地產對穩定宏觀經濟的作用再度被凸顯，地產寬鬆政策釋放正逐步從供給端向需求端的路徑傳導。近期菏澤、重慶、贛州等部分城市下調首套房房貸利率的政策引起了廣泛關注，因為從歷史情況來看，首付比例下調通常有助於商品房銷售端企穩，進而帶動成交回暖，有助於房企實現銷售去化和回款，增強自主造血能力。
據此認為，伴隨整體融資環境更趨理性，融信中國在資本市場上所樹立起財務穩健、現金流充裕的良好形象，或將利於其率先迎來新一輪的發展窗口期。
作為深耕行業多年的頭部房企，融信中國始終堅守長期主義，能夠在發展速度和財務指標之間謀求良好的平衡。
從發展速度來看，公司總體保持平穩的發展態勢。
在當前動盪多變的市場形勢下，對於房企而言，只有走的穩，才會走的遠，這一點從融信身上或許能夠得到印證。短期來看，無論是債券持有者還是市場投資者，看到融信按時完成債務兑付，對公司的信心將得到一定程度的增強。而從更長期的視角來看，深厚的運營實力、高質量的土地儲備以及健康的財務基本盤，都將為融信實現長足發展奠定堅實的基礎。
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