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《大行報告》大摩:內地近期選擇性實施供給側寬鬆措施 料短期對內房整體流動性或物業銷售影響不大
大摩發表評級報告,預料內地近期選擇性實施供給側寬鬆措施,在短期內對內房整體流動性或物業銷售影響不大,主因銀行目前只選擇支持較為穩定的發展商,半國企以及優質民營企業將是寬鬆政策的主要受益者,符合該行預期。 鑑於銀行風險偏好降低,該行料大部分優質民企只會有輕微利好;隨著施工付款的結算季節臨近,以及大量公共債務將明年上半年到期,該行相信,這些寬鬆措施只會防止更多高質量房企違約,對整體行業流動性緊張的影響不大。 該行表示,會留意這些措施可否恢復置業人士的信心,並扭轉市場下行的趨勢,對短期保持中性看法,並等待復甦趨勢更加明朗,目前繼續看好低風險的國企藍籌股,並首選華潤置地(01109.HK)、保利置業(00119.HK)和中國海外發展(00688.HK)等作為長遠市場的整合者。(ca/u) ~
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