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天風證券:房地產市場“底部共識”增強,“短線政策博弈+中長期估值修復”邏輯更加順暢
天風證券表示,房地產行業基本面拐點或將近,增量政策預期持續。交易端,市場“底部共識”增強,“短線政策博弈+中長期估值修復”邏輯更加順暢。配置方向上,我們建議優先考慮①非國央企受益於化債、政策紓困、需求改善等多重邏輯下的困境反轉;②具備投資及改善產品優勢的龍頭房企獨有的週期韌性;③區域型企業其城市基本面分化及市佔率提升邏輯;④二手中介受益於存量交易景氣度提升。其中,低估值優質非國企及地方型企業受益於融資、收儲等政策的彈性空間或更大。
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