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大行評級|摩根大通:年底前內房股有戰術性機會 基本面首選華潤置地和華潤萬象生活
摩根大通發表研究報吿指,當前背景表明,一線城市最近放寬樓市措施的影響可能有限,政策制定者至少加大政策支持的可能性正在上升。如過去所見,政策期望上升通常會推動股價上升,因此摩通看到年底前有戰術性機會。事實上,期望已經在累積,正如自2025年7月以來中國房地產表現優於大市2%。摩通認為最佳風險回報在於非困境民營企業(龍湖集團)和中小型國有企業(中國金茂和中海物業)。對於偏好堅持大盤國有企業的投資者,摩通的基本面首選是華潤置地和華潤萬象生活,但中國海外發展作為落後者可能提供更多上升空間。如果簡單地對標2024年10月的高峯,該行業可能有15%至20%的上升空間。
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