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《大行報告》中金:內地「保交樓」政策影響下 9月新屋銷售改善 短期提振內房股風險偏好
中金近日發表報告表示,受內地出臺支持需求措施加碼、「保交樓」政策影響及房企加速推盤,8月下旬以來新房銷售邊際有所改善,按高頻數據顯示9月首周銷售面積按年降幅收窄至23%,對比6月至8月單月降幅均在三成左右;單週去化率爲55%,亦較7、8月47%及44%有所提升。考慮近期多地疫情散發,銷售改善趨勢能否延續有待進一步觀察。 該行表示,所研究覆蓋的內房股於今年上半年核心淨利按年下跌41%,核心淨利率按年跌3.6個百分點至6.6%,部分公司被動縮表引致槓桿率擡升。當前行業長、短維度皆處下行期,房企財務、土儲、操盤和多元佈局的差異將加劇經營狀況和財報指標分化。 該行認爲9月以來新房銷售再顯回溫,短期可提振投資者風險偏好,該行首推華潤置地(01109.HK)、中國海外(00688.HK)、綠城(03900.HK)、越秀地產(00123.HK)、美的置業(03990.HK)、中國海外宏洋(00081.HK)、建發國際(01908.HK)。
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