地产下行的非需求因素:开发商的企业行为变化在本轮周期下行中,起到了更重要的影响不同于以往宽松政策能有效刺激销售,本轮周期(2022年起)需求端政策效果显著减弱。传统需求端解释(人口红利消退、购买力受损)虽成立,却无法解释同期现房和核心城市二手房的持续复苏。本轮周期的核心矛盾已从单纯的需求不足,转向由供给端因素(房企策略与债务周期)主导。高周转模式带来的行业变化:更大规模的存货扩张以及企业负债结构...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.