Tiger Brokers

【券商聚焦】华泰证券：房地产行业仍处于筑底企稳之中 市场全面修复尚需等待

金吾财讯
Aug 18

金吾财讯 | 华泰证券表示，7月房地产开发投资、新开工、竣工单月同比降幅均有所扩大。7月开发投资额同比-17%，降幅较6月扩大4.1pct，1-7月累计同比-12%。商品房市场进入传统淡季，销售面积与金额单月同比降幅扩大。7月商品房销售面积/金额同比-8%/-14%，降幅较6月有所扩大，1-7月累计同比-4%/-6%。销售偏弱背景下房企现金流仍待改善。7月房企到位资金同比-16%，较6月降幅扩大6pct。具体来看：1、7月定金及预收款同比-24%，降幅较6月扩大8pct，个人按揭贷款同比+7%，较6月由降转升；2、7月国内贷款同比-4%（6月+12%）；自筹资金同比-16%，降幅较6月扩大9pct。7月销售相对偏弱，房企定金及预收款同比降幅有所走阔，此外自筹资金同比降幅有所扩大，国内贷款同比小幅下降。该机构指，7月数据显示房地产市场销售面积和价格同比仍在下降，行业仍处于筑底企稳之中。市场全面修复尚需等待，该机构相对更看好以一线城市为代表的核心城市复苏节奏，以及在对应区域拥有储备或新获取资源的房企的估值修复，继续推荐具备“好信用、好城市、好产品”逻辑的地产股，分红与业绩稳健的头部物管公司，以及受益于香港资产重估逻辑的港股高股息REIT。

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