《大行》汇研对内地房地产市场维持乐观态度 看好润地(01109.HK)新城发展(01030.HK)

阿斯达克财经
Sep 25

汇丰研究报告指,内地房地产市场的基本面已出现正面变化,不过楼价仍受压,而且第四季销售将面临高基数挑战。该行对行业前景维持乐观态度,因上半年业绩反映部分开发商的边际利润复苏早过预期,以及管理层给予更积极的业绩指引。龙头开发商有望推出今年初获得的高端土地项目以套现资金。
同时,该行注意到市场情绪明显改善,除了大型开发商外,市场开始愿意探索更多高波动性股份。不过,在缺乏明显催化剂下,该行预期行业股价短期将呈横行格局。

至于陷入财困的开发商,上半年业绩大致符合预期,均面对收入下跌、利润率受压及库存减值等情况,但房屋交付仍在持续推进。该行预期如完成债务重组,雅居乐(03383.HK) 旭辉控股(00884.HK) 碧桂园(02007.HK) 世茂集团(00813.HK) 等已违约的民营开发商,其资产负债表及流动性状况将显著改善。
股份方面,该行看好华润置地(01109.HK) 新城发展(01030.HK) ,其变现资产有望跑赢零售市场;目标价分别为43元及3.3元,均予“买入”评级。另外,C-REITs亦有潜力释放投资物业价值。同时,该行并看好建发国际集团(01908.HK) ,因其在高级项目中具竞争优势,而且土地储备较年轻,目标价21.7元,评级“买入”。(ss/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-09-24 16:25。)

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