投资要点：房地产周观点：三季度新房与二手房成交面积同比仍为负，但降幅较2024年明显收窄。另一方面，新开工与开发投资持续下滑，到位资金偏紧，行业整体仍处于去杠杆周期。从房企三季报业绩来看，行业整体亏损程度相比二季末进一步扩大，基本面仍处于“磨底”阶段。我们认为，未来一段时间，加码政策出台及行业基本面站稳回升的进程，将主导板块行情走势。中长期来看，行业发展将从“高杠杆、高周转”转向“品质、服务、可...
Source Link投资要点：房地产周观点：三季度新房与二手房成交面积同比仍为负，但降幅较2024年明显收窄。另一方面，新开工与开发投资持续下滑，到位资金偏紧，行业整体仍处于去杠杆周期。从房企三季报业绩来看，行业整体亏损程度相比二季末进一步扩大，基本面仍处于“磨底”阶段。我们认为，未来一段时间，加码政策出台及行业基本面站稳回升的进程，将主导板块行情走势。中长期来看，行业发展将从“高杠杆、高周转”转向“品质、服务、可...
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