On May 15, the central bank and the Bancassurance Regulatory Commission announced a reduction in commercial mortgage interest rates, with the first home loan interest rate not lower than the corresponding term loan market quoted rate (LPR) minus 20 basis points. The notice is mainly aimed at the newly issued commercial personal housing loans, and the interest rate of the stock commercial personal housing loans is still carried out in accordance with the original contract.
Guojin Securities pointed out that the reduction of the lower limit of first-home interest rates will lead to an overall decline in mortgage interest rates, while omni-directional regulation and easing will be increased. Real estate sector, recommend the key layout of high-quality cities, Greentown China, Jianfa International, Binjiang Group. Property sector, optimistic about the density of property management business, the development of value-added services of private property management companies, recommend Jinke service, Country Garden Services Holdings.
Ping an Securities believes that under the current background of stable growth, local finance and property market transactions are under pressure, the credit risk of large real estate enterprises broke out again, it is urgent to resolve industry risks and stabilize market expectations, and the policy is expected to increase efforts at both ends of supply and demand. drive plate valuations to repair continuously. In the medium and long term, with the withdrawal or contraction of some housing enterprises in this round of labor pains, the overall pattern of the industry is expected to be optimized, with financing, management and control advantages of strong operation, high credit market share and profitability are expected to be improved.
The agency pointed out that the development sector is mainly concerned with the relaxation of short-term beneficial policies and the improvement of land-end gross profit margins, strong operations and high-credit enterprises that are expected to seize market share in the medium and long term, such as Poly Development, Vanke A, Jindi Group, China Merchants Shekou, Binjiang Group, Tianjian Group, etc.; one kind is supported by fundamentals and flexible targets of policy games, such as Metro Holdings, Central South Construction, Jinke shares, and so on. The valuation of the property management sector has reached an all-time low, and the pressure of downward adjustment of the mid-season guidelines has also been gradually released. With the continued loosening of the policy, the capital side of development enterprises is improved, which is expected to bring high-quality property management enterprise valuation repair. Focus on Country Garden Services Holdings, Poly property, investment surplus, Metro Hyatt Service, Jinke Service, Xingsheng Business and so on. From the perspective of industrial chain, it is recommended to pay attention to Keshun shares, Oriental Yuhong, Anhui Conch Cement, Weixing new materials and so on.