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券商晨会精华:房地产新政后,两个方向料将迎来政策利好

Highlights of the morning brokerage meeting: After the new real estate policy, the two directions are expected to usher in favorable policies

cls.cn ·  May 23 08:34

At today's brokerage morning meeting, Huatai Securities believes that abolishing the minimum mortgage interest rate limit is expected to speed up the restoration of fundamentals; CITIC Securities said that the proposal focuses on the investment value of real estate companies with high land reserves in core cities, smooth financing channels, and strong development capabilities; after the new real estate policy, what policies may exceed expectations? CITIC Construction Investment believes that the two directions are expected to benefit from favorable policies.

The Financial Services Association, May 23, reported that the market fluctuated throughout the day yesterday. The GEM index led the rise, and the Shanghai index was relatively weak. Overall, individual stocks rose more or less, and more than 3,100 individual stocks rose in the entire market. The turnover of the Shanghai and Shenzhen markets was 831.2 billion, an increase of 31.9 billion dollars compared to the previous trading day. As of yesterday's close, the Shanghai Index was up 0.02%, the Shenzhen Index was up 0.12%, and the GEM Index was up 0.88%.

At today's brokerage morning meeting, Huatai Securities believes that abolishing the minimum mortgage interest rate limit is expected to speed up the restoration of fundamentals; CITIC Securities said that the proposal focuses on the investment value of real estate companies with high land reserves in core cities, smooth financing channels, and strong development capabilities; after the new real estate policy, what policies may exceed expectations? CITIC Construction Investment believes that the two directions are expected to benefit from favorable policies.

Huatai Securities: The abolition of the lower mortgage interest rate limit is expected to accelerate the restoration of fundamentals

Huatai Securities pointed out that on May 21, Wuhan, Changsha, and Hefei were the first to reduce the down payment ratio and abolish the lower mortgage interest rate limit. In terms of down payment ratios, all three cities reduced the down payment ratio for the first/second home by 5% to 15%/25%. In terms of interest rates, Wuhan lowered interest rates for first/second commercial loans to 3.25%/3.35%, down 30/80BP from the current mortgage interest rate in April; interest rates for the first and second commercial loans in Changsha fell 10/20BP to 3.65%/3.95% respectively; and interest rates for the first and second commercial loans in Hefei were reduced by 30/70BP to 3.45%, respectively. The reduction in the down payment ratio will lower the threshold for buying a home. At the same time, the reduction in mortgage interest rates will effectively reduce the pressure on residents to buy homes. Immediate demand and improved demand for home purchases are expected to be further released, helping to stabilize the market. I am optimistic about high-quality housing enterprises and property management companies with more resources and steady operations in core cities.

CITIC Securities: The proposal focuses on the investment value of real estate companies with a high share of land storage in core cities, smooth financing channels, and strong development capabilities

CITIC Securities said that the real estate policy goals in 2024 and the objective environment in which the real estate market is located are different from 2008, but the market-based direction of the policy is consistent. The individual leverage ratio of the whole society was low in 2008. There is still room for optimization in the 2024 differentiated housing credit policy, and the policy added a new method of eliminating the storage capacity of local state-owned platforms. Through market-based mechanisms, a gradual gradual recovery wave from first-tier cities to second-tier cities may be formed. We believe that the balance sheet of the industrial chain has returned to stability, but there is no room for significant growth in orders. It is recommended to focus on the investment value of real estate companies with a high share of land storage in core cities, smooth financing channels, and strong development capabilities.

CITIC Construction Investment: After the new real estate policy, what policies are likely to exceed expectations?

CITIC Construction Investment said that after the Politburo meeting of the Central Committee on April 30, the central and local governments centrally introduced a series of new real estate policies, including optimizing purchase restriction policies and adjusting interest rates on personal housing provident fund loans, etc., with the aim of promoting the steady and healthy development of the real estate market and accelerating the recovery of the real estate market. In this context, the feedback from the A-share real estate sector was positive. In the future, what other inflection point policies may trigger the next round of market conditions? First, the field of foreign investment and foreign trade will continue to receive strong policy support. Among them, finance, advanced manufacturing, and service industries will benefit from inflows of foreign capital, and new energy, information technology, and large consumption may benefit from going overseas. Second, with the accelerated implementation of the central government's policy to support private economic development, the fields of scientific and technological innovation and the Internet, where private enterprises are relatively concentrated and have comparative advantages, especially e-commerce, gaming, education, and artificial intelligence, are expected to usher in favorable policies.

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