Sniper

The Report is produced in Chinese only.

昔日報告:
  18-03-2019 (星期一) 大灣區政策及調控口風放鬆利內房市場反彈 留意擁有灣區豐富地儲股投資機遇
  04-03-2019 (星期一) 國務院發布《國家職業教育改革實施方案》,職業教育行業有望起飛
  18-02-2019 (星期一) 豪車銷量逆勢走好,消費升級進行中
  28-01-2019 (星期一) 經濟放緩憧憬寬鬆減稅政策 留意優質內需股反彈機會
  07-01-2019 (星期一) 2019年中國鐵路投資有望維持高位
[第1頁 / 共51頁]

大灣區政策及調控口風放鬆利內房市場反彈 留意擁有灣區豐富地儲股投資機遇

《粵港澳大灣區發展規劃綱要》已正式出台,《綱要》列出各城市的角色,並強調主要城市之間的連接及合作,透過核心城市的優點,大灣區將定位為金融及創新中心。我們預計,隨著連接加強、人口增長加快,以及居民收入上升,將帶動大灣區消費及住屋需求,當中地產行業料將受惠。

與此同時,內地經濟受到中美貿易戰等因素影響,下行壓力加大,中國政府正加大力度推出更多包括減稅等寬鬆政策,早前國務院政府工作報告對內房調控的論述也較往年為簡約,內容上未提及「房住不炒」及「遏制房價上漲」,我們認為,這意味目前因城施政的調控思路將持續,後續地方政策較擁有更大的靈活性及調節空間,整體內房市場有望能到支持。

我們建議可以關注擁有93%大灣區地儲的時代中國(1233),其剛公佈較市場預期為佳的2018財年業績,收入按年增49%至344億元人民幣(下同),核心淨利潤增66%至42億元。該公司管理層具有較強的執行力,土地儲備充足達1850萬平方米,預計未來3年盈利及銷售均能保持較高增長,主要受惠於持續推進的城該項目,期內將會轉換約1080萬平方米,市值約2000億元。

撰稿: 顧慧宇研究分析員
電話:
+852 2277 6516

電郵地址:
tracyku@phillip.com.hk
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
E-Check
Login
Louis Talk
Investor Notes
Free Subscribe
Contact Us