As of noon close, the Shanghai Composite Index rose 0.48% to 3134.97 points, the Shenzhen Component Index rose 0.83%, and the ChiNext Index rose 1.14%. On the disk, boosted by the frequent blowing of the "warm wind" on the policy side, the real estate and large financial sectors have a strong intraday trend today. In the real estate sector, there are many individual stocks!
Recently, real estate ushered in a new round of policy optimization period, and the Politburo meeting mentioned "comprehensive study and digestion of stock real estate and optimization of incremental housing". Under the central government's tone, the real estate market policies at the local level have entered a period of intensive optimization and adjustment, including adjusting and optimizing the housing provident fund measures, canceling the lower limit of the interest rate of commercial personal housing loans for the first house in stages, "exchanging the old for the new" housing, and optimizing the purchase limit.
In this context, many cities such as Beijing, Chengdu, Shenzhen, Hangzhou, Foshan, Nanjing, Xi'an, and Huizhou have successively released favorable property markets. The latest, for example, late at night on the 15th, Hefei suddenly issued the "Notice on Further Adjusting and Optimizing Real Estate Policy Measures". The "Notice" has introduced a number of benefits such as a single set of subsidies for home buyers with a maximum amount of no more than 100,000 yuan and a free account for buying a house. The Housing and Urban-Rural Development Bureau of Lin'an District, Hangzhou City, recently issued an announcement that the People's Government of Lin'an District decided to purchase a batch of commercial housing for public rental housing within the scope of Lin'an District.
In addition, there has been another exciting news in the market recently, which is that the relevant authorities are considering a plan for local governments across the country to buy unsold housing stock, which could allow banks to lend money.
In terms of the real estate sector, a number of brokerages believe that the bottoming of the industry is expected to be accelerated, the valuation of the sector may be gradually repaired, and the future of the sector can be expected, and high-quality real estate companies can be paid attention to.
Huatai Securities research report proposed, on the whole, the policy to stimulate the demand of the property market, stabilize the market attitude resolutely, at the landing level, many places have optimized the current policy, and the scope of the follow-up adjustment policy will be further expanded, which is expected to promote market confidence and fundamental repair, and provide valuation repair space for the sector.
Guojin Securities pointed out that real estate destocking is expected to be promoted through "trade-in", which requires policy and financial support from the central government, such as PSL; Benchmarking the U.S. real estate and China's aviation industry, stock prices and valuations reflect expectations, fundamental repair or lag, destocking is expected to promote the market expectation turn, real estate stock prices and valuations have seen the bottom.
Guolian Securities said that with the gradual easing of policies, it is expected that market confidence is expected to be boosted, driving sales to pick up. At the same time, the high-cost projects of real estate companies are gradually digested, and the gross profit margin is expected to bottom out. The bottoming of the industry is expected to be accelerated, and the valuation of the sector may be gradually restored. It is recommended to pay attention to the central and local state-owned enterprises with abundant land reserves and smooth financing channels in the core areas, as well as high-quality real estate enterprises with the ability to shape improved products.
In terms of the large financial sector, China Galaxy Securities said that the growth of social finance was less than expected mainly due to the base and the slow pace of government bond issuance, and with the subsequent issuance of trillions of ultra-long-term treasury bonds, there are opportunities for improvement in the large financial sector. Credit supply continues to face a pattern of weak demand side; In addition, the regulatory guidance has weakened the growth rate of credit, paid more attention to the quality and efficiency of financial support, and reduced the idling of funds. In the short term, the expansion of bank assets will be affected, and in the medium and long term, it will promote the optimization of credit structure and the transformation of business models, and guide the industry to better adapt to the needs of high-quality economic development. Combined with fundamentals, dividend yield and valuation factors, we continue to be optimistic about the allocation value of the banking sector.
Source: Reading and Creating Finance and Economics Comprehensive
Review: Sun Shijian
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