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图表67.我们发现,地产股的行情往往启动于政策宽松预期,并可以持续到销售、房价等基本面数据改善,行情结束
图表67.我们发现,地产股的行情往往启动于政策宽松预期,并可以持续到销售、房价等基本面数据改善,行情结束
政策法规
下载Excel
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原图定位
图片属性
图片格式:PNG
图片大小:588KB
图片尺寸:2302*1037
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所属报告:
房地产行业2025年年度策略:“旧改为主、收储为辅”贯穿2025年地产行业主线-241213(62页).pdf
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本轮人民币升值并不是国内经济基本面导致的
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行业数据
2026-06-02
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人民币走强与国内基本面关系不大时,汇兑损失可能会影响持股体验
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表22、国有企业/混改企业基本面及事件梳理
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fCDmjIfmoIcgICAgICAgICAgIHwg5pWw5YC8ICAgfAp8LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCDogqHku7fkuIrmtqjlgI3mlbAgICB8IDEuMCAgICB8Cnwg5pS25YWl5aKe6ZW/5YCN5pWwICAgfCAxLjMgICAgfAp8IOWHgOWIqeeOh+WinumVv+WAjeaVsCB8IDIyLjklICB8Cnwg5biC55uI546H5aKe6ZW/5YCN5pWwIHwgLTUwJSAgIHwKfCDogqHmlbDlop7plb/lgI3mlbAgICB8IDM2JSAgICB8CgrotYTmlpnmnaXmupDvvJpXaW5kLCDmlrnmraPor4HliLjnoJTnqbbmiYA=
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fCDmjIfmoIcgICAgICAgICB8IOaVsOWAvCAgIHwKfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IOiCoeS7t+S4iua2qOWAjeaVsCB8IDI4LjAgICB8Cnwg5pS25YWl5aKe6ZW/5YCN5pWwIHwgMTczLjAgIHwKfCDlh4DliKnnjoflop7plb/lgI3mlbAgfCA1LjkgICAgfAp8IOiCoeaVsOWinumVv+WAjeaVsCB8IDEwNC4zICB8CgrotYTmlpnmnaXmupDvvJpXaW5kLCDmlrnmraPor4HliLjnoJTnqbbmiYA=
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fCDml7bpl7QgICAgICAgfCDlm73nm5vlm7rmlLbln7rmnKzpnaLpq5jpopHmjIfmlbDvvIjngrnvvIkgfCDlkIzmr5Tlop7pgJ/vvIgl77yJIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tfAp8IDIwMjIvMDQgICAgfCAxMTAuNSAgICAgICAgICAgICAgICAgICAgICAgIHwgMS44ICAgICAgICAgICB8CnwgMjAyMy8wNCAgICB8IDExNi4wICAgICAgICAgICAgICAgICAgICAgICAgfCA2LjUgICAgICAgICAgIHwKfCAyMDI0LzA0ICAgIHwgMTIwLjAgICAgICAgICAgICAgICAgICAgICAgICB8IDMuNSAgICAgICAgICAgfAp8IDIwMjUvMDQgICAgfCAxMjkuNSAgICAgICAgICAgICAgICAgICAgICAgIHwgNC4wICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJpXaW5k77yM5Zu955ub6K+B5Yi456CU56m25omA
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2022 年以来,地产板块曾有过几次政策博弈的行情,持续时间均只有一个月,均由于基本面兑现落空而回落。1)2022 年 3 月,房地产板块绝对收益率 10%,相对收益率 17%。因为基本面差、博弈政策。2)2022 年 11 月,房地产板块绝对收益率 28%,相对收益率 18%。受益于 11 月房地产行业金融支持政策的密集出台,房地产行业初步形成了信贷、债券、股权融资、预售资金等多维度的房企融资端支持政策体系,各类融资渠道的同步放松是首次发生的。3)2023 年 7 月,房地产板块绝对收益率 14%,相对收益率 10%。由于政治局会议后中央与地方密集表态,释放积极信号,带动板块上涨。
政策法规
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当前图表所属:
房地产行业2025年年度策略:“旧改为主、收储为辅”贯穿2025年地产行业主线-241213(62页).pdf
2026年房地产行业报告:城中村改造扩至300城,收储存量土地资金超十万亿分析
图表9.2009-2022年棚改财政资金估算累计1.32万亿元
图表81.97家房企现金流安全性分档
图表80.97家房企现金流安全性分档
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