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地产股远期超额利润一直偏低,最高为39%
地产股远期超额利润一直偏低,最高为39%
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所属报告:
房地产行业地产论道系列之价值篇(十四):逆转价值毁灭重塑远期估值-210811(34页).pdf
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相关数据
表5-5 匈牙利2024年-2025年超额利润特别税的税率
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行业数据
2025-12-04
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2025Q3持仓负向变动前十房地产股
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行业数据
2025-11-24
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2025Q3持仓正向变动前十房地产股
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行业数据
2025-11-24
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美国地产股最近一直跑输指数
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行业数据
2025-11-17
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2025Q2持仓负向变动前十房地产股
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行业数据
2025-09-22
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2025Q2持仓正向变动前十房地产股
fCDmiL/lnLDkuqfogqEgICAgICAgfCDlraPmiqXmjIHku5Plj5jliqgo5LiH6IKhKSB8CnwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IOS/neWIqee9ruS4mumbhuWboiAgIHwgNDIwMCAgICAgICAgICAgICAgIHwKfCDkuK3lm73ph5HojIIgICAgICAgfCAzNDAwICAgICAgICAgICAgICAgfAp8IOe7v+WfjuS4reWbvSAgICAgICB8IDIzMDAgICAgICAgICAgICAgICB8Cnwg5LiH5Lia5LyB5LiaICAgICAgIHwgMTYwMCAgICAgICAgICAgICAgIHwKfCDljZfkuqzpq5jnp5EgICAgICAgfCAxMjUwICAgICAgICAgICAgICAgfAp8IOaWsOWfjuWPkeWxlSAgICAgICB8IDcwMCAgICAgICAgICAgICAgICB8Cnwg5paw5Z+O5o6n6IKhICAgICAgIHwgNTUwICAgICAgICAgICAgICAgIHwKfCDljY7lj5HogqHku70gICAgICAgfCA1MDAgICAgICAgICAgICAgICAgfAp8IOaIkeeIseaIkeWutiAgICAgICB8IDQ1MCAgICAgICAgICAgICAgICB8Cnwg5ZiJ6YeM5bu66K6+ICAgICAgIHwgNDAwICAgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8mldpbmTjgIHkuJzljJfor4HliLg=
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行业数据
2025-09-22
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2025年地产股政策博弈策略胜率在下降
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政策法规
2025-09-08
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剔除原材料成本后,箱板纸产品定价依旧贡献超额利润(元)
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行业数据
2025-02-18
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剔除原材料成本价格后,太阳纸业文化纸产品定价依旧贡献超额利润(2021年)
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行业数据
2025-02-18
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北部湾港的超额利润与贴现值
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行业数据
2024-12-31
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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
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政策法规
2024-12-16
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港股高分红地产股的估值与利率水平基本呈反比
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行业数据
2024-10-29
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牧原、温氏与行业头均利润/超额利润对比(元/头)
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其它
2024-07-23
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中国巨石超额利润分享方案(2021年-2023年)提取比例
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其它
2024-04-28
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当升科技超额利润分享计划高级管理人员利润分享标准
fCDluo/lj7cgfCDogYznuqcgfCDlspfkvY3ns7vmlbAgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tfAp8IDEgICAgfCDpq5jnrqHmraPogYwgfCAxLjMgICAgICB8CnwgMiAgICB8IOmrmOeuoeWJr+iBjCB8IDEgICAgICAgIHwKCui1hOaWmeadpea6kO+8mldpbmTvvIzkuJzmlrnor4HliLjnoJTnqbbmiYA=
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其它
2024-03-25
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地产股远期超额收益项占比较低,拉低总体估值水平,A 股历史最高为39%,港股为 29%。无论是 A 股地产股还是港股的内房股,估值中价值来源的主要部分就是当期净资产部分,而远期估值部分占比一直不高。1)A 股主要地产股估值中,远期超额收益的占比从 2011 年 34%下滑至2014 年的-6%,其后 2015、2016 年回升至 40%左右,继而继续下降,而 2020 年开始转负;2)机构投资为主的港股,2012-2018 年基本呈现出稳步下降趋势,从 29%降至 10%,其中除 2014、2016 年远期估值占比小幅为负外,2019 年也开始急速下滑转负。
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房地产行业地产论道系列之价值篇(十四):逆转价值毁灭重塑远期估值-210811(34页).pdf
香港上市的内房股远期超额利润占比呈现下降趋势
地产股远期超额利润一直偏低,最高为39%
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