Recently, there has been marginal relaxation at both ends of supply and demand in the real estate industry, and the stock price of the real estate industry has rebounded rapidly. Different from the past, the demand side stimulus policy of the real estate industry in this round is relatively restrained, while the clearing of the supply side is resolutely promoted. Therefore, it may be difficult to directly refer to past experience for the time and range of the rise at the level of the real estate industry.
In the process of supply clearing in the real estate industry, the improvement of the pricing power of the head real estate enterprises coexists with the transformation of the business model, which also means that it will be reconstructed at the valuation level. This impact may be positive for the head real estate enterprises.
From top to bottom, the adverse factors of China US relations, tightening of overseas monetary policy and China's economic slowdown may still take time to absorb, and the landing effect of real estate and steady growth policies still needs to be observed. In this context, the trend reversal of the equity market may need to wait.
Risk tips: (1) the epidemic development exceeded expectations; (2) Geopolitical risk
