In May, local real estate rescue policies were accelerated. During the May Day holiday, Meizhou, Jiangsu Lianyungang Port Co.Ltd(601008) , Wuxi, Yueyang, Xuzhou and Ganzhou issued or implemented new policies to stabilize real estate, including reducing the proportion of down payment for house purchase, changing the exemption period of value-added tax for second-hand houses from “5 to 2”, reducing the interest rate of house loans, relaxing restrictions on sales, deed tax concessions, house purchase subsidies, raising the maximum amount of provident fund loans, reducing land auction deposit, land transfer fee installments and many other measures.
In terms of A-share investment, Galaxy Securities pointed out that the real estate industry, as an important part of “stable growth”, the strength of follow-up policy support is likely to increase but not decrease. At present, the statements from both the central and local levels are more positive than those in the early stage. In May, June and July, local policies entered the intensive adjustment period, and the policy strength and space of “stable growth” are worth looking forward to. Under the main line of “stable growth”, the market interpretation path is gradually clear, and there is still room for central state-owned enterprises to rise. Under the expectation of stabilizing sales and increasing the scale of mergers and acquisitions, high-quality private enterprise housing and property management companies have opportunities. It is suggested to pay attention to the leading stocks in the high-quality housing development industry: China Vanke Co.Ltd(000002) , Poly Real estate, Gemdale Corporation(600383) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Seazen Holdings Co.Ltd(601155) , Jinke Property Group Co.Ltd(000656) . It is suggested to pay attention to high-quality property management companies: China Merchants Property Operation & Service Co.Ltd(001914) , Xuhui Yongsheng service, New Dazheng Property Group Co.Ltd(002968) .
Ping An’s short-term valuation policy is expected to drive the sustained development of Ping An Securities; In the medium and long term, with the withdrawal or contraction of some real estate enterprises in the pain period of this round, the industry pattern is expected to be optimized, and the market share and profitability of brand real estate enterprises with financing and control advantages are expected to be improved. The development sector is mainly concerned about: one is the strong operating and high credit enterprises with relaxed short-term benefit policies and improved gross profit margin at the land acquisition end, which are expected to seize market share in the medium and long term, such as Poly Developments And Holdings Group Co.Ltd(600048) , China Vanke Co.Ltd(000002) , Gemdale Corporation(600383) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Hangzhou Binjiang Real Estate Group Co.Ltd(002244) , etc; One is the subject matter of policy game elasticity with certain support for Fundamentals, such as Seazen Holdings Co.Ltd(601155) , Jinke Property Group Co.Ltd(000656) , Jiangsu Zhongnan Construction Group Co.Ltd(000961) , etc. The valuation of the property management sector is at a historically low level. With the continuous deregulation of policies and the improvement of the capital side of development enterprises, it is expected to bring about the continuous repair of the valuation of high-quality property enterprises, such as country garden service, poly property, China Merchants Property Operation & Service Co.Ltd(001914) , Jinke service, xinchengyue service, Xingsheng business, etc.
