大摩：中国房地产看好华润置地等 料受惠于“十五五”规划

Core Viewpoint - Morgan Stanley's report indicates that if the macro environment remains stable and resilient, housing prices in first-tier and major second-tier cities are expected to stabilize in the second half of 2027 [1] Group 1: Company Insights - Morgan Stanley is optimistic about China Resources Land (01109) and New City Holdings (601155.SH) as stable mall operators, benefiting from the emphasis on consumption in the 14th Five-Year Plan and strong policy support for Real Estate Investment Trusts (REITs) [1] - The report also highlights that C&D International (01908) and China Overseas Development (00688) have land reserves that will support their profit margins, driving earnings back to positive growth [1]