摩根大通：中国房地产国家统计局 4 月数据：进一步走软

The latest housing market data (April) from NBS shows a continued moderation trend across all key indicators (sales, home prices and construction activities), although the magnitude is not drastic. We continue to expect further moderation in June, but if sales and prices deteriorate faster than expected, we believe the government will roll out stronger policy support (and thus a rally). Our top picks are CR Land and CR Mixc, but tactically we like turnaround stories (Longfor, Jinmao, COPH). See page 18 for ...