中信证券近期 系列电话会 掘金香港金融股的攻守 中信证券金融产业系列电话会 3月10日-3月13日 参会密码：942617 3月11日 周二 19:00 3月12日 周三 15:30 港交所： 市场新高助推贝塔, 资金-资产共振演绎阿尔法 主讲：田良 薛姣 参会密码：796633 3月13日 周四 15:30 招商银行： 稳健增长，稳定回报 主讲：肖悲斐 林楠 参会密码：079047 | 3月12日 周三 15:30 | 3月13日 周四 15:30 | | --- | --- | | 友邦保险： | 中金公司： 低估值贝塔适逢行业供给侧改革 | | 淘金港股保险 | 主讲： | | 主讲： | 田良 陆昊 | | 童成墩 薛姣 张君翔 | 参会密码：265727 | 红利为锚，成长为帆 基础设施和现代服务产业系列电话会 3月10日-3月19日 3月10日 周一 19:00 贝壳： 居住服务入口 主讲：陈聪 张全国 川投能源： 估值具备吸引力，电价冲击有限 主讲：荣浩翔 参会密码：352675 3月12日 周三 19:00 3月13日 周四 19:00 参会密码：850703 | 申通快递： | 中国巨石：玻 ...

证券研究报告 房地产 地产市场前端热度自高位小幅回落 华泰研究 2025 年 3 月 10 日│中国内地 行业周报（第十周） 上周（3 月 3 日-3 月 9 日）房地产市场热度小幅回落，但仍在相对高位。 备案数据来看，上周 44 城新房备案数据环比-30%，其中一线、二线、三线 分别环比-21%、-30%、-36%；22 城二手房备案数据环比-1%，其中一线、 二线、三线分别环比-9%、-1%、+48%。库存角度，截至 3 月 2 日，21 个 重点城市库存环比-0.7%，一线、二线、三线分别环比-1.2%、-0.3%、-0.9%； 截至 3 月 9 日，21 个样本城市二手房挂牌量约 261.1 万套，较 3 月 2 日上 升 1.0%。其中一线城市二手房挂牌量 44.15 万套，较 3 月 2 日上升 2.2%。 前瞻指标方面，3 月 3 日-3 月 9 日，43 城二手房门店成交套数环比-4%， 较 12月周均+38%；43城二手房门店带看人数环比-9%，较 12月周均+26%。 行情回顾 上周沪深 300 指数上涨 1.39%，房地产开发板块下跌 0.91%，恒生指数上 涨 5.62%，中华内房股指 ...

上调！ 近期，国际权威评级机构摩根士丹利资本国际公司（MSCI）公布最新ESG（环境、社会和治理）评级结果，将贝壳（BEKE.US/02423.HK）的ESG评级 由"BBB"级上调至"A"级，评级综合得分领先互联网行业。 帮消费者安居，助服务者乐业，贝壳持续践行ESG理念，在推动行业服务品质升级、人才培训及 发展、低碳绿色、社区公益等领域一直表现卓越。 MSCI ESG评级结果是全球各大投资机构进行投资决策的重要依据，此次贝壳获得MSCI ESG评级提升，不仅验证了贝壳长期主义战略的价值，更彰显其以社 会价值驱动高质量发展的使命担当。 推动服务者"专业化"转型 以服务重塑居住价值 在"一体三翼"战略下，贝壳以消费者需求为出发点，通过覆盖房产交易、家装家居、房屋租赁的全场景服务承诺体系，重塑行业信任标准和品质基石。 在房产交易领域，贝壳真房源服务承诺已连续13年实现平台100%覆盖，真房源率长期保持在95%以上。2024年11月，贝壳推出"3+3"平台级服务承诺，并宣 布设立1亿元平台赔付保障资金，进一步提升消费者的服务保障。 在美好租住领域，贝壳致力打造"省心租，安心住"的租住环境，多层次扩大优质供给。此外 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [5]. Core Insights - The real estate sector is showing multiple positive signals, indicating that it has passed the "worst moment" with policies accelerating to stabilize the market. Concerns regarding falling housing prices, credit risks, and high inventory levels are being addressed [1][14]. - There is an expectation for structural stabilization in housing prices in 2025, with improvements in inventory issues due to "de-inventory" policies [1][14]. - The report highlights a recovery in transaction volumes for both new and second-hand homes, particularly in key cities, with significant year-on-year increases in sales areas [12][25]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 2.22%, while the real estate development sector rose by 2.22%. The Hang Seng Index dropped by 2.29%, and the China Inner Housing Stock Index increased by 8.20% [2]. Key Companies and Dynamics - The report recommends focusing on key urban markets where transaction volumes and prices are expected to recover. Companies with strong cash flow and performance in these regions are likely to benefit from market stabilization. Key recommendations include: - Chengdu Investment Holdings (600649 CH) - Buy - Chengjian Development (600266 CH) - Buy - Binjiang Group (002244 CH) - Buy - China Merchants Shekou (001979 CH) - Buy - New Town Holdings (601155 CH) - Overweight [3][43]. Sales and Inventory Trends - From February 1 to 28, new home sales in 44 cities increased by 35% year-on-year, with first-tier cities seeing an 80% increase. The cumulative year-on-year increase for new home sales in these cities is 5% [16]. - Second-hand home sales in 22 cities rose by 102% year-on-year, with first-tier cities experiencing a 131% increase [25]. - Inventory levels in 21 cities showed a rolling four-week decline of 0% and a year-on-year decrease of 11% [35]. Future Outlook - The report anticipates that 2025 will see a steady increase in transaction volumes in first-tier and some second-tier cities, with a stabilization in housing prices. The land market is also expected to regain some heat, with increased transaction values and premium rates [13][14]. - The report emphasizes that the concerns regarding the risk of major real estate companies are gradually alleviating, contributing to a recovery in industry confidence [14].

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [5]. Core Insights - The market heat is gradually recovering, influenced by the Spring Festival and the 924 policy, with a notable year-on-year sales increase of 6.7% in February, despite a month-on-month decrease of 5.4% [1]. - The sales thresholds for the top 10 real estate companies have significantly increased, indicating a more competitive landscape [2]. - Central state-owned enterprises continue to outperform private firms in terms of sales growth, with a year-on-year increase of 9.2% for central enterprises compared to a decline of 23.5% for private enterprises [3]. - Signs of stabilization in the housing market are emerging, particularly in key cities where resource reserves are abundant, suggesting potential for valuation recovery for companies in these areas [4]. Summary by Sections Market Performance - In February, the sales amount for the top 100 real estate companies decreased by 5.4% month-on-month but increased by 6.7% year-on-year, with a cumulative sales amount for January-February showing a slight decline of 1.4% year-on-year [1]. - The KMI index for new and second-hand housing transactions in 50 cities indicates a recovery, with week-on-week increases of 6.7% and 12.6%, respectively [1]. Company Performance - The sales thresholds for the top 10, 20, 30, 50, and 100 real estate companies reached 128 billion, 51 billion, 34 billion, 16 billion, and 6 billion respectively, with the top 10 showing a year-on-year increase of 4.8% [2]. - Among the top 50 companies, 19 reported year-on-year sales growth, with six companies achieving over 50% growth [3]. Future Outlook - The report highlights a positive outlook for companies with substantial resource reserves in key cities, recommending specific companies such as Chengdu Investment Holdings and China Merchants Shekou [4]. - The report emphasizes the potential for valuation recovery and stable cash flow for property management companies as the market stabilizes [4].

Group 1 - The core viewpoint of the article highlights the increasing attractiveness of Japanese real estate to overseas investors due to factors such as yen depreciation, low interest rates, and a stable market environment [1] - According to JLL, the Tokyo metropolitan area saw a 60% increase in real estate investment in Q1 2024, reaching $7.65 billion, surpassing New York and London to become the world's top investment destination [1] - The Japan Real Estate Institute reports that Tokyo and Osaka have the highest price increases for newly built residential buildings among 15 major global cities as of October 2024 [1][8] Group 2 - The article discusses a special "Sakura Season - Japan Real Estate Study Tour" organized by STARTS and JTB, aimed at providing insights into Japanese real estate investment [2] - The tour includes visits to high-end properties in affluent areas of Tokyo, as well as ordinary community housing, allowing participants to experience the living environment and amenities firsthand [2][3] - The program is designed to offer both novice and experienced investors comprehensive knowledge about Japanese real estate investment through lectures and personalized investment plans [4] Group 3 - The tour lasts for 5 days and 4 nights, from April 6 to April 10, with a cost of 12,000 RMB per person, excluding airfare [5] - Participants will have the opportunity to experience both private transportation and Japan's public transport system, stay in four-star hotels, and visit the hot spring area of Hakone [5]

Jones Lang LaSalle (JLL) Q4 2024 Earnings Call February 19, 2025 09:00 AM ET Company Participants Brian Hogan - Global Head-Analytics & Insights, Interim Head-Investor RelationsChristian Ulbrich - Chief Executive Officer and PresidentKaren Brennan - Chief Financial OfficerAnthony Paolone - Executive DirectorJulien Blouin - Vice PresidentJade Rahmani - Managing Director Conference Call Participants Stephen Sheldon - Research Analyst - Technology, Media & CommunicationsNick Joseph - Analyst Operator and thank ...

阿里整合国内外电商业务，蒋凡任负责人。 信息来自我们下午发布的独家： 11 月 21 日傍晚，阿里巴巴集团 CEO 吴泳铭发布全员邮件，宣布阿里成立电商事 业群，整合国内外电商业务，包括淘天集团、国际数字商业集团、以及 1688 和闲 鱼两个战略级创新业务。 自第三季度以来，一系列新发布的宏观政策为我们带来了新的机遇，同时也带来了挑战。 中国国内市场的特点是不断变化、多样化的商业模式和日益激烈的竞争。然而，我们团队 的逐渐老化和能力不足可能会导致我们错失一些宏观机会，特别是在面对新的或不断发展 的情况时。 例如，今年推出的多项宏观政策为行业和消费者需求提供了显著支持。然而，由于我们作 为第三方平台的运营经验有限，我们的团队未能充分利用这一宏观经济变化。因此，为了 在与类似产品的竞争中保持竞争力，我们不得不承担比同行高得多的成本，这不可避免地 影响了我们现在和不久的将来的盈利能力。 蒋凡担任电商事业群 CEO，向吴泳铭汇报。 在邮件中，吴泳铭说电商进入了新时代，阿里要提升全球化的供应链和消费者服务能力。 AI 仍然是他的关注重点，阿里要抓住如今以 AI 为核心的生产力革命。 接下来，原本作为独立子公司的淘天集团 ...

顺带说一句，李嘉诚除了房地产，最喜欢做的就是公用事业的生意，发电+自来水。我港股就买了老李旗下的电能实业，是港股这么烂的情况下少数还有 盈利的港股。 今天两市成交7400亿，缩量非常明显，不过我打听到的说法是近期日内做t的量化交易大幅变少了，虽然监管没有明确的说日内t不准做，但机构们在这个 时候都倾向于业务收缩，不愿当出头鸟。没有了这些日内来回撸毛的交易，a股正常就是7000-8000亿的规模。 市场中位数-1.28%，如果看中位数的话今年-17%很惨了，那些炒小票的2024年被打到深水区，很难上岸。资金继续向主板的权重股集中，上证指数今天 跌0.48%，是几个大盘指数里表现最好的。 板块里一马当先的依然是近期连续上涨的电力，+2.7%，也是76个行业里唯一涨幅超过1%的板块。随着6月份的临近，外部资金的涌入呈现加速的状态。 中央在山东济南召开企业和专家座谈会，就深化电力体制改革、发展风险投资等提出i意见建议。这就是继续走该走的流程，但市场上已经在提前消化涨 价的利好。 昨晚有读者问长江电力为什么一直涨，其实长江电力不是孤例，整个水电板块最近都很好。国投电力、川投能源、华能水电、桂冠电力，也都是一天一个 新高 ...