来源：滚动播报 地产股涨势延续，在线房屋交易平台Opendoor涨11.0%，住宅建筑商莱纳建筑涨2.7%，特朗普周四称要 压低房贷利率和月供。Meta签署核电协议，核电股Oklo涨18.5%，Vistra涨17.6%。通用汽车跌2.1%，收 缩电动汽车业务，计提 60 亿美元损失。Revolution涨14.0%，传默沙东洽谈收购该公司。 ...

格隆汇1月9日｜在特朗普总统本周表示将采取措施禁止机构投资者购买住房后，住宅建筑商仍面临巨大 的不确定性。泽尔曼联合公司的分析师表示，很大程度上取决于该禁令是否涵盖"专为租赁而建"的房 屋，而这正是建筑商近年来日益依赖的业务领域。如果禁令包含此类房屋，建筑商可能会失去一个反周 期的需求来源，单户住宅的开工量可能会下降5%至10%。分析师指出，如果禁令将此类房屋排除在 外，实际上可能会利好住宅建筑商，因为新房将成为"单户租赁运营商寻求增长的唯一途径"。 ...

特朗普将美国房价高企归咎于大型机构投资者，并悍然出手。 面对全美住房短缺与房价高企的民怨，1月7日，美国总统特朗普宣布，将禁止大型机构投资者购买独栋住宅。 消息引发市场震荡，多家大型房屋租赁公司股价应声下跌。 意在解决"住房短缺" 1月7日，特朗普在社交媒体Truth Social上表示，为应对全美愈发严重的住房短缺问题，政府将禁止大型机构投资者购买住宅。同时，他"将立即采取措 施，呼吁国会立法"。 此外，高涨的房价以及居高不下的利率也让该国民众不满。自2019年以来，美国房价累计上涨超过50%；去年11月，房屋中位价已达40.92万美元。 房地产数据公司Parcl Labs联合创始人杰森.卢里斯指出："人们需要住房，但如果投资者大量涌入市场，购房者数量将不足以支撑交易，从而对房价产生重 大影响。" 这促使美国两党议员在地方层面推动限制机构投资者的法案。内布拉斯加、加利福尼亚、纽约、明尼苏达及北卡罗来纳等州均有相关立法提议，但多数尚 未取得实质性进展。 消息公布后，美国大型房屋租赁公司股价应声下跌。当地时间7日收盘时，Invitation Homes下跌约6%，American Homes4Rent跌幅超过4 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 增长的盛夏，就业的寒冬（国金宏观钟天） 来源：雪涛宏观笔记 美国经济的深秋，正在经历"增长的盛夏"和"就业的寒冬"。 文：国金宏观宋雪涛/联系人钟天 美国第三季度GDP在延迟了近两个月后终于公布，环比折年率录得4.3%（预期3.3%）；同比增速虽进 一步回升至2.3%，但较去年同期的2.8%仍有显著差距。 但值得关注的是，在7-9月经济数据几乎明牌的情况下，这份GDP报告超出了所有市场参与者以及联储 的预期（例如基于联储的SEP——2025年1.7%的增速，第四季度GDP环比持平即可）；除了其中结构的 差异外，宏观和微观的差异也正在变大——美国经济的深秋正在经历"增长的盛夏"和"就业的寒冬"，分 化也还将延续。 从结构来看，在4.3%的环比折年增速中，居民消费和净出口成为两大支柱，分别贡献2.4和1.6个百分 点。然而，消费本身存在分化和"高估"，净出口的增长实际上延续着"抢进口"的余波影响，看似放缓的 投资增速中AI与非AI的分化仍在拉大。 结合近期公布的数据，我们重点关注三组对比： （1）非顺周期部分增长强劲，顺周期部门疲软加剧。 ...

沃伦·巴菲特领导的伯克希尔·哈撒韦公司在2025年前三季度累计抛售了超过240亿美元的股票。该公司在 第三季度对多只持仓股票进行了减仓或清仓操作。 根据公司向美国证券交易委员会提交的13F持仓文件，伯克希尔在第三季度对其最大持仓股苹果公司进 行了减持，减持规模约为106亿美元，持股数量减少近15%。该公司对美国银行的持股也进行了减持， 减持金额为19.2亿美元，减持后其在美国银行的持仓市值约为293亿美元。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 同时，伯克希尔清仓了美国住宅建筑商D.R.霍顿。该公司自2023年第三季度开始持有D.R.霍顿的股票， 此次清仓的股份市值约为1.99亿美元。此外，伯克希尔还对域名服务公司威瑞信和肾脏透析服务提供商 达维塔进行了减持，减持金额分别为12亿美元和2.17亿美元。 ...

本文源自：市场资讯 作者：观察君 截至第三季度末，伯克希尔持有的现金及现金等价物规模已升至超过3800亿美元，创下历史新高。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 沃伦·巴菲特旗下的伯克希尔·哈撒韦公司在2025年第三季度继续减持其第一大重仓股苹果公司的股票。 根据最新披露的持仓报告，伯克希尔在该季度出售了价值约106亿美元的苹果股票。 自2023年第四季度以来，伯克希尔对苹果的持仓已进行多轮减持。资料显示，尽管巴菲特曾多次公开称 赞苹果公司及其管理层，但此次调整并非源于对公司基本面的担忧。作为其投资组合中规模最大的单一 持仓，苹果股票在市场整体估值偏高时，自然成为巴菲特实现利润、降低股票风险敞口的首要选择。这 一操作符合其长期遵循的"在市场过热时减少股票持仓"的投资原则。 与此同时，伯克希尔在第三季度对其投资组合进行了其他调整，包括减持了美国银行、威瑞信等公司的 股份，并清仓了住宅建筑商D.R.霍顿的股票。在减持的同时，伯克希尔新建仓了谷歌母公司Alphabet的 股票，持仓市值约为43亿美元。 ...

Financial Data and Key Metrics Changes - Total revenues for fiscal 2025 were over $6.2 billion, with net income of nearly $430 million, resulting in a 10% increase in book value per share [5][6] - In Q4 2025, total revenues were just under $1.7 billion, with Adjusted Diluted Earnings Per Share of $1.92 [7][21] - Housing revenues decreased by 15% in Q4 2025 compared to the previous year, with an average selling price decline of 7% to $466,000 [21][22] Business Line Data and Key Metrics Changes - The company delivered 3,619 homes in Q4 2025, exceeding guidance due to reduced average build times [21] - Housing gross profit margin was 17%, with an Adjusted Housing Gross Profit Margin of 17.8%, reflecting a 310 basis point decrease due to pricing pressure and higher land costs [22] - The company achieved a 27% backlog of the midpoint of its full-year delivery target for 2026, down from 34% at the start of 2025 [11] Market Data and Key Metrics Changes - The cancellation rate was stable at 18%, supporting net orders at an average absorption pace of three per month per community [10] - The company produced 2,414 net orders in Q4, indicating a consistent approach to pricing amid market challenges [8] Company Strategy and Development Direction - The company is focused on increasing the percentage of Built-to-Order (BTO) homes from 57% in Q4 2025 to historical levels of 70% or higher [12][13] - Plans to open between 35 and 40 new communities in Q1 2026, expecting a peak community count during the spring selling season [12] - The company aims to maintain a disciplined approach to capital allocation while returning over $600 million to shareholders in fiscal 2025 [6][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the housing market, citing favorable demographics and structural undersupply as key demand drivers [7][8] - The company anticipates improved margins throughout 2026 as it shifts its sales mix towards BTO homes [25][60] - Management acknowledged challenges such as low consumer confidence and elevated mortgage rates impacting buyer decisions [8][10] Other Important Information - The company owned or controlled approximately 65,000 lots at year-end, with a focus on markets positioned for long-term growth [16] - A new $1.2 billion revolving credit facility was established to enhance liquidity, with total liquidity of $1.43 billion at quarter-end [29] Q&A Session Summary Question: Can you help understand the conservatism in the gross margin guide? - Management noted that some inventory needs to be cleared, impacting margins due to higher costs associated with older specs [32][33] Question: What are the expectations for the BTO mix in Q1 and the full year? - The BTO mix is expected to remain in the 57%-60% range for Q1, with a goal to reach at least a 70% ratio by year-end [57][58] Question: How is the pricing strategy adapting to competitive pressures? - The company has maintained stable pricing and is focused on increasing the BTO mix, which is expected to improve margins over time [50][51] Question: What is the outlook for capital returns to shareholders in fiscal 2026? - The company plans to continue its share repurchase program, targeting between $50 million and $100 million in the first quarter [75]

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about M/I Homes (MHO) .M/I Homes currently has an average brokerage recommendati ...

Core Insights - KB Home is set to release its quarterly earnings on December 18, 2025, with projected EPS of $1.79 and revenue of approximately $1.66 billion, facing challenges from weak demand and high mortgage rates [1][6] Financial Performance - The anticipated EPS of $1.79 for the quarter ending November 2025 represents a significant year-over-year decline of 29%, attributed to decreases in revenues, margins, and backlog [2] - Projected revenue of $1.66 billion indicates a 17.6% decrease compared to the same quarter last year, reflecting affordability issues and uneven demand impacting performance [2] Profitability and Margins - Margins are expected to contract due to higher land costs, price cuts, and concessions, which will pressure profitability [3] - Despite challenges, KBH has historically surpassed consensus earnings in three of the last four quarters, with an average surprise of 2.3% [3] Market Valuation - KBH has a price-to-earnings (P/E) ratio of approximately 8.19, indicating the market's valuation of its earnings [4] - The price-to-sales ratio stands at about 0.69, suggesting a relatively low market valuation compared to its sales [4] - The enterprise value to sales ratio is approximately 0.93, reflecting the company's total valuation in relation to its sales [4] Financial Health - The debt-to-equity ratio is approximately 0.42, indicating a moderate level of debt compared to equity [5] - A strong current ratio of about 17.90 suggests a robust ability to cover short-term liabilities with short-term assets [5]

美国最大的住宅建筑商之一莱纳建筑(LEN.US)盘前跌3.7%，报113.18美元。 消息上，莱纳建筑25财年第四季度的业绩显示，营收达到94亿美元，超出91.8亿美元的市场一致预期， 这主要得益于其高端产品线实现了23,034套房屋的交付，达到指引上限。然而，由于毛利率从预期的 17.5%降至17.0%，公司调整后每股收益为2.03美元，不及2.18美元的市场预期。 管理层对2026年第一季度的毛利率给出了15.0%-16.0%的指引，这反映了典型的季节性因素和交付量下 降，预计交付量为17,000-18,000套，平均售价在365,000至375,000美元之间，同时销售及行政管理费用 率将升至约9.5%。 ...