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class="zai_yao">摘要:最近又是中报密集发布期,房地产企业的表现可谓亮丽,从主要的几家上市公司房地产数据来看,增长势头可谓喜人。在亮丽的业绩背景下,记者注意到两个问题,第一?017年上半年,伴随房地产行业的是去库存、宏观调 ......</p> <div id="pic_url"> </div> <div id="fe5zut489" class="bodycontens"> <p>最近又是中报密集发布期,房地产企业的表现可谓亮丽,从主要的几家上市公司房地产数据来看,增长势头可谓喜人。在亮丽的业绩背景下,记者注意到两个问题,第一?017年上半年,伴随房地产行业的是去库存、宏观调控、银行上调房贷利率等,但在如此背景下,房企销售依然喜人,这说明了什?第二,同样是高增长,港股和A股两个市场房企的走势有不小的区别,中国恒大股价在7?7日创出历史新高,从年初的4港元附近达到24.10港元;富力地产最近三个交易日更是以强势的三连阳再创新?而A股的几家企业如万科、保利、金地等虽然今年上半年也基本都走势喜人,但比起港股,仍然逊色不少。原因是什么呢?</p><p>先来看第一个问题。最严限购碰上了**的增长,似乎是悖论,但这的确是事实,细细看来,出台调控房地产政策的逻辑顺序是中央政府下了严令之后,各地政府再看看销售是否脱离了掌控范围,如果还在范围之内,便不出台严厉房地产政策。因此,可以说具体的房地产政策执行都是滞后的,实际上的逻辑?*的增长引致了最严限购,所以,二者并不是悖论,而另一方面,对于买房者,宏观房地产调控的信息早已遍布角落,预期已然形成,在此情况下,趁着政府未出台限购政策,抓紧时间抢房是不二之选?/p><p>沿着如此思路推导下来,就可以发现,房地产的调控,中央有决心,但地方政府却是各有心思,最后严厉执行,也是畏惧于中央的决心。其实一直以来,这其中的原因就没有变过,分税制改革导致财权上收,事权下降,地方政府承担建设,钱却在中央,长期下来,导致地方政府对于房地产的依赖难以想象的深,在这种情况下,地方政府对于地产调控是否是真心就值得考虑,政策的执行是否会打折扣也值得考虑,可以说,在今后的调控中,这依然是需要注意的问题?/p><p>欧美老外毛片m.56.com接下来,谈第二个问题,都是房地产一方诸侯,港股内房股走势优于A股房地产企业,原因为?</p><p>首先,港股估值相对A股有优势。众所周知,港股的内房股其实长期不招人待见,市盈率长期?0倍以下是常态,而对于A股而言,估值显然不是问题,虽然现在房地产企业的估值由于各种因素叠加相较于港股已经平衡很多,但过去很长一段周期内,显然存在明显的估值差异,因此,今年港股内房股走势更好主要原因之一就是估值的平衡需要?/p><p>其次,今年以来,资金南下更为明显。沪港通开通已近三年,如果说过去内?*者对于港股仍然属于无所适从的阶段,那么目前已经过这三年的科普阶段,尤其是对于机?*者而言,更是如此。简而言之,就是**者对于港股的价值低估越来越认可,尤其是大量的A股在港股有对应标的的情况下,港股的性价比得到显现?/p><p>再次,证监会对于房地产市场的治理,引导机构进行价?*。今年以来,证监会可谓出手频频,打击老鼠仓、堵住游资炒作通道、封住上市公司玩重组借壳渠道等等,都在告?*者,不要玩虚的,在此情况下,资金选择有业绩支撑、性价比高的港股就合情合理了?/p><p>而在A股市场上,尽管房地产股估值相比中小创算是比较便宜的了,但银行、保险比房地产股的估值更便宜,大宗商品价格暴涨,有色、煤炭和钢铁股的估值比地产企业便宜,业绩增长更快,相对于金融股和资源股来说,房地产股走势相对较弱,也就不难理解了?/p><p>一言以蔽之,就是在估值优势叠加资金对于价?*的追求,最终导致了港股内房股走势优于A股房地产股票?/p><p>但经历了半年的时间,A股的主要房地产公司估值已经处于较低水平,截至8?5日收盘,万科房地产集团A的静态市盈率?2.18倍,保利房地产集团的静态市盈率?.79倍,金地静态市盈率?.78倍,而恒大静态市盈率?3倍,考虑?倍增长的预期,会有大幅摊薄,但已然无估值优?富力房地产集团为10.43倍,华润置地?5.83倍,可见,目前港股内房股和A股地产股在估值方面的差异已经不大。因此,在接下来的半年,对于青睐房地产行业的资金而言,已经无需考虑港、A两地的估值差异,真正需要考虑的只有业绩?/p> 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