bbin糖果派对怎么下载

[华泰证券]地产融资跟踪系列:如何理解地产金融的“长效机制”?

陈慎 刘璐 韩笑2020-01-09 08:12:48

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  • 城市:全国
  • 发布时间:2020-01-09
  • 报告类型:市场报告
  • 发布机构:华泰证券

  核心观点

  1YUE3RI,YINBAOJIANHUIFABU52HAOWENZHICHUYAOLUOSHI“FANGZHUBUCHAO”DEDINGWEI,YANGEZHIXINGFANGDICHANJINRONGJIANGUANYAOQIU,FANGZHIZIJINWEIGUILIURUFANGDICHANSHICHANG,YIZHIJUMINGANGGANLVGUOKUAIZENGZHANG,TUIDONGFANGDICHANSHICHANGJIANKANGWENDINGFAZHAN。1YUE5RIYANGXINGZHAOKAIGONGZUOHUIYITICHU“BUQIFANGDICHANJINRONGHONGGUANSHENSHENZHENGCEKUANGJIA”、“JIAKUAIJIANLIFANGDICHANJINRONGZHANGXIAOGUANLIJIZHI”。WOMENRENWEIYINBAOJIANHUIBIAOTAIJIBENHECIQIANYIZHI,GENGXUGUANZHUYANGXINGGUANYUDICHANJINRONGDEBIAOSHU,QIZHONG“HONGGUANSHENSHEN”HEXINZAIYUFANGFENGXIANERBUSHISHOUJIN,“ZHANGXIAOJIZHI”JIANGBAOKUOSHUJUJIANCEXITONG、JINGXIHUAGUANLI、LUOSHIZERENHEBUFENDUANQIZHENGCEDETUICHU。JIXUKANHAO2020NIANDICHANBANKUAIPEIZHIJIYU。

  地产金融重提“宏观审慎”和首提“长效机制”

  ZHENDUIKAINIANYINBAOJIANHUI、YANGXINGDEDICHANJINRONGBIAOTAI,SHICHANGDUIQIANZHEDETAOLUNXIANGDUIJIAODUO,DANWOMENRENWEI52HAOWENDUIDICHANDEBIAOTAIJIBENHECIQIANYIZHI,ZHUYAOLUOJIAOZAIFANGZHIZIJIN“WEIGUI”RUSHIHE“WENZHU”JUMINGANGGAN。ERGENGJIAXUYAOGUANZHUDEYANGXINGYOUGUANDICHANJINRONGDEBIAOSHU,ZHUYAOYOULIANGGENEIRONG:1、JIAKUAIBUQIFANGDICHANJINRONGDENGHONGGUANSHENSHENZHENGCEKUANGJIA。2017NIANQIANYANGXINGZHUYAOQIANGDIAOWANSHANCHABIEHUAZHUFANGXINDAIZHENGCE,ER2018NIANHUIYIZHONGSHOUCITIDAO“FANGDICHANJINRONGHONGGUANSHENSHENGUANLI”DEBIAOSHU,CICISHISHIGE2NIANHOUZAICICHUXIAN;2、SHOUCITIDAO“JIAKUAIJIANLIFANGDICHANJINRONGZHANGXIAOGUANLIJIZHI”。CIQIANZHANGXIAOJIZHIZHUYAOSHIYONGYUFANGDICHANSHICHANG,ZHEISHIQISHOUCIHEFANGDICHANJINRONGXIANGGUAGOU。

  如何理解“宏观审慎”?——核心在于防风险而不是收紧

  CIDAIWEIJIHOU,HONGGUANSHENSHENZHENGCEKAISHIZAIGUOJISHANGHUODEGUANZHUHEYUNYONG,2016NIANIMF、FSBHEBISDUIQIDINGYISHI“LIYONGSHENSHENGONGJULAIFANGFANXITONGXINGFENGXIAN,CONGERJIANGDIJINRONGWEIJIFASHENGDEPINLVJIQIYINGXIANGCHENGDU”。HUIGUWOGUOHONGGUANSHENSHENZHENGCELISHI,YOUZHUYUWOMENLIJIEWEISHENMEYANGXING、YINBAOJIANHUIYOUGUANDICHANJINRONGDEBIAOSHUZONGSHIFANGZAI“FANGFANHUAJIEZHONGDIANLINGYUJINRONGFENGXIAN”ZHIXIA,WEISHENMEQUNIAN12YUEYIGANGXINGZHANGQIANGDIAO“DUIFANGDICHANRONGZINIZHOUQIDIAOJIE”,YEYOUZHUYUWOMENLIJIEHONGGUANSHENSHENBINGBUDENGYUSHOUJINDICHANJINRONG,ERSHIZHUIQIUDONGTAIPINGWEN,ZAITUDISHICHANG、GANGGANDENGGUOKUAISHANGXINGSHIZHENGCEHUISHOUJIN,HUILUOHEYOUHUASHIZHENGCEYEHUIGAISHAN。WOMENRENWEIDANGQIANHUANJINGDICHANJINRONGJINYIBUSHOUJINDEDIAOJIEKONGJIANYIJINGBUJUBEI。

 如何理解“长效机制”?——精细化管理、部分短期融资政策的退出

  YANGXINGSHOUCITIDAO“JIAKUAIJIANLIFANGDICHANJINRONGZHANGXIAOGUANLIJIZHI”,WOMENRENWEISILUHEHONGGUANSHENSHENKUANGJIAYIMAIXIANGCHENG。DICHANJINRONGZHANGXIAOJIZHIJUTIHUIYOUSHENMENEIRONG?WOMENRENWEIKEYIHEFANGDICHANSHICHANGDEZHANGXIAOJIZHIJINXINGCANZHAO:1、HUIYOUSHUJUJIANCEXITONG;2、HUIJINGXIHUAGUANLI;3、HUILUOSHIZEREN;4、ZHANGXIAOJIZHIDEJIANSHEYIWEIZHEBUFENDUANQIZHENGCEDEZHUBUTUICHU。WOMENRENWEI2019NIANYILAIBUFENDICHANRONGZICENGMIANGUOYANDEZHENGCEYOUWANGZAI2020NIANZHUBUTUICHU,RONGZIHUANJINGQUYUPINGWEN,DANXIANGDUIERYAN,JUBEIGENGHAOXINYONG、GENGYOURONGZIQUDAODEFANGQIRENGJIANGYONGYOUGENGHAODEJIHUI,XIANGSHOURONGZIJIZHONGDUTISHENG。

  继续看好2020年地产板块配置机遇

bbin糖果派对怎么下载  ZHANWANGWEILAI,WOMENRENWEILIUDONGXINGRENGJIANGCHIXUGAISHAN,YINCHENGSHICEXIAXUQIUDUANZHENGCEHEFANGDAILILVGAISHANRENGZAIJINXING,RONGZIDUANZHENGCEYOUWANGCHUDI,FANGDICHANBANKUAIDIGUZHIXIUFUKONGJIANYIRANJIAODA,YOUZHIFANGQIYEJIZENGZHANGWENDINGXINGYIJIGAOGUXILV,JIANGGONGTONGYUNYU2020NIANDETOUZIJIHUI。WOMENJIXUZHONGDIANTUIJIAN:1、RONGZITONGCHANGDELONGTOUFANGQI:WANKEA、JINDIJITUAN;2、CHENGZHANGXINGFANGQI:ZHONGNANJIANSHE、HUAFAGUFEN;3、CUNLIANGZICHANHEXINPINZHONG:DAYUECHENG、ZHAOSHANGJIYU、XINDAZHENG。

  风险提示:行业政策不确定性;基本面下行风险;部分房企经营风险。

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