20 19 real estate investment strategy: helpless flowers fall like deja vu.

20 19 investment data shows several major changes: the support of land acquisition fees for investment has been greatly improved; The completed area deviates from the newly started and sold area; The construction investment deviates from the building area. It is estimated that the land purchase fee will drop from a high level to 3%, the new construction will drop by 8% year-on-year, the construction area will increase by 0.7%, and the annual investment is expected to increase by 2.3%.

We believe that 19 real estate sector can be expected under favorable factors such as marginal improvement of liquidity brought about by the shift of monetary policy, peak expectation of mortgage interest rate and moderate real estate policy.

Configuration angle: the valuation premium of leading real estate enterprises appears as scheduled. We suggest that students with excellent financing performance should be selected to explore the value depression from three aspects: strong breakthrough ability in financing and ROE (China Merchants Shekou, Poly Real Estate, Vanke, OCT), great growth flexibility (Sunshine City, Rong Sheng Development), stock value dividends (Everbright Jiabao, COFCO Real Estate, Jianfa Shares), and property management development opportunities (Country Garden service, elegant life service, OCT).

(Article source: CITIC Jiantou)