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Guolian Minsheng Securities: There may be incremental measures in real estate policies, continuing to recommend improved real estate companies.
With the implementation of the USA's "reciprocal tariffs", the Real Estate sector may receive policy support for internal demand as real estate is an important pillar industry for stabilizing internal demand, and additional policy measures may be introduced.
CSC: In March, the top 100 real estate companies increased their land reserves, while the slowdown in new releases led to a decline in sales.
In March, the sales amount of the top 100 real estate companies decreased significantly, mainly due to the replacement of second-hand homes and a reduction in new project launches, but the sales rate of first launches in core cities showed a noticeable improvement. The land market remains hot, with record high prices for land in core cities frequently appearing, driving up the premium rates in land auctions.
CICC: The transaction side of the existing housing market was stable in March, paying attention to investment opportunities in the real estate and property management Sector.
In March, the volume and price of second-hand housing remained relatively stable, but the listing volume and price trends were weak. The demand volume is the key variable that determines the speed of transmission from the latter to the former.
CICC: The overall sales targets for real estate companies in 2025 show a steady increase, with short-term housing prices relatively declining.
The short-term fundamentals are likely to continue showing resilience in the second-hand Real Estate Trade volume, slightly weaker new home trade volume, and a relatively mild decline in housing prices; recently, the Real Estate Sector has seen a pullback due to external environmental disturbances.
Guolian Minsheng Securities: The transaction volume of new houses steadily rebounded in March, and land auctions continued to heat up.
In March, real estate companies increased their efforts in launching new projects, providing a sufficient supply of quality improvement products, and the "little spring" in high-level cities is quite robust.
[Brokerage Focus] Industrial Securities gives C&D INTL GROUP (01908) an initial "Buy" rating, expecting both its net profit and dividends to remain stable with an increase.
Jingwu Financial News | Industrial Securities research pointed out that C&D INTL GROUP (01908) is expected to achieve revenue of 142.99 billion yuan in 2024, representing a year-on-year growth of 6.4%; net income attributable to the parent company will be 4.8 billion yuan, down 4.6% year-on-year; the core net income attributable to the parent company after deducting perpetual bond interest is expected to be 4.27 billion yuan, slightly down 1.6% year-on-year; gross margin is 13.3%, an increase of 2.2 percentage points year-on-year, mainly due to the improvement in gross margin level of transferred projects. By the end of 2024, the amount sold but not yet settled by the company will reach 228.1 billion yuan, of which about 91% of the projects acquired after 2022 are included, and the bank believes that with the growth of these projects.
Insider Stock Buying Reaches CN¥76.3m On C&D International Investment Group
