<p>华润置地 (01109.HK) +0.980 (+2.761%) 空头头寸 $256.67M; 比率 22.741% 今早开盘持平，早盘继续上涨，触及日内最高点 HKD36.76，曾反弹 3.5%。最新报 HKD36.64，上涨 3.2%。</p>
<p>摩根士丹利发布研究报告指出，华润置地 (01109.HK) +0.980 (+2.761%) 空头头寸 $256.67M; 比率 22.741% 的合同销售在四月份同比增长 50%，而五一黄金周期间的认购销售同比增长超过 20%，显著超越前十名开发商。这推动了今年前四个月的累计销售增长转为正值，同比增长 2%。该券商表示，公司在一线城市的曝光率很高，占其未售可售资源的 40% 以上。随着这些地区近期销售增长强劲，预计第二季度的合同销售将保持强劲。因此，将其全年合同销售预测上调 3% 至人民币 2350 亿元，预计公司将结束自 2022 年以来持续的销售下滑。</p>
<p>该券商将 2026 至 2028 年的核心盈利预测上调 1% 至 3%，以反映更好的销售、更高的开发毛利率以及资产处置对租金收入的影响，同时也考虑了新增加的土地储备。其净资产值估计上调 8% 至每股 HKD60.88。基于 30% 的折扣，目标价从 HKD39.3 上调至 HKD42.6，意味着约 9.3 倍的 2026 年预测核心盈利。评级维持在增持，股票仍然是其首选。(ec/w)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-07 16:25。)</p>

华润置地

<p>摩根士丹利已将华润置地的目标价上调至 42.6 港元，反映出市场的积极重估。该公司 4 月份的合同销售同比激增 50%，五一假期的销售同比增长超过 20%，导致前四个月的累计销售同比增长 2%。摩根士丹利预计第二季度销售将强劲，并将全年销售预测上调 3% 至 2350 亿元人民币。该券商还上调了 2026-2028 年的核心盈利预测和净资产价值估计 8%。该股票被评级为增持，并仍然是首选股票</p>

<p>CHINA RES LAND (01109.HK) +0.980 (+2.761%)  Short selling $256.67M; Ratio 22.741%  opened flat this morning and continued to trend higher in early trading, hitting an intraday peak of HKD36.76, once rebounding 3.5%. It was last reported at HKD36.64, up 3.2%.</p>
<div class="lb-trans"><p>华润置地 (01109.HK) +0.980 (+2.761%) 空头头寸 $256.67M; 比率 22.741% 今早开盘持平，早盘继续上涨，触及日内最高点 HKD36.76，曾反弹 3.5%。最新报 HKD36.64，上涨 3.2%。</p>
</div><p>M Stanley published a research report noting that CHINA RES LAND (01109.HK) +0.980 (+2.761%)  Short selling $256.67M; Ratio 22.741%  's contracted sales in April increased 50% YoY, while subscription sales during the May Day Golden Week rose more than 20% YoY, significantly Outperforming the top 10 developers. This drove cumulative sales growth in the first four months of the year to turn positive, up 2% YoY. The broker said the company has substantial exposure to tier-one cities, accounting for more than 40% of its unsold saleable resources. With strong recent sales growth in these regions, it expects contracted sales in 2Q to remain robust. As a result, it raised its full-year contracted sales forecast by 3% to RMB235 billion, expecting the company to end the sales decline that has persisted since 2022.</p>
<div class="lb-trans"><p>摩根士丹利发布研究报告指出，华润置地 (01109.HK) +0.980 (+2.761%) 空头头寸 $256.67M; 比率 22.741% 的合同销售在四月份同比增长 50%，而五一黄金周期间的认购销售同比增长超过 20%，显著超越前十名开发商。这推动了今年前四个月的累计销售增长转为正值，同比增长 2%。该券商表示，公司在一线城市的曝光率很高，占其未售可售资源的 40% 以上。随着这些地区近期销售增长强劲，预计第二季度的合同销售将保持强劲。因此，将其全年合同销售预测上调 3% 至人民币 2350 亿元，预计公司将结束自 2022 年以来持续的销售下滑。</p>
</div><p>The broker lifted its core earnings forecasts for 2026 to 2028 by 1% to 3% to reflect better sales, higher development gross margins and the impact of asset disposals on rental income, while also factoring in newly added land reserves. Its net asset value estimate was raised by 8% to HKD60.88 per share. Based on a 30% discount, the TP was increased from HKD39.3 to HKD42.6, implying about 9.3x 2026 forecast core earnings. The rating was maintained at Overweight, and the stock remains its top pick. (ec/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-07 16:25.)</p>
<div class="lb-trans"><p>该券商将 2026 至 2028 年的核心盈利预测上调 1% 至 3%，以反映更好的销售、更高的开发毛利率以及资产处置对租金收入的影响，同时也考虑了新增加的土地储备。其净资产值估计上调 8% 至每股 HKD60.88。基于 30% 的折扣，目标价从 HKD39.3 上调至 HKD42.6，意味着约 9.3 倍的 2026 年预测核心盈利。评级维持在增持，股票仍然是其首选。(ec/w)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-07 16:25。)</p>
</div>

M Stanley Raises CHINA RES LAND  TP to HKD42.6 as Market Re-rating Continues

AASTOCKS News

摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

摩根士丹利将华润置地的目标价上调至 42.6 港元，市场重新评级仍在继续