<p>汇丰研究发布了一份报告，指出中国房地产行业最近强劲反弹，约一个月内上涨了约 24%，而恒生指数在同一时期仅上涨了 2%，再次引发市场对开发商是否会重返股市的担忧。尽管股票配售并不是银行的基本情景，但股权的急剧重新定价使得机会融资的可能性增加。</p>
<p>然而，银行强调，筹集资金的理由可能与资产负债表重组需求并不直接相关，因为留在该行业的公司已经经历了显著的整合。该行业现在由财务稳健的国有企业和成功应对行业低迷的韧性私营企业主导。更合理的考虑是增强股票流动性和扩大股东基础，类似于建发国际集团（01908.HK）去年进行的配售。以折扣进行的配售也可以被视为投资者在更具吸引力的入场水平建立头寸的机会。</p>
<p>随着基本面持续改善，银行认为即使配售活动重新出现，也不太可能结束当前的反弹，可能只会导致短暂的暂停，特别是在 6 月传统旺季临近时，新房销售的势头预计将进一步增强。</p>
<p>在中国房地产行业中，银行对华润置地（01109.HK）和建发国际集团（01908.HK）最为乐观，认为它们的盈利可见性更高，且高端项目管道充足，使其能够充分受益于一线和二线城市主导的行业复苏。它还认为建发国际集团在今年的股价表现上仍有追赶的空间。 (ha/u)(香港股票报价延迟至少 15 分钟。卖空数据截至 2026-05-12 16:25.)</p>

华润置地

建发国际集团

<p>汇丰研究报告显示，中国房地产行业反弹 24%，引发了对开发商可能进行股份配售的担忧。尽管这并非基本情景，但由于股权重新评级，机会性融资可能会出现。该行业目前由财务稳健的国有企业和具有韧性的私营企业主导。汇丰看好华润置地和建发国际集团，认为它们具有强劲的盈利可见性和项目储备，并相信任何配售活动不会阻止当前的反弹，尤其是在即将到来的新房销售旺季</p>

<p>HSBC Research published a report noting that the CN Home sector has rebounded sharply recently, rising about 24% in roughly one month, compared with only a 2% gain in the HSI over the same period, once again raising market concerns over whether developers will return to the equity market. Although share placements are not the banks base-case scenario, the sharp equity re-rating has made opportunistic financing more likely.</p>
<div class="lb-trans"><p>汇丰研究发布了一份报告，指出中国房地产行业最近强劲反弹，约一个月内上涨了约 24%，而恒生指数在同一时期仅上涨了 2%，再次引发市场对开发商是否会重返股市的担忧。尽管股票配售并不是银行的基本情景，但股权的急剧重新定价使得机会融资的可能性增加。</p>
</div><p>However, the bank emphasized that the rationale for fundraising may not be directly related to balance sheet restructuring needs, as companies remaining in the sector have already undergone significant consolidation. The sector is now dominated by financially sound state-owned enterprises and resilient private enterprises that have successfully navigated the industry downturn. A more reasonable consideration would be to enhance stock liquidity and broaden the shareholder base, similar to the nature of C&amp;D INTL GROUP (01908.HK) 0.000 (0.000%)  Short selling $35.20M; Ratio 30.692%  s placement last year. Placements at a discount could also be seen as an opportunity for investors to build positions at more attractive entry levels.</p>
<div class="lb-trans"><p>然而，银行强调，筹集资金的理由可能与资产负债表重组需求并不直接相关，因为留在该行业的公司已经经历了显著的整合。该行业现在由财务稳健的国有企业和成功应对行业低迷的韧性私营企业主导。更合理的考虑是增强股票流动性和扩大股东基础，类似于建发国际集团（01908.HK）去年进行的配售。以折扣进行的配售也可以被视为投资者在更具吸引力的入场水平建立头寸的机会。</p>
</div><p>With fundamentals continuing to improve, the bank believes that even if placement activities re-emerge, they are unlikely to end the current rally and would probably only lead to a brief pause, especially as the traditional peak season in June approaches, when momentum in new home sales is expected to strengthen further.</p>
<div class="lb-trans"><p>随着基本面持续改善，银行认为即使配售活动重新出现，也不太可能结束当前的反弹，可能只会导致短暂的暂停，特别是在 6 月传统旺季临近时，新房销售的势头预计将进一步增强。</p>
</div><p>Within the CN Home sector, the bank is most optimistic about CHINA RES LAND (01109.HK) -0.080 (-0.210%)  Short selling $658.09M; Ratio 66.036%  and C&amp;D INTL GROUP (01908.HK) 0.000 (0.000%)  Short selling $35.20M; Ratio 30.692%  , citing higher earnings visibility and ample high-end project pipelines, positioning them to benefit fully from a sector recovery led by first- and second-tier cities. It also believes C&amp;D INTL GROUP still has room to catch up in its share price performance so far this year. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-12 16:25.)</p>
<div class="lb-trans"><p>在中国房地产行业中，银行对华润置地（01109.HK）和建发国际集团（01908.HK）最为乐观，认为它们的盈利可见性更高，且高端项目管道充足，使其能够充分受益于一线和二线城市主导的行业复苏。它还认为建发国际集团在今年的股价表现上仍有追赶的空间。 (ha/u)(香港股票报价延迟至少 15 分钟。卖空数据截至 2026-05-12 16:25.)</p>
</div>

HSBC Research: Even If CN Home Developers Resume Placements, Unlikely to End Current Rally; Favors CHINA RES LAND  and C&D INTL GROUP

AASTOCKS News

汇丰研究指出，即使中国房地产开发商恢复配售，当前的涨势仍不太可能结束；他们更看好华润置地和建发国际集团