<p>華潤置地 (01109.HK) +0.980 (+2.761%) 空頭頭寸 $256.67M; 比率 22.741% 今早開盤持平，早盤繼續上漲，觸及日內最高點 HKD36.76，曾反彈 3.5%。最新報 HKD36.64，上漲 3.2%。</p>
<p>摩根士丹利發佈研究報告指出，華潤置地 (01109.HK) +0.980 (+2.761%) 空頭頭寸 $256.67M; 比率 22.741% 的合同銷售在四月份同比增長 50%，而五一黃金週期間的認購銷售同比增長超過 20%，顯著超越前十名開發商。這推動了今年前四個月的累計銷售增長轉為正值，同比增長 2%。該券商表示，公司在一線城市的曝光率很高，佔其未售可售資源的 40% 以上。隨着這些地區近期銷售增長強勁，預計第二季度的合同銷售將保持強勁。因此，將其全年合同銷售預測上調 3% 至人民幣 2350 億元，預計公司將結束自 2022 年以來持續的銷售下滑。</p>
<p>該券商將 2026 至 2028 年的核心盈利預測上調 1% 至 3%，以反映更好的銷售、更高的開發毛利率以及資產處置對租金收入的影響，同時也考慮了新增加的土地儲備。其淨資產值估計上調 8% 至每股 HKD60.88。基於 30% 的折扣，目標價從 HKD39.3 上調至 HKD42.6，意味着約 9.3 倍的 2026 年預測核心盈利。評級維持在增持，股票仍然是其首選。(ec/w)(香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-07 16:25。)</p>

華潤置地

<p>摩根士丹利已將華潤置地的目標價上調至 42.6 港元，反映出市場的積極重估。該公司 4 月份的合同銷售同比激增 50%，五一假期的銷售同比增長超過 20%，導致前四個月的累計銷售同比增長 2%。摩根士丹利預計第二季度銷售將強勁，並將全年銷售預測上調 3% 至 2350 億元人民幣。該券商還上調了 2026-2028 年的核心盈利預測和淨資產價值估計 8%。該股票被評級為增持，並仍然是首選股票</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>華潤置地 (01109.HK) +0.980 (+2.761%) 空頭頭寸 $256.67M; 比率 22.741% 今早開盤持平，早盤繼續上漲，觸及日內最高點 HKD36.76，曾反彈 3.5%。最新報 HKD36.64，上漲 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>摩根士丹利發佈研究報告指出，華潤置地 (01109.HK) +0.980 (+2.761%) 空頭頭寸 $256.67M; 比率 22.741% 的合同銷售在四月份同比增長 50%，而五一黃金週期間的認購銷售同比增長超過 20%，顯著超越前十名開發商。這推動了今年前四個月的累計銷售增長轉為正值，同比增長 2%。該券商表示，公司在一線城市的曝光率很高，佔其未售可售資源的 40% 以上。隨着這些地區近期銷售增長強勁，預計第二季度的合同銷售將保持強勁。因此，將其全年合同銷售預測上調 3% 至人民幣 2350 億元，預計公司將結束自 2022 年以來持續的銷售下滑。</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>該券商將 2026 至 2028 年的核心盈利預測上調 1% 至 3%，以反映更好的銷售、更高的開發毛利率以及資產處置對租金收入的影響，同時也考慮了新增加的土地儲備。其淨資產值估計上調 8% 至每股 HKD60.88。基於 30% 的折扣，目標價從 HKD39.3 上調至 HKD42.6，意味着約 9.3 倍的 2026 年預測核心盈利。評級維持在增持，股票仍然是其首選。(ec/w)(香港股票報價延遲至少 15 分鐘。空頭數據截至 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

摩根士丹利將華潤置地的目標價上調至 42.6 港元，市場重新評級仍在繼續