<p>滙豐研究發佈了一份報告，指出中國房地產行業最近強勁反彈，約一個月內上漲了約 24%，而恒生指數在同一時期僅上漲了 2%，再次引發市場對開發商是否會重返股市的擔憂。儘管股票配售並不是銀行的基本情景，但股權的急劇重新定價使得機會融資的可能性增加。</p>
<p>然而，銀行強調，籌集資金的理由可能與資產負債表重組需求並不直接相關，因為留在該行業的公司已經經歷了顯著的整合。該行業現在由財務穩健的國有企業和成功應對行業低迷的韌性私營企業主導。更合理的考慮是增強股票流動性和擴大股東基礎，類似於建發國際集團（01908.HK）去年進行的配售。以折扣進行的配售也可以被視為投資者在更具吸引力的入場水平建立頭寸的機會。</p>
<p>隨着基本面持續改善，銀行認為即使配售活動重新出現，也不太可能結束當前的反彈，可能只會導致短暫的暫停，特別是在 6 月傳統旺季臨近時，新房銷售的勢頭預計將進一步增強。</p>
<p>在中國房地產行業中，銀行對華潤置地（01109.HK）和建發國際集團（01908.HK）最為樂觀，認為它們的盈利可見性更高，且高端項目管道充足，使其能夠充分受益於一線和二線城市主導的行業復甦。它還認為建發國際集團在今年的股價表現上仍有追趕的空間。 (ha/u)(香港股票報價延遲至少 15 分鐘。賣空數據截至 2026-05-12 16:25.)</p>

華潤置地

建發國際集團

<p>滙豐研究報告顯示，中國房地產行業反彈 24%，引發了對開發商可能進行股份配售的擔憂。儘管這並非基本情景，但由於股權重新評級，機會性融資可能會出現。該行業目前由財務穩健的國有企業和具有韌性的私營企業主導。滙豐看好華潤置地和建發國際集團，認為它們具有強勁的盈利可見性和項目儲備，並相信任何配售活動不會阻止當前的反彈，尤其是在即將到來的新房銷售旺季</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>滙豐研究發佈了一份報告，指出中國房地產行業最近強勁反彈，約一個月內上漲了約 24%，而恒生指數在同一時期僅上漲了 2%，再次引發市場對開發商是否會重返股市的擔憂。儘管股票配售並不是銀行的基本情景，但股權的急劇重新定價使得機會融資的可能性增加。</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，銀行強調，籌集資金的理由可能與資產負債表重組需求並不直接相關，因為留在該行業的公司已經經歷了顯著的整合。該行業現在由財務穩健的國有企業和成功應對行業低迷的韌性私營企業主導。更合理的考慮是增強股票流動性和擴大股東基礎，類似於建發國際集團（01908.HK）去年進行的配售。以折扣進行的配售也可以被視為投資者在更具吸引力的入場水平建立頭寸的機會。</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>隨着基本面持續改善，銀行認為即使配售活動重新出現，也不太可能結束當前的反彈，可能只會導致短暫的暫停，特別是在 6 月傳統旺季臨近時，新房銷售的勢頭預計將進一步增強。</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>在中國房地產行業中，銀行對華潤置地（01109.HK）和建發國際集團（01908.HK）最為樂觀，認為它們的盈利可見性更高，且高端項目管道充足，使其能夠充分受益於一線和二線城市主導的行業復甦。它還認為建發國際集團在今年的股價表現上仍有追趕的空間。 (ha/u)(香港股票報價延遲至少 15 分鐘。賣空數據截至 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

滙豐研究指出，即使中國房地產開發商恢復配售，當前的漲勢仍不太可能結束；他們更看好華潤置地和建發國際集團