<p>美銀證券發佈了一份研究報告，維持對中國房地產行業的積極看法，認為復甦將是階段性和差異化的。該券商指出，行業基本面具有上行潛力，主要受一線城市豪華住宅項目的定價能力驅動，以及更多二線城市市場出現觸底跡象。它對該行業保持建設性態度，特別青睞高端住宅細分市場。</p>
<p>美銀證券將中國海外發展（00688.HK）的目標價從 17 港元上調至 19 港元，上漲 0.010 港元（+0.064%），以反映對其 2028 年每股收益預測的上調，並維持買入評級。該券商解釋稱，目標價的上調是由於更高的利潤率預測和對 2028 年預測的滾動。它指出，優質國有企業目前的 2028 年預期市盈率約為 8.5 倍，略高於歷史平均水平，如果復甦得到確認，估值仍有上行潛力。它在中國房地產行業的首選股票是中國海外發展（00688.HK）+0.010 (+0.064%)，短期賣空 5644 萬美元；比例 34.370%，華潤置地（01109.HK）+0.420 (+1.205%)，短期賣空 1.3176 億美元；比例 33.982%，以及建發國際集團（01908.HK）-0.110 (-0.679%)，短期賣空 342 萬美元；比例 10.478%。</p>
<p>美銀證券預計未來一年復甦將是漸進和分階段的。它預測到 2026 年，全國新房銷售量和銷售額將分別下降 6% 至 7% 和 8% 至 9%，然後在 2027 年穩定。該券商強調，中國海外發展（00688.HK）在五一黃金週期間的合同銷售同比實現了個位數增長，儘管假期後增長有所放緩。該公司計劃在 6 月推出更多大規模新項目，但將面臨從 5 月到 6 月的更高比較基數。整體定價保持穩定，某些項目略有價格上漲。（ad/da）（香港股票報價延遲至少 15 分鐘。短期賣空數據截至 2026 年 5 月 21 日 12:25。）</p>

華潤置地

中國海外發展

<p>BofAS 已將中國海外發展的目標價從 17 港元上調至 19 港元，維持買入評級，原因是利潤率預測改善和行業前景積極。報告強調了中國房地產行業的逐步復甦，特別是一線城市的豪華住宅項目。BofAS 預計將逐步復甦，預計全國新房銷售將在 2027 年前下降後穩定。主要推薦包括中國海外發展、華潤置地和 C&D 國際集團</p>

<p>BofAS published a research report maintaining a positive view on Chinas real estate sector, believing the recovery will be phased and differentiated. The broker noted that sector fundamentals have upside potential, mainly driven by pricing power of luxury residential projects in Tier-1 cities and signs that more Tier-2 city markets are bottoming out. It maintained a constructive stance on the sector, particularly favoring the high-end residential segment.</p>
<div class="lb-trans"><p>美銀證券發佈了一份研究報告，維持對中國房地產行業的積極看法，認為復甦將是階段性和差異化的。該券商指出，行業基本面具有上行潛力，主要受一線城市豪華住宅項目的定價能力驅動，以及更多二線城市市場出現觸底跡象。它對該行業保持建設性態度，特別青睞高端住宅細分市場。</p>
</div><p>BofAS raised the TP for CHINA OVERSEAS (00688.HK) +0.010 (+0.064%)  Short selling $56.44M; Ratio 34.370%  from HKD17 to HKD19 to reflect upward revisions to its 2028 EPS forecasts, and maintained a Buy rating. The broker explained that the TP hike was due to higher profit margin forecasts and the rollover to 2028 projections. It noted that quality state-owned enterprises are currently trading at around 8.5x projected 2028 price-to-earnings, slightly above historical averages, and valuations still have upside potential if the recovery is confirmed. Its top picks in the China property sector are CHINA OVERSEAS (00688.HK) +0.010 (+0.064%)  Short selling $56.44M; Ratio 34.370%  , CHINA RES LAND (01109.HK) +0.420 (+1.205%)  Short selling $131.76M; Ratio 33.982%  and C&amp;D INTL GROUP (01908.HK) -0.110 (-0.679%)  Short selling $3.42M; Ratio 10.478%  .</p>
<div class="lb-trans"><p>美銀證券將中國海外發展（00688.HK）的目標價從 17 港元上調至 19 港元，上漲 0.010 港元（+0.064%），以反映對其 2028 年每股收益預測的上調，並維持買入評級。該券商解釋稱，目標價的上調是由於更高的利潤率預測和對 2028 年預測的滾動。它指出，優質國有企業目前的 2028 年預期市盈率約為 8.5 倍，略高於歷史平均水平，如果復甦得到確認，估值仍有上行潛力。它在中國房地產行業的首選股票是中國海外發展（00688.HK）+0.010 (+0.064%)，短期賣空 5644 萬美元；比例 34.370%，華潤置地（01109.HK）+0.420 (+1.205%)，短期賣空 1.3176 億美元；比例 33.982%，以及建發國際集團（01908.HK）-0.110 (-0.679%)，短期賣空 342 萬美元；比例 10.478%。</p>
</div><p>BofAS expects the recovery to be gradual and phased over the coming year. It forecasts that in 2026, national new home sales volume and value will decline by 6% to 7% and 8% to 9%, respectively, before stabilizing in 2027. The broker highlighted that CHINA OVERSEAS (00688.HK) +0.010 (+0.064%)  Short selling $56.44M; Ratio 34.370%  recorded YoY single-digit growth in contracted sales during the May Day Golden Week period, though growth moderated after the holiday. The company plans to launch more large-scale new projects in June, but will face a higher comparison base from May to June. Overall pricing remains stable, with slight price increases in certain projects. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-21 12:25.)</p>
<div class="lb-trans"><p>美銀證券預計未來一年復甦將是漸進和分階段的。它預測到 2026 年，全國新房銷售量和銷售額將分別下降 6% 至 7% 和 8% 至 9%，然後在 2027 年穩定。該券商強調，中國海外發展（00688.HK）在五一黃金週期間的合同銷售同比實現了個位數增長，儘管假期後增長有所放緩。該公司計劃在 6 月推出更多大規模新項目，但將面臨從 5 月到 6 月的更高比較基數。整體定價保持穩定，某些項目略有價格上漲。（ad/da）（香港股票報價延遲至少 15 分鐘。短期賣空數據截至 2026 年 5 月 21 日 12:25。）</p>
</div>

BofAS Lifts CHINA OVERSEAS  TP to HKD19, Positive on Sector Recovery

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美銀證券將中國海外發展的目標價上調至 19 港元，並對行業的復甦持樂觀態度