本_blank class=infotextkey>get=_blank class=infotextkey>报告导读:
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摘要:
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class=infotextkey>get=_blank class=infotextkey>大,_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>部分_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司土储周期_blank class=infotextkey>get=_blank class=infotextkey>保持在4 年以_blank class=infotextkey>get=_blank class=infotextkey>上,这在过去_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地价_blank class=infotextkey>单边_blank class=infotextkey>get=_blank class=infotextkey>上行_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>非_blank class=infotextkey>get=_blank class=infotextkey>常受益,也因此_blank class=infotextkey>get=_blank class=infotextkey>出现过_blank class=infotextkey>get=_blank class=infotextkey>“卖_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>不如卖_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>”的情形。_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>可以捂盘囤_blank class=infotextkey>get=_blank class=infotextkey>地,使得_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>市场和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商品_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>市场是两个割裂的_blank class=infotextkey>get=_blank class=infotextkey>市场,_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>get=_blank class=infotextkey>融资拿_blank class=infotextkey>get=_blank class=infotextkey>地并捂盘惜售的_blank class=infotextkey>get=_blank class=infotextkey>方式,_blank class=infotextkey>get=_blank class=infotextkey>可以_blank class=infotextkey>get=_blank class=infotextkey>带来_blank 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class=infotextkey>获得_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融_blank class=infotextkey>get=_blank class=infotextkey>支持,也就_blank class=infotextkey>get=_blank class=infotextkey>体现为_blank class=infotextkey>get=_blank class=infotextkey>可以_blank class=infotextkey>不扩_blank class=infotextkey>get=_blank class=infotextkey>大利润表的_blank class=infotextkey>get=_blank class=infotextkey>情况_blank class=infotextkey>get=_blank class=infotextkey>下,_blank class=infotextkey>get=_blank class=infotextkey>大幅度扩_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>负债表。然而,当前_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>出现了逆向_blank class=infotextkey>get=_blank class=infotextkey>调整,从扩表变为_blank class=infotextkey>强制缩表,这一过程将使_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>开发_blank class=infotextkey>get=_blank class=infotextkey>商_blank class=infotextkey>get=_blank class=infotextkey>融资_blank class=infotextkey>渠道变难,宝_blank class=infotextkey>get=_blank class=infotextkey>龙五路_blank class=infotextkey>时运达,_blank class=infotextkey>get=_blank class=infotextkey>融资_blank class=infotextkey>get=_blank class=infotextkey>利率被动抬升,_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时,整_blank class=infotextkey>合的速度将_blank class=infotextkey>get=_blank class=infotextkey>大幅度加快,_blank class=infotextkey>原因就在于_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>到期速度快于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商品_blank class=infotextkey>get=_blank class=infotextkey>房变现速度、和_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地的可_blank class=infotextkey>get=_blank class=infotextkey>交易性,将使得_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>即将_blank class=infotextkey>get=_blank class=infotextkey>进入到_blank class=infotextkey>get=_blank class=infotextkey>“剩者为_blank class=infotextkey>get=_blank class=infotextkey>王_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>代。
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class=infotextkey>公司,享受_blank class=infotextkey>get=_blank class=infotextkey>估值的抬升,看涨40%。在去_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融化_blank class=infotextkey>get=_blank class=infotextkey>背景_blank class=infotextkey>get=_blank class=infotextkey>下,_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>住_blank class=infotextkey>不炒一_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>达成,这一过程当_blank class=infotextkey>get=_blank class=infotextkey>中,利润率_blank class=infotextkey>get=_blank class=infotextkey>会先_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系统性的快速_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降以反映去_blank class=infotextkey>get=_blank class=infotextkey>_blank 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房地产行业:房地产的供给侧改革
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