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1、 请务必阅读正文之后的信息披露和法律声明 Table_MainInfo 行业研究/房地产 证券研究报告 行业跟踪报告行业跟踪报告 Table_InvestInfo 房地产行业土地市场房地产行业土地市场 2024 年总结:年总结:土地市场供需双降,投资强度持续低迷土地市场供需双降,投资强度持续低迷 Table_Summary 投资要投资要点:点:2024 年,全部统计城市土地市场供需同比下降,土地成交价格同比下降,年,全部统计城市土地市场供需同比下降,土地成交价格同比下降,土地溢价率同比下降。土地溢价率同比下降。2024 年全部统计城市中,一线城市、二线城市、三四线城市供地同比均下年全部统计城市
2、中,一线城市、二线城市、三四线城市供地同比均下降。降。2024 年,全部统计城市、一线城市、二线统计城市、三四线统计城市分别累计推地 14.06、0.20、2.70、11.16 亿平,同比分别-21.75%、-36.37%、-26.87%、-20.06%。2024 年全部统计城市中,一线城市、二线城市、三四线城市土地成交建面年全部统计城市中,一线城市、二线城市、三四线城市土地成交建面同比均下降。同比均下降。2024 年,全部统计城市、一线城市、二线统计城市、三四线统计城市土地成交建面分别为 11.25、0.19、2.34、8.72 亿平,同比分别-17.35%、-31.93%、-21.05%、
3、-15.9%。2024 年全部统计城市中,除一线城市外,二线城市、三四线城市土地成交年全部统计城市中,除一线城市外,二线城市、三四线城市土地成交均价均同比下降。均价均同比下降。2024 年,全部统计城市、一线城市、二线统计城市、三四线统计城市土地成交楼面均价分别为 2856、23817、4747、1896 元/平,同比分别-6.67%、+9.62%、-11.62%、-0.32%。2024 年全部统计城市中,除一线城市外,二线城市、三四线城市土地成交年全部统计城市中,除一线城市外,二线城市、三四线城市土地成交溢价率均较前一年同期下溢价率均较前一年同期下降。降。2024 年,全部统计城市、一线城市
4、、二线统计城市、三四线统计城市土地成交溢价率分别为 3.74%、6.85%、3.93%、3.62%,分别较 2023 年底-0.34、+0.6、-0.13、-0.4 个百分点。2024 年,一、二、三梯队开发商土地投资额均同比下降。年,一、二、三梯队开发商土地投资额均同比下降。2024 年,一、二、三梯队开发商累计土地投资额分别为 2285.90、2862.29、194 亿元,同比分别-46.53%、-38.74%、-48.97%。2024 年,除第三梯队,一、二梯队开发商土地投资强度(土地投资年,除第三梯队,一、二梯队开发商土地投资强度(土地投资/销售额)销售额)均较均较 2024 年三季度
5、末提年三季度末提升。升。2024 年,开发商一、二、三梯队累计土地投资/累计销售额比值分别为 20.06%、21.27%、5.52%,较 2024 年三季度末分别+9.34、+3.91、-1.97 个百分点。各梯队房企整体土地投资强度与销售增速基本正比趋势。各梯队房企整体土地投资强度与销售增速基本正比趋势。其中,华润置地、绿城中国、建发房产、滨江集团等房企拿地强度高于统计房企平均水平,中海地产、保利发展、招商蛇口、万科 A 等房企拿地强度低于统计房企平均水平。投资建议:投资建议:持续看好房地产板块持续看好房地产板块。我们认为市场稳增长的大环境没有改变,优质公司相对其它房企的优势和价值将会越加突
6、出。建议关注:1)开发类:A 股-万科 A、保利发展、招商蛇口、金地集团;H 股-中国海外发展、碧桂园;2)商住类:华润置地、龙湖集团、新城控股;3)物业类:万物云、碧桂园服务、华润万象生活、中海物业、保利物业、招商积余、新大正;4)文旅类-华侨城 A。风险提示:风险提示:行业预期风险、基本面下行风险。备注:备注:上文“+”和“-”分别表示“增加”和“减少”。本文全部统计城市为中指院土地库收录 355 个城市;一线城市为北京、上海、广州和深圳;二线城市为除一线城市外的所有省会、直辖市和大连、无锡、苏州、宁波、温州、厦门、青岛、北海和三亚市等 36 个城市;三四线城市是中指院土地库中其余的 31
7、5 个中小城市。本文统计城市土地数据包含住宅用地、综合用地(含住宅)和商业/办公用地。行业研究房地产行业 请务必阅读正文之后的信息披露和法律声明 2 1.全年统计城市土地供需同比下降,楼面价同比下降全年统计城市土地供需同比下降,楼面价同比下降 2024 年,全部统计城市土地市场供需同比下降,土地成交价格同比下降,土地溢价年,全部统计城市土地市场供需同比下降,土地成交价格同比下降,土地溢价率同比下降。率同比下降。2024 年,全部统计城市累计推出土地 14.06 亿平,同比下降 21.75%。2024 年,全部统计城市土地成交楼面均价为 2856 元/平,同比下降 6.67%。图图1 全部统计城
8、市土地推出面积变化全部统计城市土地推出面积变化 资料来源:中指院,HTI 图图2 全部统计城市全部统计城市土地成交楼面均价变化土地成交楼面均价变化 资料来源:中指院,HTI 2024 年,全部统计城市土地成交建面累计 11.25 亿平米,同比下降 17.35%。2024年,全部统计城市土地成交溢价率为 3.74%,较 2023 年下降 0.34 个百分点。图图3 全部统计城市土地成交建面变化全部统计城市土地成交建面变化 资料来源:中指院,HTI 图图4 全部统计城市土地平均溢价率全部统计城市土地平均溢价率 资料来源:中指院,HTI 1.1 全年各线城市供地普遍下滑,一线城市土地成交均价同比上升
9、全年各线城市供地普遍下滑,一线城市土地成交均价同比上升 2024 年全部统计城市中,一线城市、二线城市、三四线城市供地同比下降;除一线城市外,二线城市、三四线城市土地成交均价均同比下降。2024 年,一线城市土地供应同比下降,土地成交均价同比上升。2024 年,一线城市累计推出土地 2036.88 万平,同比下降 36.37%。2024 年,一线城市土地成交楼面均价为23817 元/平米,同比上升 9.62%。2024 年第四季度,一线城市土地供应同比上升,土地成交均价同比上升。2024 年第四季度,一线城市推出土地 737.44 万平,同比上升 6.97%,环比上升 11.51%。2024
10、年第四季度,一线城市土地成交楼面均价为 24976 元/平米,同比上升 18.77%,环比上升18.95%。zWbWjZcX8XkWeVaQ8Q9PtRrRoMsPkPmMrQjMqRpM9PmNpPNZnPtRwMnPsN 行业研究房地产行业 请务必阅读正文之后的信息披露和法律声明 3 图图5 一线城市土地推出面积变化一线城市土地推出面积变化 资料来源:中指院,HTI 图图6 一线城市土地成交楼面均价变化一线城市土地成交楼面均价变化 资料来源:中指院,HTI 2024 年,全部统计城市中的二线城市土地供应同比下降,土地成交均价同比下降。2024 年,全部统计城市中的二线城市累计土地推出量 2
11、6956.57 万平,同比下降 26.87%。2024 年,全部统计城市中的二线城市的土地成交楼面均价为 4747 元/平米,同比下降11.62%。2024 年第四季度,全部统计城市中的二线城市土地供应同比下降,土地成交均价同比上升。2024 年第四季度,全部统计城市中的二线城市累计土地推出量 12110.90 万平,同比下降 23.12%,环比上升 102.57%。2024 年第四季度,全部统计城市中的二线城市的土地成交楼面均价为 4646 元/平米,同比上升 3.08%,环比上升 1.84%。图图7 二线城市土地统计推出面积变化二线城市土地统计推出面积变化 资料来源:中指院,HTI 图图8
12、 二线城市土地统计成交楼面均价变化二线城市土地统计成交楼面均价变化 资料来源:中指院,HTI 2024 年,全部统计城市中的三四线城市土地供应同比下降,土地成交均价同比下降。2024 年,全部统计城市中的三四线城市累计推出土地 111591.96 万平,同比下降 20.06%。2024年,全部统计城市中的三四线城市土地成交楼面均价为1896元/平,同比下降0.32%。2024 年第四季度,全部统计城市中的三四线城市土地供应同比下降,土地成交均价同比上升。2024 年第四季度,全部统计城市中的三四线城市累计推出土地 52388.82万平,同比下降 17.55%,环比上升 94.48%。2024
13、年第四季度,全部统计城市中的三四线城市土地成交楼面均价为 2094 元/平,同比上升 4.8%,环比上升 15.24%。行业研究房地产行业 请务必阅读正文之后的信息披露和法律声明 4 图图9 三四线城市土地统计推出面积变化三四线城市土地统计推出面积变化 资料来源:中指院,HTI 图图10 三四线城市土地统计成交楼面均价变化三四线城市土地统计成交楼面均价变化 资料来源:中指院,HTI 1.2 全年各线城市土地需求同比下降,一线城市溢价率同比上升全年各线城市土地需求同比下降,一线城市溢价率同比上升 2024 年全部统计城市中,一线、二线、三四线城市土地成交同比均下降;除一线城市外,二线城市、三四线
14、城市土地成交溢价率同比均下降。2024 年,一线城市土地成交同比下降,土地成交溢价率同比上升。2024 年,一线城市土地成交建面累计 1874.55 万平,同比下降 31.93%。2024 年,一线城市土地成交溢价率为 6.85%,较 2023 年上升 0.6 个百分点。2024 年第四季度,一线城市土地成交同比下降,土地成交溢价率同比上升。2024年第四季度,一线城市土地成交建面累计 797.50 万平,同比下降 16.71%,环比上升66.28%。2024 年第四季度,一线城市土地成交溢价率为 8.46%,较 2023 年第四季度上升4.17 个百分点,环比 2024 年第三季度上升 0.
15、51 个百分点。图图11 一线城市土地成交建面变化一线城市土地成交建面变化 资料来源:中指院,HTI 图图12 一线城市土地平均溢价率一线城市土地平均溢价率 资料来源:中指院,HTI 2024 年,全部统计城市中的二线城市土地成交同比下降,土地成交溢价率同比下降。2024年,全部统计城市中的二线城市土地成交建面累计23440.70万平,同比下降21.05%。2024 年,全部统计城市中的二线城市土地实际成交溢价率为 3.93%,较 2023 年下降 0.13个百分点。2024 年第四季度,全部统计城市中的二线城市土地成交同比下降,土地成交溢价率同比上升。2024年第三季度,二线城市土地成交建面
16、累计11510.40万平,同比下降18.8%,环比上升 129.83%。2024 年第四季度,二线城市土地成交溢价率为 3.81%,较 2023 年第四季度上升 0.91 个百分点,环比 2024 年三季度上升 0.63 个百分点。行业研究房地产行业 请务必阅读正文之后的信息披露和法律声明 5 图图13 二线城市土地成交建面变化二线城市土地成交建面变化 资料来源:中指院,HTI 图图14 二线城市土地平均溢价率二线城市土地平均溢价率 资料来源:中指院,HTI 2024 年,全部统计城市中的三四线城市土地成交同比下降,土地成交溢价率同比下降。2024 年,全部统计城市中的三四线城市土地成交建面累
17、计 87183.64 万平,同比下降 15.9%。2024 年,全部统计城市中的三四线城市的土地成交溢价率为 3.62%,较 2023年下降 0.4 个百分点。2024 年第四季度,全部统计城市中的三四线城市土地成交同比下降,土地成交溢价率同比上升。2024 年第四季度,三四线城市土地成交建面累计 47921.20 万平,同比下降11.32%,环比上升 191.43%。2024 年第四季度,三四线城市土地成交溢价率为 3.7%,较2023 年第四季度上升 0.33 个百分点,环比 2024 年三季度上升 0.21 个百分点。图图15 三四线城市土地成交建面变化三四线城市土地成交建面变化 资料来
18、源:中指院,HTI 图图16 三四线城市土地平均溢价率三四线城市土地平均溢价率 资料来源:中指院,HTI 总体上,2024 年,我们所统计城市的土地成交面积同比下降 17.35%,成交楼面均价同比下降 6.67%。因此 2024 年,全部统计城市中土地成交金额同比下降 22.86%。从结构上看,一线、二线、三四线城市的土地成交建筑面积均同比下降;除一线外,二线、三四线城市的土地成交楼面价同比下降。表表 1 全国土地市场成交情况全国土地市场成交情况 城市 累计成交建筑面积累计成交建筑面积(万平)万平)累计成交金额累计成交金额(亿元)亿元)成交楼面价(加权)(元成交楼面价(加权)(元/平)平)加权
19、溢价率加权溢价率(%)2024 年年 2023 年年 同比同比(PCT)2024 年年 2023 年年 同比同比(PCT)2024 年年 2023 年年 同比同比(PCT)2024 年年 2023 年年 同比同比(PCT)汇总 112499 136110-17.35%32131 41653-22.86%2856 3060-6.67%3.74 4.07-0.34 一线城市 1875 2754-31.93%4465 5983-25.38%23817 21726 9.62%6.85 6.25 0.60 二线城市 23441 29690-21.05%11137 15949-30.17%4747 537
20、1-11.62%3.93 4.06-0.13 三四线城市 87184 103666-15.90%16529 19721-16.18%1896 1902-0.32%3.62 4.02-0.40 资料来源:中指院,HTI 行业研究房地产行业 请务必阅读正文之后的信息披露和法律声明 6 2.土地投资整体回落,投资强度环比回暖土地投资整体回落,投资强度环比回暖 为研究方便,我们根据克而瑞公布的 2023 年开发商全口径销售金额进行划分,选取2023年全口径销售金额 3000亿元以上为第一梯队,1000-3000亿元为第二梯队,600-1000亿元以下的为第三梯队。由此,我们选出第一梯队 4 家开发商,
21、分别为保利发展、万科A、中海地产、华润置地。第二梯队 12 家开发商,分别为招商蛇口、碧桂园、绿城中国、建发房产、龙湖集团、金地集团、滨江集团、越秀地产、中国金茂、华发股份、中国铁建、绿地控股。第三梯队 9 家开发商,分别为融创中国、新城控股、旭辉集团、中交房地产、中国中铁、美的置业、首开股份、中国恒大、卓越集团。表表 2 不同梯队开发商样本选取情况不同梯队开发商样本选取情况 第一梯队第一梯队 第二梯队第二梯队 第三梯队第三梯队 开发商开发商 2023 年全口径年全口径金额金额(亿元)亿元)开发商开发商 2023 年全口年全口径金额径金额(亿元)亿元)开发商开发商 2023 年全口年全口径金额
22、径金额(亿元)亿元)开发商开发商 2023 年全口径年全口径金额金额(亿元)亿元)开发商开发商 2023 年全口年全口径金额径金额(亿元)亿元)保利发展 4246 招商蛇口 2936 滨江集团 1535 融创中国 847 首开股份 615 万科 A 3755 碧桂园 2169 越秀地产 1425 新城控股 758 中国恒大 603 中海地产 3098 绿城中国 1943 中国金茂 1412 旭辉集团 700 卓越集团 603 华润置地 3070 建发房产 1891 华发股份 1260 中交房地产 698 龙湖集团 1736 中国铁建 1216 中国中铁 697 金地集团 1536 绿地控股 1
23、135 美的置业 659 注:根据 2023 年开发商全口径销售金额进行划分,选取 2023 年全口径销售金额 3000 亿元以上为第一梯队,1000-3000 亿元为第二梯队,600-1000 亿元为第三梯队。资料来源:克而瑞数据库中国房地产企业销售排行榜单,HTI 2024 年,第一梯队开发商累计土地投资额同比下降,土地投资强度较 2024 年三季度末提升。2024 年,第一梯队开发商累计土地投资额 2285.90 亿元,同比下降 46.53%,增速较 2024 年三季度末上升 23.37 个百分点。截止 2024 年年底,第一梯队开发商累计土地投资/累计全口径销售额比值为 20.06%,
24、较 2024 年三季度末上升 9.34 个百分点。图图17 第一梯队开发商土地投资额变化第一梯队开发商土地投资额变化 资料来源:中指院,HTI 图图18 第一梯队开发商土地投资第一梯队开发商土地投资/销售额比值变化销售额比值变化 资料来源:中指院,HTI 2024 年,第二梯队开发商累计土地投资额同比下降,土地投资强度较 2024 年三季度末提升。2024 年,第二梯队开发商累计土地投资额 2862.29 亿元,同比下降 38.74%,增速较 2024 年三季度末上升 14.80 个百分点。截止 2024 年年底,第二梯队开发商累计土地投资/累计销售额比值为 21.27%,较 2024 年三季
25、度末上升 3.91 个百分点。行业研究房地产行业 请务必阅读正文之后的信息披露和法律声明 7 图图19 第二梯队开发商土地投资额变化第二梯队开发商土地投资额变化 资料来源:中指院,HTI 图图20 第二梯队开发商土地投资第二梯队开发商土地投资/销售额比值变化销售额比值变化 资料来源:中指院,HTI 2024 年,第三梯队开发商累计土地投资额同比下降,土地投资强度较 2024 年三季度末下降。2024 年,第三梯队开发商累计土地投资额 194 亿元,同比下降 48.97%,增速较 2024 年三季度末下降 23.93 个百分点。截止 2024 年年底,第三梯队开发商累计土地投资/累计销售额比值为
26、 5.52%,较 2024 年三季度末下降 1.97 个百分点。图图21 第三梯队第三梯队开发商土地投资额变化开发商土地投资额变化 资料来源:中指院,HTI 图图22 第三梯队开发商土地投资第三梯队开发商土地投资/销售额比值变化销售额比值变化 资料来源:中指院,HTI 2024 年,以上总结各梯队房企整体土地投资强度与销售增速基本正比趋势。其中,华润置地、绿城中国、建发房产、滨江集团等房企拿地强度高于统计房企平均水平,中海地产、保利发展、招商蛇口、万科 A 等房企拿地强度低于统计房企平均水平。图图23 2024 年各家房企投资销售情况年各家房企投资销售情况 资料来源:中指院,HTI 行业研究房
27、地产行业 请务必阅读正文之后的信息披露和法律声明 8 3.投资建议投资建议 投资建议:投资建议:持续看好房地产板块持续看好房地产板块。我们认为市场稳增长的大环境没有改变,优质公司相对其它房企的优势和价值将会越加突出。建议关注:1)开发类:A 股-万科 A、保利发展、招商蛇口、金地集团;H 股-中国海外发展、碧桂园;2)商住类:华润置地、龙湖集团、新城控股;3)物业类:万物云、碧桂园服务、华润万象生活、中海物业、保利物业、招商积余、新大正;4)文旅类-华侨城 A。4.风险提示风险提示 行业面临政策不及预期风险、基本面下行风险。行业研究房地产行业 请务必阅读正文之后的信息披露和法律声明 9 APP
28、ENDIX 1 Summary Investment Highlights:In 2024,land supply and demand,transaction prices,and premium rates in all cities decreased YoY.First,second,and third-tier cities all saw a decline in land supply.Total land supply in all cities was 1.41 billion square meters,down 21.75%YoY.Land transaction are
29、as in all cities decreased YoY.Total transaction area was 1.13 billion square meters,down 17.35%YoY.Except for first-tier cities,average land transaction prices in second and third-tier cities decreased YoY.Average prices were RMB 2856 per square meter,down 6.67%YoY.Land transaction premium rates in
30、 second and third-tier cities decreased compared to the previous year.Premium rates were 3.74%,down 0.34 percentage points from the end of 2023.Land investment by developers in all tiers decreased YoY.Total investment was RMB 228.59 billion,down 46.53%YoY.Land investment intensity increased for firs
31、t and second-tier developers compared to Q3 2024.Ratios were 20.06%,up 9.34 percentage points.Overall,land investment intensity is proportional to sales growth.Companies like China Resources Land and Greentown China Holdings exceeded the average,while COLI and China Vanke were below average.Investme
32、nt advice:Maintain Outperform rating.The stable growth environment remains unchanged,highlighting the advantages of quality companies.Focus on:1)Development:A-Shares-China Vanke,Poly Developments,China Merchants Shekou,Gemdale Corporation;H-Shares-China Overseas Land&Investment,Country Garden Holdin
33、gs;2)Commercial/Residential:China Resources Land,Longfor Group Holdings,Seazen Holdings;3)Property:Onewo,Country Garden Services Holdings,China Resources Mixc Lifestyle Services,China Overseas Property Holdings,Poly Property Services,China Merchants Property Operation&Service,ChongQing New DaZheng P
34、roperty Group;4)Cultural Tourism:Shenzhen Overseas Chinese Town.Remarks:+and-indicate increase and decrease.Data includes residential,mixed-use(including residential),and commercial/office land.Risk Warning:Industry expectation risk,fundamentals downside risk.1 Table_disclaimer 附录附录APPENDIX 重要信息披露重要
35、信息披露 本研究报告由海通国际分销,海通国际是由海通国际研究有限公司(HTIRL),Haitong Securities India Private Limited(HSIPL),Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌,海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand
36、 name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securi
37、ties Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我,涂力磊,在此保证(i)本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点,并且(ii)我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关;及就此报告中所讨论目标公司的证券,我们(包括我们的家属)在其中均不持有任何财务利益。我和我的家属(
38、我已经告知他们)将不会在本研究报告发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I,Lilei Tu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or in
39、directly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.I and my household,whom I have already notified of this,will not deal i
40、n or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.我,周博,在此保证(i)本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点,并且(ii)我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关;及就此报告中所讨论目标公司的证券,我们(包括我们的家属)在其中均不持有任何财务利益。我和我的家属(我已经告知他们)将不会在本研究报告发布后的3个工作日
41、内交易此研究报告所讨论目标公司的证券。I,Bonnie Zhou,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the
42、 specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.I and my household,whom I have already notified of this,will not deal in or trade any securiti
43、es in respect of the issuer that I review within 3 business days after the research report is published.利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言,以下是有关该等关系的披露事项(以下披露不能保证及时无遗漏,如需了解及时全面信息,请发邮件至ERD-D)HTI and some of its affiliates may engage
44、in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ens
45、ure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).0960.HK目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。0960.HK is/was a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securitie
46、s-related services.评级定义评级定义(从(从2020年年7月月1日开始执行)日开始执行):海通国际(以下简称“HTI”)采用相对评级系统来为投资者推荐我们覆盖的公司:优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息,投资者应仔细阅读全文而非仅看评级。在任何情况下,分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况(比如投资者的现有持仓)以及其他因素。分析师股票评级分析师股票评级 优于大市优于大市,未来12-18个月内预期相对基准指数涨幅在10%以上,基准定义如下 中性中性,未来12-18个月内预期相对基准指
47、数变化不大,基准定义如下。根据FINRA/NYSE的评级分布规则,我们会将中性评级划入持有这一类别。弱于大市弱于大市,未来12-18个月内预期相对基准指数跌幅在10%以上,基准定义如下 各地股票基准指数:日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform
48、 for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors should carefully read H
49、aitong International Research,in its 评级分布评级分布Rating Distribution 2 entirety,and not infer the contents from the rating alone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circumstances(s
50、uch as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The stocks total return over the next 12-18 months is
51、 expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to be below th
52、e return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.截至截至2024年年9月月30日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市(持有)海通
53、国际股票研究覆盖率 91.8%7.8%0.4%投资银行客户*3.5%4.4%0.0%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入,中性和卖出分别对应我们当前优于大市,中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则,我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义(直至此前的评级系统定义(直至2020年年6月月30日):日):买入,未来12-18个月内预期相对基准指数涨幅在10%以上,基准定义如下中性,未来12-18个月内预期相对基准指数变化不大,基准定义如下。根据FINRA/NYSE的评级分布规则,我们会将中性评级划入持有这
54、一类别。卖出,未来12-18个月内预期相对基准指数跌幅在10%以上,基准定义如下各地股票基准指数:日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of September 30,2024 Outperform Neutral Underperform(hold)HTI Equity Research Coverage 91.8%7.8%0.4%IB clients*3.5%4.4%0.0%*Perce
55、ntage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please n
56、ote that stocks with an NR designation are not included in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks total
57、return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 month
58、s is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCI China.海通国际非评级研究:海通国际非评级研究:海通国际发布计量、筛选或短篇报告,并在报告中根据估值和其他指标
59、对股票进行排名,或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值,而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multi
60、ples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only.3 海通国际海通国际A股覆盖股覆盖:海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券(600837.CH),海通国际于上海的母公司,也会于中国发布中国A股的研究报告。但是,海通国际使用与海通证券不同的评级系统,所以海通国际与海通证券的中国A股评级可能有所不同。Haitong Internationa
61、l Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these same A-Shares for
62、distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.海通国际海通国际优质优质100 A股股(Q100)指数指数:海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程,并结合对海通证券 A股团队自下而
63、上的研究。海通国际每季对Q100指数成分作出复审。Haitong International Quality 100 A-share(Q100)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at HS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a r
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