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房地产行业迎来格局优化,优质房企拿地集中度提升
房地产行业迎来格局优化,优质房企拿地集中度提升
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所属报告:
房地产行业格局优化专题报告:格局优化破茧新生-220106(16页).pdf
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图12、各房企2025年DPS
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图7、2025A各房企综合毛利率
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产业链
2026-06-26
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日本房地产企业和产业链企业相对日经225超额收益
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产业链
2026-06-26
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2010年以来房地产产业链PB(LF)估值水平(倍)
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产业链
2026-06-26
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图24、房地产规模占比提升2.82pct至32.4%
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市场规模
2026-06-25
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股票在美国居民资产中占比与房地产接近
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行业数据
2026-06-23
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韩国奢侈品消费规模和房地产、股市资产价格上涨呈正相关
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在此基础上,在考虑低杠杆、稳定经营和央企民企龙头等多维度因素后,我们选取了保利、华润、龙湖、万科等 4 个房企作为优质房企组合,并跟踪分析上述 4 家优质房企的拿地集中度变化。从万科、保利、龙湖、华润 4 家优质房企拿地集中度来看(拿地面积占比 300 城拿地面积),2014 年之前资源驱动阶段,4 家房企拿地集中度保持平稳;2015-2017年杠杆驱动阶段,在供给端调控和快周转模式背景下,4 家房企拿地集中度获得快速提升;2018 年之后运营驱动阶段,起初内卷加剧导致 4 家房企拿地集中度出现了倒退,但 2021年开始,供给调控政策深化,融资资源从杠杆驱动房企向运营驱动房企集中,4 家房企拿地集中度重获提升趋势,由 2020 年 8 月的 7.8%提升至 2021 年 11 月的 11.3%,并考虑到近期行业资金困境加剧及政府鼓励优质房企并购,预计后续优质房企集中度将进一步提升。
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房地产行业格局优化专题报告:格局优化破茧新生-220106(16页).pdf
2021年11月起招商蛇口融资放量
2021年11月起保利发展融资放量
房地产行业迎来格局优化,优质房企拿地集中度提升
2018年后,运营驱动阶段,优质房企的融资集中度进一步提升
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