房地产：北上楼市拐点渐行渐近

中金公司03-03

投资建议本轮房地产周期调整至今已逾四年，结合近期供给侧和政策端变化，我们认为今年北京、上海楼市房价有望企稳，房地产板块或渐进beta行情，建议投资者根据风偏把握三类投资思路：1）配置beta特征明显的稳健标的，如贝壳、华润置地、中海、招商蛇口；2）配置地产开发的结构性成长，产品力强、存货质量优的标的有建发国际&建发股份、中国金茂、绿城中国、滨江集团，估值折价深且潜在弹性大的标的有中国海外宏洋、保利...

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