兴业证券：3月地产建筑板块回调后港资房企价值再审视

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智通财经APP获悉，兴业证券发布研报称，从中长期角度，看好地产建筑板块顺周期的β催化+DPS红利价值，当前板块PB较历史高点仍有空间，南下资金配置比例仍不高。建议关注商业运营能力突出、现金流稳健的高股息龙头太古地产(01972)、恒隆地产(00101);以及推货积极、销售表现强劲的高β香港开发龙头新鸿基地产(00016)、恒基地产(00012)、嘉里建设(00683)。兴业证券主要观点如下：即使...

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rate企稳根据高力国际的cap rate统计，香港写字楼资产的caprate在2024Q4~2025Q4期间表现稳定。根据CBRE数据，2025Q4，香港写字楼整体平均租金环比上涨0.6%，这是2019年Q2以来首次增长，其中中环和尖沙咀的平均租金环比增长3.7%和1.7%。该行认为随着租金修复，香港写字楼资产价值具备抬升的基础，有望拉动港资房企板块估值抬升。红利配置价值得益于香港楼市量价齐升，新房去化速度加快，叠加港资房企主动处置非核心资产，港资房企普遍现金流改善。此外，港资房企分红政策稳定，得益于多元化的业务布局，大部分港资房企的非开发业务的经营利润可以覆盖股息支出总额，股东回报的稳定性较高。截至2026年4月2日收盘价，港资房企板块对应2026财年的平均股息率为5%，具备红利配置价值。3月板块回调非基本面转为悲观预期的信号该行认为3月港资房企板块的波动主要来自投资者的获利了结动作，在中东地缘政治冲击下，卖出新兴市场股票，降低仓位，持有现金是较为安全的选择，而非对基本面预期转为悲观所致。从3月香港楼市成交来看，香港楼市量价齐升的趋势和支撑点没有发生变化，3月香港整体楼宇成交金额创近3个月高位。风险提示：派息不及预期;香港新房成交量价复苏不及预期;商业地产租金收入不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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兴业证券：3月地产建筑板块回调后 港资房企价值再审视

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兴业证券：3月地产建筑板块回调后港资房企价值再审视