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1、地方融资平台告急,地产调控政策将纠偏（Localfinancingplatformemergency,realestateregulatorypolicywillrectify）[Table_KeyInfo]SecuritiesResearchReport-dynamicreport/musicindustryRealestate[Table_IndustryInfo]OntherealestateindustryCautiousrecommendation(maintainrating)July1,2011[Tabl
2、e_Title]Localfinancingplatforminanemergency,estatepolicyrectificationSecuritiesanalyst:YanFang0755-82130648Fangyan@guosen.com.cnAsecuritiesinvestmentconsultingqualificationcertificateencoding:S0980510120001Securitiesanalyst:DistrictShui0755-82130678Ourm@guosen.c
3、om.cnAsecuritiesinvestmentconsultingqualificationcertificateencoding:S0980510120051Contacts：Huangdaoli0755-82133397Huangdl@guosen.com.cnMatter：[Table_Summary]InJune30th,therealestatesectorrosehigher,thesectorrose1.88%,outperformingtheShanghaiandShenzhen300indexi
4、n0.42%,theCommissionin23industriesrankedsecond.Comment:Therealestatesector.Thefirsthalfoftheincreaseinthefirstrow,weconfirmedthe2011yearstrategyintheprospectivejudgmentThefirsthalfoftheyear,therealestatesectorrose3.93%inallindustries(SFCclassification)inthefirst
5、rowgains,outperformingthebroadermarket(ShanghaiandShenzhen300)4.1percentagepointsThepointis,therearethreeabsolutereturnoneplate,evenifthestockpriceinelasticVankeA,inthefirsthalfoftheyearalsohavepositivereturns.StronginthefirsthalfoftherealestatestocksPotentialpe
6、rformance,fullyconfirmsthe2011AnnualstrategyweissuedinDecember15,2010:"intotheattack,retreat"injudgment..theregulationofrealestate--hascausedlandleasingfellsharply,thelocalgovernmentfinancingplatformriskUnderthestrictcontrolpolicy,leadingthecompanydefensementali
7、tyincreasinglystrong,Vanke,Hengda,theleadingenterprisessuchastheamountofsales/purchaseamountratioRapidascent:Vanke2010sales/purchaseamountedto1.3,whilethe1-4monthsofthisyearsoaredto2.5in2010,thegoldenratiois2.46thisyear.1-4monthsoaredto11.6from3.74lastyear,Hengd
8、asoaredto4.91thisyear1-4month.Strategicdefensedevelopersleadingthecountry,significantlyreducingthelandpremium,20111toMay,thenationallandleasingfell15.6%,Thetypicalcit
