《2019：千钧将一羽——房地产行业2019年投资策略》光大证券

《《2019：千钧将一羽——房地产行业2019年投资策略》光大证券》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、80%40%0%-40%-03-07-11-03-07-11-03-07-11-03-07-11-03-07-11-03-0720132013201320142014201420152015201520162016201620172017201720182018(4%(23)%(630%Wind7%8%506%457%405%354%6%303%255%202%154%1%1050%3%0-12-07-02-09-04-11-06-01-08-03-10-05-12-07-02-09-04-11200820092010201020112011201220132

2、013201420142015201520162017201720182018::90:2%:WindWind4594087356305254203152101500-01-03-05-07-09-11-01-03-05-07-09-11-01-03-05-07-09-112016201620162016201620162017201720172017201720172018201820182018201820182017%%%CHFSWind2019-3.5%-8.1%+5.0%%%%%201722.2%21.9095356.2437%16.8211.021

3、1.3%5.80-16.1%1.92018(E)16.5%25.5195356.2537%16.9012.6014.3%4.30-25.9%2.92019(E)14.0%29.0995356.4937%17.5412.17-3.5%5.3725.0%2.3Wind2019+10%+3%-12.6%423630%%%20173839-27.4%37126-5.0%10382411.4%2018E3609-6.0%374971.0%1060002.1%2019E396910.0%386223.0%92670-12.6%Wind80.0%354060.0%30353

4、040.0%25252020.0%20150.0%151010-20.0%55-40.0%00-60.0%2828282828282828282828-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-08899001122334455667788000000001010101010101010101010101010101010102222222222222222222222::WindWind8000040.0%7000030.0%600005000020.0%400003000010.0%200000.0%100000-

5、10.0%EE-10000-111999200020012002200320042005200620072008200920102011201220132014201520162017-02-05-08-11-03-06-09-12-04-07-10-02-05-08-11-03-06-09-12-04-07-10-02-05-0820182019201812012201220122012201320132013201320142014201420152015201520152016201620162016201720172017201820182018Win

6、dWind%%%%%%201610.266.9%7.4%6.2%8.1%3.2%0.0614.36201710.987.0%3.0%23.4%7.0%3.0%-0.0445.0020181-109.939.7%-4.1%63.4%16.8%4.3%-0.1256.432018E12.039.5%-3.4%57.0%16.5%5.3%-12.0%6.502019E12.735.8%6.7%5.0%8.0%7.8%-5.0%7.152019E12.514.0%6.2%0%6.0%7.3%-5.0%7.15Wind20190-5%2019201910%8%6%4%2

7、%10%7.7%7.3%7.0%6.7%6.4%5%6.1%5.8%5.5%5.2%4.9%20190%4.6%4.3%4.0%3.7%3.3%-5%3.1%2.8%2.5%2.1%1.8%-10%1.6%1.3%1.0%0.6%0.3%Wind1.22512%8%1.09%6%200.86%4%150.63%2%100.40%0%50.2-3%-2%0.00-6%-4%AEPS-ATTM_AWindWind《2019：千钧将一羽——房地产行业2019年投资策略》光大证券