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<!DOCTYPE html>
<html lang="zh-CN">
<head>
<meta charset="utf-8" />
<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
<title>央国企地产概念分析</title>
<link href="https://fonts.googleapis.com/css?family=Inter:300,400,500,600,700,800|Noto+Sans+SC:300,400,500,700&display=swap" rel="stylesheet" />
<!-- Font Awesome Icons -->
<script src="https://kit.fontawesome.com/1d2b6c4f81.js" crossorigin="anonymous"></script>
<!-- Tailwind CSS -->
<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
<link href="https://cdn.jsdelivr.net/npm/daisyui@5" rel="stylesheet" type="text/css" />
<style>
body {
font-family: 'Inter', 'Noto Sans SC', sans-serif;
background: linear-gradient(135deg, #f5f7fa 0%, #e4e8f0 100%);
min-height: 100vh;
}
.concept-card {
background: rgba(255, 255, 255, 0.9);
backdrop-filter: blur(10px);
box-shadow: 0 8px 32px rgba(31, 38, 135, 0.1);
border: 1px solid rgba(255, 255, 255, 0.18);
}
.timeline-dot {
position: relative;
}
.timeline-dot::before {
content: '';
position: absolute;
width: 12px;
height: 12px;
border-radius: 50%;
background-color: #3b82f6;
left: -20px;
top: 6px;
}
.timeline-line {
position: absolute;
width: 2px;
background-color: #e5e7eb;
left: -14px;
top: 18px;
bottom: -18px;
}
.highlight-text {
background: linear-gradient(120deg, #3b82f6 0%, #60a5fa 100%);
-webkit-background-clip: text;
-webkit-text-fill-color: transparent;
font-weight: 600;
}
.table-container {
overflow-x: auto;
}
@media (max-width: 768px) {
.table-container {
overflow-x: scroll;
}
}
.section-title {
position: relative;
padding-left: 20px;
}
.section-title::before {
content: '';
position: absolute;
left: 0;
top: 50%;
transform: translateY(-50%);
width: 6px;
height: 24px;
background: linear-gradient(to bottom, #3b82f6, #60a5fa);
border-radius: 3px;
}
.risk-card {
border-left: 4px solid #ef4444;
}
.opportunity-card {
border-left: 4px solid #10b981;
}
</style>
</head>
<body class="p-4 md:p-8">
<div class="max-w-7xl mx-auto">
<!-- 页面标题 -->
<div class="mb-10 text-center">
<h1 class="text-3xl md:text-4xl font-bold text-gray-800 mb-2">央国企地产概念分析</h1>
<p class="text-gray-600">政策红利 + 估值修复 + 基本面筑底的三重拐点</p>
</div>
<!-- 概念事件 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">概念事件</h2>
<div class="mb-6">
<h3 class="text-lg font-semibold text-gray-700 mb-2">背景</h3>
<p class="text-gray-600 mb-4">2022年以来房地产行业深度调整民营房企信用风险暴露央国企凭借融资优势、土储质量及政策倾斜成为行业"剩者"。2023年7月住建部推出"城市房地产融资协调机制",首批名单<span class="highlight-text">超70%为央国企</span>如保利发展、华润置地、中国海外发展。2024年政策持续加码</p>
<ul class="list-disc pl-5 space-y-2 text-gray-600 mb-4">
<li><span class="font-semibold">2024年1月</span>:国务院国资委明确将"市值管理"纳入央企考核,<span class="highlight-text">PB&lt;1的央国企地产成为估值修复重点</span></li>
<li><span class="font-semibold">2024年5月</span>央行设立3000亿元保障性住房再贷款<span class="highlight-text">央国企成为保障房建设主力</span></li>
<li><span class="font-semibold">2024年11月</span>监管部门拟对央企上市公司PB提出<span class="highlight-text">量化要求</span>如PB≥1<span class="highlight-text">破净地产央企如中国建筑PB 0.7、中国铁建PB 0.5)面临强制估值修复</span></li>
</ul>
</div>
<div>
<h3 class="text-lg font-semibold text-gray-700 mb-4">催化事件时间轴</h3>
<div class="relative pl-6">
<div class="absolute left-0 top-0 bottom-0 w-0.5 bg-blue-200"></div>
<div class="space-y-6">
<div class="relative">
<div class="timeline-dot"></div>
<div class="timeline-line"></div>
<h4 class="font-semibold text-gray-800">2023Q4</h4>
<p class="text-gray-600">首批城中村改造专项借款落地广州、南京等10城授信1426亿元</p>
</div>
<div class="relative">
<div class="timeline-dot"></div>
<div class="timeline-line"></div>
<h4 class="font-semibold text-gray-800">2024Q1</h4>
<p class="text-gray-600">央企市值管理考核细则出台,<span class="highlight-text">中国铁建、中国交建等启动增持</span></p>
</div>
<div class="relative">
<div class="timeline-dot"></div>
<div class="timeline-line"></div>
<h4 class="font-semibold text-gray-800">2024Q2</h4>
<p class="text-gray-600">超长期特别国债发行1万亿<span class="highlight-text">30%投向保障房及城市更新</span></p>
</div>
<div class="relative">
<div class="timeline-dot"></div>
<h4 class="font-semibold text-gray-800">2024Q3</h4>
<p class="text-gray-600">地产销售降幅收窄,<span class="highlight-text">越秀地产、华润置地等国企销售逆势增长20%+</span></p>
</div>
</div>
</div>
</div>
</div>
<!-- 核心观点摘要 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">核心观点摘要</h2>
<div class="bg-blue-50 rounded-lg p-5 border-l-4 border-blue-500">
<p class="text-lg font-semibold text-gray-800 mb-3">央国企地产正处于"政策红利+估值修复+基本面筑底"的三重拐点</p>
<ul class="space-y-3">
<li class="flex items-start">
<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
<div>
<span class="font-semibold text-gray-700">政策端</span>:从"融资支持"到"市值考核",央国企成为地产供给侧改革的最大受益者;
</div>
</li>
<li class="flex items-start">
<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
<div>
<span class="font-semibold text-gray-700">估值端</span>板块PB中位数仅<span class="highlight-text">0.6倍</span>历史10%分位),股息率<span class="highlight-text">5-8%</span>,具备"类债券"防御属性;
</div>
</li>
<li class="flex items-start">
<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
<div>
<span class="font-semibold text-gray-700">基本面</span>2024年保障房/城中村改造带来<span class="highlight-text">年均万亿级订单</span>,对冲商品房下滑风险。
</div>
</li>
</ul>
</div>
</div>
<!-- 概念的核心逻辑与市场认知分析 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">概念的核心逻辑与市场认知分析</h2>
<div class="mb-6">
<h3 class="text-xl font-semibold text-gray-700 mb-3">核心驱动力</h3>
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
<div class="opportunity-card bg-green-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2">政策垄断性红利</h4>
<ul class="space-y-2 text-gray-600">
<li><span class="font-semibold">土储优势</span>2023年22城集中供地中<span class="highlight-text">央国企拿地占比超70%</span>如华润置地1-4月拿地420亿占销售53%</li>
<li><span class="font-semibold">融资特权</span>:央企地产发债利率<span class="highlight-text">3-4%</span>(民企普遍>8%2024年Q1新增融资中<span class="highlight-text">90%流向央国企</span></li>
</ul>
</div>
<div class="opportunity-card bg-green-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2">商业模式转型</h4>
<ul class="space-y-2 text-gray-600">
<li><span class="font-semibold">从开发到运营</span>中国建筑中海地产2023年商业运营收入<span class="highlight-text">+30%</span>,华润万象生活(央企物管)毛利率<span class="highlight-text">50%+</span></li>
<li><span class="font-semibold">REITs盘活存量</span>首批保障房REITs如深圳人才安居<span class="highlight-text">央企项目占比60%</span></li>
</ul>
</div>
</div>
</div>
<div class="mb-6">
<h3 class="text-xl font-semibold text-gray-700 mb-3">市场热度与情绪</h3>
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
<div class="bg-purple-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2">研报密集度</h4>
<p class="text-gray-600">2024年11月至今<span class="highlight-text">15篇建筑/地产研报标题含"央国企估值修复"</span>(如国盛建筑、光大建材)</p>
</div>
<div class="bg-purple-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2">资金动向</h4>
<p class="text-gray-600">2024Q3公募基金对地产板块持仓<span class="highlight-text">仅0.5%</span>历史均值2.3%<span class="highlight-text">筹码极度出清</span></p>
</div>
</div>
</div>
<div>
<h3 class="text-xl font-semibold text-gray-700 mb-3">预期差</h3>
<div class="bg-yellow-50 rounded-lg p-4">
<div class="mb-3">
<h4 class="font-semibold text-gray-800 mb-1">市场共识</h4>
<p class="text-gray-600">认为央国企地产仅是"政策托底",成长性不足</p>
</div>
<div>
<h4 class="font-semibold text-gray-800 mb-1">忽略点</h4>
<ul class="list-disc pl-5 space-y-1 text-gray-600">
<li><span class="highlight-text">保障房订单弹性</span>中国建筑2024年保障房新签<span class="highlight-text">超2000亿</span>占房建订单30%</li>
<li><span class="highlight-text">土地财政替代</span>2025年土地出让金缺口或达<span class="highlight-text">3万亿</span><span class="highlight-text">央国企股权财政REITs+分红)将填补缺口</span></li>
</ul>
</div>
</div>
</div>
</div>
<!-- 关键催化剂与未来发展路径 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">关键催化剂与未来发展路径</h2>
<div class="mb-6">
<h3 class="text-xl font-semibold text-gray-700 mb-3">近期催化剂3-6个月</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
<div class="bg-indigo-50 rounded-lg p-4 text-center">
<div class="bg-indigo-100 w-12 h-12 rounded-full flex items-center justify-center mx-auto mb-3">
<i class="fas fa-calendar-alt text-indigo-600"></i>
</div>
<h4 class="font-semibold text-gray-800 mb-1">2024年12月</h4>
<p class="text-sm text-gray-600">央企市值管理考核细则落地,<span class="highlight-text">破净地产央企强制披露估值提升计划</span></p>
</div>
<div class="bg-indigo-50 rounded-lg p-4 text-center">
<div class="bg-indigo-100 w-12 h-12 rounded-full flex items-center justify-center mx-auto mb-3">
<i class="fas fa-coins text-indigo-600"></i>
</div>
<h4 class="font-semibold text-gray-800 mb-1">2025年Q1</h4>
<p class="text-sm text-gray-600">首批城中村改造专项债发行(预计<span class="highlight-text">5000亿</span><span class="highlight-text">中国交建、中国中铁等订单爆发</span></p>
</div>
<div class="bg-indigo-50 rounded-lg p-4 text-center">
<div class="bg-indigo-100 w-12 h-12 rounded-full flex items-center justify-center mx-auto mb-3">
<i class="fas fa-building text-indigo-600"></i>
</div>
<h4 class="font-semibold text-gray-800 mb-1">2025年3月</h4>
<p class="text-sm text-gray-600">保障房REITs扩募<span class="highlight-text">华润置地、保利发展</span>等资产注入预期</p>
</div>
</div>
</div>
<div>
<h3 class="text-xl font-semibold text-gray-700 mb-3">长期路径2025-2027</h3>
<div class="relative">
<div class="absolute left-4 top-0 bottom-0 w-0.5 bg-blue-200"></div>
<div class="space-y-6">
<div class="flex items-start">
<div class="bg-blue-500 w-8 h-8 rounded-full flex items-center justify-center text-white font-bold z-10">1</div>
<div class="ml-4 flex-1">
<h4 class="font-semibold text-gray-800">阶段12025估值修复</h4>
<p class="text-gray-600">PB从0.6→1.0,驱动因素为<span class="highlight-text">分红率提升至40%+回购注销</span></p>
</div>
</div>
<div class="flex items-start">
<div class="bg-blue-500 w-8 h-8 rounded-full flex items-center justify-center text-white font-bold z-10">2</div>
<div class="ml-4 flex-1">
<h4 class="font-semibold text-gray-800">阶段22026-2027盈利重构</h4>
<p class="text-gray-600">保障房/代建业务占比提升至<span class="highlight-text">50%</span>净利率从8%→12%</p>
</div>
</div>
</div>
</div>
</div>
</div>
<!-- 产业链与核心公司深度剖析 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">产业链与核心公司深度剖析</h2>
<div class="mb-6">
<h3 class="text-xl font-semibold text-gray-700 mb-3">产业链图谱</h3>
<div class="bg-gray-50 rounded-lg p-4">
<div class="flex flex-col md:flex-row items-center justify-between">
<div class="text-center mb-4 md:mb-0">
<div class="bg-blue-100 w-16 h-16 rounded-full flex items-center justify-center mx-auto mb-2">
<i class="fas fa-map-marked-alt text-blue-600 text-xl"></i>
</div>
<h4 class="font-semibold text-gray-800">上游</h4>
<p class="text-sm text-gray-600">土地获取<br>(央企城投)</p>
</div>
<div class="text-center mb-4 md:mb-0">
<i class="fas fa-arrow-right text-gray-400 text-2xl"></i>
</div>
<div class="text-center mb-4 md:mb-0">
<div class="bg-green-100 w-16 h-16 rounded-full flex items-center justify-center mx-auto mb-2">
<i class="fas fa-hard-hat text-green-600 text-xl"></i>
</div>
<h4 class="font-semibold text-gray-800">中游</h4>
<p class="text-sm text-gray-600">开发建设<br>(中国建筑、中国铁建)</p>
</div>
<div class="text-center mb-4 md:mb-0">
<i class="fas fa-arrow-right text-gray-400 text-2xl"></i>
</div>
<div class="text-center">
<div class="bg-purple-100 w-16 h-16 rounded-full flex items-center justify-center mx-auto mb-2">
<i class="fas fa-building-user text-purple-600 text-xl"></i>
</div>
<h4 class="font-semibold text-gray-800">下游</h4>
<p class="text-sm text-gray-600">运营/物管<br>(华润万象生活、保利物业)</p>
</div>
</div>
</div>
</div>
<div>
<h3 class="text-xl font-semibold text-gray-700 mb-3">核心玩家对比</h3>
<div class="overflow-x-auto">
<table class="min-w-full bg-white rounded-lg overflow-hidden">
<thead class="bg-gray-100">
<tr>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">公司</th>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">核心逻辑</th>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">风险</th>
</tr>
</thead>
<tbody class="divide-y divide-gray-200">
<tr>
<td class="py-3 px-4 font-medium text-gray-800">中国建筑</td>
<td class="py-3 px-4 text-gray-600">房建订单市占率<span class="highlight-text">15%</span>保障房龙头PB 0.7,股息率<span class="highlight-text">6%</span></td>
<td class="py-3 px-4 text-gray-600">地产减值拖累利润</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">华润置地</td>
<td class="py-3 px-4 text-gray-600">一二线土储占比<span class="highlight-text">85%</span>,商业运营收入增速<span class="highlight-text">30%</span>PB 0.9,股息率<span class="highlight-text">5.5%</span></td>
<td class="py-3 px-4 text-gray-600">高端盘去化不及预期</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">中国铁建</td>
<td class="py-3 px-4 text-gray-600">城中村改造订单占比<span class="highlight-text">20%</span>PB 0.5(板块最低),股权激励目标<span class="highlight-text">ROE≥12%</span></td>
<td class="py-3 px-4 text-gray-600">应收账款周转天数<span class="highlight-text">80天</span></td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">越秀地产</td>
<td class="py-3 px-4 text-gray-600">广州旧改霸主2024年销售目标<span class="highlight-text">+20%</span>PB 0.8,股息率<span class="highlight-text">7%</span></td>
<td class="py-3 px-4 text-gray-600">区域集中度过高风险</td>
</tr>
</tbody>
</table>
</div>
</div>
<div class="mt-6">
<h3 class="text-xl font-semibold text-gray-700 mb-3">验证与证伪</h3>
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
<div class="bg-green-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2 flex items-center">
<i class="fas fa-check-circle text-green-500 mr-2"></i>印证
</h4>
<p class="text-gray-600">2024年1-4月<span class="highlight-text">越秀地产销售+100%</span>(第三方数据),验证旧改订单转化能力</p>
</div>
<div class="bg-yellow-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2 flex items-center">
<i class="fas fa-exclamation-circle text-yellow-500 mr-2"></i>矛盾
</h4>
<p class="text-gray-600">研报称中国建筑"房建占比高"但其2023年地产开发收入仅占<span class="highlight-text">25%</span><span class="highlight-text">代建/保障房占比提升</span>未被充分定价</p>
</div>
</div>
</div>
</div>
<!-- 潜在风险与挑战 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">潜在风险与挑战</h2>
<div class="overflow-x-auto">
<table class="min-w-full bg-white rounded-lg overflow-hidden">
<thead class="bg-gray-100">
<tr>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">风险类型</th>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">具体表现</th>
</tr>
</thead>
<tbody class="divide-y divide-gray-200">
<tr>
<td class="py-3 px-4 font-medium text-gray-800">政策风险</td>
<td class="py-3 px-4 text-gray-600">若2025年地产刺激政策转向如放松限购<span class="highlight-text">民企竞争回升</span>可能挤压央国企份额</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">商业化风险</td>
<td class="py-3 px-4 text-gray-600">保障房项目毛利率<span class="highlight-text">仅8-10%</span>低于商品房15%<span class="highlight-text">规模扩张或稀释盈利</span></td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">信息矛盾</td>
<td class="py-3 px-4 text-gray-600">部分研报预测"地产投资-10%",但<span class="highlight-text">城中村改造实际投资额或超预期50%</span>(需跟踪专项债落地)</td>
</tr>
</tbody>
</table>
</div>
</div>
<!-- 综合结论与投资启示 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">综合结论与投资启示</h2>
<div class="mb-6">
<h3 class="text-xl font-semibold text-gray-700 mb-3">结论</h3>
<div class="bg-gradient-to-r from-blue-50 to-indigo-50 rounded-lg p-5">
<p class="text-lg font-semibold text-gray-800">央国企地产已从"政策托底"进入<span class="highlight-text">"订单驱动+估值修复"</span>双击阶段,<span class="highlight-text">2025年或为盈利拐点</span></p>
</div>
</div>
<div class="mb-6">
<h3 class="text-xl font-semibold text-gray-700 mb-3">投资方向</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
<div class="bg-blue-50 rounded-lg p-4">
<div class="flex items-center mb-2">
<div class="bg-blue-100 w-10 h-10 rounded-full flex items-center justify-center mr-3">
<i class="fas fa-coins text-blue-600"></i>
</div>
<h4 class="font-semibold text-gray-800">高股息防御</h4>
</div>
<p class="text-gray-600"><span class="highlight-text">中国建筑、中国铁建</span>股息率6%+PB&lt;0.8</p>
</div>
<div class="bg-green-50 rounded-lg p-4">
<div class="flex items-center mb-2">
<div class="bg-green-100 w-10 h-10 rounded-full flex items-center justify-center mr-3">
<i class="fas fa-chart-line text-green-600"></i>
</div>
<h4 class="font-semibold text-gray-800">旧改弹性</h4>
</div>
<p class="text-gray-600"><span class="highlight-text">越秀地产、中国交建</span>(城中村改造订单占比>20%</p>
</div>
<div class="bg-purple-50 rounded-lg p-4">
<div class="flex items-center mb-2">
<div class="bg-purple-100 w-10 h-10 rounded-full flex items-center justify-center mr-3">
<i class="fas fa-file-invoice-dollar text-purple-600"></i>
</div>
<h4 class="font-semibold text-gray-800">REITs期权</h4>
</div>
<p class="text-gray-600"><span class="highlight-text">华润置地、保利发展</span>商业资产可注入保障房REITs</p>
</div>
</div>
</div>
<div>
<h3 class="text-xl font-semibold text-gray-700 mb-3">跟踪指标</h3>
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
<div class="bg-gray-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2">月度数据</h4>
<ul class="list-disc pl-5 space-y-1 text-gray-600">
<li>保障房新开工面积(住建部)</li>
<li>城中村专项债发行进度(财政部)</li>
</ul>
</div>
<div class="bg-gray-50 rounded-lg p-4">
<h4 class="font-semibold text-gray-800 mb-2">公司验证</h4>
<ul class="list-disc pl-5 space-y-1 text-gray-600">
<li>中国建筑2025年保障房订单占比能否<span class="highlight-text">超30%</span></li>
<li>华润置地商业REITs申报进展</li>
</ul>
</div>
</div>
</div>
</div>
<!-- 关联股票数据表格 -->
<div class="concept-card rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 section-title">关联股票数据</h2>
<div class="table-container">
<table class="min-w-full bg-white rounded-lg overflow-hidden">
<thead class="bg-gray-100">
<tr>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">股票名称</th>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">分类</th>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">行业</th>
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">投资逻辑</th>
</tr>
</thead>
<tbody class="divide-y divide-gray-200">
<tr>
<td class="py-3 px-4 font-medium text-gray-800">保利发展</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">招商蛇口</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">广宇发展</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">中国海外发展</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">华润置地</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">光大嘉宝</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">中交地产</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">信达地产</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">大悦城</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">华侨城A</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">南国置业</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">招商积余</td>
<td class="py-3 px-4 text-gray-600">中央国有企业</td>
<td class="py-3 px-4 text-gray-600">物业管理</td>
<td class="py-3 px-4 text-gray-600">住建部城市房地产融资协调机制首批名单企业,央国企地产估值修复受益标的</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">万科A</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(深圳)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">深圳地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">深振业A</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(深圳)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">深圳地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">深物业A</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(深圳)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">深圳地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">沙河股份</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(深圳)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">深圳地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">深深房A</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(深圳)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">深圳地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">天健集团</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(深圳)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">深圳地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">特发服务</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(深圳)</td>
<td class="py-3 px-4 text-gray-600">物业服务</td>
<td class="py-3 px-4 text-gray-600">深圳地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">亚通股份</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">西藏城投</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">同济科技</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">建筑科技</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">外高桥</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">园区开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">张江高科</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">园区开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">华建集团</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">建筑设计</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">上海临港</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">园区开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">浦东金桥</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">园区开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">中华企业</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">光明地产</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">上实发展</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(上海)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">上海地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">南京高科</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(江苏)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">江苏地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">黑牡丹</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(江苏)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">江苏地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">栖霞建设</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(江苏)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">江苏地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">苏州高新</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(江苏)</td>
<td class="py-3 px-4 text-gray-600">园区开发</td>
<td class="py-3 px-4 text-gray-600">江苏地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">中新集团</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(江苏)</td>
<td class="py-3 px-4 text-gray-600">园区开发</td>
<td class="py-3 px-4 text-gray-600">江苏地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">金融街</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">新黄浦</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">ST数源</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">天保基建</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">合肥城建</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">南山控股</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">大龙地产</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">格力地产</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">华发股份</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">天地源</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">华远地产</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">宁波富达</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">空港股份</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">园区开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">世联行</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产服务</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">珠江股份</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">首开股份</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">房地产开发</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
<tr>
<td class="py-3 px-4 font-medium text-gray-800">浙江建投</td>
<td class="py-3 px-4 text-gray-600">地方国有企业(其他)</td>
<td class="py-3 px-4 text-gray-600">建筑施工</td>
<td class="py-3 px-4 text-gray-600">其他地区地方国企,住建部首批融资协调机制落地企业</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</body>
</html>
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