地产行业2023上半年经营回顾报告

————————————————————————2022地产行业观察及案例分析—————————————————— 0 地产行业2023上半年经营回顾 1 目录 一、 房地产市场综合表现 ................................................................................................................... 2 1. 投资端：房地产开发投资情况 .................................................................................................. 2 2. 供应端：房地产新开工与竣工情况 .......................................................................................... 2 3. 需求端：商品房销售情况 ........................................................................................................... 3 二、 典型房企核心维度分析 ............................................................................................................... 5 1. 综合经营 ........................................................................................................................................ 5 1) 总资产及受限资产 .............................................................................................................. 5 2) 评级下调及违约情况 .......................................................................................................... 7 3) 上市房企市值变化 .............................................................................................................. 9 4) 上市房企退市压力 ............................................................................................................ 10 2. 债务水平及偿债压力 ................................................................................................................. 11 1) 有息负债情况 ..................................................................................................................... 11 2) 三道红线 ............................................................................................................................. 14 3) 偿债现金流压力测试 ........................................................................................................ 15 4) 未来集中到期情况 ............................................................................................................ 16 3. 融资能力 ...................................................................................................................................... 16 1) 融资成本 ............................................................................................................................. 16 2) 银行及信托融资情况 ........................................................................................................ 18 3) 信用债融资情况................................................................................................................. 20 4) 商票融资等融资渠道 ........................................................................................................ 23 4. 销售情况 ...................................................................................................................................... 24 1) 销售金额及面积................................................................................................................. 24 2) 销售项目区位分布 ............................................................................................................ 28 5. 土储情况 ...................................................................................................................................... 35 1) 拿地金额 ............................................................................................................................. 35 2) 拿地区位分布 ..................................................................................................................... 35 三、 近期重点政策及落地情况 ......................................................................................................... 41 1. 2023年1-7月相关政策梳理 ................................................................................................... 41 2. “金融十六条” ......................................................................................................................... 42 四、 房地产未来发展方向观察 ......................................................................................................... 42 1. 财务水平的持续优化 ................................................................................................................. 42 2. 土地储备分布与销售回款的良性循环 .................................................................................... 44 3. 经营层面的专精化 ..................................................................................................................... 45 1) 营业收入及规模构成 ........................................................................................................ 45 2) 物业板块的拆分................................................................................................................. 46 3) 代建业务的兴起................................................................................................................. 47 4) 融资板块的出现................................................................................................................. 47 附录：图表索引表 ....................................................................................................................................... 48 2 一、 房