汇丰研究报告指出，贝壳(02423.HK) 昨日(26日)股价上涨11%，该行认为这主要归因于投资者日益接受房地产市场复苏的论点，以及对中国资产整体风险偏好的提升。该行相信，即使两会未带来政策利好，这次涨势仍可持续，因为投资者已开始基于住房市场动态稳定，对中国房地产市场进行更长远的评估。该行预计贝壳将受益于互联网和房地产行业的双重复苏，而2024年第四季度业绩的影响将逐渐减弱。
汇丰研究表示，参考加入港股通的互联网和汽车公司的表现，注意到在纳入首周平均股价上涨11%，之后走势开始分化。对于贝壳，该行认为新投资者进入和流动性增加(H股当前日交易量约为美国ADR的10%至20%)可能支撑股价。然而，该行也认为，股价的强劲表现更多是由房地产市场复苏的基本面因素驱动，这一复苏力度和速度超出市场预期。值得注意的是，贝壳以相当于19.4倍远期市盈率交投，较互联网同行平均水平高出43%(自2021年下半年以来，其平均溢价为26%)，该行认为这一溢价合理，因其在房地产中介业务中独特的领导地位和较低的竞争格局。该行将其目标价由57.46元升至69.68元，重申评级“买入”。(ad/k)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-26 16:25。)
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