<p align="center">调控常态下地产股掘金――2008 年房地产行业投资策略</p><p>目 录<br/>1. 宏观经济带动房地产市场的发展.................................................................................................4<br/>2. 我国房地产行业总体运行状况良好.............................................................................................6<br/>2.1 房地产开发投资增速明显...................................................................................................................................6<br/>2.2 供给仍不能在短期内大幅释放............................................................................................................................7<br/>2.3 建设及销售情况...................................................................................................................................................8<br/>3. 调控仍将是常态.............................................................................................................................9<br/>3.1 2006 年调控政策及影响.....................................................................................................................................9<br/>3.2 2007 年调控政策及影响...................................................................................................................................10<br/>4. 影响未来市场变化的主要因素分析...........................................................................................12<br/>4.1 保障性住房及中小户型供应量的增加对市场的冲击.......................................................................................12<br/>4.2 宏观调控政策......................................................................................................................................................13<br/>4.3 人民币升值..........................................................................................................................................................15<br/>5. 行业未来总体判断及2008 年关注热点.....................................................................................17<br/>5.1 行业总体判断......................................................................................................................................................17<br/>5.2 我们关注地产公司的关键：干净的土地+有效的能力.....................................................................................19<br/>6. 行业投资策略及重点公司评述...................................................................................................20<br/>6.1 估值不低，但业绩增长值得期待.......................................................................................................................20<br/>6.2 选股策略..............................................................................................................................................................21<br/>6.3 重点公司评述......................................................................................................................................................21</p><p><img title="dvubb" alt="图片点击可在新窗口打开查看" src="http://www.pinggu.org/bbs/skins/default/filetype/pdf.gif" border="0"/><a href="http://www.pinggu.org/bbs/X_AdvCom_Get.asp?UserID=384077" target="_blank"><font color="#000000">点击浏览该文件</font></a></p><p><br/></p>