里昂发布最新研究报告，认为随着内地房地产市场逐步回归常态、新房销售触底企稳以及二手房交易持续展现活力，贝壳-W（02423）已具备充分条件来把握成交量增长的机遇。该机构预测，公司在2025至2028财年的盈利复合年增长率有望达到27%。基于此，里昂首次授予贝壳“跑赢大市”评级，并将其目标价设定为61港元。
报告指出，内地楼市已显现出稳定迹象，二手房市场的增长有效对冲了一手房销售的疲软态势。具体来看，里昂预测2026年全国新房销售市场将出现4%的下滑，但在随后的2026至2028年期间，市场有望实现每年5%的增长。与此同时，二手房成交额预计在2026年将录得2%的增幅，并在此后直至2028年大体保持平稳，这主要是因为结构性增长动力将被部分需求回流至一手房市场所抵消。
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