中信证券房地产行业行业资金链动态前瞻专题研究

ModifiedbyJEEPonDecember26th,2020.中信证券房地产行业行业资金链动态前瞻专题研究2011926おgおg乬おЁお5乬Ё?徊52011ЁкSд乒お2011乱10おП乘Ё?300г0510üü2005乱ㄝ⑤Ё5ㄝЁфㄝ?90%ㄝㄝ80%ㄝ9%お1.2011—2011-06-292.20102011—Ё催5乍................................................2011-05-133.2011—∈50%25%25%おФ8%12%25%50%8ぎ?............2011-03-07530%亢∈25%乏25%8%10%ㄝおЁП乬お乒..............................................................................................................................1——......................................................................................................4——..............................................................................................................................................4——......................................................................................................................................................4——..............................................................................................................................4——..................................................................................................................................................4——..................................................................................................................................4——..................................................................................................................................5——......................................................................................................5——..............................................................................................................................................5⑤——..................................................................................................................................5——..........................................................................................................................................5..........................................................................................................................5................................................................................................................................251........................................................................................................12乱....................................................................................................................13/..............................................................................................................................................14ф........................................................................................................................15/..............................................................................................................................26...................................................................................................................................27/......................................................................................................................................28/..............................................................................................................................29-/.............................................................................................................310/........................................................................................................................................311/............................................................................................................................................312-/.............................................................................................................................313/............................................................................................................................................314/........................................................................................................................................................31................................................................................................42ф/...........................................................53乍В..................................................................................................................25П乬お乬乒お2008üü催乬üüПおコМ乬ㄝ?乬乬乬Ё乬乬乬üüМ乬乒2011ST%%乱Пッ12乱1800160014001200100080060040020004002000-200-400-600乱()⑤WindЁお⑤WindЁおッ2011%3/4ф/1600ф1400120010008006004002000⑤WindЁお⑤WindЁおП20119261乬お2011催2011Ё332%催催/г催5/6/350300250200150100500⑤WindЁお⑤WindЁおЁ/〇2011Ё%∈г%-/2010%2011Ё%乱г7/8/20%/34%/15%32%10%30%5%28%0%26%⑤WindЁお⑤WindЁおП20119262乬お9-/10/12%-/9%/6%3%0%-3%-6%⑤WindЁお⑤WindЁお啭⑤гЁП啭11/12-/20%15%10%5%0%18%15%12%9%6%3%0%-3%-6%⑤WindЁお⑤WindЁお13/14/36%34%32%30%28%26%24%22%20%⑤WindЁお⑤WindЁおП20119263乬お——ㄝ?ЬЁ2011üü8%催12%乘1%——乍乏乘9%乘催г催20%г乏9%1200620072008200920102011/9%10%15%11%12%22%10%11%18%11%11%22%⑤Wind——гг50%25%ЁП——乍乏乍80%乍201180%——гф90%П20119264乬おф90%2ф/20062007200820092010⑤Wind————ッгㄝ⑤50%75%∈乬Ф⑤——乱г乬гТ⑤——ㄝг亢ЁЁお乬П2011926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