从政策面看，我们认为地产调控，尤其是房价的调控将持续，地方政府促刚需的微调政策多遭“喊话”，整体政策局面仍是利空。从基本面来看，地产行业景气度的阶段性回暖源于其价跌量增的销售回暖，但随着房价回暖迹象出现，行业销售的迅速反弹已经有衰退迹象。多家房企近日发布的销售月报均显示出7月销售下滑的行业趋势。虽7月销售数据同比为增长，但我们认为7月为行业传统淡季，其基数较低的原因居多。

Look from policy，We think that real estate regulation，Especially the regulation of house prices will continue，The local government to promote just how bad the fine tuning of policy“propaganda”，The overall situation is still bad policy。fundamentally，Real estate boom of industry staged warmed by the price falls quantity to add sales thaw，But as prices thaw signs，Industry sales rebound has gloom。Several room enterprises of the monthly sales are released recently shows July falling sales industry trend。Although sales data for July year-on-year growth，But we think July for the traditional industry off-season，The reasons of lower its base is in the majority。

　　技术面来看，地产今年的行情属小牛走势，从市场整体弱势以及板块估值的劣势方面来看，地产板块的调整时间不足，仍有持续趋势。我们认为，随着销售数据反弹后的回落以及政策的持续施压，再加上房价回暖导致的预期更严厉政策的担忧，地产板块后市有继续调整的需求，建议投资者短期继续规避，等待楼市降温，政策松动之后再做关注。海通证券(600837,股吧)舒菱

Technology face to see，Real estate prices this year of Dallas movements，From market overall weak and plate valuation of the disadvantage angles，The adjustment of the real estate sector time is insufficient，Still have a continuing trend。We think，As sales data bounce back and policy for the pressure，Plus house prices to the more serious warmed expected policy concerns，Real estate market outlook have continue to adjust the plate needs，Suggest investors continue to avoid short term，Waiting for the housing market cooling，Do it after loose policy concern。Haitong securities(600837,Shares it)ShuLing