Jin Rong Jie·2025-12-11 10:27Core Viewpoint - The Central Economic Work Conference held on December 10-11 emphasizes stabilizing the real estate market and managing local government debt risks as key tasks for the upcoming year [1] Real Estate Development Sector - The policy aims to support financially sound state-owned and select private real estate companies, enhancing their project acquisition and sales capabilities [2] - Measures include controlling supply, reducing inventory, and encouraging the use of existing housing for affordable housing [1][2] Real Estate Services Sector - Increased market recovery expectations are likely to boost second-hand housing transaction volumes, benefiting real estate brokerage, property management, and consulting sectors [2] - Market share is expected to further concentrate among leading companies [2] Urban Renewal and Infrastructure Sector - "Urban village renovation" and "dual-use infrastructure" projects are identified as new growth points, providing significant order opportunities for construction, design, and infrastructure firms with relevant project experience [2] Building Materials and Home Furnishing Sector - Stabilization of the real estate market and the advancement of key projects will drive demand for upstream building materials like cement, steel, and glass, positively impacting downstream consumer sectors such as home appliances and furniture [2] REITs and Real Estate Asset Management Sector - The maturation of assets like affordable rental housing and industrial parks is expected to accelerate the expansion of the public REITs market, offering new exit channels and asset revitalization paths for real estate asset management companies [2] Company Analysis - Poly Developments (600048): As a leading state-owned enterprise, it shows resilience during industry adjustments and is actively involved in affordable housing and urban renewal projects [3] - China Merchants Shekou (001979): Backed by China Merchants Group, it has a unique comprehensive development model and is a core beneficiary of key projects [3] - Vanke A (000002): A benchmark enterprise focusing on development, operation, and service, with diversified business lines that help mitigate cyclical fluctuations [3] - Binjiang Group (002244): A quality real estate firm in the Yangtze River Delta, known for its product quality and financial stability, benefiting from local market recovery [3] - I Love My Home (000560): A leading comprehensive real estate service provider, expected to see rapid growth in brokerage income due to increased market activity [4] - Dongfang Yuhong (002271): A leader in the construction waterproofing industry, its product demand is anticipated to grow with the recovery of the real estate market and infrastructure projects [4]