中金：关注地产开发和多元板块投资机会

Core Viewpoint - The recent policy adjustments in the real estate sector, including the announcement of the personal housing sales value-added tax policy and changes in purchase and loan restrictions in Beijing, are expected to enhance market activity, although the fundamental trends in the real estate market remain weak [1]. Group 1: Policy Impact - The Ministry of Finance released a notice on the personal sales housing value-added tax policy on December 30, 2025 [1]. - On December 24, Beijing adjusted its purchase and loan policies, which are anticipated to boost market activity [1]. - Continuous observation of supply-side changes is essential to gauge the impact of these policies on the market [1]. Group 2: Investment Opportunities - The real estate market fundamentals are still weak, but there are small, positive developments on the policy front [1]. - The company suggests maintaining a patient approach towards the real estate development sector in the short to medium term, focusing on core assets in the commercial real estate sector that offer absolute return opportunities [1]. - Companies with strong long-term competitiveness and gradually reasonable valuations should be prioritized for investment [1]. Group 3: Future Outlook - If the pace and intensity of policy changes exceed expectations, a more positive stance on the real estate development sector may be warranted [1]. - Attention should be given to companies with high certainty of profit realization and those showing good operational trends at the front end [1].