房地产行业事件点评：构建发展新模式，强化因城施策

Investment Rating - The industry investment rating is "Overweight" [2][7]. Core Insights - The overall tone of "risk prevention" remains unchanged, with policies expected to be implemented more rapidly to mitigate risks in the real estate sector and local government debt [4]. - A new housing system combining rental and purchase is being established, indicating a shift in the industry's development model to meet the rigid housing needs of the working class [5]. - Cities will have increased autonomy in regulating the real estate market, with reforms in tax and pre-sale systems being a long-term direction [6]. - The recent Third Plenary Session has set the direction for the medium to long-term development model and institutional reforms in the real estate industry, focusing on product quality and reducing reliance on high-leverage models [7]. Summary by Sections Industry Performance - The report notes a relative performance of -2% over one month, +1% over three months, and -25% over twelve months compared to the CSI 300 index [1]. Policy and Regulation - The emphasis on risk prevention will lead to more policies aimed at stabilizing both supply and demand in the real estate market [4]. - The establishment of a dual-track housing system will focus on both commercial and affordable housing to cater to different resident needs [5]. - Local governments will have more power to adjust housing purchase restrictions, which may stimulate demand in first and core second-tier cities [6]. Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and good land reserves in core cities, maintaining an "Overweight" rating for the industry [7].