房地产行业快评报告：供需两端政策齐发力，关注地产链β行情

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [5]. Core Insights - The current fundamentals of the real estate industry remain at a low level, with recent policies aimed at boosting market demand and mitigating risks in the sector. Key measures include lowering the down payment ratio for second homes, reducing interest rates on new loans, and decreasing existing mortgage rates to alleviate the repayment burden on residents [1][3]. - On the supply side, the extension of two financial policy documents for real estate aims to support financing for property companies and facilitate the acquisition of existing land, which helps ease the financial pressure on these companies. Additionally, increasing the central bank's support ratio for affordable housing refinancing is expected to lower acquisition costs and promote inventory reduction in the industry [1][3]. - The report anticipates a marginal improvement in the industry's fundamentals due to these policies, with a continued focus on transaction volumes and housing price performance in the future [1]. Summary by Sections Demand-Side Policies - The reduction of existing mortgage rates is expected to benefit approximately 50 million households, impacting around 150 million people, with an estimated annual reduction in total interest payments of about 150 billion yuan [1][3]. - The unification of the minimum down payment ratio for first and second homes to 15% is projected to further stimulate housing demand, with expectations of additional reductions in down payment ratios and mortgage rates in core cities [1][3]. Supply-Side Policies - The extension of financing support policies for property companies until December 31, 2026, is crucial for cash flow recovery and risk mitigation in the industry [3]. - The optimization of affordable housing refinancing policies, including increasing the central bank's funding ratio from 60% to 100%, is designed to accelerate the inventory reduction process [3]. - Support for the acquisition of existing land by property companies is expected to alleviate cash flow pressures and enhance the utilization of existing land resources [3].