房地产行业：“24924”政策超预期出台，政府稳价格意愿加强

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The "24924" policy was unexpectedly introduced, indicating the government's strong intention to stabilize real estate prices. The new policy includes measures to boost both supply and demand, such as lowering the LPR by 20-25 basis points and reducing the minimum down payment for second homes from 25% to 15% [2][8] - From 2022 to 2024, the government's willingness to stabilize prices has increased, with significant policy measures introduced during traditional peak seasons to stimulate demand. Current down payment and interest rate policies are at historical lows, reflecting a strong intent to stabilize property prices [2][10] - The recent interest rate cuts by the Federal Reserve have opened up monetary policy space for China, allowing for further reductions in down payment and interest rates, thereby lowering the burden on homebuyers [3][11] - The central bank has increased the support ratio for guaranteed housing re-loans from 60% to 100%, which, despite a potential reduction in total funds from 500 billion to 300 billion, may lower banks' yield requirements and accelerate the actual deployment of funds [21][22] - The "24924" policy reflects the government's strong intent to stabilize property prices, with expectations for continued supportive measures. The current valuation of the real estate sector remains at historical lows, and stable policy outputs combined with liquidity injections are likely to enhance the probability of price stabilization [24][25] Summary by Sections Policy Measures - The "24924" policy includes a combination of measures aimed at stabilizing the real estate market, such as lowering the LPR and adjusting down payment requirements [2][8] - The central bank's recent actions, including a 50 basis point cut in the reserve requirement ratio, are expected to release approximately 3 trillion yuan in long-term funds throughout the year [14][15] Market Conditions - The current interest rates for first and second home loans are at historical lows, with the first home loan rate at 3.29% and the second at 3.70% [14][15] - The government's ongoing commitment to stabilizing property prices is evident through the introduction of policies that enhance liquidity in the real estate sector [20][24] Investment Recommendations - The report recommends focusing on real estate sector investment opportunities, particularly given the current low valuations and expected policy support [25][26]