房地产行业动态跟踪：政治局会议定调，促进房地产市场止跌回稳

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The Central Political Bureau's meeting on September 26 signals a focus on stabilizing the real estate market, with multiple policies aimed at stabilizing housing prices, lowering interest rates, relaxing purchase restrictions, managing risks, activating land use, and ensuring quality housing [2][3] - The meeting emphasizes the importance of the real estate sector as a key component of the national economy and its influence on various upstream and downstream industries, as well as residents' future expectations [3] - The reiteration of policies to lower the deposit reserve ratio and implement significant interest rate cuts is expected to enhance liquidity in the banking system and reduce borrowing costs for residents [4] - Adjustments to housing purchase restrictions are anticipated, particularly in first-tier cities, which may further stimulate demand and promote new urbanization [5] - The focus on increasing loan support for "white list" projects and revitalizing idle land is aimed at improving cash flow for real estate companies and facilitating effective land resource allocation [6] Summary by Sections - Policy Measures: The meeting outlined measures to stabilize housing prices, lower interest rates, relax purchase restrictions, manage risks, activate land use, and ensure quality housing [2][3] - Market Impact: Following the meeting, the Shanghai and Shenzhen 300 Index rose by 4.23%, and the Tonghuashun Real Estate Index increased by 7.45%, indicating market confidence in the policy measures [2] - Interest Rate Policies: The meeting's emphasis on lowering mortgage rates is expected to reduce housing costs for residents and improve the supply-demand relationship in the second-hand housing market [4] - Housing Purchase Restrictions: The potential easing of purchase restrictions in major cities is likely to release pent-up demand and support the new urbanization process [5] - Support for Real Estate Companies: Increased loan support for "white list" projects and revitalization of idle land are expected to alleviate financial pressures on real estate companies [6] - Investment Recommendations: The report suggests focusing on companies that are likely to benefit from the easing policies, including those that have high land acquisition rates and improved sales expectations [11]