房地产行业快评报告：政治局会议加强政策预期，地产链行情有望延续

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [3]. Core Insights - The real estate industry is currently under pressure, but recent government policies are expected to support recovery across multiple dimensions, including supply and demand [1][3]. - The Politburo meeting on September 26 emphasized the need to stabilize the real estate market and proposed measures such as lowering the reserve requirement ratio and implementing significant interest rate cuts to stimulate market demand [1]. - The report anticipates marginal improvements in the industry's fundamentals due to these policies, with a focus on monitoring transaction volumes and housing prices [1]. Summary by Sections Policy Measures - The report highlights five key policies released by the State Council to support the real estate sector, including controlling new construction, optimizing existing stock, and increasing loan support for "white list" projects [1]. - The meeting also addressed the need to adjust housing purchase restrictions and lower existing mortgage rates to boost consumer confidence [1]. Market Outlook - Short-term recommendations suggest focusing on the beta performance of the real estate supply chain, as policies are expected to drive market activity [1]. - The report notes that while industry indicators remain weak, ongoing policy support is crucial for recovery [1]. Long-term Perspective - The report emphasizes the importance of continuous improvement in the regulatory framework for the real estate industry to foster a new development model [1].