房地产：926政治局会议政策解读-加大财政货币力度，首提房地产止跌回稳，强调要回应群众关切

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [3]. Core Insights - The recent meeting of the Political Bureau emphasized the need to enhance fiscal and monetary policy to stabilize the real estate market, marking the first mention of promoting a recovery in the sector [3][5]. - The government aims to address public concerns by adjusting housing purchase restrictions and lowering existing mortgage rates, which is expected to improve the asset-liability situation for residents [3][5]. - The report highlights a shift in policy focus from supply-side measures to demand-side strategies, aiming to repair residents' balance sheets and stimulate housing demand [3][5]. Summary by Sections Macroeconomic Analysis - The meeting acknowledged new challenges in the economy and stressed the importance of proactive measures to enhance policy effectiveness and achieve economic goals [5]. - Emphasis was placed on combining consumption promotion with improving living standards, particularly for low- and middle-income groups [3][5]. Real Estate Sector - The government recognizes the current state of the real estate market, where prices have significantly declined, and aims to stabilize asset prices to improve residents' financial health [3][5]. - Policies will include strict control over new construction, optimization of existing inventory, and increased support for revitalizing idle land [3][5]. - The report anticipates further easing of housing purchase restrictions in major cities and a potential reduction in mortgage rates by 0.5 percentage points [3][5]. Investment Recommendations - The report suggests that the recent policy shifts will likely lead to a recovery in real estate demand, with key indicators showing signs of bottoming out [3]. - Recommended companies include: - A-shares: Binhai Group, China Merchants Shekou, Poly Developments, Huafa Group, Jianfa Group, Jindi Group, New Town Holdings - H-shares: China Resources Land, Jianfa International, China Overseas Development, Yuexiu Property, Longfor Group - Additionally, the report maintains a "Look Good" rating for property management companies, recommending: China Resources Mixc, China Merchants Jinling, Greentown Management, Poly Property, and China Overseas Property [3].