首提房地产止跌回稳，稳房价预期提升

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the real estate sector [7][8]. Core Insights - The central government emphasizes the need to stabilize the real estate market, with a focus on controlling new construction, optimizing existing inventory, and improving quality. This includes increasing loan support for "white list" projects and addressing public concerns by adjusting housing purchase restrictions and lowering existing mortgage rates [4][12]. - The report highlights that the real estate market has been in a continuous decline for 15 months, with the first mention of stabilizing the market by the central government, indicating a significant shift in policy focus [12]. - Future policies are expected to include measures to stabilize housing prices, optimize restrictions, lower purchasing costs, and stimulate demand [12]. Summary by Sections Policy Focus - The central government has called for strict control over new housing projects while optimizing existing stock and improving quality, which is expected to positively impact the supply-demand relationship in the market [12]. - The People's Bank of China has increased the support ratio for a 300 billion yuan affordable housing re-loan program from 60% to 100%, aiming to alleviate financial pressures on real estate companies [12]. Housing Purchase Policies - The report anticipates adjustments to housing purchase restrictions, including lowering requirements and reducing related taxes, which could enhance purchasing demand [12]. - The central bank's proposal to lower existing mortgage rates is expected to reduce housing holding costs and alleviate pressure on the secondary housing market [12]. Investment Recommendations - The report suggests focusing on real estate companies with strong land acquisition capabilities in first-tier and core second-tier cities, particularly those offering improvement-oriented products [4][12]. - It also recommends monitoring real estate intermediary platforms that are likely to benefit from increased activity in both the primary and secondary housing markets [12].