房地产行业对政治局会议的点评：利率就是最好的锚，风险资产价格回升

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, consistent with the previous rating [4]. Core Insights - The Central Bank's recent shift towards a more accommodative monetary policy, including significant interest rate cuts, is expected to positively impact risk asset prices [5]. - The report emphasizes the importance of stabilizing asset prices and accelerating the reduction of real estate companies' balance sheets through policies aimed at revitalizing idle land [5]. - The report highlights that the current actual interest rates are high, which has increased the required return on assets, but the recent policy changes are likely to lower these return requirements, benefiting risk assets [5]. - The report suggests that the real estate companies' balance sheets have returned to levels similar to those in 2019, indicating a lag in the adjustment of property prices [5]. - The report identifies that the stabilization of prices is crucial for improving market expectations, rather than merely focusing on sales volume [5]. Summary by Related Sections Policy Implications - The report outlines key policy measures from the Central Political Bureau meeting, including strong interest rate cuts and support for revitalizing idle land, which are expected to stabilize asset prices and accelerate the reduction of real estate companies' liabilities [5]. Company Performance Forecasts - The report provides earnings forecasts for key companies in the sector, with all listed companies receiving an "Overweight" rating: - Vanke A: 2023A EPS of 1.02, 2024E EPS of 0.74, PE of 9.4 [6] - Poly Developments: 2023A EPS of 1.01, 2024E EPS of 0.95, PE of 8.5 [6] - China Merchants Shekou: 2023A EPS of 0.70, 2024E EPS of 0.79, PE of 12.2 [6] - China New Group: 2023A EPS of 0.91, 2024E EPS of 0.92, PE of 7.1 [6] - Binjiang Group: 2023A EPS of 0.81, 2024E EPS of 0.98, PE of 8.9 [6]