9月政治局会议地产表态解读：促进行业止跌回稳，推动构建行业新模式

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating that the overall valuation is low and supply-side reforms are expected to drive a new equilibrium, enhancing the competitiveness of quality companies [3][8]. Core Insights - The Central Committee of the Communist Party of China emphasized the need to stabilize the real estate market, control new construction, optimize existing stock, improve quality, and increase loans for 'whitelist' projects [3][5]. - The meeting highlighted the importance of activating idle land and adjusting housing purchase restrictions, which is expected to stimulate effective demand and lead to market recovery [3][5]. - The report anticipates that the funding situation for the industry will improve in the fourth quarter due to supportive policies aimed at stabilizing demand and reducing inventory [3][8]. Summary by Sections - Market Stabilization: The central government is committed to stabilizing the real estate market, with expectations for more policies to stabilize demand, reduce inventory, and optimize supply [3][5]. - Construction Control: Emphasis on controlling new construction and optimizing existing stock suggests a balanced approach to land supply and market demand [3][5]. - Idle Land Activation: Support for activating idle land through various financial mechanisms is expected to help developers manage their assets effectively [3][5]. - Housing Policy Adjustments: Adjustments to housing purchase restrictions and lowering existing mortgage rates are anticipated to stimulate demand, particularly in key cities [3][5]. - New Development Model: The report suggests that further reforms in land sale systems, tax incentives, and relaxed credit controls will accelerate market recovery [3][5].