房地产行业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 a positive outlook compared to the market performance [1]. Core Insights - The Central Political Bureau meeting on September 26 emphasized the need to stabilize the real estate market, control new construction, optimize existing stock, and improve quality. It also highlighted the importance of increasing loan support for "white list" projects and revitalizing idle land [1][2]. - The meeting did not mention the "housing is for living, not for speculation" policy, suggesting a shift towards stabilizing the market. The report anticipates more supportive policies for demand stabilization, inventory reduction, and supply optimization [1][2]. - The report predicts that the easing of housing purchase restrictions in key cities will stimulate effective demand and lead to a recovery in the housing market [1][2]. Summary by Sections Policy Insights - The meeting called for enhanced fiscal and monetary policies to support economic stability, including lowering interest rates and promoting real estate market recovery [2]. - It was noted that the government would support the acquisition of developers' idle land through various financial instruments, which is expected to alleviate developers' asset liquidation challenges [1][2]. Market Outlook - The report suggests that the overall valuation of the real estate sector is currently low, and with ongoing supply-side reforms, industry data is expected to accelerate towards a new equilibrium [1]. - The report identifies quality companies in the sector that are likely to benefit from the favorable policies, including major developers and property management firms [1]. Investment Recommendations - The report recommends focusing on high-quality blue-chip companies within the real estate sector, including developers and property management firms, as they are expected to outperform the market [1].