房地产行业点评研究：中央定调转向，部委及地方快速响应

Investment Rating - The investment rating for the real estate sector is "Outperform the Market" (maintained) [7]. Core Insights - On September 29, the central bank implemented a series of policies including lowering existing mortgage rates, reducing the minimum down payment for second homes, and increasing the proportion of re-loans for affordable housing [7][4]. - The rapid response from various departments and local governments to these policies is expected to improve market expectations and stabilize the market [7][4]. Summary by Sections Policy Adjustments - The central bank's adjustments include allowing changes to mortgage rates based on LPR and removing the one-year minimum repricing cycle for mortgages [7]. - The minimum down payment for second homes has been reduced to 15%, and the re-loan proportion for affordable housing has been increased from 60% to 100% [7][4]. Market Impact - The combination of policies is anticipated to positively affect the supply-demand structure in the real estate market, promoting stabilization [7]. - Major cities like Shanghai, Guangzhou, and Shenzhen have also made significant policy adjustments, including the cancellation of purchase restrictions in Guangzhou and the reduction of down payment ratios in Shanghai and Shenzhen [7][4]. Investment Recommendations - The report suggests focusing on key first-tier and core second-tier cities, emphasizing products that cater to improvement needs and companies with sustainable land acquisition capabilities [7]. - It also highlights the potential benefits for real estate mergers and acquisitions due to the favorable policies being implemented [7].