央行调整房贷利率定价机制及一线城市新政解读：房贷利率机制调整超预期，沪深广松绑行政政策；看好地产板块行情延续！

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The adjustment of mortgage interest rate pricing mechanism by the central bank exceeds market expectations, and new policies in first-tier cities are interpreted positively for the real estate sector [1] - The report highlights that the recent monetary policy adjustments are expected to stimulate market confidence and potentially lead to a recovery in real estate transactions [1][6] Summary by Sections Policy Changes - On September 29, 2024, the central bank announced changes to the mortgage interest rate pricing mechanism, allowing for adjustments that will reduce interest expenses for existing mortgage holders and encourage new buyers [1][6] - Major cities like Guangzhou, Shenzhen, and Shanghai have implemented new policies to relax purchase restrictions and lower down payment ratios for first and second homes [1][3][4] Market Data - Recent high-frequency data indicates that transaction volumes in first-tier cities remain low, with significant declines in average daily transactions for new and second-hand homes compared to previous months [5] - For instance, in Beijing, the average daily transaction for new homes dropped to 196 units in September, down 38% from August [5] Investment Recommendations - The report suggests focusing on two main lines of investment: 1. Stocks expected to show significant improvement post-policy easing, such as Vanke A and Longfor Group [1] 2. Companies with targeted policies in core city layouts, including Greentown China and China Merchants Shekou [1]