房地产行业点评研究：地方化债、地产去库，财政增量政策提信心

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook compared to the broader market [6]. Core Insights - The Ministry of Finance announced a comprehensive policy package aimed at supporting local governments in resolving debt risks and stabilizing the real estate market. This includes increasing debt quotas and utilizing special bonds to alleviate hidden debts, which is expected to benefit urban investment real estate companies [3][6]. - The report highlights three key areas of real estate policy: 1. Special bonds can be used for land reserves, benefiting strong credit real estate companies first. 2. Support for using special bonds to acquire existing homes for affordable housing. 3. Optimizing tax policies to reduce home purchase costs and promote stable market development [3][6]. Summary by Sections Industry Events - On October 12, the Ministry of Finance announced measures to support local governments in addressing hidden debt risks, including a significant increase in debt quotas and the use of special bonds to stabilize the real estate market. This is expected to alleviate financial pressure on urban investment real estate companies and boost market confidence [6]. - The report notes that since the beginning of 2024, 1.2 trillion yuan has been allocated to support local governments in resolving hidden debts and settling overdue payments to enterprises. This is anticipated to reduce financial pressure on urban investment real estate companies and enhance their ability to develop economically [6]. - The report emphasizes the importance of focusing on first-tier and core second-tier cities, particularly companies with strong land acquisition capabilities and competitive real estate brokerage platforms [3][6]. Investment Recommendations - The report suggests that the recent policies from the Ministry of Finance and the central bank are expected to have a positive impact on market confidence and stability. It recommends focusing on companies that are well-positioned to benefit from these policies, particularly those in first-tier and core second-tier cities, and those with strong credit ratings and land reserves [6].