房地产财政部发布会政策点评：财政发力、收储加快，再次强调止跌回稳

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [3][6]. Core Insights - The report emphasizes the government's commitment to stabilizing the real estate market through a series of fiscal policies aimed at boosting demand and addressing debt risks [3][6]. - It highlights the introduction of significant debt limits to replace local government hidden debts, marking the most substantial support measure for debt resolution in recent years [3][6]. - The report notes that the government is exploring various policy tools to enhance fiscal counter-cyclical adjustments, including increasing the central government's borrowing capacity and deficit limits [3][6]. Summary by Sections Macroeconomic Analysis - The government plans to implement a comprehensive set of incremental policies to support economic growth and stabilize the real estate market [3][6]. - Measures include increasing residents' income and implementing new policies to stimulate consumption and effective demand [3][6]. - The report indicates a strong governmental push for the real estate market to stabilize, aligning with previous meetings' themes [3][6]. Real Estate Sector - The report discusses the acceleration of land and property acquisition processes through special bonds and reduced financing costs [3][6]. - It mentions the government's support for local governments to utilize special bonds for acquiring idle land and existing properties, which is expected to speed up the recovery process [3][6]. - The report also addresses the optimization of tax policies, including the potential cancellation of value-added tax and land value-added tax standards for ordinary and non-ordinary residential properties [3][6]. Investment Recommendations - The report recommends several companies based on their product strength and valuation recovery potential, including: - Strong product companies: Binhai Group, Poly Developments, China Merchants Shekou, and others [3][6]. - Valuation recovery companies: Jindi Group, New Town Holdings, and others [3][6]. - Second-hand housing intermediaries: I Love My Home, Beike [3][6]. - Property management firms: China Resources Vientiane, China Merchants Jinling, and others [3][6].