房地产行业：助力去库存，强调减增量

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [1][3]. Core Insights - The report emphasizes the collaboration of fiscal policies to stabilize the real estate market, with a focus on reducing new supply and addressing bottlenecks in government land storage policies [1][4][5]. - The Ministry of Finance plans to utilize special bonds and funds to support local governments in managing existing housing stock and reducing new construction [4][5]. - The report highlights the positive impact of tax support measures on the real estate sector, particularly in reducing tax burdens for residential properties [6]. Summary by Relevant Sections Investment Recommendations - Key recommended stocks include: - Chengdu Investment Holdings (600649 CH) with a target price of 5.36 and a "Buy" rating - Binjiang Group (002244 CH) with a target price of 10.80 and a "Buy" rating - China Merchants Shekou (001979 CH) with a target price of 11.22 and a "Buy" rating - Jianfa Holdings (600153 CH) with a target price of 9.82 and a "Buy" rating - Other recommended stocks include: Jianfa International Group (1908 HK), Yuexiu Property (123 HK), China Resources Land (1109 HK), China Overseas Development (688 HK), Greentown Service (2869 HK), Poly Property (6049 HK), China Overseas Property (2669 HK), and Binjiang Service (3316 HK), all with "Buy" ratings [3][7]. Market Dynamics - The report notes that the fiscal policy measures are expected to alleviate funding pressures for local governments, enhancing their willingness to engage in land storage [4][5]. - The report also discusses the ongoing challenges in matching prices and housing sources during the storage process, which may hinder progress [4]. Tax Support Measures - The report indicates that the Ministry of Finance is working on tax policies that will benefit both residential and commercial property sectors, potentially reducing the tax burden on developers [6].