房地产行业快评报告：政策组合继续发力，助力行业止跌回稳

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the real estate industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [5]. Core Viewpoints - The real estate industry is currently under pressure, but recent policies from the State Council aim to support recovery by addressing supply and demand dynamics. The policies include measures for inventory reduction and tax optimization, with expectations for continued supportive policies to stabilize the market [1][3]. - The report highlights that while the fundamentals in first-tier cities are improving, ongoing attention is needed to ensure sustainability. It suggests focusing on companies with stable fundamentals and those with potential for turnaround under market recovery expectations [1][3]. - Specific measures discussed include allowing special bonds for land reserves, increasing funding sources for acquiring unsold properties, and optimizing the supply of affordable housing. These initiatives are expected to alleviate liquidity pressures for local governments and real estate companies [1][3]. Summary by Sections Policy Support - The report emphasizes the continuation of policy support as outlined in the September Politburo meeting, which aims to control new developments, optimize existing stock, and improve quality. Specific actions include using special bonds for land acquisition and providing conditional loan support for market-driven acquisitions of land by enterprises [1][3]. Tax Policy Optimization - The report notes that the Ministry of Finance is working on optimizing tax policies related to real estate, including adjustments to value-added tax and land value-added tax. These changes are intended to reduce costs for real estate companies and buyers, thereby promoting a stable and healthy market [3]. Market Outlook - The report suggests that the real estate market is expected to stabilize with the implementation of these policies, although it cautions that the actual execution of these measures may face challenges related to pricing and scope [3].