房地产：多部门联合发声，“组合拳”加速落地

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - A policy "combination" has been introduced to stabilize the real estate market, with a focus on the renovation of 1 million urban villages and dilapidated houses, supported by various financial mechanisms [3][4] - The credit scale for "white list" projects will be expanded to 4 trillion yuan by the end of the year, ensuring reasonable financing needs are met [4] - A comprehensive financial policy package has been announced, including a reduction in existing mortgage rates and adjustments to down payment requirements, aimed at promoting housing market recovery [5][6] Summary by Sections Policy Initiatives - The government plans to renovate 1 million urban villages and dilapidated houses, with a total of 170 million units awaiting renovation across 35 major cities [3] - The financing mechanism for these projects includes special loans from policy banks, local government bonds, and tax incentives [3] Financing and Credit - The "white list" for credit projects will increase to 4 trillion yuan, with 5,392 projects already approved for nearly 1.4 trillion yuan in financing [4] - The aim is to ensure that all qualified projects receive necessary funding to support housing delivery [4] Market Recovery Measures - A set of financial policies has been introduced, including lowering existing mortgage rates and standardizing down payment ratios to 15% [5] - The implementation of these policies is expected to be completed by the end of October, with a focus on promoting urbanization and releasing potential demand [5][6] Investment Recommendations - Investors are advised to pay attention to upcoming policy details from the National People's Congress in November [6] - Specific companies to watch include those in recovery phases and leading firms in the industry, such as China Merchants Shekou, Greentown China, and Poly Developments [6]