房地产行业快评报告：政策稳步推进落地，推动行业筑底回稳

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [5]. Core Viewpoints - The report highlights that the Chinese real estate market is beginning to stabilize after three years of adjustment, supported by a series of policies aimed at promoting market recovery. It is anticipated that further supportive policies will continue to be implemented to help the industry stabilize [1][3]. - The report emphasizes the importance of monitoring changes in housing prices and market transactions, suggesting a focus on fundamentally sound stocks and those expected to recover from difficulties in the current market environment [1]. - The report notes that as of October 16, 2024, loans approved for "white list" real estate projects reached 2.23 trillion yuan, with expectations for this amount to exceed 4 trillion yuan by the end of the year [1]. Summary by Sections Policy Support - The report discusses the establishment of a financing coordination mechanism for urban real estate, which includes all compliant real estate projects in the "white list." This aims to ensure that all housing project loans are included and that banks provide necessary funding [1][3]. - It mentions that the demand for the renovation of dilapidated housing is significant, with an estimated need for 297 million units across various cities, indicating a large market opportunity for related services and products [1]. Market Recovery Efforts - The report outlines ongoing efforts to ensure housing delivery, with 2.46 million units already delivered. Future efforts will focus on progress tracking, quality assurance, and coordination among different governmental levels to address challenges [3]. - It highlights that local governments have the autonomy to decide on the use of special bonds for purchasing existing housing for affordable housing projects, which is expected to further stimulate market activity [3].