房地产：财政发力对地产有哪些影响？

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report emphasizes that continuous fiscal efforts are stabilizing the real estate industry, with new policies aimed at addressing liquidity risks and optimizing supply and demand [11][24] - The introduction of special bonds for the acquisition of existing homes and land is a significant policy shift, aimed at reducing structural liquidity risks and promoting inventory digestion [5][41] - The report highlights the rising proportion of existing home inventory among real estate companies, indicating an urgent need for inventory management [4][29] Summary by Sections 1. Fiscal Policies Targeting Real Estate - Continuous fiscal efforts are aiding the stabilization of the real estate sector, with new rounds of storage policies focusing on funding sources and storage entities [12] - The disposal of existing land is being relaxed, with special bonds now allowed for land acquisition, expanding the scope of land reserves [15][19] - The recognition of ordinary residential properties is shifting from relaxation to cancellation, with tax reductions on land and property transactions being implemented [22] 2. Addressing Risks, Optimizing Supply, and Promoting Demand - The current fiscal tools are categorized into three areas: risk mitigation, supply optimization, and demand stimulation [24] - Special bonds are permitted for land reserves, which helps optimize the land market and alleviate liquidity pressures on local governments and developers [24] - Support for the acquisition of existing homes aims to enhance the supply of affordable housing while addressing high inventory levels [24][26] 3. Investment Recommendations - The report suggests focusing on three main lines: turnaround companies like China Vanke and New Town Holdings; leading companies maintaining land acquisition intensity such as China Merchants Shekou and Poly Developments; and stable local state-owned enterprises like Pudong Jinqiao and Waigaoqiao [5][41]