房地产行业跟踪分析：城改货币化安置推进，需求端发力拉动销售

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The five ministries proposed a plan for 1 million sets of monetized resettlement for urban village and dilapidated housing renovation, with a total of 220 million sets needing renovation across the country [2][14] - The average compensation price for each set of urban village renovation is estimated to be around 2 million yuan, leading to a potential total investment of 2 trillion yuan for the 1 million sets [2][14] - The commodity housing market is expected to see increased sales elasticity due to the anticipated monetized resettlement funds, which could significantly boost sales in core cities [2][8] - Financing coordination mechanisms and the optimization of development loans are expected to enhance fund efficiency for real estate companies [2][8] - The new policies are seen as a significant improvement over previous expectations, with the potential to stabilize the real estate market and support the revaluation of real estate companies [2][8] Summary by Sections Section 1: Policy Developments - The recent press conference highlighted two major initiatives: the addition of 1 million sets of urban village and dilapidated housing renovations and an increase in the credit scale for "white list" projects to 4 trillion yuan [6][12] Section 2: Market Dynamics - The urban village renovation is expected to have a higher investment per unit compared to previous housing projects, with the average renovation cost for urban villages estimated significantly higher than that of shantytown renovations [2][17] - The average housing price in the 35 core cities is approximately 22,000 yuan per square meter, which is expected to drive the demand for housing sales [26][28] Section 3: Financial Implications - The financing support for real estate companies is expected to improve, with policies allowing for the early disbursement of development loans and increased investment from financial institutions [2][8] - The anticipated monetized resettlement funds are projected to exceed 1 trillion yuan over the next two years, significantly impacting local market sales [2][8]