房地产行业专题研究：政策加码助力持仓提升，龙头标的获增持

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the real estate sector [4]. Core Insights - As of October 27, 2024, the total market value of real estate sector funds reached 42.92 billion, a quarter-on-quarter increase of 74.5%. The heavy holding ratio is 1.36%, which is still underweight by 0.14 percentage points compared to the industry standard, but has narrowed from a 0.37 percentage point underweight in Q2 2024 [2][5][8]. - The report suggests focusing on undervalued leading real estate companies and property management firms with core competitiveness, as policy support is gradually being implemented and the supply-demand structure in the industry is improving [2][25]. Summary by Sections Industry Overview - The heavy holding ratio of the real estate sector has increased quarter-on-quarter, with a notable rise in the proportion of real estate development holdings, which reached 1.25%, up by 0.44 percentage points, while the real estate services sector remained stable at 0.11% [5][12]. Sector Analysis - The top five heavy holdings in the real estate development sector as of October 27, 2024, are Poly Developments (10.346 billion), China Merchants Shekou (6.923 billion), Vanke A (3.961 billion), Binjiang Group (2.743 billion), and China Overseas Development (1.988 billion) [13][16]. Fund Flows - Northbound funds have shown a preference for companies such as I Love My Home (+1.09 percentage points) and Huaxia Happiness (+0.88 percentage points), while southbound funds have significantly increased their holdings in Hong Kong stocks like Yuexiu Property (+1.78 percentage points) and Country Garden Services (+1.27 percentage points) [21][23]. Investment Recommendations - The report recommends focusing on leading real estate companies in first-tier and core second-tier cities that emphasize improvement products and have sustainable land acquisition capabilities. It also highlights the importance of property intermediary platforms and property management companies with scale advantages and operational efficiency [25].