房地产行业深度研究报告：存量房“收储”逐步落地，房地产去库存加速

Investment Rating - The report maintains a positive outlook on the real estate industry, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [67]. Core Insights - The central government has prioritized the "stock housing acquisition" policy to accelerate the digestion of existing housing inventory, with over 50 cities supporting state-owned enterprises in this initiative [5][9]. - The acquisition model involves two main approaches: state-owned enterprises acquiring unsold new homes and purchasing old homes from residents, with funding sources including self-raised funds, special bonds, and government loans [10][11]. - Local governments are actively implementing the stock housing acquisition policy, with many cities issuing announcements to collect housing sources, focusing on specific requirements such as location, property type, and area [14][15]. - Case studies highlight successful implementations in cities like Zhengzhou and Jinan, where significant numbers of housing units have been acquired for affordable housing purposes [34][45]. Summary by Sections 1. Stock Housing Acquisition - The central government has emphasized the importance of stock housing acquisition to alleviate cash flow pressures on developers and increase the supply of affordable housing [5][9]. 2. Government Acquisition Models and Funding Sources - The acquisition involves two models: state-owned enterprises acquiring unsold new homes and purchasing old homes from residents, with funding from various sources including self-raised funds and government loans [10][11]. 3. Acceleration of Local Government Acquisition - Local governments are rapidly advancing the stock housing acquisition policy, with many cities issuing announcements to collect housing sources, focusing on specific requirements such as location and property type [14][15]. 4. Case Studies of Local Government Acquisition - Zhengzhou leads in acquisition scale, with significant projects aimed at providing affordable housing, while Jinan has also made notable progress in acquiring housing units for rental purposes [34][45]. 5. Challenges in Stock Housing Acquisition - The acquisition faces challenges such as balancing returns, large capital occupation, and a potential mismatch between supply and demand for eligible housing units [58][59][61]. 6. Investment Recommendations - The report suggests monitoring local state-owned enterprises and developers as policies evolve, with expectations for expanded city coverage and government support [64].