房地产：支持地产税收政策正式落地

Investment Rating - The industry investment rating is "Strongly Outperform the Market" [4] Core Viewpoints - The new tax policies announced on November 13 aim to support the stable and healthy development of the real estate market, focusing on three main tax types: deed tax, value-added tax, and land value-added tax [1][6] - The adjustments in deed tax will lower the cost for homebuyers, particularly in first-tier cities, which is expected to stimulate demand for both new and second-hand homes [2][5] - The changes in value-added tax and land value-added tax are designed to reduce transaction costs for sellers and alleviate liquidity risks for developers, respectively [3][6] Summary by Sections Tax Policy Adjustments - The deed tax for purchasing new or second-hand homes has been optimized, with the threshold for lower rates raised from 90 square meters to 140 square meters for first-time buyers in first-tier cities [2] - The value-added tax exemption for second-hand homes has been expanded, allowing sellers of non-standard residential properties to be exempt from VAT if they have owned the property for more than two years [3] - The land value-added tax prepayment rate has been uniformly reduced by 0.5 percentage points across different regions, benefiting developers by improving liquidity [3] Investment Recommendations - The report suggests monitoring the implementation of these tax policies and their impact on the real estate market, with a focus on companies that may benefit from these changes, such as JinDi Group and Xincheng Holdings [4] - It is anticipated that the stabilization of second-hand housing prices and the gradual recovery of demand will lead to a positive cycle in sales and supply chain liquidity [4]