对房地产市场税收政策调整的点评：决心彰显，税收政策如期落地

Investment Rating - The report assigns an "Overweight" rating to the real estate sector [2]. Core Insights - The recent tax policy adjustments by the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development are aimed at stabilizing the real estate market, reflecting a strong commitment to halt the decline [3][4]. - Key measures include increasing the housing transaction tax exemption area from 90 square meters to 140 square meters, and a unified reduction of the land value-added tax pre-collection rate by 0.5 percentage points [4]. - The adjustments are expected to lower purchasing and transaction costs, thereby stimulating demand and boosting real estate sales [4]. - The report emphasizes the importance of the policy's timing and frequency, indicating a proactive approach to market stabilization [4]. Summary by Sections Tax Policy Adjustments - The report highlights the introduction of several tax incentives for the real estate market, including adjustments to deed tax, value-added tax, and land value-added tax [3][4]. - The new policies are designed to effectively reduce costs for homebuyers, particularly benefiting those purchasing second homes in first-tier cities [4]. Market Outlook - The report anticipates that asset consolidation and restructuring will become focal points in the near future, with a potential acceleration in domestic debt restructuring [4]. - It notes that the current demographic cycle will influence the industry, with resource integration expected to be a mainstream trend [4]. Company Performance Forecasts - The report provides earnings forecasts for key companies in the sector, with all listed companies receiving an "Overweight" rating based on their projected performance [6].