房地产税收政策调整点评：三项税收政策优化，惠及居民和企业，促进购房置换链条

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [2][3]. Core Insights - The report highlights three tax policy optimizations aimed at benefiting both residents and enterprises, which are expected to stimulate the housing market and promote property transactions [2][3]. - Key tax adjustments include reductions in deed tax rates for first and second homes, exemptions from value-added tax (VAT) for properties sold after two years in certain cities, and continued exemptions from land value-added tax for specific residential constructions [2][3][4]. - The report emphasizes that these policies are designed to alleviate the financial burden on homebuyers and reduce transaction costs, thereby encouraging market stability and recovery [2][3]. Summary by Sections Tax Policy Adjustments - The new deed tax rates are set at 1% for first-time buyers of homes up to 140 square meters and 1.5% for larger homes. For second homes, the rates are 1% for homes up to 140 square meters and 2% for larger ones [2][3][4]. - In cities that have canceled the distinction between ordinary and non-ordinary residential properties, individuals selling homes after two years will be exempt from VAT [3][4]. - The land value-added tax will continue to be exempt for residential properties with a value increase not exceeding 20% of the deductible project amount [4][5]. Market Outlook - The report notes that the current policy direction focuses on repairing household balance sheets and emphasizes the need for market stabilization, which is expected to lead to further supportive measures [2][3]. - The report identifies key signals indicating a potential bottoming out of the real estate market, including mortgage burden ratios and rental yield rates [2][3]. - Recommended companies for investment include those with strong product offerings and undervalued stocks, as well as firms benefiting from land acquisition and urban renewal policies [2][3][6].