房地产行业跟踪分析：地产税收支持政策快速落地，政策持续性加强

Investment Rating - The report rates the real estate industry as "Buy" [5] Core Viewpoints - The rapid implementation of real estate tax support policies indicates a strengthening of policy continuity, with significant measures announced by the Ministry of Finance, the State Administration of Taxation, and the Ministry of Housing and Urban-Rural Development [12][19] - The tax support includes reductions in deed tax, value-added tax on second-hand transactions, and land value-added tax for real estate companies, which are expected to enhance net profit margins for developers [13][14] Summary by Sections Tax Support Policies - The recent tax support policies include adjustments to deed tax rates, with the area threshold for reduced rates raised from 90 square meters to 140 square meters, benefiting both first and second home buyers [13][14] - The value-added tax for second-hand housing has been adjusted, allowing properties sold after two years to be exempt from VAT, which can save buyers 1%-2% of the transaction amount [14][31] Land Value-Added Tax - The land value-added tax is subject to a progressive tax rate, with lower rates applicable to properties with gross margins below 20%. The recent policy changes may allow for exemptions for non-standard residential projects, potentially increasing developers' net profit margins by approximately 0.5% [14][41] Investment Recommendations - Historical patterns show that tax support policies have previously coincided with market stabilization during periods of real estate relaxation. The current policy environment is expected to sustain positive market sentiment and improve fundamental performance [19][56] - It is recommended to increase holdings in companies with higher sales growth rates in response to the favorable policy environment [56]