房地产行业事件点评：三项税收政策调整落地，提高市场交易活跃度

Investment Rating - Industry investment rating: Buy (maintained) [2] Core Insights - Recent tax policy adjustments are expected to enhance market transaction activity, particularly benefiting the real estate sector [2][7] - The new tax policies aim to lower transaction costs for improved housing, especially in first-tier cities, thereby facilitating the exchange between new and second-hand properties [5][6] Summary by Sections Tax Policy Adjustments - The contract tax exemption threshold has been raised to 140 square meters, expanding the range of properties eligible for a 1% tax rate [5] - Adjustments to the value-added tax and land value increment tax policies are expected to alleviate financial pressure on real estate companies and stimulate market activity [6] Market Outlook - The recent political meeting emphasized the need to stabilize the real estate market, indicating a significant policy turning point [7] - The combination of relaxed purchase restrictions and reduced transaction costs is likely to restore market confidence and stimulate demand recovery [7] Investment Recommendations - Focus on high-quality developers with strong financing capabilities and reasonable land reserves, as well as leading second-hand housing agencies benefiting from improved transaction conditions [7]