房地产：政治局会议信号积极，稳楼市政策加速落实

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The Central Political Bureau's meeting on December 9, 2024, emphasized the implementation of more proactive macro policies, including a stable real estate market and risk prevention [2][5] - The adjustment of monetary policy to "moderately loose" is expected to create a favorable environment for further reductions in reserve requirements and interest rates [3][6] - The meeting indicated a commitment to accelerate the implementation of existing fiscal policies related to the real estate sector, suggesting potential for new fiscal measures [4][6] Summary by Sections Policy Signals - The meeting highlighted the need to stabilize the real estate market and prevent risks, continuing the direction set in previous meetings [5][6] - The focus on "stabilizing the real estate market" reflects a strong commitment to reversing the current downturn in the sector [5] Monetary and Fiscal Policies - The shift to a "moderately loose" monetary policy is a significant change after 14 years, allowing for potential reductions in the reserve requirement ratio and interest rates [3] - The introduction of more aggressive fiscal policies since September 2024 aims to restore market confidence and stabilize the real estate sector [4] Investment Recommendations - The report suggests focusing on companies that are reversing their difficulties, such as Gemdale Corporation and New Town Holdings, as well as leading firms maintaining land acquisition intensity like China Merchants Shekou and Poly Developments [6]