房地产：中央政治局经济工作会议点评：实施更加积极有为的宏观政策，稳住楼市

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the implementation of more proactive macro policies to stabilize the real estate market, following the Central Political Bureau's meeting on December 9, which aims to maintain stability in both the real estate and stock markets [10] - The report suggests that the policies will continue to promote stabilization in the real estate market, with both supply-side optimization and demand-side stimulus expected to persist until price stabilization is achieved [10][11] - The focus of future policies will be on the effectiveness of implementation, with expectations for increased support from the central government to assist local governments in overcoming challenges related to housing and land management [12] Summary by Sections Industry Overview - The industry consists of 114 stocks with an average market capitalization of 14,490.22 billion yuan, reflecting a 1.49% increase [3][4] - The circulating market capitalization is 13,394.94 billion yuan, showing a 1.7% increase [5] - The average price-to-earnings ratio for the industry is -23.63 [6] Policy Insights - The report highlights the need for more active fiscal and monetary policies to effectively mitigate risks in key areas, with specific measures aimed at revitalizing idle land and supporting affordable housing projects [11] - It notes that the current utilization of various financial support measures is low, indicating a need for more proactive implementation [11] Investment Recommendations - The report recommends continued attention to investment opportunities within the real estate sector, as the central government shows a commitment to maintaining market stability and implementing supportive policies [12]