房地产：12月政治局会议点评-积极有为，稳住楼市

Investment Rating - The report does not provide a specific investment rating for the real estate development and operation sector [1] - The real estate services sector is rated as neutral, maintaining a stable outlook for the market [2] Core Insights - The report emphasizes the positive developments in the real estate market, highlighting the government's commitment to stabilizing the housing market [10] - The macroeconomic policies for 2025 are expected to be more proactive, focusing on expanding domestic demand and promoting innovation [6] - The meeting on December 9, 2024, acknowledged the steady progress in the economy and the successful completion of major development goals for the year [5] Summary by Sections Economic Outlook - The report indicates that China's economic strength continues to grow, with a positive outlook for the completion of annual economic and social development goals [5] - The meeting highlighted the importance of maintaining a stable economic environment while promoting innovation and risk management [6] Policy Measures - The report notes that fiscal policies will become more aggressive, with expectations of increased deficit rates and special bond quotas for 2025 [7] - Monetary policy is expected to remain moderately loose, with potential for further interest rate cuts and reserve requirement ratio reductions to support the real estate market [9] Real Estate Market Stability - The report mentions the government's ongoing efforts to stabilize the real estate market, including measures to lift restrictions on property sales and lower mortgage rates [10] - It anticipates that upcoming policies will focus on urban village renovations and the acquisition of idle land to enhance market stability [10] Consumer Demand - The report stresses the need to boost consumer spending and improve investment efficiency as part of the broader economic strategy [11]