房地产行业研究：强调“稳住楼市股市”，期待后续政策加码空间

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Viewpoints - The recent meeting of the Central Political Bureau emphasized the implementation of more proactive macro policies to expand domestic demand and stabilize the real estate and stock markets, reflecting a stronger commitment to economic stability compared to previous periods [1] - The shift towards a more accommodative monetary policy is noted, with expectations for further easing in 2025, marking a significant change in stance since 2011 [1] - High-frequency data indicates that recent policies have begun to take effect, with significant year-on-year increases in new and second-hand housing sales in key cities [1] - The report anticipates further policy measures to stabilize the real estate market, particularly in response to ongoing downward pressure on housing prices in some cities [1] Summary by Sections Industry Commentary - The meeting highlighted the need for a combination of fiscal and monetary policies to stimulate consumption and investment, aiming for a sustained economic recovery [1] - The real estate market has shown signs of recovery, with new housing sales in December reaching 3.845 million square meters, a year-on-year increase of 12.3% [1] - The report suggests that the recent tax and fee reduction policies have positively influenced homebuyer sentiment, potentially leading to continued growth in the market [1] Investment Recommendations - The report recommends focusing on real estate companies with strong operational capabilities and sensitivity to policy changes, particularly those active in first-tier and core second-tier cities [1] - Specific companies highlighted for investment include Greentown China, China Merchants Shekou, and Binjiang Group, which are expected to benefit from the favorable policy environment [1] - The report also suggests monitoring property management companies and local government financing vehicles that may benefit from the easing of local debts [1]