房地产行业政治局会议点评：更积极的表述，更积极的政策

Investment Rating - The report maintains a neutral investment rating for the real estate sector [6]. Core Insights - The recent Politburo meeting emphasized the need for more proactive macro policies to stabilize the real estate and stock markets, indicating a shift towards a more aggressive fiscal and monetary policy stance [1][2]. - The combination of monetary and fiscal policies is expected to improve household balance sheets and confidence, which is crucial for the stabilization of the real estate market [3][4]. - Current conditions show a foundation for stabilization, with average price adjustments in overseas markets around 30% during downturns, suggesting that the Chinese market is also positioned for recovery [4]. Summary by Sections Policy Changes - The monetary policy has shifted from "stable" to "moderately loose," and fiscal policy has moved from "active" to "more active," marking a significant change since 2011 [3]. - The new policy framework indicates a strong commitment to enhancing policy tools and implementing counter-cyclical measures [1][3]. Market Conditions - The report highlights that the loosening of real estate restrictions has been more pronounced than in previous cycles, leading to a temporary recovery in the market fundamentals [3]. - The average adjustment in new home sales in major overseas economies is around 44%, indicating that the Chinese market is also at a low point [4]. Investment Opportunities - The report suggests that the proactive statements from the Politburo regarding stabilizing the real estate market present potential investment opportunities in the sector [4].