房地产2024年12月中央经济工作会议点评：稳住楼市股市，用力推动止跌回稳，加力城改旧改

Investment Rating - The report maintains a "Positive" rating for the real estate sector [1][3]. Core Insights - The central economic work conference emphasized the need for more proactive macro policies to stabilize the economy, particularly focusing on the real estate market to prevent further declines and stimulate demand [1][3]. - The report highlights the importance of repairing residents' balance sheets and boosting consumption as key components of the policy framework [1][3]. - The government plans to accelerate urban village and dilapidated housing renovations, which are expected to release housing demand [1][3]. Summary by Sections Macro Economic Insights - The conference called for a more active fiscal policy, including increasing the fiscal deficit ratio and issuing long-term special bonds to support key projects [6][7]. - A moderately loose monetary policy is also recommended, with potential interest rate cuts to ensure ample liquidity [6][7]. - The focus is on coordinating various policies to stabilize the economy and enhance domestic demand [6][7]. Real Estate Sector Insights - The report indicates a strong commitment to stabilizing the real estate market, with a focus on preventing further declines and supporting housing demand [1][3]. - The government aims to control new land supply while revitalizing existing land and commercial properties [1][3]. - The emphasis on urban village and dilapidated housing renovations is expected to accelerate demand recovery [1][3]. Investment Recommendations - The report recommends several companies based on their product strength and valuation recovery potential, including: - Strong product companies: Binjiang Group, China Resources Land, Poly Developments, China Overseas Development, China Merchants Shekou, and Jianfa International [1][3]. - Undervalued recovery companies: New Town Holdings, Jianfa Shares, Yuexiu Property, and Longfor Group [1][3]. - Companies benefiting from land acquisition and urban renovation: Yuexiu Property and Huafa Shares [1][3]. - Second-hand housing intermediaries: Beike and I Love My Home [1][3]. - Property management firms: China Resources Vientiane, China Merchants Jiyu, China Overseas Property, Greentown Service, and Poly Property [1][3].