房地产中央经济工作会议点评：宏观政策更加积极有为，持续用力推动房地产市场止跌回稳

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 also rated as neutral, indicating a maintenance of the current stance [2] Core Insights - The macroeconomic policies are becoming more proactive, aiming to stabilize the real estate market and prevent further declines [2][6] - The Central Economic Work Conference highlighted the importance of expanding domestic demand and promoting innovation in technology and industry [6][10] - The report emphasizes the need for a more active fiscal policy, including increasing the fiscal deficit ratio and issuing special bonds [9] - There is a strong focus on stabilizing the real estate market, with measures to support housing demand and manage land supply effectively [11] Summary by Sections Economic Overview - The report notes that China's economy is showing steady progress, with a long-term positive trend despite facing challenges such as insufficient domestic demand and pressures on employment [5] - The conference underscored that 2025 will be a crucial year for achieving the goals set in the 14th Five-Year Plan [5] Policy Direction - The report indicates that the policy tone for 2025 is more positive, emphasizing coordination among various policies to stimulate economic growth [6] - Specific measures include implementing a more proactive fiscal policy and maintaining a moderately loose monetary policy to ensure liquidity [9] Real Estate Market Focus - The report stresses the importance of stabilizing the real estate market, with ongoing efforts to boost housing demand and manage land supply effectively [11] - It mentions the government's commitment to reform measures aimed at revitalizing the real estate sector, including the renovation of urban villages and the disposal of idle properties [11]