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 stable outlook [2] Core Insights - The macroeconomic policy is becoming more proactive, aiming to stabilize the real estate market and promote recovery [2][6] - The Central Economic Work Conference highlighted the importance of expanding domestic demand and implementing more active fiscal and monetary policies [6][9] - The report emphasizes the need to stabilize the housing market, with a focus on urban village and dilapidated housing renovations, and controlling new real estate land supply [11] Summary by Sections Economic Overview - The report notes that China's economy is showing steady progress, with a long-term positive trend remaining unchanged despite challenges such as insufficient domestic demand and employment pressures [5] - The conference emphasized that 2025 will be a crucial year for achieving the goals of the 14th Five-Year Plan [5] Policy Direction - The report indicates that the policy tone for 2025 is more positive, with a focus on coordinated policy measures to stimulate economic growth [6] - Specific fiscal measures include increasing the fiscal deficit ratio and issuing long-term special government bonds [9] Real Estate Market Focus - The report stresses the need for continuous efforts to stabilize the real estate market, with recent policies showing the government's commitment to restoring market confidence [11] - The report anticipates that next year's policies will primarily focus on maintaining stability in the real estate sector, with an emphasis on the implementation of relevant reform measures [11]