全国住房城乡建设工作会议点评：推动止跌回稳，构建楼市新模式

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [16]. Core Insights - The national housing and urban-rural construction work conference emphasized the need to support rigid and improved housing demand through various policies, with a focus on the implementation of "four cancellations, four reductions, and two increases" [13]. - As of November 2024, the total sales area of commercial housing in China reached 861 million square meters, with a year-on-year decline narrowing by 1.5 percentage points [13]. - The report highlights the importance of optimizing housing supply and improving quality, with a focus on controlling new construction and managing existing inventory effectively [14]. - The report suggests that the ongoing policies will gradually show effects, leading to an increase in industry valuations and market stabilization [15]. Summary by Sections National Housing and Urban-Rural Construction Work Conference - The conference proposed policies to release housing market demand and support urban village and dilapidated housing renovations, aiming to add 1 million new units [13]. - The report notes that the scale of unsold commercial housing in China is 730 million square meters as of November 2024 [14]. Improvement of Housing Supply - The report discusses the need for a structured housing supply system to meet the rigid housing demands of urban workers [14]. - It emphasizes the importance of a sales system that promotes the sale of existing homes and optimizes pre-sale fund supervision [14]. Investment Recommendations - The report identifies several leading real estate companies with strong operational management capabilities, including Poly Developments, China Merchants Shekou, and Longfor Group, suggesting they are likely to increase market share [15]. - It also recommends attention to quality developers and property management firms, highlighting companies like Greentown China and China Resources Land [15].