房地产基金重仓持仓2024Q4：基金低配地产股，地产股持仓市值大幅下降

Investment Rating - The industry investment rating is "Positive" for the real estate sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [9][24]. Core Insights - In Q4 2024, funds further reduced their allocation to real estate stocks, resulting in a significant decline in the market value of real estate holdings by 36.86% compared to the previous quarter [3][10]. - The total market value of heavy holdings in the real estate sector was 270.5 billion yuan, accounting for only 0.9% of the total holdings across 31 sectors, ranking it 22nd [10][11]. - The report suggests that the current policy direction is clear, with the central government showing a commitment to stabilizing the real estate market, which is expected to lead to more proactive policies in the future [3][10]. Summary by Sections Fund Holdings Overview - As of Q4 2024, the total market value of heavy holdings by funds was 29,478.1 billion yuan, with a quarter-over-quarter decrease of 6.26% [1]. - The market value of A-share real estate heavy holdings was 194.6 billion yuan, representing 0.7% of the total A-share market value [1][10]. Major Companies in Real Estate - The three companies with the largest heavy holdings in real estate stocks were Poly Developments (65.7 billion yuan), China Merchants Shekou (37.0 billion yuan), and China Overseas Development (18.8 billion yuan) [2][14]. - The largest quarter-over-quarter decreases in heavy holdings were seen in Poly Developments (-37.8 billion yuan), China Merchants Shekou (-32.2 billion yuan), and Vanke A (-23.4 billion yuan) [2][14]. Future Industry Events - Key industry data for January-February 2025 is expected to be released by the National Bureau of Statistics in mid-March 2025 [4].