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降低

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% in the next six months [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. The report suggests that current policies are aimed at stabilizing and promoting recovery in the real estate market, with expectations of continued positive policy support [3][9]. - The total market value of heavy holdings in real estate stocks was 270.5 billion yuan, accounting for 0.9% of the total holdings across 31 sectors, ranking 22nd. This represents a 36.86% decrease from the previous quarter [1][11]. Summary by Sections Fund Holdings Overview - In Q4 2024, the total market value of heavy holdings by funds was 29,478.1 billion yuan, a decrease of 6.26% from the previous quarter. The market value of real estate stock holdings decreased by 36.86% [1][10]. - The total market value of A-share heavy holdings was 26,329.0 billion yuan, with real estate stock holdings valued at 194.6 billion yuan, representing 0.7% of A-share heavy holdings [1][10]. Major Companies in Real Estate Stocks - The three companies with the largest market value in heavy holdings were Poly Developments (65.7 billion yuan), China Merchants Shekou (37.0 billion yuan), and China Overseas Development (18.8 billion yuan). The market value changes for these companies were -37.8 billion yuan, -32.2 billion yuan, and -1.1 billion yuan, respectively [2][13]. - The companies with the largest increases in heavy holdings were Sun Hung Kai Properties (3.7 billion yuan), Greentown China (2.9 billion yuan), and Quzhou Development (1.7 billion yuan) [2][13]. Future Industry Events - The National Bureau of Statistics is expected to release real estate data for January and February 2025 in mid-March 2025 [4].