2024Q4房地产行业基金持仓分析：板块基金重仓回落，部分改善型房企获增持

Investment Rating - The investment recommendation for the real estate sector is "Outperform the Market" (maintained) [9][14]. Core Insights - As of January 22, 2025, the heavy holding ratio of the real estate sector in sample funds is 0.92%, a decrease of 0.44 percentage points from the previous period, indicating an underweight of 0.45% compared to the standard ratio [3][12]. - The real estate development and service sectors have positions of 0.83% and 0.09%, respectively, with declines of 0.43 percentage points and 0.01 percentage points [3][12]. - Improvement-oriented real estate companies such as China Overseas Development and Greentown China saw increases in holdings of 234 million and 245 million yuan, respectively [3][12]. - Northbound funds increased their holdings in companies like I Love My Home, while southbound funds added to their positions in Greentown China and Greentown Management Holdings [3][12]. Summary by Sections 1. Industry Overview - The heavy holding ratio of the real estate sector has decreased, with a total market value of 26.51 billion yuan, down 38.2% from the previous period [12][19]. - The real estate sector ranks 23rd among 31 first-level industries in terms of allocation ratio [19]. 2. Sector Analysis - The real estate development sector's position has returned to the level of Q2 2024, while the service sector has also seen a decline [12][24]. 3. Individual Stocks - The top five stocks in the real estate development sector by fund heavy holding market value are Poly Developments (6.431 billion yuan), China Merchants Shekou (3.613 billion yuan), China Overseas Development (1.824 billion yuan), Vanke A (1.605 billion yuan), and China Resources Land (1.324 billion yuan) [27][31]. 4. Fund Flows - Northbound funds increased their holdings in companies such as Jindi Group (+1.04 percentage points) and I Love My Home (+0.90 percentage points) [13][35]. - Southbound funds saw significant increases in holdings for Greentown Management Holdings (+4.49 percentage points) and Greentown China (+4.28 percentage points) [13][38]. 5. Investment Recommendations - The report suggests focusing on leading central state-owned enterprises and improvement-oriented real estate companies with land acquisition capabilities in core cities, such as Greentown China, China Overseas Development, and Binhai Group [14][41].