房地产：政府工作报告点评：供需优化、存量盘活与新模式构建，助力楼市止跌回稳

Investment Rating - The industry investment rating is "Positive" indicating an expected performance that is stronger than the market benchmark index by more than 5% [18]. Core Insights - The government work report emphasizes the need to stabilize the real estate market through various measures, including adjusting restrictive policies based on city-specific conditions, optimizing land use, and enhancing financing mechanisms [1][4]. - The report suggests that the combination of supply and demand optimization, revitalization of existing assets, and the establishment of new operational models will contribute to the recovery of the real estate market [1][4]. Demand Side Summary - The report highlights that city-specific policy adjustments and the ongoing renovation of urban villages and dilapidated housing will release both rigid and improved housing demand [2]. - It is anticipated that core cities, particularly first-tier and strong second-tier cities, may further relax household registration or home purchase restrictions, thereby stimulating demand [2]. Supply Side Summary - The report indicates that controlling land supply and optimizing land resource allocation will alleviate inventory pressure, while competition for quality land in core cities will intensify [3]. - The revitalization of existing land and properties is expected to ease cash flow pressures for real estate companies, benefiting local state-owned enterprises initially, and potentially extending to central and private enterprises [3]. Financing Side Summary - The expansion of the scope for re-loaning for affordable housing is expected to enhance the participation of policy banks, local governments, and state-owned enterprises, thereby improving the effectiveness of capital deployment [4]. - The ongoing implementation of the "white list" mechanism is likely to strengthen financing support for quality projects, which may alleviate cash flow risks for private enterprises facing short-term repayment pressures [4]. Investment Recommendations - The report suggests that the government's focus on the healthy development of the real estate market through various policy tools is likely to stabilize the market gradually [4]. - Short-term attention should be given to valuation recovery opportunities arising from policy easing, while long-term focus should be on leading companies with core city resources and real estate operational capabilities, such as Poly Developments, China Resources Land, and others [4].