供需两端政策发力，“止跌回稳”目标明确

Investment Rating - Industry investment rating: Buy (Maintain) [1] Core Viewpoints - The government work report emphasizes the goal of stabilizing the real estate market and preventing systemic risks, with specific measures to promote a "stop decline and stabilize" approach [3][4] - The report indicates that the real estate sector plays a crucial role in stabilizing the macro economy, suggesting that the policy will continue to be accommodative this year [4] - Demand-side policies will focus on adjusting restrictive measures based on city-specific conditions, with expectations for further relaxation of purchase restrictions and tax adjustments to stimulate demand [5] - Supply-side measures include controlling new land supply and supporting the acquisition of existing properties, with local governments given more autonomy in the acquisition process [6] Summary by Sections Recent Industry Performance - The real estate sector has shown a relative performance of -4% over the past 12 months compared to the CSI 300 index, with an absolute return of 7% [2][3] Demand Side - Policies will be implemented to reduce restrictive measures, including lowering mortgage rates and down payment ratios, which are at historical lows [5] - The government plans to implement 1 million units of urban village and dilapidated housing renovations, which will directly increase sales of new and second-hand homes [5] Supply Side - The report highlights a more proactive fiscal policy for 2025, with local government special bonds amounting to 4.4 trillion yuan, an increase of 500 billion yuan from the previous year [6] - The land supply will continue to be controlled, but the quality of new land will improve, potentially enhancing project profitability [6] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active transactions [8]