政策促进需求释放，龙头房企或率先修复

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Insights - The report highlights the implementation of the "Consumption Promotion Special Action Plan" by the Central Committee and the State Council, which aims to stimulate housing demand through urban village and dilapidated housing renovations, allowing special bonds to support local governments in acquiring existing residential properties for affordable housing [4][12] - The report notes a significant increase in new housing supply in key cities, with 721 million square meters added in March, a 166% month-on-month increase, indicating a recovery in the real estate market [4][14] - The report emphasizes the encouragement of foreign investment in property services, which is expected to drive the industry towards higher quality and intelligent upgrades [4][15] Summary by Sections Policy Impact - The plan aims to better meet housing consumption needs and stabilize the real estate market by lowering housing provident fund loan rates and expanding the use of these funds for down payments [13] - The report mentions that Guangdong province plans to acquire idle land through special bonds exceeding 43 billion [12] Market Dynamics - The report indicates that high-end improvement projects are entering the market, with a supportive price and volume in high-energy cities [14] - It highlights that over 60% of new supply in March consisted of improved and high-end residential properties, suggesting a shift towards quality offerings [14] Investment Recommendations - The report recommends focusing on leading quality real estate companies such as Greentown China, China Overseas Development, and Binhai Group, as well as top property management firms like China Resources Vientiane Life and Wanwu Cloud [16] - It suggests that the current market conditions, particularly in high-energy cities, present positive investment opportunities for companies with strong land acquisition strategies [16]