加大高品质住房供给，持续巩固楼市稳定态势

Investment Rating - Industry investment rating is "Outperform the Market" (expected to outperform the market index by more than 5% in the next 6 months) [8] Core Viewpoints - The report emphasizes the need to increase the supply of high-quality housing to continuously stabilize the real estate market [4][6] - The central government has highlighted the importance of urban renewal and the transformation of dilapidated housing, which is expected to enhance housing demand [7] - There is a significant potential market for "good houses," with an estimated average annual demand of 8 trillion yuan for housing improvements from 2025 to 2030 [7] Summary by Sections Industry Overview - The report discusses the ongoing urban renewal actions and the optimization of existing housing acquisition policies, which are expected to boost housing demand and stabilize the real estate market [4][7] - The central government aims to construct safe, comfortable, green, and smart "good houses," with a notable increase in demand for such housing due to the aging housing stock [7] Investment Recommendations - The report suggests focusing on companies with light historical burdens, optimized inventory structures, and strong product capabilities, such as China Resources Land, China Overseas Development, and Poly Developments [6] - It also recommends paying attention to companies undergoing valuation recovery, such as New Town Holdings and Vanke A, as well as leading firms in the brokerage and property management sectors [6]