国新办发布会地产政策点评：稳市场、促转型，供需两端同时发力

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The recent policies focus on stimulating both supply and demand, signaling a clear intention to stabilize the market and promote transformation. In the short term, liquidity easing and demand stimulation are expected to drive valuation recovery in the sector. In the long term, attention should be paid to the development opportunities for real estate companies under the new model [3][8] - The reduction in the reserve requirement ratio and interest rates directly lowers funding costs, which is anticipated to alleviate the debt pressure on real estate companies. Additionally, the decrease in housing loan rates is expected to boost residential purchasing demand and further stabilize the real estate market [8] Summary by Sections Policy Impact - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point cut in policy interest rates, along with a 0.25 percentage point reduction in the rates for housing provident fund loans. These measures aim to support the stability of the real estate market [1][8] Market Outlook - The report suggests that the short-term focus should be on the valuation recovery opportunities arising from the implementation of new policies, while the medium to long-term focus should be on leading companies with quality product resources and real estate operation capabilities in core cities. Recommended companies include Baoli Development and New Town Holdings, with China Resources Land and Longfor Group also expected to benefit [3][8] Industry Data - The real estate sector comprises 113 listed companies, with a total industry market value of 12,032.28 billion and a circulating market value of 11,213.95 billion. The average industry price-to-earnings ratio stands at -7.03 [5]