一揽子金融政策稳市场稳预期

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [7] Core Viewpoints - A package of financial policies has been introduced to stabilize the market and expectations, directly lowering housing costs and stimulating rigid demand [1][3] - The real estate fundamentals are weakening, making policy easing timely; the sales drop will accelerate the pace of policy easing, providing dual support for the market [3] - The report suggests focusing on distressed companies like Jindi Group and New Town Holdings, as well as leading firms maintaining land acquisition intensity [4] Summary by Sections Financial Policies - The policy interest rates have been lowered by 0.1 percentage points, which is expected to lead to a similar decrease in LPR [1] - The public housing fund loan rate has been reduced by 0.25 percentage points, with the five-year first home loan rate dropping from 2.85% to 2.6% [1] Corporate Financing Environment - Structural monetary policy tools' rates have been reduced by 0.25 percentage points, including special structural tool rates from 1.75% to 1.5% and PSL rates from 2.25% to 2% [2] - This reduction will lower financing costs for real estate companies involved in affordable housing and urban renewal projects [2] Market Performance - During the May Day holiday, the real estate market showed a slight decline, with a 4% year-on-year drop in subscription area across 19 key cities [3] - The top 100 real estate companies saw a 16.9% year-on-year decrease in sales in April, indicating a worsening trend [3] Investment Recommendations - The report recommends focusing on companies that are reversing their difficulties, such as Jindi Group and New Town Holdings, and leading firms like China Merchants Shekou and Greentown China that are maintaining land acquisition intensity [4]