房地产行业点评报告：城市更新示范城市扩容，去库存进程有望提速

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the expansion of urban renewal initiatives, with 35 cities included in the 2025 urban renewal action plan, which is expected to enhance urban living standards and stimulate investment [5][10] - Central government support for urban renewal is projected to exceed 20 billion yuan, with funding aimed at revitalizing existing assets and improving urban infrastructure [6] - The report anticipates that urban renewal will drive demand for housing improvements, contributing to a stable and healthy development of the real estate market [8] Summary by Sections Urban Renewal Progress - As of April 2024, 23% of the planned urban renewal projects have commenced, with 6,000 projects initiated and an investment of approximately 2.9 trillion yuan completed [7] - 28 cities have established urban renewal funds, totaling 455 billion yuan, indicating strong local government support for these initiatives [7] Investment Recommendations - Recommended companies include those with strong fundamentals and a focus on improving customer needs, such as Greentown China, China Merchants Shekou, and China Overseas Development [8] - Companies benefiting from both real estate recovery and consumer promotion policies include China Resources Land and Longfor Group [8] - The report also notes the growing market for second-hand housing transactions and related services, highlighting companies like Beike-W and I Love My Home as potential investment opportunities [8]