上海优化调控政策，关注板块补涨机会

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [7]. Core Insights - The recent policy adjustments in Shanghai, including the reduction of housing purchase limits and optimization of housing credit, are expected to stimulate market confidence and lead to a rebound in transactions [6][5]. - The report suggests focusing on relatively underperforming companies such as Poly Developments, China Merchants Shekou, and Beike-W for potential short-term gains [5]. - The policy changes are anticipated to lower the barriers for homeownership, particularly benefiting young buyers, and may enhance the overall sentiment in the real estate market [6]. Summary by Sections Policy Changes - On August 25, Shanghai's government announced a series of policy adjustments aimed at optimizing the real estate market, including reducing housing purchase limits and improving housing fund access [3][6]. - The new policies allow eligible families to purchase an unlimited number of homes outside the outer ring, which is expected to boost transaction volumes in these areas [6]. Market Impact - Following similar policy changes in Beijing, there was a notable increase in daily average transactions for new and second-hand homes, with new home transactions rising by 45% [6]. - The report highlights that the real estate sector has underperformed compared to the broader market, with a year-to-date increase of only 3.4% against the 11.3% rise of the CSI 300 index [5][6]. Investment Recommendations - The report recommends a cautious approach, emphasizing the importance of focusing on high-quality properties in core areas that are likely to stabilize and recover in the medium term [6]. - The potential for a sector rotation is noted, given the current market conditions and the recent policy changes [5].