房地产行业点评：个人增值税税率下调，政策持续宽松呵护

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 Ministry of Finance and the State Administration of Taxation announced a significant adjustment to the value-added tax (VAT) policy for personal housing sales, effective January 1, 2026. The VAT rate for personal sales of homes purchased for less than two years will be reduced from 5% to 3%, while sales of homes purchased for two years or more will continue to be exempt from VAT [3][6]. - The reduction in VAT is expected to enhance the activity in the second-hand housing market by lowering transaction costs. For example, on a house valued at 1 million, the total tax burden will decrease from 5.3% to 3.18%, significantly reducing the costs associated with selling homes held for a shorter duration [6]. - The report emphasizes the improved cost-effectiveness of the sector and suggests that the recent policy changes in Beijing and the VAT adjustment are likely to stimulate positive marginal changes in the industry [6]. Summary by Sections - Policy Changes: The VAT rate for personal housing sales has been adjusted, which is anticipated to boost market activity [3][6]. - Market Impact: The overall tax burden on short-term housing sales has been significantly reduced, which is expected to increase the liquidity in the second-hand housing market [6]. - Investment Recommendations: The report suggests that certain quality companies, particularly those with strong inventory structures and product capabilities, should be considered for investment, especially those showing early signs of improvement in their annual reports [6].