——光大地产板块及重点公司跟踪报告：多地启动旧房收购，以旧换新明显提速

Investment Rating - The report maintains an "Accumulate" rating for the real estate sector, indicating a positive outlook for the next 6-12 months with expected returns leading the market benchmark by 5% to 15% [7]. Core Insights - The report highlights a significant acceleration in the "old-for-new" housing exchange program initiated by various local governments, supported by a reduction in the central bank's loan rates, which is expected to enhance housing market stability and improve sales of new properties [1][3]. - The report emphasizes the importance of government intervention in the housing market, particularly through the direct acquisition of second-hand homes, which streamlines the exchange process and promotes the availability of affordable rental housing [3]. - It identifies three main investment themes: strong state-owned enterprises with comprehensive development capabilities, actively managed public REITs with rich resources, and the long-term growth potential of property service companies [5]. Summary by Sections Section 1: Market Dynamics - As of early 2026, multiple cities have launched initiatives for the acquisition of old homes, with notable examples including Shanghai and Hangzhou, where local governments are facilitating the "old-for-new" exchanges [1][2]. - The central bank's recent interest rate cuts are expected to boost commercial banks' willingness to lend, further supporting the housing market [3]. Section 2: Fund Holdings - By the end of 2025, public funds held a total market value of 3.88 billion in real estate stocks, representing 0.43% of their stock investment value, indicating a low allocation compared to standard industry benchmarks [4]. Section 3: Investment Recommendations - The report suggests focusing on state-owned enterprises with strong credit ratings and high product reputation in core cities, such as China Merchants Shekou and China Jinmao [5]. - It also recommends investing in public REITs like China Resources Land and Shanghai Lingang, which have strong operational brands and abundant resources [5]. - Additionally, it highlights the potential of property service companies, recommending firms like China Merchants Jin Yu and Greentown Service for their long-term growth prospects [5].