Orient Securities(SH:600958) Orient Securities·2026-03-06 00:25Investment Rating - The report maintains a "Positive" outlook for the real estate industry, indicating a relative strength compared to the market benchmark index [3][6]. Core Insights - The report emphasizes that the government's work report continues the previous policy stance without new changes, focusing on risk prevention and improving people's livelihoods [6]. - There is a strong expectation for a "small spring" in the real estate market this year, driven by policy easing and improvements in core city markets, despite a cooling trading environment post-holiday [3][6]. - The report identifies three structural investment themes: 1) Hong Kong real estate companies benefiting from market recovery, 2) commercial real estate related to REITs and capable operators, and 3) high-quality housing companies with strong product capabilities [3]. Summary by Sections Policy Continuity - The government maintains a consistent policy approach focused on risk prevention and livelihood improvement, with an emphasis on urban renewal and affordable housing as potential policy priorities [6]. - The report highlights a shift towards more refined demand-side policies, particularly supporting first-time homebuyers and families with multiple children [6]. Supply-Side Focus - The report indicates that supply-side policies remain a primary focus, with strategies to control new supply, reduce inventory, and encourage the revitalization of existing housing stock [6]. - The emphasis on "good housing" construction is increasing, with government standards for residential projects being implemented to enhance product quality [6]. Financial Policy Adjustments - The report anticipates that public housing fund reforms will be a key area for easing policies this year, potentially including increased loan limits and expanded access for contributors [6]. - The report suggests that while there may be local government initiatives to stabilize the market, expectations for significant policy shifts such as deep interest rate cuts remain low [6].