房地产行业基金持仓2024Q1：地产股持仓占比继续降低，基金继续低配地产行业

Investment Rating - The report maintains a "positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [1][28]. Core Insights - The report highlights a continued decline in fund holdings within the real estate sector, with a significant reduction in both the market value and proportion of real estate stocks held by funds [3][9]. - The report suggests that the current weak sales in the real estate market necessitate further policy support to stimulate demand [20]. - It emphasizes the potential benefits of the implementation of a coordinated real estate financing mechanism and the easing of restrictive purchasing policies in core cities [20]. - The report identifies the ongoing urban village renovations and affordable housing construction as critical strategies for revitalizing real estate investment and market demand [20]. - It recommends focusing on high-quality state-owned enterprises in first and second-tier cities, which are expected to benefit from favorable policies and urban development initiatives [20]. Summary by Sections Fund Holdings Overview - In Q1 2024, the real estate sector ranked 22nd among 30 industry sectors in terms of fund holdings, with a market value of 256.70 billion yuan, representing a 0.95% share [4][5]. - The sector's holdings saw a quarter-on-quarter decline of 20.95%, ranking 28th in terms of market value growth among the sectors [5][6]. Company Holdings - The largest holding in the real estate sector is Poly Developments, with a market value of 77.05 billion yuan, although it experienced a quarter-on-quarter decline of 19.47% [15][19]. - The report notes that the company with the highest growth in holdings is Everbright Jiabao, which saw a 197.44% increase [15][19]. - New holdings include companies like Xinhuhongbao, with a market value of 1.01 million yuan [15][19]. Investment Recommendations - The report suggests that the focus should be on high-quality state-owned enterprises in major cities, which are likely to gain from ongoing policy implementations and urban development projects [20].