中金：房地产政策端和供给侧初现积极变化

Core Viewpoint - The article discusses the recent policy changes in urban renewal and housing stock management, emphasizing the importance of these measures in addressing the real estate market's challenges and the need for financing support to enhance the feasibility of housing stock acquisition [2][3]. Group 1: Policy Changes - The joint notification from the Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development introduces measures to support urban renewal, including a transitional policy allowing for a maximum five-year period where original planning conditions remain unchanged [2]. - The policy aims to enhance the feasibility of acquiring existing housing stock by potentially increasing acquisition prices, addressing previous pricing discrepancies between acquisition and market prices [2]. Group 2: Market Dynamics - Since the second half of 2025, the transaction volume of both new and second-hand homes has stabilized at a low level, with a notable decrease in the supply of new land and a reduction in the number of listings in high-tier cities [3]. - The article suggests that the upcoming period post-Spring Festival will be crucial for monitoring changes in natural inventory, which is vital for predicting future housing price trends [3]. Group 3: Investment Opportunities - Given the recent increase in real estate policies, there is a recommendation to raise attention towards the real estate sector, particularly in light of the positive changes in supply dynamics and the implementation of housing stock acquisition policies [3].