Core Insights - The key factors influencing the "14th Five-Year Plan" high-quality development are the release of domestic demand potential and the acceleration of technological self-reliance [1] - The first issue focuses on demand-side dynamics, while the second addresses supply-side capabilities, both crucial for economic stability and growth [1] Group 1: Domestic Demand - The importance of further releasing the enormous potential of domestic demand to achieve a dynamic balance and coordinated development of total supply and demand [1] - This demand-side issue is essential for ensuring smooth and stable economic circulation [1] Group 2: Technological Self-Reliance - The need to accelerate achieving a high level of technological self-reliance to effectively address various technological bottlenecks [1] - Enhancing foundational research capabilities is critical for long-term innovation development [1] - This supply-side issue is vital for boosting economic vitality and sustainability [1]

Investment Rating - The report maintains an "Outperform" rating, indicating a positive outlook for the industry despite entering a high base period in Q4 [4][23][28]. Core Insights - The report emphasizes that under the guidance of the "Fifteenth Five-Year Plan," the policy logic remains clear, and the valuation advantages of blue-chip companies are more pronounced [4][23][28]. - In October 2025, the top 100 real estate companies achieved a slight month-on-month sales increase, with total sales amounting to RMB 25.77 trillion, a year-on-year decline of 16.0% [4][28]. - The equity sales for the same period reached RMB 20.19 trillion, also reflecting a year-on-year decrease of 16.9% [4][28]. Summary by Sections Sales Performance - In October 2025, the top 100 real estate firms recorded a total sales amount of RMB 25.30 billion, a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [6][28]. - The equity sales for the top 100 firms were RMB 20.07 billion, with a month-on-month increase of 1.1% and a year-on-year decrease of 41.5% [6][28]. Company Recommendations - Recommended companies include: 1. Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou; H-Shares - China Overseas Land & Investment, C&D International [4][23][28]. 2. Residential: China Resources Land, Longfor Group Holdings [4][23][28]. 3. Property: Onewo, China Resources Mixc Lifestyle Services, China Overseas Property [4][23][28]. 4. Cultural Tourism: Shenzhen Overseas Chinese Town [4][23][28]. Sales Threshold Analysis - The sales threshold for the top 21-30 firms decreased by 5.4% from RMB 20.5 billion to RMB 19.4 billion, while the threshold for the top 51-100 firms saw a larger decline of 23.4% from RMB 5.7 billion to RMB 4.4 billion [12][28].

Group 1 - The meeting focused on further deepening reforms and promoting high-quality development during the "14th Five-Year Plan" period, with contributions to the planning process [1][2] - Key discussions included the importance of aligning with the central government's directives and the provincial government's requirements, emphasizing strategic planning and practical pathways for the city's development [2] - The meeting resulted in the approval of a proposal aimed at enhancing high-quality development, highlighting the need for collaboration and effective implementation of the planning [1][2] Group 2 - The city leadership emphasized the necessity of a cohesive approach to planning, ensuring that all departments work together effectively to achieve common goals [2] - The role of the Political Consultative Conference was underscored, aiming to enhance its capacity to drive high-quality development through effective consultation and implementation of outcomes [2] - Personnel changes were also addressed during the meeting, indicating ongoing administrative adjustments within the city government [3]