Investment Rating - The industry rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [11]. Core Insights - The report highlights a significant adjustment in Tianjin's housing provident fund loan policy, increasing the maximum loan limits for first and second homes to 1.2 million and 1 million yuan respectively, with additional benefits for families with two or more children [6]. - Nanjing is promoting a new model for real estate development, integrating existing inventory into a "housing ticket supermarket" and enhancing the accessibility of housing provident fund withdrawals for rent payments [7]. - The overall market performance on January 26, 2026, showed a decline in most sectors, with the real estate index dropping by 2.23% [4]. Market Performance - The top five performing stocks in the real estate sector were Suzhou Gaoxin, Wolong Real Estate, Jingneng Real Estate, Guangming Real Estate, and Fenghuang Shares, with increases of 10.06%, 9.97%, 9.94%, 2.54%, and 1.88% respectively [5]. - Conversely, the stocks with the largest declines included Hualian Holdings, Shoukai Shares, Xinhua Lian, Wantong Development, and Urban Construction Development, with decreases of -10.01%, -6.91%, -5.82%, -5.62%, and -5.58% respectively [5]. Sub-industry Ratings - The report does not provide specific ratings for real estate development and real estate services, indicating "No Rating" for both categories [3].

Core Viewpoint - The Nanjing Municipal Government has issued policies aimed at accelerating the cultivation of new productive forces to promote high-quality development, with a focus on exploring new models for real estate development [1] Group 1: Real Estate Development Policies - The government aims to effectively utilize national real estate support policies to meet various housing needs, including rigid and improved housing demands [1] - Existing inventory of commercial housing will be included in a housing voucher supermarket, promoting "citywide exchange" and "electronic housing vouchers" to address the needs of displaced residents [1] - The scope for withdrawing housing provident fund for monthly rent payments will be expanded, with a 20% increase in the withdrawal limit for families with multiple children who do not own housing in Nanjing [1] Group 2: Housing Provident Fund Adjustments - Homebuyers' parents and children who meet the withdrawal conditions can apply to withdraw housing provident fund for purchasing homes [1] - The maximum loan term for existing housing provident fund loans will be extended to 30 years [1]