2025年政府工作报告点评：全面发力，持续推动地产止跌回稳

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [3]. Core Viewpoints - The 2025 government work report emphasizes the need to "stabilize the real estate market" and "continuously promote the recovery of the real estate market" through various measures including demand release, supply control, inventory activation, financing support, and the development of new models [4][5]. - The report indicates that the real estate market is expected to stabilize in 2025, with a focus on releasing rigid and improved housing demand through policy adjustments and urban village renovations [4]. - The report highlights the importance of controlling land supply and revitalizing existing land and commercial properties to support the market [4][5]. Summary by Sections Demand Release - The government aims to implement city-specific policies to reduce restrictive measures and enhance urban village and dilapidated housing renovations, which are expected to release housing demand [4]. Supply Control - The report mentions optimizing urban spatial structure and controlling new real estate land supply, with a focus on revitalizing existing land and properties [4]. - Specific plans include the acquisition of existing properties and expanding the scope of guaranteed housing refinancing [4]. Financing Support - The report discusses the role of the real estate financing coordination mechanism, which has approved loans exceeding 6 trillion yuan, benefiting over 15 million housing units [5]. New Model Development - The report suggests establishing a new real estate development model that includes a "guarantee + market" housing supply system, aiming to meet the high-quality housing needs of residents [5]. Investment Recommendations - The report identifies several companies with strong operational management capabilities and suggests focusing on leading real estate firms such as Poly Developments, China Merchants Shekou, and Vanke A, among others [5].