房地产行业快评报告：房贷利率调降空间进一步打开

Investment Rating - The industry investment rating is "Outperform the Market" indicating a projected increase of over 10% relative to the market index in the next six months [4][10]. Core Insights - The "Consumption Boost Special Action Plan" aims to stabilize the real estate market by implementing policies such as lowering housing provident fund loan rates, which will enhance the attractiveness of home purchases and stimulate demand [1][2][3]. - The report highlights that the recent adjustments in housing loan rates, particularly the cumulative reduction of 2.45 percentage points in personal housing loan rates since September 2021, have created a favorable environment for further reductions in commercial loan rates [3]. - The report suggests focusing on high-quality state-owned enterprises benefiting from supply-side reforms, stocks related to asset acquisition policies, and companies expected to experience a turnaround as the market stabilizes [1]. Summary by Sections Policy Developments - The recent policy changes include allowing special bonds to support local governments in acquiring existing residential properties for affordable housing and expanding the use of housing provident funds [2][3]. - Shenzhen has optimized its housing provident fund policies, increasing the maximum loan amounts and easing restrictions for out-of-town contributors, which is expected to boost market confidence [3][8]. Market Outlook - The report anticipates that the real estate market's recovery will continue, supported by ongoing policy measures and increased market activity since the political bureau meeting last September [3][8]. - The expansion of the housing provident fund's usage is expected to alleviate financial pressure on homebuyers, further promoting demand [8].