房地产开发2025W17：政治局会议重心：推进城市更新和存量商品房收购，持续巩固地产稳定态势

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The Politburo meeting on April 25 emphasized the importance of implementing more proactive macro policies, including potential interest rate cuts and maintaining liquidity to support the real economy. The inclusion of "commodity housing acquisition policy" in the meeting's summary indicates an increasing importance of government storage as a macro-control tool [10][11] - The report highlights the need for urban renewal actions and optimizing commodity housing acquisition policies, suggesting that future real estate policies will continue to focus on both demand and supply sides [11] - The report notes that the real estate sector is a key component of domestic demand, which is expected to gain further importance amid external pressures [10] Summary by Sections Market Review - The weekly performance of the Shenwan Real Estate Index showed a decline of 1.3%, underperforming the CSI 300 Index by 1.69 percentage points, ranking 30th among 31 Shenwan first-level industries [13] New and Second-hand Housing Transactions - In the past week, new housing transaction area across 30 cities was 1.68 million square meters, a month-on-month increase of 11.5% but a year-on-year decrease of 18.3%. First-tier cities accounted for 469,000 square meters, with a month-on-month increase of 6.4% and a year-on-year decrease of 26.0% [23] - The total transaction area for second-hand housing in 14 sample cities was 2.447 million square meters, with a month-on-month increase of 0.4% and a year-on-year increase of 22.6% [32] Investment Recommendations - The report suggests focusing on real estate-related stocks due to several reasons: the policy response to the economic fundamentals is expected to be stronger than in previous cycles, real estate serves as an early economic indicator, and the competitive landscape is improving, favoring leading state-owned enterprises and quality real estate companies [4] - Recommended companies include: - H-shares: Greentown China, Jianfa International Group, China Resources Land, China Overseas Development, Yuexiu Property - A-shares: Binjiang Group, China Merchants Shekou, Poly Developments, Huafa Group, Jianfa Shares [4]