CITIC Securities said that the real estate policy goals in 2024 and the objective environment in which the real estate market is located are different from 2008, but the market-based direction of the policy is consistent. The individual leverage ratio of the whole society was low in 2008. There is still room for optimization in the 2024 differentiated housing credit policy, and the policy added a new method of eliminating the storage capacity of local state-owned platforms. Through market-based mechanisms, a gradual gradual recovery wave from first-tier cities to second-tier cities may be formed. We believe that the balance sheet of the industrial chain has returned to stability, but there is no room for significant growth in orders. It is recommended to focus on the investment value of real estate companies with a high share of land storage in core cities, smooth financing channels, and strong development capabilities.
中信证券：建议聚焦核心城市土储占比高、融资渠道通畅、开发能力较强的房地产企业的投资价值
CITIC Securities: The proposal focuses on the investment value of real estate companies with a high share of land storage in core cities, smooth financing channels, and strong development capabilities
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