Open Source Securities: Beijing's New Real Estate Policies Boost "Golden September and Silver October," Recommending Three Major Investment Directions

Open-source Securities has released a research report stating that Beijing has once again shortened the social security contribution requirements for non-Beijing residents purchasing homes and increased the ceiling for provident fund loans. The signal is clear, and there is hope that the loosening policies in Shanghai and Shenzhen will follow suit. In the first half of the year, the real estate industry remained in a differentiated pattern of weak repair in sales combined with a contraction in supply, but overall policies are still leaning towards loosening. The processes of controlling increments and reducing inventory are accelerating, and the performance of quality real estate companies continues to improve. Recommended targets include: quality real estate companies with solid fundamentals and strong product capabilities; commercial real estate operators that balance commercial operations with asset management, benefiting from the recovery in real estate and consumption-boosting policies; and high-quality property management targets that excel in service quality under the "good houses, good services" policy.