金吾财讯 | 国泰海通发研报指，十五五旗帜鲜明，聚焦高质量发展。“十五五”时期房地产将聚焦高质量发展，加快构建发展新模式。新房淡季带来的交易走冷和二手超预期交易走强，CPI转正逻辑下重点城市部分资产价格从“负面展望”步入“中性”。行业启动顺序明确，政策预期升温强化。我们认为板块启动顺序，政策>股价>成交量>房价>业绩。相比924，当前指数位置更高，板块启动点更低，涨幅更少。聚焦资质蓝筹，价值布局策略。具备较强拿地能力、符合不动产Reits出表条件、适应新供给标准的低库存房企依然是接下来的核心选择。
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