房地产行业周报（2024.6.17-6.21）：推动县级以上城市收储，多地成交环比改善

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating expectations for better performance compared to the broader market [6]. Core Insights - The real estate sector has shown significant underperformance, with the sector index down 5.76% in the last week and 16.47% year-to-date, lagging behind the Shanghai Composite Index by 17.25 percentage points [3][4]. - Key cities are experiencing a decline in land transaction volumes, with a year-on-year decrease of 34.49% in land sales among the top 100 cities [4]. - The report highlights the ongoing pressure on real estate investments, with a focus on the government's efforts to promote the acquisition of existing housing for affordable housing projects [5]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.14% and the CSI 300 Index by 1.30% during the week of June 17-21, 2024, while the real estate sector underperformed these indices [3]. - Year-to-date, the real estate sector has decreased by 16.47%, significantly trailing the broader market indices [3]. Data Tracking - The total residential land area sold in the top 100 cities was 441.26 million square meters, reflecting a year-on-year decline of 33.49% [4]. - Sales of commercial housing in 30 major cities totaled 232.74 million square meters, with a year-on-year decrease of 39.55% [4]. Industry Dynamics - The Ministry of Housing and Urban-Rural Development held a meeting on June 20, 2024, to discuss the acquisition of completed residential properties for use as affordable housing [4]. - Midea Real Estate plans to restructure its business, focusing on property management and commercial operations while divesting its real estate development business [4]. Investment Recommendations - The report suggests focusing on real estate companies with quality land reserves in core urban areas, such as Binjiang Group and China Resources Land [5]. - Developers likely to benefit from policies promoting the acquisition of existing homes for affordable housing are also highlighted, including Chengjian Development and Yuexiu Property [5]. - Real estate intermediaries that may benefit from government policies encouraging property exchanges are recommended, such as Beike-W and I Love My Home [5].