房地产行业第26周周报：本周楼市成交环比持续改善，北京下调最低首付比例和房贷利率下限

Investment Rating - The report maintains a cautious outlook on the real estate industry, suggesting a focus on companies with solid fundamentals and liquidity [1]. Core Insights - The real estate market is showing signs of improvement, with new home transaction areas increasing by 61.6% month-on-month, although year-on-year declines remain significant at 20.6% [1][11]. - The report highlights the impact of recent policy changes in major cities, including reduced down payment ratios and lower mortgage interest rates, which are expected to stimulate demand [1][11]. - The overall sentiment in the market is still cautious, with a need for sustained policy support to restore confidence and expectations among consumers [1][11]. Summary by Sections 1) New Home Market Tracking - In the week of June 22 to June 28, 2024, new home transaction volumes in 40 cities reached 42,000 units, a 61.5% increase from the previous week, but a 20.3% decrease year-on-year [12][38]. - The new home inventory in 12 cities was recorded at 1.561 million units, with a slight decrease of 0.4% month-on-month and a 2.5% decrease year-on-year [24][34]. 2) Second-Hand Home Market Tracking - The second-hand home market saw transactions of 22,000 units in 18 cities, reflecting a 0.8% increase month-on-month and a 15.4% increase year-on-year [38][41]. - The transaction area for second-hand homes was 195.9 million square meters, up 2.4% month-on-month but down 6.6% year-on-year [38][41]. 3) Land Market Tracking - The total area of land transactions across 100 cities was 10.65 million square meters, a 2.2% increase month-on-month but a significant 68.8% decrease year-on-year [44][45]. - The total land transaction value was 21.09 billion yuan, down 27.0% month-on-month and 70.8% year-on-year [44][45]. 4) Policy Review - Recent policies aimed at easing credit conditions have been implemented in major cities, with expectations for further measures to support the market [1][11]. - The report emphasizes the importance of the effective implementation of these policies to ensure a stable recovery in the real estate sector [1][11]. 5) Company Performance - The report suggests focusing on companies with no liquidity risks and solid sales fundamentals, such as China Merchants Shekou, China Resources Land, and Poly Developments [1][11]. - Companies expected to show significant improvement in performance include Vanke and Longfor Group, which are positioned to benefit from the market recovery [1][11].