房地产行业周报：新房成交走弱，中央充分赋予各地调控自主权

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [2]. Core Insights - The report highlights a weakening in new home transactions, with the central government granting local authorities more autonomy in market regulation [2][4]. - In the past five trading days, the A-share real estate sector underperformed the broader market, with a cumulative decline of 0.72% compared to a 0.15% increase in the CSI A-share index [2]. - The report notes that the cumulative sales area of commercial housing in 23 cities from January 1 to July 20 has decreased by 25.4% year-on-year, showing a slight improvement from the previous value of -25.9% [3]. - The report anticipates that first-tier cities may further relax housing purchase restrictions, which could stimulate demand for improved housing [4]. Summary by Sections Market Performance - A-share real estate index (801180.SL) has a cumulative decline of 0.72% over the last five trading days, while the H-share real estate index (HSPDM.HK) has declined by 5.00% [2][10]. - The top five performing A-share companies in the last five days include Tibet City Investment (18.9%), I Love My Home (12.6%), and Urban Construction Development (10.4%) [2][11]. Sales Data - The cumulative sales area of commercial housing in 23 cities from January 1 to July 20 shows a year-on-year decline of 25.4%, with major cities like Shanghai, Beijing, Guangzhou, and Shenzhen experiencing declines of 29.3%, 20.7%, 23.6%, and 28.8% respectively [3][13]. - In July, the sales area for new homes in 23 cities has shown a month-to-date increase of 1.5%, with notable performances in Beijing and Guangzhou [3][14]. Policy Developments - The report discusses the outcomes of the 20th Central Committee's Third Plenary Session, which emphasizes the establishment of a dual rental and purchase housing system and the need for increased supply of affordable housing [3][4]. - Local governments are now empowered to adjust housing purchase restrictions and reform financing methods for real estate development [3][4].