房地产行业研究周报：二手房成交同比改善，“三大工程”扎实推进

Investment Rating - The report maintains a "Buy" rating for several companies including Poly Developments, China Merchants Shekou, China Merchants Jinling, China Resources Vientiane Life, Poly Property, and others [1][5]. Core Insights - The real estate sector is showing signs of improvement in second-hand housing transactions, while new housing transactions continue to face pressure. The report highlights the ongoing implementation of three major projects aimed at promoting high-quality development in the real estate sector [5][8]. - The report indicates that the fundamentals of the sector are nearing a bottom, with various supportive policies being introduced across different regions [5][8]. Summary by Sections Market Performance - The Shenwan Real Estate Index increased by 2.55%, outperforming the CSI 300 Index, which decreased by 0.17%, resulting in a relative return of 2.72% [2][7]. - In the week of August 23-29, the total number of new homes sold in 58 key cities was 27,408 units, reflecting a year-on-year decline of 27.4% and a week-on-week decline of 5.6% [2][16]. Housing Transaction Analysis - For the week of August 23-29, second-hand housing transactions in 15 key cities totaled 16,437 units, showing a year-on-year increase of 2.3% but a week-on-week decrease of 2.9% [22][34]. - The total transaction area for second-hand homes was 158.6 million square meters, with a year-on-year increase of 0.9% and a week-on-week decrease of 1.9% [22][34]. Inventory and Supply - The inventory of commercial housing in 17 key cities was 196,014 million square meters, with a slight week-on-week increase of 0.1% and a depletion cycle of 141.5 weeks [4][36]. - Land supply for the week was 28,354 million square meters, with a year-on-year increase of 2.4%, while the average supply price decreased by 17.9% year-on-year [4][5]. Company Performance - Poly Developments reported an EPS of 1.0 for 2023, with a PE ratio of 8.0, while China Merchants Shekou reported an EPS of 0.7 and a PE ratio of 14.2 for the same year [1]. - The report suggests that investors should focus on companies with stable performance, such as Yuexiu Property, China Resources Vientiane Life, and others [5].