房地产行业周报：二手房成交维持增长，广州将推行购房即交房交证

Investment Rating - The report maintains a "Positive" outlook for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next 6 months [4]. Core Insights - The report highlights that the transaction volume of second-hand homes continues to grow, driven by a long-suppressed demand from first-time buyers in core cities. The improvement in the core city market is expected to benefit quality real estate companies such as China Resources Land, China Merchants Shekou, and Greentown China [4]. - The report notes that the supply of second-hand homes is increasing, along with their price advantage over new homes, which supports sustained transaction activity in the second-hand market. Real estate intermediaries like Beike, which focus on first and second-tier cities, are likely to benefit from this trend [4]. Summary by Sections Market Performance - In the past 5 trading days, the A-share real estate sector outperformed the broader market, with the A-share real estate index (801180.SL) rising by 2.55%, compared to a 1.27% increase in the CSI A-share index (930903.CSI) [2]. - The H-share real estate and property management index (HSPDM.HK) saw a 4.82% increase over the same period, outperforming the Hang Seng Index (HSI.HK), which rose by 2.14% [2]. Sales Data - The cumulative sales area of commercial housing in 25 cities from January 1 to August 30 showed a year-on-year decline of 22.5%, an improvement from the previous decline of 23.3% [3]. - In August, the sales area in these cities showed a year-on-year increase of 3.5%, up from 1.9% previously [3]. - The cumulative sales area of second-hand homes in 10 cities from January 1 to August 31 increased by 5.6%, slightly up from 5.3% [3]. Policy Developments - Recent policy changes include Guangzhou's initiative to allow buyers to complete payment and property registration simultaneously, effectively enabling "buying and moving in" [3]. - Nanjing has relaxed its housing fund loan policies, removing restrictions on purchasing a second home [3]. - Chongqing has optimized its real estate transaction policies, including the removal of sales restrictions and support for "old-for-new" housing exchanges [3]. Company Performance - The top five A-share companies with the highest cumulative gains over the past 5 days include *ST Zhongdi (16.3%), Te Fa Service (10.9%), Suning Universal (10.6%), Xinda Real Estate (10.3%), and Tiandi Source (10.3%) [2][9]. - In the H-share market, the top performers were China Resources Vientiane Life (20.2%), Yongsheng Service (19.3%), and E-House (18.3%) [2][11].