房地产行业周报：新房销售维持低位，二手房成交保持增长

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [2][24]. Core Insights - New home sales remain low, while second-hand home transactions continue to grow, driven by suppressed demand in core cities [3][19]. - In the past five trading days, the A-share real estate sector outperformed the broader market, with a cumulative decline of -2.38% compared to -2.52% for the CSI A-share index [2][7]. - The report highlights that the cumulative sales area of new homes in 24 cities has decreased by 20.7% year-on-year, while second-hand homes have seen a 3.6% increase [3][12]. Summary by Sections Market Performance - A-share real estate index (801180.SL) has a cumulative decline of -2.38% over the last five trading days, while the H-share real estate index (HSPDM.HK) has a slight increase of 0.06% [2][8]. - The top five A-share companies by cumulative increase in the last five days include Hefei Urban Construction (12.5%) and Quzhou Development (6.5%) [2][9]. Sales Data - The cumulative sales area of new homes from January 1 to September 7 in 24 cities is 9,092.3 million square meters, with a year-on-year decline of 20.7% [3][12]. - The cumulative sales area of second-hand homes in 10 cities is 5,231.8 million square meters, showing a year-on-year increase of 3.6% [3][14]. Investment Recommendations - The report suggests that the recovery in core cities will benefit quality real estate companies such as China Resources Land, China Merchants Shekou, and Greentown China [3][19]. - Increased supply and price advantages of second-hand homes are expected to sustain transaction volumes [3][19]. Upcoming Events - The report notes that the August real estate data will be released in mid-September 2024 [4].