房地产行业研究周报：成交维持低位，北京取消普宅与非普宅认定标准

Investment Rating - The report maintains a "Buy" rating for several key companies in the real estate sector, including Poly Developments, China Merchants Shekou, and China Resources Land [1][1][1]. Core Insights - The report highlights that the real estate sector is experiencing pressure on new home sales, with policies being implemented to stimulate demand. The cancellation of the distinction between ordinary and non-ordinary residential properties is expected to support market recovery [1][1][1]. - The report notes that the real estate index increased by 6.86% over the past week, outperforming the Shanghai and Shenzhen 300 index, which rose by 1.32% [2][2]. - The report emphasizes that while new home transactions remain under pressure, second-hand home sales are performing better, indicating a potential shift in market dynamics [1][1][1]. Weekly Market Review - The report indicates that the real estate index rose by 6.86%, while the Shanghai and Shenzhen 300 index increased by 1.32%, resulting in a relative return of 5.54% [2][2]. - The top five performing stocks in the real estate sector included Electronic City and Zhangjiang Hi-Tech, while the bottom five included Zhongdi Investment and Tieling New City [2][2]. Industry News Tracking - Local policies have been introduced to promote stable and healthy development in the real estate market, including increased housing fund loan limits in various cities [3][4][5]. - The report mentions that the Beijing Municipal Committee has implemented measures to enhance the housing system, focusing on affordable housing and optimizing real estate policies [6][6]. Market Fundamentals - The report provides data on new home transactions in 38 key cities, showing a total of 16,240 units sold, with a year-on-year decline of 53.4% and a month-on-month decline of 15.5% [11][20]. - For second-hand homes, 12,287 units were sold in 16 key cities, reflecting a year-on-year decline of 31% and a month-on-month decline of 21.9% [22][22]. Company Announcements - Yuzhou Group announced the results of its offshore debt restructuring plan, which received the necessary support from creditors [7][8]. - Aoyuan Group reported an increase in overdue debts and ongoing legal challenges, indicating financial strain [7][8]. - Jindi Group held a performance briefing, emphasizing cash flow safety amid a challenging market environment [10][10].