房地产行业研究周报：央行宣布降低房贷利率，政治局会议强调促进房地产市场“止跌企稳”

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 central theme of the report emphasizes the recovery of the real estate sector, supported by recent policy changes such as the reduction of mortgage rates and adjustments to down payment ratios, which are expected to stabilize the market [5][7]. - The report indicates that the real estate sector is nearing a bottom, with ongoing policy support likely to lead to valuation recovery [5][6]. Summary by Sections Market Performance - The Shenwan Real Estate Index increased by 20.14% this week, outperforming the CSI 300 Index, which rose by 15.7%, resulting in a relative return of 4.44% [2][6]. - In the week of September 20-26, the total transaction volume of new homes in 38 key cities was 29,352 units, showing a year-on-year decline of 42.3% but a month-on-month increase of 78.1% [2][14]. Transaction Analysis - For new homes, the total transaction area was 3.041 million square meters, with a year-on-year decline of 43.2% and a month-on-month increase of 69.9% [14][19]. - In the same week, the total transaction volume of second-hand homes in 16 key cities was 17,362 units, reflecting a year-on-year decline of 10.5% but a month-on-month increase of 41.3% [22][27]. Inventory and Supply - The total inventory of new homes in 17 key cities was 196.27 million square meters, with a depletion cycle of 160.8 weeks, indicating a stable inventory level [29][31]. - The land supply decreased by 54.4% year-on-year, with a total land supply of 17.41 million square meters this week [4][5]. Company Performance - Notable companies such as Poly Developments, China Merchants Shekou, and others are highlighted for their stable performance and potential for growth in the current market environment [5][6]. - The report suggests that investors should focus on companies with robust earnings, including Yuexiu Property, China Resources Vientiane Life, and others [5][6].