新房二手房周报：政治局会议提要促进房地产市场止跌回稳，期待政策进一步加速落地

Investment Rating - The report maintains a "Hold" rating for the real estate sector [1]. Core Insights - The Politburo meeting on September 26 aims to stabilize the real estate market, with expectations for further policy implementation to accelerate recovery [1]. - The total transaction area for new and second-hand homes in 12 tracked cities was 2.396 million square meters, showing a week-on-week increase of 55.9% but a year-on-year decrease of 31.2% [1]. - Since the beginning of September 2024, the overall transaction area for new and second-hand homes has decreased by 10.0% month-on-month and 24.3% year-on-year [1]. - Year-to-date, the transaction area has decreased by 19.6% compared to the same period last year [1]. Summary by Sections Market Overview - The report highlights significant policy measures from the central bank and financial authorities aimed at supporting the real estate sector, including lowering the reserve requirement ratio and interest rates [5]. - Specific measures include a 0.5 percentage point reduction in the reserve requirement ratio and a decrease in the 7-day reverse repurchase rate from 1.70% to 1.50% [5]. Transaction Data - For the week of September 20-26, 2024, the total sales volume for new homes across 49 cities was 213,000 units, with a total area of 2.396 million square meters [7]. - The year-to-date cumulative area for new homes sold is 7.867 million square meters, reflecting a year-on-year decrease of 36% [7]. - The report provides detailed transaction data for first-tier, second-tier, and third/fourth-tier cities, indicating varying performance across regions [7][15]. Policy Implications - The report emphasizes the need for targeted policies to address local market conditions, with examples from cities like Guangzhou and Chengdu implementing measures to ease housing purchase restrictions and increase loan limits [1][5]. - The central bank and financial authorities are expected to continue rolling out supportive measures to stabilize the market and promote recovery [1][5]. Company Announcements - Key company announcements include the privatization of Huafa Property Service Group and land acquisition by Chengjian Development in Beijing [1].