房地产行业周报：9.24政策组合出台有望改善居民现金流

Investment Rating - The report maintains a "Positive" outlook for the real estate industry, indicating an expected relative performance that exceeds the market benchmark by more than 5% [3][26]. Core Insights - The real estate sector index outperformed the CSI 300 index by 4.4% during the 39th week, with a weekly increase of 20.1%, while the CSI 300 index rose by 15.7% [6][7]. - Key policies announced by the central bank on September 24 aim to lower existing mortgage rates and unify the minimum down payment ratios for home loans, with an expected average reduction of approximately 0.5 percentage points [9][10]. - New home sales in 44 major cities increased to 21,600 units, a 98.7% rise compared to the previous week, while second-hand home sales in 21 major cities rose to 16,600 units, a 39.5% increase [12][14]. - The report highlights a decrease in land market activity, with a total of 32 land parcels sold across 36 major cities, resulting in a land transfer fee of 17.1265 billion yuan, down 15.44 billion yuan from the previous week [18][21]. Summary by Sections Market Review - The real estate sector index showed a weekly increase of 20.1%, outperforming the CSI 300 index [6][7]. - The average premium rate for land transactions increased to 6.4%, reflecting a 1.4% rise from the previous week [21]. Policy Developments - The central bank's announcement includes lowering existing mortgage rates to align with new loan rates, with an average reduction of 0.5 percentage points expected [10][26]. - The minimum down payment for second homes has been reduced from 25% to 15% nationwide [9][10]. Sales and Inventory Data - New home sales in major cities increased significantly, with first-tier cities seeing a 65.2% rise in new home transactions [12][14]. - The inventory of unsold homes in 18 major cities rose to 937,000 units, with a sales-to-inventory ratio of 25.6 months, an increase of 2.3 months from the previous week [14][15]. Company Announcements - Major companies such as China Vanke and China State Construction Engineering announced various guarantees related to financing [24][25].