房地产行业研究周报：央地多举措推进楼市止跌回稳，二手房同比成交改善

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 Mixc Life [1][1][1]. Core Insights - The real estate market is showing signs of stabilization due to multiple measures taken by central and local governments to support the housing market, leading to improved year-on-year transaction volumes in the secondary housing market [1][1]. - The report highlights a significant increase in the Shenyuan Real Estate Index, which rose by 9.24%, outperforming the Shanghai and Shenzhen 300 Index, which increased by 8.48% [2][2]. - Recent policies include lowering mortgage rates and adjusting down payment ratios for first and second homes, which are expected to stimulate demand and alleviate buyer hesitation [4][4][5][5]. Summary by Sections Market Performance - The Shenyuan Real Estate Index increased by 9.24%, while the Shanghai and Shenzhen 300 Index rose by 8.48%, indicating a stronger performance of the real estate sector compared to the broader market [2][2]. - The report notes that the transaction volume for new homes in 38 key cities totaled 29,939 units, with a year-on-year growth of 1.2% and a month-on-month increase of 1.8% [14][14]. Policy Developments - Central government policies include a reduction in existing mortgage rates by approximately 0.5 percentage points and a decrease in the minimum down payment for second homes from 25% to 15% [4][4]. - Local governments in cities like Shenzhen, Guangzhou, and Shanghai have implemented measures to optimize housing purchase policies, including the removal of purchase restrictions and adjustments to loan terms [5][5][7][7]. Transaction Analysis - For the week of September 27 to October 3, the report indicates that the total transaction volume for second-hand homes in 16 key cities reached 10,146 units, reflecting a year-on-year increase of 28.1% [22][22]. - The total transaction area for second-hand homes was 969,000 square meters, with a year-on-year growth of 30.7% [22][22]. Company Performance - Key companies such as Poly Developments, China Merchants Shekou, and China Resources Mixc Life are highlighted for their stable performance and potential for growth in the current market environment [1][1][1].