房地产行业周报（2024年第41周）：多地跟进优化地产政策

Investment Rating - The report does not explicitly state an investment rating for the real estate industry, but it suggests a positive outlook for certain companies based on policy changes and market recovery potential [4][32]. Core Insights - The real estate sector has experienced a significant downturn, with the Shenwan Real Estate Index dropping by 8.31% this week, underperforming the CSI 300 Index by 5.06 percentage points [4][8]. - Transaction volumes in major cities have plummeted, with a 47% decrease month-on-month and a 53% decrease year-on-year in the sales area of commercial housing across 30 major cities [4][13]. - Policy adjustments in various cities aim to stimulate the housing market, including lowering down payment ratios and optimizing loan policies [4][32][34]. Summary by Sections 1. Market Performance - The Shenwan Real Estate Index fell by 8.31%, while the CSI 300 Index decreased by 3.25%, ranking the real estate sector 29th out of 31 sectors [4][8]. - The top five gainers in the sector included Jintou Chengkai and Hualian Holdings, while the biggest losers were Shoukai Shares and Konggang Shares [10][11]. 2. Sales Overview - In the week of October 4-10, 2024, the total transaction area for commercial housing in 30 major cities was 1.06 million square meters, with significant declines across all city tiers [13][16]. - The transaction area for second-hand housing in 17 monitored cities was 1.35 million square meters, showing a month-on-month increase of 11.2% but a year-on-year decrease of 31.1% [16]. 3. City-Level Sales Analysis - First-tier cities saw a significant drop in new housing transactions, with Beijing, Shanghai, Shenzhen, and Guangzhou experiencing declines of 30.3%, 61.8%, 94.8%, and 13.6% respectively [18][19]. - In second-tier cities, new housing transactions were mostly down, with notable declines in Ningbo and Hangzhou, which fell by 66.9% and 69.3% respectively [22][23]. 4. Inventory and Absorption - The inventory and absorption periods for first-tier cities are concerning, with Beijing and Guangzhou having absorption periods of 24.98 months and 23.16 months respectively [27][28]. 5. Policy Developments - Recent policy changes include lowering the down payment ratio for housing loans in Fuzhou to 20% and unifying the minimum down payment ratio across cities in Shaanxi to 15% [32][35][36]. - Chengdu is proposing a new regulation that allows individuals to settle in the city upon purchasing a home, which could further stimulate demand [39][40].