地产及物管行业周报：房地产定调经济风向标、强调止跌回稳底线目标，财政发力、收储加快

Investment Rating - The report maintains a "Positive" rating for the real estate and property management industry [2][3]. Core Insights - The real estate market is viewed as a barometer for the macro economy, with recent policies aimed at stabilizing the market and ensuring housing delivery [3][26]. - Recent data indicates a significant decline in new home sales, with a 28% week-on-week drop in major cities, and a 29% year-on-year decrease in October [3][6][8]. - The report highlights a shift in policy focus from supply-side to demand-side measures, with an emphasis on improving residents' balance sheets and stimulating housing demand [3][27]. Industry Data Summary New Home Sales - In the week of October 5-11, 2024, 34 major cities recorded a total of 190,000 square meters in new home sales, down 28% from the previous week [3][6]. - Year-to-date, new home sales have decreased by 31.2% compared to the previous year [8][9]. Inventory Levels - As of October 11, 2024, the total available residential area in 15 major cities was 97.59 million square meters, with a slight decrease of 0.3% week-on-week [19][21]. - The average monthly inventory turnover for the last three months was 25 months, indicating a high level of inventory [19][21]. Policy Developments - Recent government measures include increasing debt limits to support local governments in managing debt risks and promoting market stabilization [26][27]. - Specific local policies have been implemented, such as the cancellation of housing purchase restrictions in certain cities and adjustments to down payment ratios for housing loans [27][30]. Company Dynamics - Sales figures for major real estate companies in September showed significant declines, with China Overseas reporting 188.2 billion yuan, down 33% year-on-year [3][26]. - The report tracks stock performance, noting that the SW Real Estate Index fell by 8.31%, underperforming the broader market [3][26]. Investment Recommendations - The report recommends focusing on companies with strong product offerings and those poised for valuation recovery, including names like Poly Developments and China Overseas [3][27].