房地产行业周报：10.12财政发布会提出专项债等工具助力房地产市场

Investment Rating - The report maintains a "Positive" rating for the real estate industry in China [4]. Core Insights - In the 41st week, the real estate index underperformed compared to the CSI 300 index and the ChiNext index, with a relative return of -5.0% against the CSI 300 index [11][12]. - National policies are focused on controlling the increase of new housing projects, optimizing existing stock, and improving quality, with an emphasis on increasing loan availability for "white list" projects [14][15]. - New home sales in 44 major cities decreased by 3.2% compared to the previous week, while second-hand home sales increased by 106.4% [19][26]. - The land market activity decreased, with a total of 36 plots sold in 36 major cities, and land transfer fees dropped significantly by 165.56 billion yuan [29][36]. Summary by Sections Market Review - The real estate index closed at 2139.74 with a weekly decline of 8.3%, while the CSI 300 index rose by 3.3% [11][12]. - New home sales in 44 major cities were 16,200 units, down 3.2% from the previous week, while second-hand home sales in 21 major cities reached 14,000 units, up 106.4% [19][26]. Policy Developments - The National Development and Reform Commission (NDRC) is implementing strict controls on new housing construction and enhancing the quality of existing stock [14][15]. - Local policies include increasing the maximum housing provident fund loan limits in cities like Qingdao and Jinan, and standardizing the minimum down payment ratio to 15% in several regions [16][18]. Company Announcements - Companies such as Vanke A and Poly Developments reported their sales figures for September 2024, indicating ongoing market activities despite the challenges [42][43]. Investment Suggestions - The report suggests utilizing special bonds to acquire existing housing stock for affordable housing, which may provide more flexibility compared to existing policies [44][45].