房地产周报：新房销售增速回落，财政部允许专项债券用于土地储备

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2][35]. Core Insights - New home sales have shown a year-on-year growth rate decline, while second-hand home sales have slightly decreased [2]. - The Ministry of Finance has allowed special bonds to be used for land reserves, signaling a shift towards more supportive policies for the real estate market [2][3]. - The central government's policy objectives for the real estate market are transitioning from stabilization to promotion, indicating a willingness to support a recovery in the market [3]. Summary by Sections Sales Data - The sales area of new homes in 24 cities for the week of October 7-13 was 252.1 million square meters, down from 127.5 million square meters the previous week [2]. - The cumulative year-on-year growth rate for new home sales in 24 cities from January 1 to October 13 is -18.82%, compared to -19.24% the previous week [2]. - The cumulative year-on-year growth rate for second-hand home sales in 11 cities from January 1 to October 13 is 2.79%, slightly down from 2.95% the previous week [2]. Policy Developments - The report highlights significant policy changes, including the use of special bonds for land reserves and support for acquiring existing homes to optimize the supply of affordable housing [2][3]. - The report notes that the Ministry of Finance is actively researching favorable policies for the stable development of the real estate market, including tax policy adjustments [2][3]. Market Trends - The report indicates that the real estate sector is experiencing a more positive and sustained policy push from both supply and demand sides, suggesting potential investment opportunities [3].