房地产及物管行业24年40-41周周报：来访认购数据高增，政策连续落地延续市场热度

Investment Rating - The industry investment rating is "Buy" [1] Core Views - Recent policies have led to a significant increase in visitor and subscription data, maintaining market enthusiasm. Key measures include the relaxation of purchase restrictions in first-tier cities and a reduction in the down payment ratio for second homes nationwide [2][12] - The central bank has unified the minimum down payment ratio for commercial loans at no less than 15%, regardless of whether it is the first or second home. Local policies have also been adjusted to further ease restrictions on home purchases [12][13] - New home transaction volumes remain low, while second-hand home transactions are experiencing a seasonal rebound. The average daily transaction of second-hand homes in 74 cities has increased by 20.8% week-on-week and 76.6% year-on-year [2][3] - The land transaction volume is at a low level, with a year-on-year decrease of 37.5% in land transfer revenue in the first ten days of October 2024 [2] Summary by Sections 1. Industry Policy and Fundamentals Tracking - Central policies include the unification of down payment ratios and the promotion of housing market stabilization measures. Local governments have also relaxed purchase restrictions in major cities [12][13][17] - The transaction volume of new homes in 51 cities decreased by 49.6% week-on-week and 26.0% year-on-year, while second-hand homes saw a year-on-year increase of 58.6% [2][3] 2. Key Company Tracking - The report highlights the performance of leading companies in the property sector, with significant stock price increases observed in major state-owned enterprises and non-defaulting private companies [3] 3. Real Estate Development Sector Investment Views - Despite low transaction volumes due to the holiday season, the number of visitors and subscriptions has increased significantly, indicating a recovery in market confidence [3] 4. Property Management Sector Investment Views - The property management sector has seen a rebound, with the average increase in property stocks being 11.4%, and leading companies showing substantial growth [3]