房地产行业周报：财政部强调土地盘活，房价指数跌幅收窄

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The market activity has shown a significant increase following the new policies, with the Iceberg Active Index for 50 key cities at 18.5, a decrease of 1.5 points from the previous week but an increase of 4.9 points compared to the average in September [2] - The Iceberg House Price Index for the same cities has seen a narrowing decline of 0.81% month-on-month, indicating a potential stabilization in housing prices [3] - New and second-hand housing transaction volumes have increased significantly, with new housing transaction area in 30 key cities rising by 139.2% week-on-week [4] Summary by Sections Market Activity - The Iceberg Active Index for 50 cities is currently at 18.5, down 1.5 points from last week but up 4.9 points from the September average [2] - 14 cities have seen an increase in viewing activity, with Hefei, Foshan, Lanzhou, and Dalian showing increases of over 3 points [2] - First-tier cities have experienced a decline in viewing heat, with Beijing, Shanghai, Shenzhen, and Guangzhou dropping by 12, 5, 6, and 4 points respectively, yet still maintaining a high overall activity level [2] Price Trends - The Iceberg House Price Index for 50 cities has a rolling month-on-month decline of -0.81%, which is a narrowing of 0.2 percentage points from the previous week [3] - 18 cities have seen an increase in house prices, with Wenzhou, Shaoxing, and Xiamen showing significant increases of over 1% [3] - First-tier cities like Beijing, Shanghai, Shenzhen, and Guangzhou have maintained price increases of +0.28%, +0.02%, +0.45%, and +0.13% respectively [3] Transaction Volumes - New housing transaction area in 30 key cities reached 2.18 million square meters, a week-on-week increase of 139.2% [4] - Second-hand housing transaction area in 13 key cities was 2.08 million square meters, up 378.7% week-on-week [4] - The cumulative year-on-year transaction area for new housing is down 33.5%, but the decline has narrowed by 0.6 percentage points from the previous week [4] Policy Developments - The Ministry of Finance has emphasized the importance of revitalizing land use and has allowed special bonds to be used for land reserves, which is expected to enhance land supply control [5] - Policies are being optimized to support the acquisition of existing homes and increase the supply of affordable housing [5] - The report highlights the ongoing efforts to adjust housing purchase policies to stimulate demand and reduce the burden of existing housing loans [8]