房地产行业第41周周报：新房成交同比降幅较节前有所收窄；各部门继续表态支持地产发展

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a potential recovery in the market supported by government policies aimed at stabilizing the sector [1]. Core Insights - New home sales volume showed a month-on-month increase due to a low base effect from the previous week, although year-on-year growth turned negative [1]. - The report highlights that both new and second-hand home sales have shifted from negative to positive month-on-month growth, while year-on-year growth has declined [1]. - Inventory levels for new homes have decreased year-on-year, with a longer absorption period compared to the previous year [1]. Summary by Sections 1. New Home Market Tracking - In 40 cities, new home transaction volume reached 19,000 units, a month-on-month increase of 19.7% but a year-on-year decrease of 37.7% [10]. - New home transaction area was 2.083 million square meters, reflecting a month-on-month increase of 10.5% and a year-on-year decrease of 32.7% [10]. - First, second, and third/fourth-tier cities showed varying month-on-month growth rates in new home transactions, with first-tier cities declining by 16.0% [10]. 2. Second-Hand Home Market Tracking - The transaction area for second-hand homes in 18 cities increased by 115.2% month-on-month but decreased by 31.4% year-on-year [1]. - The report notes significant declines in year-on-year growth rates across different city tiers, with first-tier cities showing a decrease of 7.8% [1]. 3. Inventory Situation - The inventory of new homes in 12 cities was 9.661 million square meters, with a month-on-month decrease of 0.6% and a year-on-year decrease of 4.9% [26]. - The absorption period for new home inventory was reported at 21.3 months, with a slight month-on-month decrease but a year-on-year increase of 2.4 months [26]. 4. Land Market Tracking - The total area of land transactions was 8.513 million square meters, reflecting a month-on-month decrease of 56.8% but a year-on-year increase of 17.3% [1]. - The total land transaction price was 20.83 billion yuan, with a month-on-month decrease of 68.1% and a year-on-year increase of 98.4% [1]. 5. Policy Developments - Various government departments reiterated their support for the real estate sector, emphasizing measures to stabilize the market and boost confidence [1]. - The report indicates that financial institutions are encouraged to enhance loan disbursement for real estate projects, particularly those on the "white list" [1]. 6. Company Announcements - The report includes a summary of key announcements from major real estate companies, reflecting ongoing adjustments in response to market conditions [1]. 7. Bond Issuance - The total bond issuance in the real estate sector was 3.92 billion yuan, a year-on-year decrease of 58.5% [1]. - The net financing amount was reported at -790 million yuan, indicating a challenging financing environment for real estate companies [1].