房地产高频跟踪②：财政接力稳盘，后续关注销售及收储落地

Investment Rating - The report indicates a positive outlook for the real estate industry, with a focus on stabilizing the market and improving sales and inventory recovery [1][10]. Core Insights - The central government's recent policies aim to stabilize the real estate market, with a focus on supply-side measures such as allowing special bonds for land acquisition and optimizing tax support for real estate companies [2][3]. - Recent data shows a significant improvement in new home sales and a recovery in second-hand home transactions, particularly in first-tier cities like Guangzhou and Shenzhen [4][9]. - The report emphasizes the importance of monitoring the implementation of supply-side policies and the sustainability of demand support measures in the coming weeks [10]. Policy Summary - The Ministry of Finance has introduced three key measures to support the real estate sector: expanding the use of special bonds for land acquisition, supporting the purchase of existing homes, and optimizing tax policies to reduce the tax burden on real estate companies [2][3]. - Special bonds can now be used for acquiring idle land and existing homes, which is expected to help stabilize the market and accelerate the balance between supply and demand [2][3]. - Tax policy adjustments are being considered to alleviate the tax burden on developers, particularly regarding land value-added tax for ordinary residential projects [3]. Sales Performance - New home sales in major cities have shown marginal improvement post-September, with weekly average transaction volumes reaching high levels compared to earlier in the year [4][9]. - Second-hand home sales have also recovered to levels seen before the 517 policy, with notable improvements in cities like Beijing and Shenzhen [4][9]. - The report highlights that the sales data from the National Day holiday period is expected to further reflect improvements in the coming weeks [4][9]. Market Outlook - The report suggests that the next two weeks will be critical for observing high-frequency data on sales and net signing, with expectations of stronger macro policies to support the market [10].