房地产行业周报：政策持续利好，二手房成交量保持上升

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report indicates that the real estate sector's fundamentals are nearing a bottom, with ongoing policy support expected to lead to valuation recovery. Investors are advised to focus on companies with stable performance, such as Yuexiu Property, China Vanke, Poly Developments, China Merchants Shekou, and Greentown China [2][4] - The report highlights a significant increase in the transaction volume of second-hand homes, with a year-on-year growth of 29.4% and a month-on-month growth of 132.6% in 16 key cities tracked [4][5] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index rose by 2.96%, outperforming the CSI 300 Index, which increased by 0.98%, resulting in a relative return of 1.98% [1][9] 2. Industry Fundamentals - For the week of October 11-17, 2024, the total transaction of new homes in 38 key cities was 33,298 units, reflecting a year-on-year decrease of 16.7% but a month-on-month increase of 97.4%. The total transaction area was 3.589 million square meters, with a year-on-year decrease of 9.6% and a month-on-month increase of 116.7% [2][16] - The report also notes that the inventory of commercial housing in 17 key cities was 195.943 million square meters, with a month-on-month decrease of 0.3% and a depletion cycle of 163.6 weeks [5] 3. Industry News Tracking - Recent policies from the Ministry of Housing and Urban-Rural Development emphasize controlling new supply while managing existing inventory, aiming to stabilize the real estate market [10][12] - The report mentions various local government initiatives aimed at improving housing conditions and facilitating transactions, such as the conversion of commercial loans to housing provident fund loans in Chengdu [12][13] 4. Company Announcements - Oceanwide Holdings reported a sales volume of 1.96 billion yuan in September 2024, with a sales area of 146,400 square meters [14][15] - China Merchants Shekou announced plans to issue 260 million yuan in green medium-term notes, with proceeds allocated for green project development [14][15]