20241019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 Views - The real estate sector is showing signs of recovery as the fundamentals approach a bottom, supported by continuous policy support [2] - 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] - In the property management sector, companies like China Resources Mixc Life, China Overseas Property, China Merchants Jinling, Poly Property, Wanwu Cloud, and Greentown Service are also recommended [2] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 2.96%, while the CSI 300 Index rose by 0.98%, resulting in a relative return of 1.98%, indicating that the sector outperformed the broader market [9] 2. Industry Fundamentals - For the week of October 11-17, 2024, a total of 33,298 new homes were sold across 38 key cities, representing 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% [16] - In the same week, the second-hand housing market saw 25,297 transactions, a year-on-year increase of 29.4% and a month-on-month increase of 132.6%, with a total area of 2.357 million square meters, reflecting a year-on-year increase of 21.1% and a month-on-month increase of 135% [4] 3. Key Company Status - The report highlights several companies with their respective stock prices and earnings per share (EPS) forecasts for 2024-2026, indicating a positive outlook for companies like Poly Developments and China Merchants Shekou [4] - The report also notes that the total market capitalization of the industry is approximately 1.22 trillion yuan, with 103 listed companies [2] 4. Industry News Tracking - Recent policies from the central government emphasize the importance of stabilizing the real estate market, including measures to ensure the delivery of pre-sold homes and the promotion of affordable housing projects [10][13] - Local governments are also implementing strategies to optimize land supply and improve housing conditions, which are expected to further support market recovery [10][12]