房地产：五部委出台两大增量政策，上海发布公积金新政

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The introduction of significant policies by five ministries aims to stabilize and promote the healthy development of the real estate market, including the implementation of 1 million units for urban village and dilapidated housing renovation through monetary compensation and increasing the credit scale for "white list" projects to 4 trillion yuan by the end of the year [2][3] - The new housing provident fund policy in Shanghai is expected to enhance the rental market and alleviate pressure on the secondary housing market by allowing higher withdrawal limits and more frequent withdrawals [2][3] Sales Review - In the week of October 13-19, a total of 22,122 residential units were sold across 34 monitored cities, representing a week-on-week increase of 22.7%. However, the cumulative sales for 2024 are down 30.8% year-on-year [4][8] - Sales in first-tier cities increased by 40.8% week-on-week, while second-tier and third-tier cities saw increases of 15.9% and 15.2%, respectively [8][9] Land Supply - The planned land supply for residential use across 100 cities was 1,093 million square meters, with a cumulative supply of 24,600 million square meters for 2024, down 32.3% year-on-year [18][19] - The average land price for residential land across 100 cities was 4,383 yuan per square meter, with a week-on-week decrease of 2% and a year-on-year decrease of 3.8% [19][20] Land Transactions - The total area of residential land transactions across 100 cities was 968 million square meters, with a cumulative total of 17,342 million square meters for 2024, down 24.6% year-on-year [26][27] - The average transaction price for residential land was 4,391 yuan per square meter, with a year-on-year decrease of 34.0% [27][28]