地产及物管行业周报：打出组合拳力促止跌回稳，重启城改货币化意义重大

Investment Rating - The report maintains a "Positive" rating for the real estate and property management industry [1]. Core Insights - The report highlights significant policy shifts aimed at stabilizing the real estate market, including the resumption of monetary compensation for urban renewal, which is deemed crucial for market recovery [1]. - Recent data indicates a rebound in new home sales, with a week-on-week increase of 67% in 34 key cities, although year-on-year figures remain negative [2][4]. - The report emphasizes the importance of local government autonomy in implementing housing policies, including the cancellation of purchase restrictions and adjustments to loan terms [21][22]. Industry Data Summary - New Home Sales: In the week of October 12-18, 2024, new home sales in 34 key cities totaled 321 million square meters, a 67% increase from the previous week. However, year-to-date sales are down 30.8% compared to last year [2][4]. - Inventory Levels: As of October 18, 2024, the available residential area in 15 cities was 97.65 million square meters, with a slight decrease of 0.2% week-on-week. The average monthly inventory clearance period is 23.9 months, down 1.1 months from the previous period [14][21]. - Policy Changes: The report outlines several policy measures aimed at reducing housing costs, including lowering down payment ratios and interest rates for housing loans, as well as increasing the credit scale for "white list" projects to 4 trillion yuan by year-end [21][22]. Company Dynamics - Sales Performance: In September 2024, major real estate companies reported significant declines in sales, with Vanke A at 17.42 billion yuan (-45.6%), China Resources Land at 16.90 billion yuan (-36.5%), and New City Holdings at 2.29 billion yuan (-60.1%) [30]. - Share Buybacks: China Merchants Shekou plans to repurchase shares with a budget of 3.5 to 7 billion yuan, indicating confidence in its long-term value [30].