房地产行业周报(第四十二周)：稳地产态度明确，关注政策落实情况

Investment Rating - The report maintains a "Buy" rating for several key companies in the real estate sector, including 城投控股 (600649 CH), 滨江集团 (002244 CH), 招商蛇口 (001979 CH), and others across both A-shares and Hong Kong stocks [7][8]. Core Insights - The report emphasizes a clear stance on stabilizing the real estate market, highlighting the importance of policy implementation following a recent press conference by multiple government departments [2]. - A significant policy initiative includes the introduction of 1 million urban village and dilapidated housing renovations, which is expected to stimulate market recovery and consumer spending [10]. - The "white list" of real estate projects has rapidly expanded, with loan approvals reaching 2.23 trillion yuan by mid-October, projected to exceed 4 trillion yuan by the end of 2024, benefiting cash flow for real estate companies [11]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.98%, while the real estate development sector increased by 2.96% last week [3]. Key Companies and Dynamics - The report recommends companies with strong reserves in core cities and stable operations, including 城投控股, 滨江集团, 招商蛇口, 建发国际集团, 越秀地产, 华润置地, and 中海物业 [4][10]. Policy Developments - Recent policies include the cancellation of restrictions on housing sales and adjustments to housing loan policies across various cities, aimed at promoting market stability [12][13]. - The report notes that the average area per household in urban villages varies significantly, with an estimated demand of 1.2 billion square meters for the renovation initiative, translating to a potential purchasing power release of 840 billion yuan [10]. Sales Performance - From October 1 to 18, new home sales in 54 cities saw a year-on-year decline of 3%, with first-tier cities showing a 19% increase, while second-tier cities experienced a 12% decrease [14]. - In the same period, second-hand home transactions in 26 cities increased by 11%, with first-tier cities rising by 66% [17].