房地产行业周报：新房及二手房销售均现回暖，各地积极取消住房限制性措施

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [1]. Core Insights - New and second-hand housing sales are showing signs of recovery, with second-hand housing sales growth outpacing new housing sales [2]. - Recent policy adjustments across various cities aim to eliminate restrictive measures on housing, signaling a shift towards stabilizing the real estate market [3]. Summary by Sections Sales Performance - In the week of October 14-20, new housing sales in 23 cities reached 3.586 million square meters, up from 2.487 million square meters the previous week. Year-to-date sales show a decline of 18.41% compared to the previous year, but the monthly growth for October is at 2.19% [2]. - Second-hand housing sales in 10 cities for the same week totaled 1.395 million square meters, an increase from 1.172 million square meters the prior week. Year-to-date, second-hand sales have grown by 4.54% [2]. - The combined sales of new and second-hand homes in 10 cities for the week were 2.498 million square meters, up from 2.173 million square meters the previous week, with a year-to-date decline of 12.14% [2]. Policy Developments - Shanghai has adjusted its housing provident fund loan policies, reducing the minimum down payment for second homes to 25% and to 20% in specific districts [3]. - Tianjin has removed various housing restrictions, including purchase limits and price caps, standardizing the minimum down payment for first and second homes to 15% [3]. - Chengdu has introduced policies such as "buying a house equals settling down" and increased the maximum loan amount for provident fund loans to 1.2 million yuan [3]. Investment Recommendations - The report suggests that the central government's policy focus is shifting from maintaining stability to promoting recovery in the real estate market, indicating a more proactive approach in future policies [3]. - Continuous attention to investment opportunities within the real estate sector is recommended, as both supply and demand sides are expected to benefit from supportive policies [3].