房地产及物管行业24年第42周周报：来访认购维持高位，五部委推动供需两端政策改善

Investment Rating - The industry investment rating is "Buy" [1] Core Views - Recent policies from the central government include allowing special bonds for land reserves and supporting the use of these bonds for affordable housing. The government is also considering the cancellation of VAT policies related to ordinary and non-ordinary residential properties [2][11] - The real estate market is showing signs of recovery, with new home sales in 51 cities reaching 4.961 million square meters, a week-on-week increase of 94.4% and a year-on-year increase of 4.0%. Second-hand home transactions in 13 cities also saw a significant rise [2][11] - The land market remains weak, with land transaction revenues in 300 cities down by 22.5% year-on-year [2][11] Summary by Sections 1. Industry Policy and Fundamentals Tracking - Central policies include the use of special bonds for land reserves and the promotion of digital construction to create resilient and smart cities. Local policies have also been adjusted to lower down payment ratios and interest rates for housing loans [11][12] - The government aims to add 1 million units through urban village renovations and improve market confidence through various financial measures [2][11] 2. Key Company Tracking - The report includes a list of key companies in the real estate sector, all rated as "Buy" with specific price targets and earnings projections for 2024 and 2025 [6] 3. Real Estate Development Sector Investment Views - The report indicates a significant recovery in both new and second-hand home transactions, with market confidence remaining high due to recent policy announcements [2][11] 4. Property Management Sector Investment Views - The property management sector is experiencing a rebound, although the average decline in property stocks was noted. The overall PE ratio for the property sector is reported at 7.6x [2][11]