房地产行业周报：多地落实房产首付比例降低政策，二手房成交持续改善

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The real estate sector has shown resilience with a 2.97% increase in the Shenwan Real Estate Index, outperforming the CSI 300 Index which rose by 0.79% [1][7] - Recent policy changes, including a reduction in down payment ratios for first and second homes to 20%, are expected to stabilize the real estate market [1][2] - The sector is nearing a bottom in terms of fundamentals, with potential for valuation recovery as supportive policies continue [1] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 2.97%, while the CSI 300 Index rose by 0.79%, resulting in a relative return of 2.18% [1][7] 2. Industry Fundamentals - For the week of October 18-24, 38 key cities tracked by Zhongtai Real Estate Group recorded a total of 31,889 new home transactions, a year-on-year decrease of 21% and a month-on-month decrease of 4.2% [1][12] - The total transaction area was 3.466 million square meters, with a year-on-year decrease of 16.8% and a month-on-month decrease of 3.4% [1][12] 3. Key Company Performance - Companies such as Poly Developments, China Merchants Shekou, and China Resources Mixc Living are highlighted as stable performers in the sector [1][2] - Poly Developments reported an estimated EPS of 1.13 for 2024, with a PE ratio of 9.5 [2] - China Merchants Shekou is projected to have an EPS of 0.90 for 2024, with a PE ratio of 12.2 [2] 4. Housing Market Analysis - In the same week, 16 key cities recorded 24,252 second-hand home transactions, a year-on-year increase of 16.1% but a month-on-month decrease of 4.1% [2][21] - The total area for second-hand home transactions was 2.247 million square meters, with a year-on-year increase of 13.4% and a month-on-month decrease of 4.7% [2][21] 5. Land Market Supply and Transactions - The land supply for the week was 3,688.9 million square meters, a year-on-year increase of 8.1%, with an average supply price of 2,724 yuan per square meter, up 46% year-on-year [3] - Land transactions amounted to 2,296.6 million square meters, a year-on-year decrease of 35.2%, with a transaction value of 32.72 billion yuan, down 50.9% year-on-year [3] 6. Financing Analysis - Real estate companies issued a total of 5.42 billion yuan in credit bonds during the week, reflecting a year-on-year decrease of 17.8% and a month-on-month decrease of 8.6% [3]