房地产行业周报：新房、二手房销售均现回暖，当月销售面积同比转正

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates a recovery in both new and second-hand housing sales, with monthly sales area showing a year-on-year increase [2][3] - The central government's policy focus is shifting from stabilization to promotion, indicating a clear intention to support the recovery of the real estate market [4] Summary by Sections Industry Overview - The real estate sector consists of 114 stocks with a total market value of 1,334.614 billion yuan and a circulating market value of 1,233.619 billion yuan [1] - The average industry price-to-earnings ratio is -28.66 [1] Sales Data - In 26 cities, the new housing sales area for the week of October 21-27 was 3.929 million square meters, down from 4.213 million square meters the previous week [2] - The cumulative year-on-year growth rate for new housing sales area from January 1 to October 27 is -19.51%, improving from -20.11% previously, with a monthly growth rate of 4.62% compared to -11.34% last month [2] - For second-hand housing, the sales area for the same week was 1.517 million square meters, up from 1.469 million square meters the previous week, with a cumulative year-on-year growth rate of 3.89% [2] Policy Developments - Yunnan Province introduced "18 measures" to stabilize the real estate market, focusing on controlling new construction, optimizing existing stock, and adjusting housing loan rates [4] - In Foshan, the cancellation of sales restrictions and an increase in loan limits for multi-child families purchasing their first home were announced [4] Investment Recommendations - The report suggests that the real estate sector is experiencing positive and sustained policy support on both supply and demand sides, indicating potential investment opportunities [4]