房地产行业周报（2024年第44周）：政策持续出台，销售环比回暖

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [1] Core Views - Recent transactions in high-energy cities for new and second-hand homes have increased month-on-month, while the inventory reduction speed for second-hand homes in low-energy cities has accelerated [1] - The report suggests focusing on real estate companies with strong credit advantages in financing and those with experience in urban village redevelopment [1] - Recommended companies include China Merchants Shekou, Poly Developments, Yuexiu Property, China Overseas Land & Investment, Huafa Group, Jianfa Group, Binjiang Group, Longfor Group, and Greentown China [1] Summary by Sections Market Performance - The real estate index rose by 6.01% this week, outperforming the CSI 300 index by 7.69 percentage points, ranking first among 31 sectors [3][10] - In 30 major cities, the total transaction area for commercial housing reached 3.23 million square meters, with a month-on-month increase of 26.7% and a year-on-year increase of 6.0% [12] Sales Overview - In the first-tier cities, the transaction area for new homes was 1.2 million square meters, with a month-on-month increase of 51.3% and a year-on-year increase of 91.1% [12] - The second-hand housing market in the monitored 17 cities saw a transaction area of 2.9 million square meters, with a month-on-month increase of 4.5% and a year-on-year increase of 40.9% [16] Inventory and Depletion - The report indicates that the inventory depletion cycle for Beijing, Shenzhen, and Guangzhou is 21.06 months, 15.63 months, and 15.88 months respectively [27] - The inventory for new homes in Beijing is 1,060,000 square meters, with a month-on-month decrease of 1.7% [28] Policy Tracking - Dalian has introduced 14 measures to promote stable development in the real estate market, including unifying the minimum down payment ratio for first and second homes to 15% [33][35] - The Tianjin Financial Regulatory Bureau announced that 40 real estate projects have been included in a "white list" with a credit limit of 7.82 billion yuan [36]