新房二手房周报：“止跌回稳”下，10月全国商品房成交量同比转正

Investment Rating - The report maintains a positive investment rating for the real estate sector, indicating a "stop falling and stabilize" trend, suggesting a long-term recovery in the real estate fundamentals [1]. Core Insights - The report highlights that the national commodity housing transaction volume in October has shown a year-on-year increase for the first time after 15 months of decline, with a 0.9% increase compared to the previous year [1]. - The overall transaction area for new and second-hand houses has increased by 37.3% month-on-month and 9.7% year-on-year [1]. - The report emphasizes that the core logic of the real estate market is shifting towards stabilization, with a recommendation to focus on companies like Poly Developments, China Merchants Shekou, and others for investment opportunities [1]. Summary by Sections Market Overview - In October, the national new commodity housing transaction volume increased by 6.7% month-on-month, marking a significant recovery [1]. - The top 100 real estate companies achieved a sales turnover of 30.6931 billion yuan in October, a year-on-year increase of 7.1% [1]. Transaction Data - For the week of October 25 to October 31, 2024, the total new housing transaction area was 381 million square meters, with a year-to-date cumulative area of 9,191 million square meters, reflecting a 35% increase month-on-month and a 10% increase year-on-year [7]. - The report details that first-tier cities saw a 51% increase in new housing transactions month-on-month, with a year-on-year increase of 91% [11]. Company Announcements - Poly Developments reported a successful issuance of medium-term notes totaling 500 million yuan at an interest rate of 2.65% [6]. - China Merchants Shekou's revenue for the first three quarters of 2024 was 121.6 billion yuan, a year-on-year increase of 4.19% [6]. Regional Insights - The report provides insights into various regions, indicating that policies are being implemented to support housing for multi-child families and to enhance housing support policies [5]. - Specific measures include increasing housing provident fund loan limits and promoting the "old for new" housing exchange programs in various cities [5].