房地产行业周报（2024年第45周）：政策持续出台，销售同比保持高增

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [1] Core Viewpoints - The real estate sector has shown resilience with a 6.83% increase in the real estate index, outperforming the CSI 300 index by 1.32 percentage points [2][7] - Sales in 30 major cities reached 2.38 million square meters, with a year-on-year increase of 27.3%, despite a month-on-month decrease of 30.8% [10][11] - The report highlights ongoing policy support and high transaction volumes in key cities, indicating a favorable outlook for companies with strong credit profiles and experience in urban redevelopment [3][30] Summary by Sections Section 1: Market Performance - The real estate index increased by 6.83%, while the CSI 300 index rose by 5.50%, ranking 11th among 31 sectors [2][7] - Top-performing stocks included Huaxia Happiness and Yatong Shares, with significant gains [9] Section 2: Sales Overview - Total sales in 30 major cities were 2.38 million square meters, with a month-on-month decline of 30.8% but a year-on-year increase of 27.3% [10] - In first-tier cities, sales were 680,000 square meters, down 43.5% month-on-month but up 45.6% year-on-year [10] - The second-hand housing market in 17 monitored cities saw a total transaction area of 2.8 million square meters, with a year-on-year increase of 50.0% [14] Section 3: Inventory and Absorption - The report notes varying inventory levels and absorption rates across cities, with Beijing having a 21.35-month absorption cycle [24][25] Section 4: Land Market Overview - The land market remains active, with significant transactions reported in first and second-tier cities [26][28] Section 5: Industry News Tracking - Recent policy changes in cities like Xichang and Zhengzhou aim to stimulate the housing market through subsidies and tax reductions [30][31]