房地产行业周报：地方化债出台，未来关注增量增量政策

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a "look good" investment rating [2]. Core Insights - The real estate sector index outperformed the CSI 300 index by 6.0% during the 45th week, with a weekly increase of 6.8% [12][2]. - New housing sales in 44 major cities decreased by 33.3% compared to the previous week, while second-hand housing sales increased by 0.6% [17][3]. - The report highlights various local policies aimed at stimulating the real estate market, including adjustments to housing fund policies and mortgage rates in several cities [15][16]. Market Performance Overview - The real estate sector index closed at 2569.08, with a weekly increase of 6.8%, while the CSI 300 index closed at 4104.05, up 5.5% [12][13]. - The report notes that the average premium rate for land transactions in 36 major cities rose to 8.2%, an increase of 6.4% from the previous week [25][22]. Policy Developments - The central bank is actively supporting the acquisition of existing residential properties for affordable housing and revitalizing idle land [15][16]. - Local governments are implementing various measures, such as adjusting housing loan policies and increasing subsidies for home purchases [15][16]. Sales and Inventory Data - As of the 45th week, the inventory of new homes in 18 major cities was 823,000 units, a decrease of 6,000 units from the previous week, with a sales-to-inventory ratio of 19.3 months [17][20]. - The report indicates that first-tier cities saw a significant decrease in new home sales by 39.1% compared to the previous week [17][20]. Land Market Activity - The land market activity decreased, with 36 major cities collectively selling 26 plots of land, a reduction from the previous week [22][25]. - The total land transfer revenue for these cities was 26.597 billion yuan, down 100.339 billion yuan from the previous week [22][25]. Company Announcements - Several companies, including Lanhua Ketech and Vanke A, announced share buybacks and guarantees related to their subsidiaries [27][28].