房地产周报：新房销售进一步回暖、二手房销售保持增长

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next six months [1]. Core Insights - New home sales are showing signs of recovery, while second-hand home sales continue to grow. The report highlights a shift in central government policy from stabilization to proactive support for the real estate market, suggesting that future policies will be more aggressive and sustained [2][1]. - The report notes that the cumulative sales area of new homes in 24 cities from January 1 to November 10 has a year-on-year decline of 17.95%, but the monthly cumulative sales area shows a year-on-year increase of 12.70% [1]. - For second-hand homes, the cumulative sales area in 10 cities from January 1 to November 10 has a year-on-year growth of 6.68%, with a monthly cumulative growth of 14.20% [1]. Summary by Sections Sales Data - The new home sales area for the week of November 4 to November 10 in 24 cities was 316.1 million square meters, down from 436.1 million square meters the previous week [1]. - The cumulative sales area of new homes in 24 cities for the year shows a year-on-year decline of 17.95%, while the cumulative sales area for the month shows a year-on-year increase of 12.70% [1]. - The second-hand home sales area for the same week in 10 cities was 146.9 million square meters, compared to 151.1 million square meters the previous week [1]. Policy Developments - A meeting was held by the Financial Regulatory Bureau and the Ministry of Housing and Urban-Rural Development to expand the "white list" project for real estate financing, emphasizing the importance of stabilizing the market and ensuring housing delivery [1]. - The report mentions that various local governments are implementing policies to support the real estate market, such as adjusting housing loan policies and increasing loan limits for families [1][2]. Market Trends - The report indicates that the real estate sector is experiencing a more positive and sustained policy push from both supply and demand sides, suggesting potential investment opportunities in the sector [2].