房地产行业报告：增量政策仍有空间 积极关注后续相关细则出台

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - Incremental policies still have room for improvement, and attention should be paid to the subsequent details of related policies being introduced. The recent announcement from the National People's Congress indicates that tax policies supporting the healthy development of the real estate market are set to be approved soon. This includes special bonds to support the recovery of idle land and the acquisition of existing commercial housing for affordable housing [2][3]. Summary by Sections 1. Industry Fundamentals Tracking 1.1 New Housing Transactions and Inventory - Last week, the new housing transaction area in 30 major cities was 2.3498 million square meters, with a cumulative new housing transaction area of 87.1553 million square meters this year, reflecting a year-on-year decrease of 31.9%. The average transaction area over the past four weeks was 2.6545 million square meters, down 2.6% year-on-year but up 2.1% month-on-month. In first-tier cities, the average transaction area was 1.0573 million square meters, up 16.6% year-on-year and 27.8% month-on-month [3][8][12]. 1.2 Second-Hand Housing Transactions and Listings - Last week, the transaction area of second-hand housing in 12 key cities was 2.3194 million square meters, with a cumulative transaction area of 70.7872 million square meters this year, showing a year-on-year increase of 2.4%. The average transaction area over the past four weeks was 2.2573 million square meters, up 34.5% year-on-year and 6.8% month-on-month [15][18]. 1.3 Land Market Transactions - Last week, in 100 major cities, there were 8 new residential land supplies and 2 residential land transactions. The average transaction price for residential land was 5,635.42 yuan per square meter, with a premium rate of 2.36%, reflecting a month-on-month increase of 1.15 percentage points [19][20]. 2. Market Review - Last week, the A-share Shenwan一级房地产行业 index rose by 6.83%, outperforming the CSI 300 index, which increased by 5.5% by 1.32 percentage points. The Hong Kong Hang Seng Property Services and Management Index rose by 2.14%, also outperforming the Hang Seng Composite Index, which rose by 1.8% [4][21].