房地产行业第45周周报：本周新房二手房成交同比持续正增长，10万亿元化债资源帮助缓解地方财政压力，地产财税和专项债收储相关政策等待进一步落地

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting that the current policies are aimed at stabilizing the market and promoting recovery [1]. Core Insights - New housing transaction area has turned negative on a month-on-month basis, but year-on-year growth remains positive, indicating the effectiveness of policy measures [1]. - The report highlights a decrease in new housing inventory and a reduction in the de-stocking cycle across various city tiers [1]. - The land market shows an increase in transaction volume but a decrease in prices, with a notable drop in premium rates [1]. - The report emphasizes the importance of upcoming policy measures to support market stabilization and recovery [1]. Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - New housing transaction area in 40 cities was 311.5 million square meters, down 25.0% month-on-month but up 23.8% year-on-year [1][9]. - Second-hand housing transaction area increased by 1.7% month-on-month and 20.1% year-on-year, although growth rates have narrowed [1][9]. - New housing inventory in 12 cities decreased by 0.7% month-on-month and 8.2% year-on-year, with a de-stocking cycle of 17.1 months [1][15]. 2. Land Market Tracking - Total land transaction area was 2,353.3 million square meters, up 43.4% month-on-month but only up 0.3% year-on-year [1][5]. - Total land transaction price was 67.17 billion yuan, up 10.1% month-on-month but down 10.3% year-on-year [1][5]. - The average land price per square meter was 2,854 yuan, down 23.2% month-on-month and down 10.5% year-on-year [1][5]. 3. Policy Overview - The report notes that the central government is set to introduce tax policies to support the healthy development of the real estate market [1]. - It mentions a significant increase in debt resources aimed at alleviating local fiscal pressures, with a total of 10 trillion yuan allocated for debt relief [1]. 4. Sector Performance Review - The absolute return of the real estate sector was 6.8%, an increase of 0.8 percentage points from the previous week [1][6]. - The relative return was 1.3%, a decrease of 6.4 percentage points from the previous week [1][6]. - The sector's price-to-earnings ratio (PE) was 24.37X, up 1.17X from the previous week [1][6]. 5. Investment Recommendations - The report suggests focusing on two main lines of investment: companies expected to benefit from policy easing and those with strong positions in core cities [1].