房地产行业数据点评：新房成交量高位回落，二手房成交延续火热

Investment Rating - The industry investment rating is maintained at "Buy" [2][4] Core Insights - New home transaction volume has declined from high levels, while second-hand home transactions remain robust [2][4] - The policy environment for the real estate industry continues to improve, with potential for further enhancements, indicating a turning point in the fundamentals [4][18] - The valuation of the sector has medium to long-term recovery potential [4][18] Summary by Sections New and Second-Hand Housing Sales Data - For the week of November 4-10, the new home transaction area in 30 major cities was 2.38 million square meters, down 7.9% year-on-year and 28.3% month-on-month [2][7] - First-tier cities accounted for 710,000 square meters (up 36% year-on-year, down 34% month-on-month), second-tier cities 1.23 million square meters (down 23% year-on-year, down 27% month-on-month), and third-tier cities 440,000 square meters (down 4% year-on-year, down 21% month-on-month) [2][7] - Second-hand home transactions in 13 cities reached 2.18 million square meters, up 40% year-on-year and stable compared to the previous week [2][7] Key City Performance - Shanghai: Second-hand home daily average transactions were 888 units (up 69% year-on-year, up 5.2% month-on-month), while new home transactions were 324 units (up 31.1% year-on-year, down 47.1% month-on-month) [3][10] - Guangzhou: New home transactions were 185 units (up 6.5% year-on-year, down 49.2% month-on-month), while second-hand home transactions were 2,678 units (down 2.9% month-on-month) [12] - Shenzhen: Second-hand home daily average transactions were 269 units (up 179% year-on-year, up 1.2% month-on-month), and new home transactions were 285 units (up 154% year-on-year, up 8% month-on-month) [15][16] - Beijing: Second-hand home daily average transactions were 603 units (up 42% year-on-year, down 17% month-on-month), while new home transactions were 163 units (down 5.4% year-on-year, down 11% month-on-month) [16][18] Investment Recommendations - The sustained high level of second-hand home transactions is expected to stabilize prices as inventory decreases [4][18] - Focus on leading developers with strong financing capabilities, land acquisition abilities, and reasonable land reserves, as well as top second-hand housing intermediaries benefiting from active transactions [4][18]