房地产统计局70城房价数据点评：10月一线城市二手房价格环比转正，二三线城市房价环比降幅收窄

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - In October 2024, the second-hand housing prices in first-tier cities showed a month-on-month increase, while the decline in second and third-tier cities narrowed [2][3] - The new residential sales price index for 70 large and medium-sized cities decreased by 0.5% month-on-month in October, an improvement from the previous decline of 0.7% [2] - The year-on-year decline in new residential sales prices for first-tier cities narrowed to 4.6%, while second-tier cities saw an increase in the decline to 6.0% [4] Summary by Sections Month-on-Month Data - In October, first-tier cities experienced a month-on-month increase in second-hand housing prices, with a growth rate of 0.4%, compared to a previous decline of 1.2% [3] - The month-on-month growth rates for new residential sales prices in first-tier cities were -0.2%, while second and third-tier cities both recorded -0.5% [2] Year-on-Year Data - The year-on-year decline in new residential sales prices for 70 cities was -6.2%, slightly worse than the previous -6.1% [4] - The year-on-year decline in second-hand housing prices for first-tier cities was -9.6%, an improvement from -10.7% previously [4] Investment Recommendations - The report suggests that the central government's policy focus has shifted from stabilizing to promoting stability in the real estate market, indicating a positive outlook for core city markets [5] - Key real estate companies such as Poly Developments, China Merchants Shekou, China Resources Land, and Greentown China are expected to benefit from the supportive policies [5]