房地产行业周报：契税调降落地，二手房成交量回稳

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The real estate sector has shown weak performance, with the Shenwan Real Estate Index declining by 8.92% and the CSI 300 Index down by 3.29%, resulting in a relative return of -5.62% [1][16] - Recent policies aimed at stabilizing the real estate market, including tax adjustments and support for home purchases, are expected to improve market conditions [7][17] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index decreased by 8.92% this week, underperforming the broader market [1][16] - Key stocks in the sector showed varied performance, with some experiencing significant declines [16] 2. Industry News Tracking - Recent government policies have been introduced to boost the real estate market, including a reduction in the contract tax rate for certain housing purchases [17][21] - Local governments are implementing measures to support housing sales, such as adjusting down payment ratios and increasing public housing fund support [21] 3. Individual Stock Announcements and News Tracking - China State Construction held a performance briefing discussing the positive impact of recent debt policies on the construction industry [22] - Hefei Urban Construction announced unusual stock trading activity, indicating significant market interest [22] 4. Industry Fundamentals 4.1 Primary Housing Transaction Analysis - In the week of November 8-14, 38 key cities recorded a total of 29,382 new homes sold, with a year-on-year growth rate of -0.1% and a month-on-month decline of -3.1% [26] - The total transaction area was 3.314 million square meters, showing a year-on-year increase of 1.8% [26] 4.2 Secondary Housing Transaction Analysis - During the same week, 16 key cities saw 23,647 second-hand homes sold, reflecting a year-on-year growth of 23.2% [5][40] - The total area sold was 2.229 million square meters, with a year-on-year increase of 22.5% [5][40] 4.3 Inventory Situation Analysis - The inventory of commercial housing in 17 key cities was 193.487 million square meters, with a month-on-month change of -0.1% [6] 4.4 Land Market Supply and Transaction Analysis - Land supply this week was 61.105 million square meters, down 7.7% year-on-year, with a transaction area of 18.995 million square meters, reflecting a year-on-year decline of 53.8% [6] 4.5 Real Estate Industry Financing Analysis - Real estate companies issued a total of 4.88 billion yuan in credit bonds this week, marking a year-on-year increase of 136.9% [6]