房地产开发行业周报2024W46：本周新房成交同比+7.9%，10月主要城市房价跌幅有所收窄

Investment Rating - The report maintains an "Overweight" rating for the real estate development industry [2]. Core Insights - In October, new home transaction volume increased by 7.9% year-on-year, while the price decline in major cities has narrowed [2]. - The report indicates that the market's true stabilization will require a longer observation period despite recent policy measures boosting market confidence [8][10]. Summary by Sections 1. Price Trends and Policy Changes - In October, new home prices in 70 cities fell by 0.5% month-on-month and 6.2% year-on-year, with first, second, and third-tier cities experiencing declines of 0.2%, 0.5%, and 0.5% respectively [8]. - The number of cities with rising new home prices increased to 7, while 63 cities saw price declines [8]. - The second-hand home prices also fell by 0.5% month-on-month, with a year-on-year decline of 8.9% [8]. 2. Market Review - The report notes that the Shenwan Real Estate Index decreased by 8.9% this week, lagging behind the CSI 300 Index by 5.62 percentage points, ranking 31st among 31 Shenwan primary industries [2]. - New home transaction area in 30 cities was 2.309 million square meters, down 8.1% month-on-month but up 7.9% year-on-year [2]. 3. Transaction Tracking - In the first-tier cities, new home transaction area was 752,000 square meters, up 6.2% month-on-month and up 46.1% year-on-year [2]. - The second-hand home transaction area in 13 sample cities totaled 1.283 million square meters, down 15.5% month-on-month but up 5.4% year-on-year [2]. 4. Credit Bond Issuance - This week, six credit bonds were issued by real estate companies, totaling 4.88 billion yuan, a decrease of 370 million yuan from the previous week [2]. - The net financing amount was -506 million yuan, reflecting a 1.544 billion yuan increase from the previous week [2]. 5. Policy Review - The Ministry of Natural Resources issued guidelines for reclaiming land using local special bond funds, clarifying execution subjects and pricing mechanisms [9]. - The Ministry of Finance introduced new tax policies aimed at reducing transaction costs for homebuyers, which is expected to support housing demand and alleviate liquidity pressures on real estate companies [10].