地产及物管行业周报：城改扩围至近300城，三项税收政策优化，10月销售显著改善

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [1]. Core Insights - The real estate market is showing signs of recovery with significant policy support, including tax reductions and urban renewal initiatives, leading to improved sales figures in October and November [1][36]. - New housing sales in 34 key cities reached 3.37 million square meters last week, a 15% increase from the previous week, with first and second-tier cities seeing a 16% increase [4][8]. - The report highlights a shift in inventory dynamics, with a current inventory turnover rate indicating a potential for supply-side adjustments in the near future [1][25]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 3.367 million square meters last week, up 15% week-on-week, with first and second-tier cities up 16% and third and fourth-tier cities up 3.5% [4][8]. - Year-to-date sales volume for new homes is down 28.1%, with a notable 3% year-on-year increase in November sales compared to October [8][11]. - The inventory of available homes in 15 cities decreased by 0.3% to 95.31 million square meters, with a three-month moving average of inventory turnover at 19.6 months, down 0.8 months [25][26]. Policy and News Tracking - Recent policy changes include a unified 1% tax rate for first and second homes under 140 square meters and a reduction in land value tax pre-collection rates by 0.5 percentage points [36][39]. - The scope of urban village renovation policies has expanded from 35 major cities to nearly 300 cities, indicating a broader governmental push to stimulate the housing market [36][39]. - Local governments are implementing various measures to support housing markets, such as renovation subsidies and increased loan limits for families with multiple children [38][39]. Company Updates - Major real estate companies reported varying sales figures for October, with Vanke A at 21.36 billion yuan (down 32.9%), New Town Holdings at 2.62 billion yuan (down 56.6%), and China Resources Land at 31 billion yuan (up 12.4%) [1][92]. - Companies are also engaging in share buybacks, with Pudong Jinqiao planning to repurchase shares at a price not exceeding 12.8 yuan per share, with a total buyback amount between 125 million and 250 million yuan [1][92].