房地产行业周度观点更新：当前的政策组合拳能解决哪些问题？

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [9]. Core Insights - The current policy measures are aimed at stabilizing the market, with a focus on tax incentives and urban renewal projects. However, the long-term impact on market expectations remains limited [5][7]. - The industry is in search of a new equilibrium, with signs of stabilization in transaction volumes and prices. The most challenging phase appears to be passing, but a full recovery will take time [5][6]. - The report suggests focusing on companies with core assets and stable cash flows, particularly state-owned enterprises in the property sector [5]. Market Performance - The Yangtze River Real Estate Index decreased by 9.11% this week, underperforming the CSI 300 by 5.82%. Year-to-date, the index has increased by 9.49%, but still lags behind the CSI 300 by 6.18% [5][13]. - The report highlights that the real estate sector has been underperforming, with both development and property management sectors experiencing declines [5]. Policy Developments - Central government policies support local special bonds for land acquisition and tax optimizations, including reductions in deed tax and land value-added tax [6][7]. - The scope of urban village renovations has expanded from 35 major cities to nearly 300 cities, indicating a significant policy push to revitalize urban areas [6][7]. Sales Trends - In weaker-tier cities, new home and second-hand home transaction growth rates have generally declined. For instance, new home transaction area in 37 cities increased by 12.7% year-on-year, but this is a decrease of 30.9 percentage points from the previous week [7]. - The report notes that while tax incentives may help stimulate the market, their effectiveness in reversing long-term expectations is limited [7].