房地产行业跟踪周报：下调房产交易税费，助力市场止跌回稳

Investment Rating - The report maintains an "Accumulate" rating for the real estate sector [1]. Core Insights - The real estate sector experienced a decline of 9.3% last week, underperforming compared to the Shanghai and Shenzhen 300 index, which fell by 3.3% [1]. - New home sales in 37 cities reached 2.546 million square meters last week, a decrease of 1.8% week-on-week but an increase of 11.9% year-on-year [31]. - The cumulative new home sales from November 1 to November 15 totaled 5.592 million square meters, up 24.7% year-on-year, while the total sales for the year until November 15 were 98.258 million square meters, down 26.8% year-on-year [31]. Summary by Sections 1. Sector Viewpoint - The report suggests that the current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, indicating a potential policy turning point [24]. - Recommendations include strong local state-owned enterprises and quality private enterprises such as China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies like Greentown China [24]. 2. Real Estate Fundamentals and High-Frequency Data 2.1. Housing Market Situation - New home sales decreased by 1.8% week-on-week but increased by 11.9% year-on-year, with significant variances across major cities [31]. - The cumulative new home sales for the year show a notable decline of 26.8% compared to the previous year [31]. 2.2. Land Market Situation - The number of land supply in 100 cities decreased by 15.6% week-on-week and 51.0% year-on-year, with a total area of 51.134 million square meters supplied [3]. - Year-to-date land supply shows a decrease of 6.2% in the number of plots and an increase of 20.6% in the total area compared to the previous year [3]. 2.3. Real Estate Financing Situation - The report does not provide specific details on the financing situation within the real estate sector. 4. Industry Policy Tracking - Recent tax policy changes aim to stabilize the real estate market, including increased tax exemptions for housing transactions and adjustments to land value-added tax [4][5]. - Local governments are also implementing supportive policies for land and housing, focusing on public welfare projects and affordable housing [4]. 5. Investment Recommendations - For real estate development, recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a focus on Greentown China [5]. - In property management, recommended companies are China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service [5]. - For real estate brokerage, the report recommends Beike and suggests paying attention to Wo Ai Wo Jia [5].