政策效果延续性较好

Investment Rating - The report maintains a "Positive" rating for the real estate industry in China [4]. Core Insights - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 Index, with a relative return of -5.6% [1][17]. - New housing sales in 44 major cities increased by 3.2% compared to the previous week, while second-hand housing sales decreased by 9.4% [2][20]. - Recent government policies include a reduction in contract tax for properties under 140 square meters and a decrease in the lower limit for land value-added tax by 0.5 percentage points [20][24]. Summary by Sections Market Review - The real estate index closed at 2340.04, with a weekly decline of 8.9%, while the Shanghai and Shenzhen 300 Index rose by 3.3% [1][17]. - The land market saw increased activity, with land transfer fees reaching 43.564 billion yuan, an increase of 16.97 billion yuan from the previous week [2][40]. Policy Developments - The Ministry of Natural Resources has stipulated that land recovered using local government special bonds cannot be used for real estate development in the same year [20][21]. - New tax policies were introduced, including a 1% contract tax for smaller properties and a reduction in land value-added tax [20][24]. Sales and Inventory Data - As of week 46, inventory in 18 major cities decreased to 666,000 units, down by 157,000 units from the previous week, with a sales-to-inventory ratio of 15.1 months [2][33]. - New home sales in major cities were reported at 22,800 units, while second-hand home sales were at 22,000 units [2][20]. Company Announcements - Companies such as Vanke A and China Fortune Land Development have made announcements regarding shareholder meetings and guarantees [2][56]. - The report highlights significant movements in stock performance, with companies like Shiyong Zhaoye and ST Zhongdi showing notable increases [19]. Investment Recommendations - Since September 24, a series of policies have been introduced to stabilize the real estate market, focusing on improving residents' cash flow and adjusting demand-side policies [3][64]. - The report emphasizes the importance of monitoring the sustainability of these policy effects moving forward [3][64].