房地产行业周报：政策效果延续性较好

Investment Rating - The report maintains a "Positive" outlook 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 58 plots sold across 36 major cities, generating land transfer fees of 43.564 billion yuan, an increase of 16.97 billion yuan from the previous week [2][40]. Policy Developments - The Ministry of Natural Resources stated that land recovered using local government bonds should not 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 Data - New home sales in 44 major cities reached 22,800 units, while second-hand home sales totaled 22,000 units [2][20]. - Inventory levels decreased, with 18 major cities holding 666,000 units, down by 157,000 units from the previous week [2][33]. Company Announcements - Companies such as Vanke A and China Fortune Land Development released announcements regarding shareholder meetings and guarantees [2][56]. - The report highlights significant announcements from various companies, including financial guarantees and updates on quarterly reports [2][56]. Investment Recommendations - Since September 24, a series of supportive 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].