房地产行业第46周周报：本周楼市成交同比持续正增长，住房交易税收政策调整，此时态度大于力度，彰显政府维稳房地产市场的决心

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a favorable investment environment due to ongoing policy support and market recovery signs [1]. Core Insights - The report highlights that new housing transaction areas have shown a narrowing decline on a month-over-month basis, while year-over-year growth remains positive, reflecting the effectiveness of recent policies [1]. - The report notes that the government has demonstrated a willingness to stabilize the real estate market through tax adjustments, which are expected to stimulate demand, particularly in first-tier cities [1]. - The report emphasizes that the real estate market is showing signs of recovery, with improved sales performance expected in the coming months due to low base effects from the previous year and ongoing policy support [1]. Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - New housing transaction volume in 40 key cities was 26,000 units, a month-over-month decrease of 4.8% but a year-over-year increase of 5.3% [15]. - New housing transaction area was 2.993 million square meters, with a month-over-month decline of 3.9% and a year-over-year increase of 17.8% [15]. - Second-hand housing transaction area showed a month-over-month decline of 11.1% but a year-over-year increase of 8.4% [15]. 2. Land Market Tracking - The total area of land transactions in 100 cities was 8.112 million square meters, a month-over-month decrease of 66.9% and a year-over-year decrease of 34.2% [21]. - The total land transaction price was 33.16 billion yuan, a month-over-month decrease of 52.0% but a year-over-year increase of 87.2% [21]. - The average land price per square meter was 4,088 yuan, reflecting a month-over-month increase of 44.9% and a year-over-year increase of 184.7% [21]. 3. Policy Review - Recent tax policy adjustments include an increase in the area threshold for reduced deed tax rates from 90 square meters to 140 square meters, benefiting first-time buyers and those upgrading their homes [1]. - The report indicates that the government is committed to stabilizing the real estate market through fiscal measures, which are expected to enhance market liquidity and stimulate demand [1]. 4. Sector Performance Review - The absolute return of the real estate sector was -8.9%, a decrease of 15.7 percentage points from the previous week [12]. - The relative return was -5.6%, down 6.9 percentage points from the previous week [12]. - The sector's price-to-earnings ratio (PE) was 22.47X, a decrease of 1.90X from the previous week [12]. 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector, reflecting ongoing developments and strategic adjustments by major players [12]. 6. Bond Issuance Status - The total bond issuance in the real estate sector was 5.67 billion yuan, a month-over-month decrease of 41.2% and a year-over-year decrease of 30.3% [12]. - The total repayment amount was 6.73 billion yuan, a month-over-month decrease of 55.1% and a year-over-year decrease of 26.8% [12]. - The net financing amount was -1.06 billion yuan, indicating a challenging financing environment for real estate companies [12].