房地产行业数据点评：10月新房、二手房价格环比降幅明显收窄，上涨城市数量增加

Investment Rating - The industry investment rating is maintained as "Buy" [5][10] Core Insights - In October, the decline in new and second-hand housing prices has significantly narrowed, with an increase in the number of cities experiencing price rises [7][10] - New housing prices in 70 major cities fell by 6.2% year-on-year and 0.5% month-on-month, while second-hand housing prices dropped by 8.9% year-on-year and 0.5% month-on-month [7][8] - The report indicates a significant policy shift aimed at stabilizing the real estate market, with recent tax policies introduced to reduce home buying costs and alleviate financial pressures on real estate companies [10] Summary by Sections Housing Price Trends - In October, 63 out of 70 major cities saw a month-on-month decline in new housing prices, a decrease of 3 cities from the previous month, while 7 cities experienced price increases [7] - The average transaction price for second-hand homes in October was 14,360 yuan per square meter, with year-on-year and month-on-month declines of 7.3% and 0.6%, respectively [7] City-Specific Analysis - First-tier cities showed a year-on-year decline in new housing prices of 4.6% and a month-on-month decline of 0.2%, while second-hand housing prices saw a year-on-year decline of 9.6% but a month-on-month increase of 0.4% [8] - Second-tier cities experienced a year-on-year decline in new housing prices of 6% and a month-on-month decline of 0.5%, while second-hand housing prices fell by 8.8% year-on-year and 0.4% month-on-month [8] Investment Recommendations - The report suggests focusing on leading developers with strong financing capabilities, land acquisition abilities, and reasonable land reserves, as well as top second-hand housing intermediaries benefiting from improved transaction conditions [10]