Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [8] Core Viewpoints - Recent policies have been implemented to lower home purchasing costs, including tax reductions on housing transactions and the expansion of urban village renovation projects to nearly 300 cities, which is expected to stabilize the real estate market and restore consumer confidence [10] - The new housing transaction area in 30 major cities last week was 236.58 million square meters, with a cumulative year-to-date transaction area of 8,952.12 million square meters, reflecting a year-on-year decrease of 31.2% [11][20] - The average transaction area for new homes in first-tier cities over the past four weeks was 107.18 million square meters, showing a year-on-year increase of 27.2% [11][20] Summary by Sections 1. Industry Fundamentals Tracking 1.1 New Housing Transactions and Inventory - The new housing transaction area in 30 major cities last week was 236.58 million square meters, with a cumulative year-to-date transaction area of 8,952.12 million square meters, reflecting a year-on-year decrease of 31.2% [11][20] - The average transaction area for new homes in first-tier cities over the past four weeks was 107.18 million square meters, showing a year-on-year increase of 27.2% [11][20] - The average transaction area for new homes in second-tier cities was 115.92 million square meters, with a year-on-year decrease of 11.8% [11][20] 1.2 Second-Hand Housing Transactions and Listings - The second-hand housing transaction area in 12 key cities last week was 202.12 million square meters, with a cumulative year-to-date transaction area of 7,284.8 million square meters, reflecting a year-on-year increase of 2.9% [31][33] - The listing index for second-hand homes across the country was 47.08, with a week-on-week decrease of 4.2% [33] 1.3 Land Market Transactions - Last week, 12 residential land plots were newly supplied in 100 major cities, with 8 plots successfully sold [39] - The average floor price for residential land transactions in the past four weeks was 4,411.34 yuan per square meter, with a premium rate of 5.22% [39] 2. Market Review - The A-share real estate index fell by 8.92% last week, underperforming the CSI 300 index, which fell by 3.29% [42] - The Hang Seng Property Services and Management Index dropped by 9.81%, also underperforming the Hang Seng Composite Index, which fell by 6.04% [42]
房地产行业报告：多项政策落地 购房成本进一步降低
China Post Securities·2024-11-19 03:36