房地产行业周报：新房、二手房销售持续回暖，财政部发布多项楼市税收优惠

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [1][4]. Core Insights - New home sales are showing further recovery, while second-hand home sales remain robust. The Ministry of Finance has introduced multiple tax incentives for the real estate market [1][2]. - The central government's policy focus has shifted from stabilizing the market to promoting stability, indicating ongoing positive policy support for the real estate sector [2][12]. Summary by Sections Sales Data - The sales area of new homes in 24 cities for the week of November 11-17 was 3.222 million square meters, up from 3.051 million square meters the previous week. Year-to-date sales area shows a year-on-year decline of 16.95%, improving from a decline of 17.77% previously [2]. - The sales area of second-hand homes in 10 cities for the same week was 1.290 million square meters, down from 1.469 million square meters the previous week. Year-to-date sales area shows a year-on-year increase of 7.04%, improving from 6.68% previously [2]. - The combined sales area of new and second-hand homes in 10 cities for the week was 2.339 million square meters, down from 2.705 million square meters the previous week. Year-to-date combined sales area shows a year-on-year decline of 9.06%, improving from a decline of 9.60% previously [2]. Policy Developments - The Ministry of Finance and other departments have released several new tax incentives for the real estate market, including a 1% deed tax rate for the purchase of the first and second homes under 140 square meters, and exemptions from value-added tax for individuals selling homes purchased for over two years [2][12]. - The report highlights that the "white list" policy is being strengthened, providing good credit support for quality real estate companies with market-oriented operational capabilities [2][12]. Market Outlook - The report suggests that quality real estate companies in core cities, such as Poly Developments, China Merchants Shekou, China Resources Land, and Greentown China, are expected to benefit from the current demand-side policies [2][12]. - The report emphasizes the importance of ongoing policy support for stabilizing the market and promoting healthy interactions between the government and the market [2][12].