新房二手房周报：税收优化政策正式落地，10月新房销售跌幅显著收窄

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a "stop falling and stabilize" logic as the core investment thesis, suggesting a long-term recovery in the real estate fundamentals [3][4]. Core Insights - The optimization of real estate-related tax policies has officially been implemented, which includes reduced tax rates for housing transactions based on size and type [2][3]. - In October, the decline in new home sales significantly narrowed, with a reported sales area of 0.76 billion square meters, a year-on-year decrease of only 1.6%, compared to a 11.0% decline in September [2][3]. - The overall transaction area for new and second-hand homes in 12 tracked cities showed a month-on-month increase of 98.7% and a year-on-year increase of 28.9% since November 2024 [2][3]. Summary by Sections Market Overview - The total transaction area for new and second-hand homes in the tracked cities was 3.375 million square meters this week, reflecting a month-on-month decrease of 2.6% but a year-on-year increase of 24.7% [2]. - The cumulative sales area for the first ten months of 2024 was 77.9 million square meters, representing a year-on-year decline of 15.8% [2]. Policy Changes - The Ministry of Finance announced tax policy optimizations on November 12, which include a reduced contract tax rate for families purchasing homes under certain conditions [2][3]. - The cancellation of the distinction between ordinary and non-ordinary residential properties in certain cities will lead to a unified tax policy for capital gains on property sales [2]. Company Announcements - Vanke A announced the transfer of a 30% subscription share of a consumption infrastructure fund to China Post Life Insurance [3]. - Huafa Group received a loan commitment of 420 million yuan from China Bank for stock repurchase [3]. - New City Holdings reported a cumulative contract sales amount of approximately 34.449 billion yuan for the first ten months, a year-on-year decrease of 47.98% [3]. Investment Recommendations - The report recommends focusing on companies such as Poly Developments, China Merchants Shekou, and others, indicating potential investment opportunities in the real estate sector [3].