早八点|楼市整体成交环比下降，同比涨幅显著；40个大中城市住宅用地成交146万平方米

Investment Rating - The report indicates a positive outlook for the real estate market, particularly in first-tier cities, with significant year-on-year growth in transaction volumes [5][6][29]. Core Insights - Overall transaction volume in the real estate market decreased week-on-week but showed a notable year-on-year increase, with first-tier cities leading the growth at 43.34% [5][29]. - The total residential land transaction area across 40 major cities was 1.46 million square meters, generating land transfer fees of 36 billion yuan [13][15]. - Non-bank financing for real estate companies primarily involved medium-term notes and corporate bonds, with some firms utilizing short-term financing instruments [23][24]. Summary by Sections Transactions - The overall transaction volume decreased week-on-week, while first-tier cities experienced a slight increase [5][7]. - First-tier cities saw a week-on-week increase in transaction area by 1.8%, with Guangzhou leading at 32.5% [5][6]. - Year-on-year, first-tier cities recorded a significant increase, with Shenzhen showing a remarkable growth of 246.7% [5][6]. Land Transactions - The total land transfer fees across 40 major cities reached 36 billion yuan, with Fuzhou leading at nearly 12.3 billion yuan [13][15]. - The top five land transaction prices were dominated by cities in the Pearl River Delta, with Guangzhou's Tianhe district leading [15][18]. Inventory - The overall inventory in monitored cities slightly decreased by 0.49% week-on-week, with first-tier cities showing mixed results [10][11]. - Shenzhen and Beijing saw slight increases in inventory, while Guangzhou and Shanghai experienced minor declines [11][12]. Policy Developments - The Ministry of Natural Resources clarified the details for special bonds to acquire land, while the Ministry of Finance and other departments announced tax incentives [29][30]. - Cities like Changsha and Shenzhen implemented measures to support homebuyers, including the cancellation of sales restrictions and increased public fund support for families with multiple children [29][30].