地产及物管行业周报：一线城市取消普宅标准，多地推进房票制度，收地收房案例增加

Investment Rating - The report maintains a "Positive" rating for the real estate and property management industry [3] Core Insights - The real estate market is experiencing a shift in focus from quantity to quality, emphasizing the improvement of living standards and resident satisfaction [3] - Recent policies indicate a trend towards more localized and tailored approaches to housing development, including the introduction of housing vouchers and the cancellation of standard classifications for ordinary and non-ordinary housing in major cities [3][39] - The report highlights a potential recovery in the real estate sector, driven by effective policy measures aimed at stabilizing the market and improving asset-liability balances for residents [3] Industry Data Summary New Housing Transaction Volume - In the week of November 16-22, 2024, 34 key cities recorded a total new housing transaction volume of 3.25 million square meters, a week-on-week increase of 2% [6] - The transaction volume for first-hand homes in November showed a year-on-year increase of 2%, with first and second-tier cities up by 9% and third and fourth-tier cities down by 41% [10][13] Second-Hand Housing Transaction Volume - In the same week, 13 key cities saw a total second-hand housing transaction volume of 1.202 million square meters, a week-on-week decrease of 6.2% [17] - The cumulative transaction volume for second-hand homes in November increased by 13.3% year-on-year [19] New Housing Inventory - In the week of November 16-22, 2024, 15 key cities launched 1.25 million square meters of new housing, with a sales-to-launch ratio of 1.16 [27] - The available housing inventory in these cities was 94.85 million square meters, showing a slight decrease of 0.2% [27] Policy and News Tracking - The report discusses significant policy changes, including the emphasis on enhancing housing quality and the introduction of housing vouchers in cities like Xiamen [38][39] - Major cities such as Beijing, Shanghai, and Shenzhen have canceled the classification of ordinary and non-ordinary housing, which will affect tax regulations related to housing transactions [40][41] - The report notes that Guangzhou is implementing new residency regulations to attract talent, while also planning to purchase existing homes for affordable housing [39][40] Company Dynamics - Several companies are engaging in share buybacks, including Pudong Jinqiao, Huafa Group, and China Merchants Shekou, indicating confidence in their stock value [47][51] - The report highlights specific transactions, such as the acquisition of land by Binhai Group and the successful bidding for urban renewal projects by Tianjian Group [48]