地产行业周报：房价降幅再度收窄，税收新政相继落地

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Views - The recent policy adjustments in major cities, including the cancellation of ordinary residential standards and tax optimization, are expected to lower the costs for residents buying and selling homes, which may enhance market activity [9] - The market activity index for the top 50 cities has shown fluctuations, with a slight decrease to 17.8 this week, indicating a still active market despite some cities experiencing a drop in viewing activity [3][4] - The month-on-month decline in the second-hand housing price index has narrowed, with a rolling month-on-month change of -0.28%, marking the lowest decline since the new policy was implemented [4][21] Summary by Sections Market Activity - The Iceberg Activity Index for the top 50 cities is at 17.8, down 0.5 points from the previous week, with 18 cities showing increased viewing activity [3] - First-tier cities have a market activity value of 28, while new first-tier cities and second-tier cities are at 19.2 and 15.9, respectively [3] Housing Prices - The rolling month-on-month decline in the Iceberg Housing Price Index for the top 50 cities is -0.28%, a reduction of 0.14 percentage points from last week [4] - Among the top 50 cities, six cities saw an increase in the housing price index, with the overall index down 1.55% since the new policy was enacted [4] Transaction Volumes - New housing transaction volume in 30 key cities increased by 28.1% week-on-week, totaling 2.74 million square meters, while second-hand housing transaction volume decreased by 2.9% [5] - Year-to-date, new housing transaction volume is down 28.7% compared to the previous year, but the decline has narrowed [5] Policy Developments - Major cities like Shanghai, Beijing, Shenzhen, and Guangzhou have implemented tax policy changes to support housing transactions, which are expected to stimulate market activity [6][9] - New policies are aimed at meeting reasonable housing demands by increasing the maximum public housing loan limits and extending repayment periods [8]