房地产行业周报：新房同比增速超过二手房，一线城市取消普宅标准

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [2][11]. Core Insights - New housing sales have shown a year-on-year growth rate exceeding that of second-hand housing, indicating a shift in demand towards the new housing market [11]. - Recent policies from major cities like Shanghai, Beijing, Shenzhen, and Guangzhou have eliminated the standards for ordinary and non-ordinary housing, effective December 1, 2024, which is expected to stimulate market activity [11][49]. - The report suggests that the current real estate sector is experiencing positive and sustained policy support from both central and local governments, which is likely to stabilize the core city markets [11]. Summary by Sections Market Performance - The total market capitalization of the real estate industry is approximately 1,355.569 billion yuan, reflecting a 1.46% increase [4]. - The circulating market capitalization stands at about 1,255.026 billion yuan, with a 1.67% increase [5]. - The average price-to-earnings ratio for the industry is reported at -22.1 [6]. Sales Data - For the week of November 18-24, 2024, new housing sales in 29 cities reached 3.768 million square meters, slightly down from the previous week [9]. - Year-to-date cumulative sales area for new housing in these cities shows a year-on-year decline of 16.02%, but the monthly cumulative sales area for November has increased by 26.61% compared to the same month last year [9]. - In contrast, second-hand housing sales in 12 cities for the same week totaled 1.324 million square meters, with a year-to-date cumulative sales area showing a year-on-year growth of 5.79% [9][10]. Policy Developments - The report highlights significant policy changes, including the cancellation of ordinary housing standards, which is expected to enhance market liquidity and support demand [11][49]. - The report recommends specific companies such as Poly Developments and other quality real estate firms that are well-positioned to benefit from these policy changes [11].