房地产行业跟踪周报：一线城市取消普宅非普宅标准，多地放松政策继续出台

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The real estate sector experienced a slight decline of 0.7% last week, outperforming the Shanghai Composite and Wind All A indices, which fell by 2.6% and 2.1% respectively, resulting in excess returns of 1.9% and 1.4% [1] - New home sales in 37 cities reached 2.832 million square meters last week, with a week-on-week increase of 11.2% and a year-on-year increase of 15.7% [29] - The cumulative new home sales from November 1 to November 22, 2024, totaled 8.424 million square meters, reflecting a year-on-year increase of 20.0% [29] - The total new home sales for the year up to November 22, 2024, reached 101.09 million square meters, showing a year-on-year decline of 26.1% [29] Summary by Sections 1. Sector Viewpoint - The report indicates that the current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, suggesting that the recent stabilization efforts may mark a policy turning point [23] - Recommended companies include state-owned enterprises and quality private firms such as China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies with strong market capabilities [23] 2. Real Estate Fundamentals and High-Frequency Data 2.1. Real Estate Market Situation - New home sales increased by 11.2% week-on-week and 15.7% year-on-year last week, with significant sales in major cities [29] - The cumulative sales for new homes in 2024 show a positive trend compared to the previous year [29] 2.2. Land Market Situation - The number of land parcels supplied in 100 cities from November 18 to November 22, 2024, was 1,357, representing a week-on-week increase of 14.2% but a year-on-year decrease of 8.5% [49] - The cumulative land supply for 2024 reached 28,022 parcels, with a year-on-year decrease of 5.4% [49] 5. Investment Recommendations - For real estate development, recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies like Greentown China [23] - In property management, recommended firms include China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service [23] - For real estate brokerage, the report recommends Beike and suggests paying attention to I Love My Home [24]