Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [7] Core Viewpoints - The recent cancellation of the standard for ordinary and non-ordinary residential properties in first-tier cities is a response to the demand for improved housing, which will lower the cost of purchasing improved housing and further stimulate demand [9] - The overall market is expected to see a gradual recovery supported by favorable policies [9] Summary by Sections 1. Industry Fundamentals Tracking 1.1 New Housing Transactions and Inventory - Last week, the new housing transaction area in 30 major cities was 2.8432 million square meters, with a cumulative area of 92.3674 million square meters for the year, down 30.4% year-on-year. The average transaction area over the past four weeks was 2.7109 million square meters, up 12.7% year-on-year and up 2% month-on-month [10][19] - In first-tier cities, the average transaction area over the past four weeks was 1.0541 million square meters, up 33.7% year-on-year but down 1.7% month-on-month [10][19] - The inventory of available residential properties in nine key cities was 5.93196 million square meters, up 7.45% year-on-year but down 0.72% month-on-month, with a de-stocking cycle of 14.5 months [27] 1.2 Second-hand Housing Transactions and Listings - Last week, the transaction area for second-hand housing in 12 key cities was 1.9245 million square meters, with a cumulative area of 7.481 million square meters for the year, up 3.3% year-on-year [31] - The average transaction area over the past four weeks was 2.1718 million square meters, up 33.6% year-on-year and up 3.5% month-on-month [31][33] 1.3 Land Market Transactions - Last week, 17 residential land plots were newly supplied in 100 major cities, with 11 plots sold. The average transaction price for residential land was 4,130.78 yuan per square meter, with a premium rate of 2.19% [39] - The average transaction price for commercial land was 10,019.33 yuan per square meter, with a premium rate of 4.65% [39] 2. Market Review - Last week, the A-share real estate index fell by 0.83%, while the CSI 300 index fell by 2.6%, indicating that the real estate index outperformed the CSI 300 by 1.77 percentage points [42] - The Hong Kong property service and management index fell by 2.52%, while the Hang Seng Composite Index fell by 1.02%, with the property service and management index underperforming the composite index by 1.5 percentage points [42]
房地产行业报告：响应改善性住房需求 取消普宅和非普宅标准
China Post Securities·2024-11-27 02:25