地产及物管行业周报：多地推进收储工作，11月网签销售改善、但同期房企销售回落

Investment Rating - The report maintains a "Positive" rating for the real estate and property management industry [5]. Core Insights - The report highlights that the real estate market is showing signs of recovery, with significant improvements in new home sales and supportive government policies aimed at stabilizing the market [5][37]. - The report emphasizes the importance of inventory management, indicating that the industry is currently in a low inventory phase, although there are concerns about older and ineffective short-term inventory [5][37]. Industry Data Summary - New Home Sales: In the week of November 23-29, 2023, 34 key cities recorded a total new home transaction volume of 4.57 million square meters, a week-on-week increase of 39.3%. The year-on-year increase for November was 7% [5][8]. - Second-Hand Home Sales: In the same week, 13 key cities saw a transaction volume of 1.40 million square meters, up 16.4% week-on-week, with a cumulative year-on-year increase of 14.5% for November [5][17]. - Inventory Levels: As of the end of November, the total available residential area in 15 key cities was 94.83 million square meters, with a month-on-month increase of 0.01%. The average monthly inventory turnover period was 18.4 months, down 0.3 months from the previous period [5][26]. Policy and News Tracking - Over 60 cities have expressed support for the stock housing storage work, with more than 30 cities implementing the first batch of housing source collection guidelines [5][37]. - Recent policy adjustments include changes to second-hand housing sales restrictions in Nanjing and the introduction of subsidies for families with multiple children in Wuhan [5][38]. Company Dynamics - Land Acquisition: Yuexiu Property successfully acquired a land parcel in Shanghai for RMB 7.9 billion, while Binjiang Group secured a plot in Nanjing for RMB 1.351 billion [5][46]. - Financing Activities: Poly Developments issued convertible bonds to specific investors, while China Overseas Development conducted a public bond issuance [5][46][49]. - Share Buybacks: China Merchants Shekou plans to repurchase shares at a price not exceeding RMB 14.9 per share, with a total repurchase amount between RMB 78 million and 156 million [5][51].