房地产周报：销售持续回暖，11月新房增速强于二手房

Investment Rating - The report maintains a "positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next six months [5]. Core Insights - The report highlights a continuous recovery in sales, with November new home sales growth outpacing that of second-hand homes. The sales area for new homes in 21 cities reached 5.6 million square meters during the week of November 24-30, compared to 2.9 million square meters in the previous week [2]. - Year-to-date cumulative sales area for new homes from January 1 to November 30 shows a year-on-year decline of 13.08%, an improvement from the previous decline of 14.96%. The monthly cumulative sales area for November shows a year-on-year increase of 33.54%, up from 11.39% in the previous month [2]. - The report notes that second-hand home sales also saw an increase, with a cumulative year-on-year growth of 5.46% for the same period, and a monthly increase of 24.30% in November compared to 20.08% in October [2][3]. Summary by Sections Sales Performance - New home sales in 21 cities for the week of November 24-30 totaled 5.6 million square meters, a significant increase from the previous week's 2.9 million square meters [2]. - The cumulative year-on-year growth for new home sales from January 1 to November 30 is -13.08%, improving from -14.96% previously, with November showing a monthly growth of 33.54% [2][3]. - Second-hand home sales in 12 cities for the same week reached 207.4 million square meters, up from 187.7 million square meters the previous week [2]. Policy Developments - The report discusses various policy changes aimed at boosting housing demand, including adjustments to housing provident fund policies in cities like Guangzhou and Hainan, which are expected to support the market [4]. - The Ministry of Natural Resources reported that 65 cities are accelerating the implementation of affordable housing projects, with a total of 14.93 million units planned in 35 pilot cities [4]. Investment Recommendations - The report recommends investing in quality real estate companies that are well-positioned in core cities, such as Poly Developments, China Merchants Shekou, and China Resources Land, which are expected to benefit from the market recovery [4].