房地产行业第48周周报：本周新房二手房同环比均改善，11月百强房企销售同比增速由正转负

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting that the overall direction is favorable and that investment opportunities should be closely monitored [1][13]. Core Insights - New housing transaction volumes have shown improvement, with new housing transaction area increasing by 34.2% month-on-month and 19.3% year-on-year, indicating a sustained policy effect [1][28]. - The inventory of new homes has decreased, with a month-on-month decline of 0.2% and a year-on-year decline of 9.7%, suggesting a tightening market [1][36]. - The land market has seen an increase in transaction volume but a decrease in prices, with total land transaction value at 807.5 billion, down 4.9% month-on-month but up 29.6% year-on-year [1][22]. Summary by Sections 1) New Housing Market Tracking - In 40 cities, new housing transaction volume reached 3.8 million units, up 33.9% month-on-month and 31.7% year-on-year [1][28]. - The new housing transaction area was 421.3 million square meters, reflecting a month-on-month increase of 34.2% and a year-on-year increase of 19.3% [1][28]. - Inventory levels in 12 cities showed a total of 150,000 units, with a month-on-month growth of 0.0% and a year-on-year decline of 9.8% [1][33]. 2) Land Market Tracking - The total planned land transaction area across 100 cities was 27.29 million square meters, up 2.5% month-on-month but down 25.5% year-on-year [1][22]. - The average land price was 2,959 yuan per square meter, down 7.2% month-on-month but up 73.8% year-on-year [1][22]. - The land premium rate was 1.30%, reflecting a decrease of 1.5 percentage points month-on-month but an increase of 0.5 percentage points year-on-year [1][22]. 3) Policy Review - Recent adjustments in housing loan policies across various cities aim to alleviate purchasing pressure, indicating a proactive approach by local governments [1][13]. - The report highlights that the latest tax reductions on housing transactions could further solidify the market recovery trend [1][13]. 4) Company Performance - The report notes that the absolute return for the real estate sector was 3.1%, an increase of 3.9 percentage points from the previous week [1][23]. - The report also mentions that the top 20 real estate companies experienced varied sales performance, with some companies like Poly Real Estate showing a significant increase in sales [1][13].