9.24以来政策效果强于5.17，但弱于23年初小阳春

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [1][2]. Core Viewpoints - The real estate sector index outperformed both the CSI 300 index and the ChiNext index in the 48th week, with a relative return of 1.8% compared to the CSI 300 index [7][21]. - Nationally, 270 projects for affordable housing have been implemented across 65 cities to promote construction [24]. - Local policies have been adjusted in various cities, including increased loan limits and reduced down payment ratios for housing funds [24][28]. Summary by Sections Market Performance - In the 48th week, new home sales in 44 major cities reached 35,300 units, a 43.1% increase from the previous week, while second-hand home sales in 21 major cities rose to 22,000 units, up 5.0% [8][28]. - The inventory of 18 major cities increased to 888,000 units, with a sales-to-inventory ratio of 18.8 months, reflecting a 0.5-month increase from the previous week [8][38]. Policy Developments - Since September 24, policies have focused on inclusive measures and a "stop the decline and stabilize" approach, including lowering existing mortgage rates and providing subsidies to struggling households [9][64]. - Major cities have optimized demand-side policies, including adjustments to purchase qualifications and tax fees, which have lowered costs and boosted market confidence [9][64]. Company Announcements - Companies such as Xinhua Lian, *ST Jinke, and Rong'an Real Estate have released announcements regarding guarantees for financing [59][63].