房地产：11月深圳、成都等4城二手房价格环比止跌转涨

Investment Rating - The report provides a positive outlook on the real estate market, indicating a "buy" rating for key cities and projects due to recent policy support and market stabilization [10][14]. Core Insights - The real estate market in major cities has shown signs of recovery, with new housing sales in 30 key cities increasing by 12.4% month-on-month and 20.6% year-on-year in November [10]. - The report highlights that the recent policy measures, including tax adjustments and the use of local government bonds for land acquisition, are expected to sustain market stability and growth [14]. - Notably, cities like Shenzhen have experienced a doubling in both new and second-hand housing transactions year-on-year, reflecting strong market demand [10]. Summary by Sections Market Performance - In November, the new housing sales area in 30 key cities increased by 12.4% month-on-month and 20.6% year-on-year, with a notable expansion compared to October [10]. - The second-hand housing transaction volume in 20 key cities rose by 11.7% month-on-month and 26.3% year-on-year [10]. Policy Impact - Continuous favorable policies from the government, such as optimizing tax rates for home purchases, are contributing to a "stop-drop and stabilize" trend in the real estate market [14]. - The adjustment of the contract tax rate for homes under 140 square meters is expected to enhance affordability and stimulate demand [14]. Price Trends - The report indicates that the average price of new residential properties in major cities has shown a slight increase, with cities like Shanghai and Chengdu reporting price rises of 1.32% and 1.28% respectively [31]. - The average price per square meter in Shenzhen reached 67,725 yuan, reflecting a 0.21% increase [37]. Project Highlights - The report lists several key projects across major cities, emphasizing the involvement of well-known developers and the focus on high-quality offerings to meet diverse consumer needs [28].