地产及物管行业周报：12月首周二手成交放量，地方继续推进收储工作

Investment Rating - The report maintains a "Positive" investment rating for the real estate and property management sectors [1]. Core Views - The report highlights that the real estate sector is experiencing a recovery, with significant policy support aimed at stabilizing the market and improving the asset-liability situation of households. It emphasizes the potential for the sector to stabilize and recover, similar to the coal supply-side reform logic [1][4]. Summary by Sections 1. Industry Data - New home sales in 34 key cities totaled 3.948 million square meters last week, a decrease of 14% week-on-week. The sales in first and second-tier cities fell by 10%, while third and fourth-tier cities saw a 50% drop [4]. - In December, new home sales are expected to show a year-on-year increase of 25%, with first and second-tier cities up by 30% and third and fourth-tier cities down by 16% [10]. - The inventory in 15 cities decreased by 0.2% week-on-week, with a three-month moving average of months to deplete inventory at 17.6 months, down by 0.8 months [24]. 2. Policy and News Tracking - The report notes that the China Development Bank issued 273 billion yuan in medium- and long-term loans to support urban renewal from January to November 2024 [35]. - Various local policies have been introduced, such as the implementation of a ceiling on pre-sale systems in Taiyuan and the acquisition of completed stock housing for affordable housing in Hubei [38]. 3. Key Company Announcements - In November, major real estate companies reported varying sales figures: Yuexiu Property at 10 billion yuan (-16%), Poly Developments at 24 billion yuan (-25%), and China Overseas Development at 30 billion yuan (+31%) [43]. - For the year-to-date, Yuexiu Property reported cumulative sales of 101 billion yuan (-24%), while Poly Developments reported 308 billion yuan (-23%) [43]. 4. Market Performance - The SW Real Estate Index rose by 3.28%, outperforming the CSI 300 Index, which increased by 1.44%, indicating stronger performance relative to the broader market [1]. - The report identifies several companies as potential investment opportunities, including those with strong product capabilities and those poised for valuation recovery [1].