新房二手房周报：广州印发配售型保障房管理办法，新房二手房成交保持高位

Investment Rating - The report maintains a "Hold" rating for the real estate sector [1]. Core Insights - The report highlights that the overall transaction area for new and second-hand homes in 12 tracked cities reached 4.152 million square meters this week, with a month-on-month increase of 21.7% and a year-on-year increase of 63.9% [1]. - Since December 2024, the overall transaction area for new and second-hand homes has increased by 41.2% month-on-month and 97.9% year-on-year [1]. - The report notes that the core logic of the real estate market is shifting towards "stabilization after a decline," indicating a long-term recovery in the sector [5]. Summary by Sections Market Overview - The report tracks 12 cities, including Beijing, Shenzhen, and Guangzhou, providing weekly updates on new and second-hand home transactions [1]. - The report indicates that the transaction area for new homes in first-tier cities has decreased by 6% month-on-month but increased by 68% year-on-year [22]. Policy Developments - Guangzhou has issued a management measure for allocated affordable housing, allowing the conversion of suitable existing properties into affordable housing [1]. - Various cities are implementing policies to increase housing loan limits and facilitate the use of housing provident funds for down payments [3]. Company Announcements - Poly Developments issued a mid-term note with a total issuance of 5 billion yuan at an interest rate of 2.30% [4]. - Vanke A reported a signing area of 1.633 million square meters in November, down 14.4% year-on-year [4]. Investment Recommendations - The report recommends focusing on companies such as Poly Developments, China Merchants Shekou, and Binjiang Group, while suggesting attention to Kingdee Group [5].