房地产行业第49周周报：本周新房成交环比转负；政治局会议强调宏观宽松及再次明确稳楼市

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a clear direction towards recovery since the end of September 2024 [1]. Core Insights - New housing transaction area has shifted from positive to negative on a month-on-month basis, although the year-on-year growth has expanded due to a low base effect [1]. - The report highlights that the central government's commitment to stabilizing the real estate market is evident from recent policy signals, including a shift towards more proactive fiscal and monetary policies [1][1]. - The land market shows an increase in both volume and price, with a notable rise in the premium rate [1]. Summary by Sections 1. New Housing Market Tracking - In the week of November 30 to December 6, 2024, new housing transaction area in 40 cities decreased by 10.2% month-on-month but increased by 56.2% year-on-year [1][27]. - The transaction volume for new homes was 3.5 million units, reflecting a month-on-month decline of 9.6% and a year-on-year increase of 40.6% [1][28]. - Inventory levels for new homes in 12 cities decreased by 0.4% month-on-month and 10.7% year-on-year, indicating a tightening supply [1][41]. 2. Land Market Tracking - The total land transaction area across 100 cities was 28.44 million square meters, with a month-on-month increase of 4.2% and a year-on-year increase of 2.5% [1][22]. - The total transaction value for land reached 1226.2 billion, marking a significant month-on-month increase of 51.9% and a year-on-year increase of 51.2% [1][22]. - The average floor price for land transactions was 4312 yuan per square meter, reflecting a month-on-month increase of 45.7% and a year-on-year increase of 47.5% [1][22]. 3. Policy Overview - The report notes that the recent Central Political Bureau meeting emphasized the need for more active fiscal policies and moderate monetary easing, which is expected to enhance liquidity in the market [1][1]. - Specific policies aimed at stabilizing the housing market are anticipated to be implemented, which could further support demand [1][1]. 4. Company Performance - The report indicates that the absolute return for the real estate sector was 3.3%, with a relative return of 1.8%, both showing slight improvements from the previous week [1][25]. - The price-to-earnings ratio for the real estate sector is reported at 23.43X, reflecting a week-on-week increase of 0.47X [1][25]. 5. Investment Recommendations - The report suggests focusing on three main lines of investment: companies expected to benefit from policy easing, those with strong positions in core cities, and local state-owned enterprises involved in debt resolution and urban renewal [1][1].