房地产行业周报：上海政策效果持续性强

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [1]. Core Viewpoints - The policy effects since September 24 have been stronger than those from May 17, but weaker than those from 2023 [2]. - The real estate sector index outperformed both the CSI 300 index and the ChiNext index, with a relative return of 1.8% compared to the CSI 300 index [3][18]. - New housing sales in 44 major cities decreased by 15% week-on-week to 30,000 units, while second-hand housing sales in 21 major cities increased by 33.2% [4][26]. - The land market activity increased, with land transfer fees in 36 major cities rising to 68.265 billion yuan, an increase of 64.641 billion yuan from the previous week [4][41]. Summary by Sections Market Performance - In the 49th week, the real estate sector index closed at 2470.44, with a weekly increase of 3.3%, outperforming the CSI 300 index which closed at 3973.14 with a 1.4% increase [3][19]. Policy Developments - Local policies include the issuance of management measures for affordable housing in Guangzhou, the implementation of a capped pre-sale system in Taiyuan, and new housing fund policies in several cities [21][22]. Sales Data - New home sales in 44 major cities were 30,000 units, down 15% from the previous week, while second-hand home sales in 21 major cities were 29,000 units, up 33.2% [4][26]. Land Market Activity - The land market saw increased activity with 94 plots sold in 36 major cities, and the average premium rate for land transactions rose to 2.6% [4][41][49]. Company Announcements - Key companies such as Binjiang Group and Vanke A have made announcements regarding guarantees and related transactions [5][56]. Investment Recommendations - The report emphasizes the strong sustainability of policy effects in Shanghai, highlighting measures aimed at improving cash flow for residents and stabilizing market expectations [6][60].