房地产：大会涉房表述积极，稳楼市政策加力执行

Investment Rating - The report maintains a "Strong Outperform" rating for the real estate sector [4] Core Insights - The recent meetings emphasize the commitment to stabilize the real estate market, with a focus on implementing more proactive fiscal policies and appropriately easing monetary policies to support the market [1][2] - The central financial committee has reiterated the importance of ensuring housing delivery and enhancing financial support for real estate projects, particularly through the expansion of "white list" projects [1] - The recovery path for the market is expected to involve a gradual easing of liquidity pressures, continued supply contraction, stabilization of housing prices, and a revival in sales and construction [2] Sales Review (12.8-12.14) - A total of 24,493 units were sold across 34 monitored cities, representing a 1.0% increase week-on-week; however, the cumulative sales for 2024 stand at 893,000 units, down 22.7% year-on-year [12] - First-tier cities saw a week-on-week increase of 18.2% in sales, while second-tier cities experienced a 9.0% decline, and third-tier cities saw a 20.6% decrease [12][13] Land Supply (12.1-12.7) - The planned construction area for residential land supply across 100 cities was 1,519 million square meters, with a cumulative supply of 42,993 million square meters for 2024, down 28.2% year-on-year [30] - The average floor price for land supply across 100 cities was 3,720 yuan per square meter, with a recent increase of 1.4% week-on-week but a decrease of 7.8% year-on-year [30][32] Land Transactions (12.1-12.7) - The total planned construction area for residential land transactions was 2,233 million square meters, with a cumulative transaction area of 28,144 million square meters for 2024, down 16.7% year-on-year [45] - The average transaction floor price for residential land was 5,125 yuan per square meter, reflecting a 17.9% decrease week-on-week but a 22.5% increase year-on-year [45][47]