房地产行业研究：政策再次定调稳楼市，居民中长贷同比连续多增

Investment Rating - The report maintains a "Buy" rating for the real estate industry [1] Core Insights - The A-share real estate sector experienced a decline of 1.9% this week, ranking 26th among all sectors, while the Hong Kong real estate sector fell by 1.1%, ranking 20th [1] - The central government has reiterated its commitment to stabilizing the real estate market, emphasizing the need for more extraordinary policies to support the sector in 2024 [1] - New home sales showed a slight week-on-week decline but maintained positive year-on-year growth, indicating a potential recovery in the market [1] Data Tracking - Land Transactions: In the week of December 7-13, 2024, the total area of residential land sold in 300 cities reached 2,487 million square meters, a week-on-week increase of 24% but a year-on-year decrease of 7%. The average premium rate was 2% [1][38] - New Home Sales: In the same week, 35 cities recorded a total of 399 million square meters in new home sales, reflecting a week-on-week decrease of 4% but a year-on-year increase of 17% [1][50] - Second-Hand Home Sales: The total area of second-hand homes sold in 15 cities was 315 million square meters, with a week-on-week decline of 14% but a year-on-year increase of 64% [1][50] - Residential Medium and Long-term Loans: In November 2024, new medium and long-term loans for residents amounted to 300 billion yuan, showing a year-on-year increase of 669 billion yuan, indicating a positive trend in loan growth [20] Policy Insights - The Central Political Bureau and the Central Economic Work Conference have both emphasized the need to stabilize the real estate market, with plans to implement policies aimed at boosting housing demand and addressing housing supply issues [1][16][19] - The government is expected to introduce more unconventional policies in 2024 to manage inventory, stabilize prices, and control new land supply [1][16] Company Dynamics - The top five companies in terms of land acquisition amount in 2024 are China Overseas Land & Investment, Greentown China, Poly Developments, China Resources Land, and Jianfa Real Estate, with acquisition amounts of 61.8 billion, 48.4 billion, 48.3 billion, 44.1 billion, and 37.1 billion yuan respectively [1][45]