地产行业周报：政策发力方向明确，“取消公摊”开始落地

Investment Rating - The industry rating is "Positive" (maintained) [7] Core Views - The report emphasizes that the market is showing signs of recovery, particularly after the implementation of the "home purchase tax reduction" policy on December 1, which has kept the activity index at a high level [9][10] - The report indicates that the real estate market is expected to stabilize and recover, with a stronger certainty for 2025 as policy adjustments from 2022 to 2024 begin to take effect [11] Summary by Sections Market Activity - The Iceberg Activity Index for the top 50 cities is reported at 16.7, a decrease of 0.8 points from the previous week, but still shows a double-digit year-on-year growth since September 26, 2023 [3][4] - New home transaction area in 30 key cities increased by 22.8% week-on-week, while second-hand home transactions decreased by 13.4% week-on-week [5] Policy Developments - The Central Economic Work Conference highlighted the need for more proactive macro policies to stabilize the real estate market and stimulate domestic demand [6][10] - The implementation of "cancellation of shared area" in Hengyang is expected to enhance product quality and buyer confidence [10] Price Trends - The Iceberg Index for second-hand home prices in the top 50 cities decreased by 0.13% week-on-week and 0.53% month-on-month, indicating a slight fluctuation in price trends [4][20] - The report notes that while prices have shown signs of stabilization since November, further observation is needed [4] Investment Recommendations - The report suggests focusing on real estate stocks as they exhibit characteristics of "weak fundamentals, high importance, and low allocation," with potential for valuation recovery [11] - Recommended stocks include Vanke A, JinDi Group, New City Holdings, Longfor Group, and several leading real estate companies [11]