房地产行业跟踪周报：政治局会议强调稳定楼市，二手房成交环比略有回落

Investment Rating - The report maintains an "Accumulate" rating for the real estate sector [1]. Core Insights - The real estate sector experienced a decline of 2.0% last week, underperforming compared to the Shanghai and Shenzhen 300 index, which fell by 1.0% [1]. - New home sales in 37 cities reached 3.094 million square meters last week, a decrease of 10.4% month-on-month but an increase of 19.3% year-on-year [33]. - The second-hand housing market saw a transaction volume of 2.168 million square meters across 16 cities, down 19.7% month-on-month but up 57.2% year-on-year [39]. Summary by Sections 1. Sector Viewpoint - The report suggests that the current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation. It indicates a potential policy turning point with the concept of "stopping the decline and stabilizing" [25]. - Recommended companies include state-owned enterprises and quality private enterprises such as China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies like Greentown China [25]. 2. Real Estate Fundamentals and High-Frequency Data 2.1. Real Estate Market Situation - New home sales in 2024 from December 1 to December 13 totaled 5.762 million square meters, a year-on-year increase of 32.0%. However, the cumulative sales for the year until December 13 were 111.52 million square meters, down 22.8% year-on-year [33]. 2.2. Land Market Situation - The number of land supply in 100 cities from December 9 to December 13 was 469 plots, a decrease of 47.1% month-on-month and 1.3% year-on-year. The total land area supplied was 2.297 million square meters, down 54.0% month-on-month and 21.3% year-on-year [3]. 2.3. Real Estate Industry Financing Situation - The report does not provide specific details on the financing situation of the real estate industry. 3. Market Review - The report highlights that new home transactions decreased month-on-month but increased year-on-year, while second-hand home transactions also saw a similar trend [5]. 4. Industry Policy Tracking - The Central Political Bureau emphasized the importance of stabilizing the real estate market and preventing systemic risks during a meeting on December 9 [4]. 5. Investment Recommendations - For real estate development, recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a focus on Greentown China. In property management, recommended companies are China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service. For real estate brokerage, the report recommends Beike and suggests paying attention to Wo Ai Wo Jia [5].