房地产行业第50周周报：本周楼市成交同比涨幅收窄，中央会议明确稳楼市决心

Investment Rating - The report maintains a positive outlook on the real estate sector, emphasizing the potential for recovery and growth driven by supportive government policies and market dynamics [1]. Core Insights - New housing transaction area has shown a narrowing decline on a month-over-month basis, while year-over-year growth remains positive, indicating the effectiveness of policy measures [1]. - The report highlights that the transaction volume in first-tier cities has experienced significant growth, with a year-over-year increase of 62.0% [1]. - The report suggests that the real estate market is stabilizing, with a focus on urban renewal and land reserve strategies as key themes for 2025 [1]. Summary by Sections 1) New Housing Market Tracking - In the week of December 7 to December 13, 2024, new housing transaction volume in 40 cities was 34,000 units, reflecting a month-over-month decline of 5.5% but a year-over-year increase of 19.1% [1][27]. - The new housing transaction area was 3.531 million square meters, with a month-over-month decline of 8.5% and a year-over-year increase of 21.8% [1][27]. - Inventory levels for new housing increased on a month-over-month basis, with a total inventory of 9.419 million square meters, reflecting a month-over-month growth of 0.3% and a year-over-year decline of 11.1% [1][35]. 2) Land Market Tracking - The total area of land transactions across 100 cities was 35.47 million square meters, showing a month-over-month increase of 24.7% but a year-over-year decrease of 8.0% [1][21]. - The total land transaction value was 121.8 billion yuan, with a month-over-month decline of 0.7% and a year-over-year increase of 35.2% [1][21]. - The average floor price for land was 3,434 yuan per square meter, reflecting a month-over-month decline of 20.4% and a year-over-year increase of 47.0% [1][21]. 3) Policy Overview - The Central Political Bureau meeting emphasized macroeconomic easing and reiterated the commitment to stabilize the real estate market, indicating a shift towards more supportive fiscal and monetary policies [1][9]. - The Central Economic Work Conference outlined a proactive fiscal policy for 2025, focusing on urban renewal and the management of existing real estate resources [1][9]. 4) Company Performance Review - The report notes a decline in absolute returns for the real estate sector, with an absolute return of -1.9% and a relative return of -0.8% [1][24]. - The price-to-earnings ratio for the real estate sector is reported at 23.07X, indicating a decrease from the previous week [1][24]. 5) Investment Recommendations - The report suggests focusing on three main lines of investment: companies expected to benefit from policy easing, those with strong positions in core cities, and local state-owned enterprises involved in debt management and urban renewal [1][13].