房地产行业行业周报：中央经济工作会议强调稳楼市

Investment Rating - The report maintains a positive outlook on the real estate sector, emphasizing the need for continued policy support to stabilize the market [7][10]. Core Insights - The central economic work conference highlighted the importance of stabilizing the real estate market and emphasized the need to release housing demand potential [7][10]. - The report indicates that the real estate sector underperformed compared to the Shanghai and Shenzhen 300 index, with a relative return of -0.9% [22][23]. - New housing sales in 44 major cities decreased by 1.7% week-on-week, while second-hand housing sales dropped by 14.2% [30]. Market Performance Overview - The real estate index (Shenwan) closed at 2424.66, with a weekly decline of 1.9%, while the Shanghai and Shenzhen 300 index reported a decline of 1.0% [22][23]. - The average premium rate for land transactions in 36 major cities decreased to 1.0%, down by 1.6% from the previous week [57]. Policy Developments - The central government has committed to implementing more proactive fiscal policies and moderately easing monetary policies to support the real estate market [10][65]. - Local policies include tax exemptions for land appreciation below 20% in Henan and increased housing fund loan limits in several cities [25][29]. Sales and Inventory Data - As of the 50th week, the inventory in 18 major cities was 879,000 units, a slight decrease of 0.05 million units from the previous week, with a sales-to-inventory ratio of 17.3 months [38][40]. - First-tier cities saw a new housing sales increase of 20.6%, while second-tier cities experienced a decrease of 22.7% [30]. Company Announcements - Key companies such as Vanke A, China Merchants Shekou, and others have made announcements regarding guarantees and related transactions [9][66].