中银证券：中银晨会聚焦-20241218

Macro Economy - In November, public fiscal revenue reached 1,402.9 billion yuan, with a year-on-year growth of 11.0%, improving by 5.5 percentage points [2] - Tax revenue for the month was 1,114.0 billion yuan, showing a year-on-year growth of 5.3%, which is an improvement of 3.5 percentage points from the previous month [2] - Non-tax revenue was 288.9 billion yuan, with a year-on-year growth of 40.4%, slightly improving by 0.8 percentage points from the previous month [2] Real Estate Industry - In November, new home prices in 70 major cities decreased by 0.2% month-on-month, while second-hand home prices fell by 0.3%, with both declines narrowing compared to the previous month [6][7] - The number of cities with declining new home prices dropped significantly, with 49 cities experiencing a decline, 14 fewer than in October [7] - First-tier cities saw new home prices stabilize after 13 months of decline, with Shanghai and Shenzhen showing month-on-month increases of 0.6% and 0.3% respectively [8] - Second-tier cities experienced a smaller decline in new home prices, with a month-on-month decrease of 0.1%, and 42% of these cities either holding steady or increasing in price [10] - The report indicates that the market is showing signs of recovery, particularly in key cities, with improved buyer sentiment and expectations regarding home prices [12]