房地产行业周报：居民购房更加关注实得面积

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [20] Core Insights - The real estate sector index underperformed compared to the CSI 300 index, with a relative return of -4.7%. The CSI 300 index closed at 3927.71 with a weekly decline of 0.1%, while the real estate index (Shenwan) closed at 2307.55 with a weekly decline of 4.8% [20][35] - Central policies emphasize controlling the increase in new housing supply, optimizing existing stock, and improving quality. Local policies include support for "old-for-new" housing purchases and adjustments to housing fund policies in various regions [20][60] - Since September, policies aimed at stabilizing the real estate market have boosted market confidence, leading to increased transaction volumes in both new and second-hand housing markets [21][94] Weekly Market Review - In the 51st week, new home sales increased by 1.9% compared to the previous week, while second-hand home sales decreased by 6.9%. The inventory of 18 major cities decreased by 8.05 million units, with a sales-to-inventory ratio of 15.0 months, down by 2.3 months [8][44] - The land market showed increased activity, with 176 plots sold across 36 major cities, and land transfer fees increased to 844.33 billion yuan, up by 211.28 billion yuan from the previous week [8][44] Company News - Key companies such as China Wuyi, Tianjin Investment City, and China Merchants Shekou have announced guarantees related to financing [14][30] - Recent adjustments in housing fund policies in cities like Changchun and Zhangjiakou aim to enhance home purchasing capabilities for families [15][60] Market Trends - The focus on usable area in home purchases is increasing, with several cities implementing pricing based on usable area and gradually phasing out shared public space calculations [21][75] - The average premium rate for land transactions in 36 major cities rose to 7.8%, an increase of 6.8% from the previous week [49][71]