地产行业周报：二手房带看热度维持，专项债扩大资本金范围

Investment Rating - The industry investment rating is "Positive" (maintained) [16] Core Viewpoints - The Iceberg Activity Index for the 50 key cities is at 16.9, showing a slight increase of 0.2 points week-on-week, indicating a recovery trend in the market [2][13] - The housing price index for the 50 key cities decreased by 0.13% week-on-week and 0.57% month-on-month, with a notable slowdown in the rate of decline [2][11] - New and second-hand housing transaction volumes have both decreased, with new housing transaction area down by 4.3% week-on-week [3][14] Summary by Sections Market Activity - The Iceberg Activity Index for first-tier cities averages 30.5, while new first-tier cities are at 19.4, and second-tier cities at 14.1, indicating varying levels of market activity [2][23] - The market has shown signs of stabilization after the new policy in September 2023, with a continuous high activity level over the past three months [2][5] Housing Prices - The month-on-month rolling decline in housing prices has stabilized, with the decline rate slowing down significantly [2][5] - Cities like Shenzhen and Chengdu have shown resilience, with Chengdu experiencing a slight decrease of 0.03% after seven weeks of price increases [2][5] Policy Developments - Recent government meetings have emphasized the need to stabilize the real estate market, focusing on demand release, supply improvement, and market transformation [4][5] - New housing purchase subsidies have been introduced in Hainan, marking a significant policy shift since 2018 [5] Investment Recommendations - The report suggests a positive outlook for real estate stocks, particularly in 2024 and 2025, with a focus on companies like Vanke A, China Overseas Development, and Poly Developments [6][18] - Analysts recommend increasing risk appetite and considering investments in consumer and real estate sectors [6][18]