房地产及物管行业24年第52周周报：认购来访下行加速，中央持续表态止跌回稳

Investment Rating - The report indicates a focus on stabilizing the real estate market and suggests a positive outlook for investment opportunities in the sector [1][70]. Core Insights - The central government emphasizes the need to stabilize the real estate market, with a target of adding 1 million units for monetary settlement in urban village renovations by 2025 [1][70]. - New housing transaction volumes have shown an upward trend, with new home sales in 50 cities reaching 6.64 million square meters, a 9.3% increase week-on-week and a 4.6% increase year-on-year [1][23]. - The report highlights a significant increase in second-hand housing transactions, with a year-on-year increase of 51.7% in 13 cities [1][28]. - The land transaction volume remains low, with a year-on-year decrease of 26.0% in land transfer fees across major cities [1][42]. Summary by Sections Policy Review - The report outlines recent policies aimed at stabilizing the real estate market, including the prohibition of special bond funding for real estate development, except for affordable housing and land reserves [17][18]. - Local policies include full property rights for Shenzhen's affordable housing after ten years and mutual recognition of housing funds in five cities in Guangdong [19][20]. Key City Transaction Data - In December 2024, new home sales in 50 cities increased by 14.7% year-on-year, with first-tier cities seeing a 20.7% increase [23]. - Year-to-date, new home sales have decreased by 21.5% compared to the same period in 2023, with first-tier cities down 13.1% [24][45]. Inventory and Supply Tracking - The report notes a weekly increase in new housing supply, with 2.135 million square meters launched in 10 cities, a 24.5% increase week-on-week [58]. - The inventory levels and the de-stocking cycle are monitored, with specific data on major cities provided [39][61]. Land Market Conditions - The report indicates a significant decline in land transfer fees, with a 15.7% decrease in the first 26 days of December 2024 compared to the previous year [42]. - The land transaction volume remains low, reflecting a cautious market environment [62]. Financing and Company Recommendations - The report highlights a total of 3.25 billion yuan in domestic credit bond issuance for real estate companies, with a focus on cost reduction in financing [67]. - Recommended stocks include major real estate developers and property management companies, with specific suggestions for both A-shares and H-shares [71].