房地产行业周度观点更新：有效的超常规政策不只是低利率

Investment Rating - No clear investment rating can be provided due to the inability to obtain necessary information or the presence of significant uncertainties [1][3]. Core Insights - The report emphasizes that effective unconventional policies are not solely about low interest rates, but also require structural support from the central bank or fiscal measures to stimulate demand [14][16][61]. - The focus of the national housing and urban-rural construction meeting for 2025 includes stabilizing the real estate market, developing new models for real estate, and promoting urban renewal [62]. Summary by Sections Market Performance - The Jiangsu Real Estate Index decreased by 3.82% this week, with an excess return of -5.18% relative to the CSI 300, ranking 28 out of 32 industries [20]. - Year-to-date, the Jiangsu Real Estate Index has increased by 3.14%, but the excess return relative to the CSI 300 is -12.89%, ranking 21 out of 32 [20]. Sales Data - New home transaction volume in 37 cities increased by 0.6% year-on-year, while second-hand home transactions in 19 cities rose by 52.3% year-on-year [30]. - Cumulative year-to-date new home transaction volume in 37 cities is down by 19.9%, while second-hand home transactions in 19 cities are up by 6.4% [30]. Policy Developments - The report highlights that the key task for 2025 is to stabilize the real estate market, with specific policies allowing special bonds to be used for land acquisition and the purchase of existing homes for affordable housing [62]. - Shenzhen has introduced measures for the management of affordable housing ownership, allowing buyers to apply for full ownership after ten years under certain conditions [62].