房地产行业跟踪周报：财政部持续推进专项债收储，新房二手房销售面积同比正增

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1]. Core Insights - The report indicates that the Ministry of Finance is continuously promoting the collection of special bonds, with both new and second-hand housing sales area showing year-on-year growth [1]. - The real estate market is experiencing a significant change, with the second-hand housing market recovering faster than the new housing market, driven by buyer confidence in the quality and delivery of second-hand homes [12]. Summary by Sections 1. Sector View - The current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, marking a potential policy turning point [11]. - Recommended companies in real estate development include China Resources Land, Poly Developments, and Binjiang Group, with a focus on strong local state-owned enterprises and quality private enterprises [11]. - In property management, companies with market expansion capabilities and service diversification are expected to have long-term investment value, with recommendations including China Resources Vientiane Life and Greentown Service [11]. 2. Real Estate Fundamentals and High-Frequency Data 2.1. Housing Market Situation - In the week of January 6-10, 2025, new housing sales in 37 cities totaled 2.128 million square meters, down 40.2% month-on-month but up 10.7% year-on-year [18]. - The cumulative sales from January 1 to January 10, 2025, reached 3.023 million square meters, reflecting an 8.4% year-on-year increase [18]. - The second-hand housing market saw a total of 1.932 million square meters sold in 16 cities, up 19.9% month-on-month and 32.4% year-on-year [25]. 2.2. Land Market Situation - From January 6 to January 10, 2025, land transactions in 100 cities amounted to 7.887 million square meters, down 71.6% month-on-month and 59.4% year-on-year [48]. - The average land price was 949 yuan per square meter, down 70.8% month-on-month and 31.3% year-on-year [48]. 2.3. Real Estate Financing Situation - In the week, real estate companies issued a total of 19 credit bonds, raising 11.85 billion yuan, a significant increase of 1121.6% week-on-week [53]. - Year-to-date, real estate companies have issued 21 credit bonds totaling 12.82 billion yuan, a 75.7% increase year-on-year [53]. 3. Market Review - The real estate sector (CITIC) experienced a decline of 2.7% last week, underperforming compared to the CSI 300 and Wind All A indices, which fell by 1.1% and 1.0%, respectively [58].