房地产行业第2周周报：本周新房二手房成交同比涨幅收窄，地方专项债用于收储政策预计于25年逐步释放

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a "stronger than market" rating for the industry [1]. Core Views - The report highlights that the decline in new home prices in 70 cities is slowing down, with first-tier new home prices stabilizing [1]. - It emphasizes the government's commitment to stabilizing the real estate market through tax adjustments and policy support, which is expected to gradually release demand in 2025 [1][2]. - The report notes that the real estate sector is entering a phase of recovery, driven by supportive policies and improving market conditions [1][2]. Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - New home transaction area decreased by 38.6% month-on-month, while year-on-year growth was 5.8% [7]. - Second-hand home transaction area turned positive month-on-month, with a year-on-year increase of 19.7% [7]. - New home inventory area increased month-on-month, with a decrease in the year-on-year growth rate [7][16]. 2. Land Market Tracking - The total area of land transactions in 100 cities was 1,784 million square meters, down 65.9% month-on-month but up 57.9% year-on-year [13]. - The total land transaction price was 87.61 billion yuan, down 21.8% month-on-month and 30.0% year-on-year [13]. - The average floor price of land increased by 111.2% month-on-month and 120.4% year-on-year [13]. 3. Policy Overview - The report outlines various local government measures aimed at promoting the real estate market, including prioritizing quality land supply and encouraging home purchase subsidies [7][8]. - It mentions the Ministry of Housing's focus on enhancing the quality of affordable housing and urban village renovation projects [7]. 4. Sector Performance Review - The absolute return of the real estate sector was -2.7%, an increase of 4.9 percentage points from the previous week [14]. - The relative return was -1.6%, up 0.9 percentage points from the previous week [14]. - The sector's PE ratio was 19.85X, a decrease of 0.46X from the previous week [14]. 5. Investment Recommendations - The report suggests focusing on three main lines: 1. Stocks expected to improve post-policy easing, such as JinDi Group and Longfor Group [7]. 2. Stocks with strong core city layouts and targeted policy support, including Greentown China and China Resources Land [7]. 3. Local state-owned enterprises benefiting from government debt relief and land acquisition, such as Yuexiu Property and China City Investment [7].