新房二手房周报：抓紧明确收储作保障房相关政策，财政有充足的政策空间和工具

Investment Rating - The industry investment rating is Neutral (Maintain) [2] Core Viewpoints - The core logic of the real estate sector is "stabilizing after a decline," indicating a long-term recovery in the fundamentals of the industry. The report suggests a favorable outlook for investment opportunities in the real estate sector [5][42]. - Key companies recommended for investment include Poly Developments, China Merchants Shekou, and Binjiang Group, with a suggestion to pay attention to China Vanke [5][42]. Summary by Sections Market Information and Data Overview - The total transaction area for new and second-hand homes in 15 cities this week was 3.664 million square meters, down 16.5% week-on-week but up 19.4% year-on-year. For January, the overall transaction area is down 27.1% month-on-month but up 25.4% year-on-year [5]. - The report highlights that the transaction area for new and second-hand homes has shown a year-on-year increase of 25.4% since the beginning of 2025, with first, second, and third-fourth tier cities seeing increases of 54.1%, 11.4%, and 14.6% respectively [5]. Company Announcements - Poly Developments reported a signed area of 17.9661 million square meters for 2024, down 24.7% year-on-year, with a signed amount of CNY 323.029 billion, down 23.5% year-on-year [5]. - China Merchants Shekou achieved a signed sales area of 9.359 million square meters for 2024, down 23.5% year-on-year, with a signed sales amount of CNY 219.302 billion, down 25.3% year-on-year [5]. - China Vanke's subsidiary Wuhan Yutian has adjusted the financing maturity date to December 31, 2026, through a debt protection plan [5]. Policy and Market Support - The report emphasizes the need for clear policies regarding the acquisition of existing residential properties for affordable housing, with sufficient fiscal space and tools available to address current issues [5]. - The central bank has established a special re-lending facility for real estate companies, with CNY 209 billion utilized out of an 800 billion quota as of September 2024 [5].