房地产行业新房二手房周报：房地产“白名单”融资已达5.6万亿元，深化农村土地制度改革

Investment Rating - The industry investment rating is Neutral (Maintained) [1] Core Viewpoints - The report indicates that the sales of new and second-hand residential properties in China continue to show positive growth, suggesting that the real estate market is expected to improve further in the upcoming phases [1][3] - The financing for the "white list" projects in real estate has reached 5.6 trillion yuan, highlighting the support from commercial banks for eligible projects [3] - The report emphasizes the importance of urban-rural integration and the deepening of rural land system reforms as part of the government's strategy [3] Summary by Relevant Sections Market Overview - The total transaction area for new and second-hand homes in 15 tracked cities was 3.426 million square meters this week, with a month-on-month decrease of 6.0% but a year-on-year increase of 19.8% [3] - Since the beginning of January, the overall transaction area for new and second-hand homes has decreased by 25.2% month-on-month but increased by 22.7% year-on-year [3] Financing and Policy Developments - As of January 22, the financing amount for "white list" projects has reached 5.6 trillion yuan, with banks actively supporting projects that meet the "5+5" criteria [3] - The government has initiated a new round of urban-rural integration development and rural land system reforms, aiming to enhance public services and land utilization [3] Company Announcements - Notable company activities include: - Binjiang Group acquired a state-owned construction land use right in Hangzhou for 5.46 billion yuan [3] - Vanke A decided to exercise the redemption option for its bonds, redeeming all registered bonds [3] - City North High-tech expects to achieve a net profit of approximately 30 million yuan for 2024, marking a turnaround from losses [3] Investment Recommendations - The report suggests that the core logic of the real estate market is "stabilizing after a decline," indicating a long-term recovery in the fundamentals of the sector [3] - Recommended stocks include Poly Developments, China Merchants Shekou, and Binjiang Group, with a suggestion to pay attention to Jindi Group [3]