地产及物管行业周报：核心城市销售和土拍改善，北京重启土储专项债，深铁再提供万科借款

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The real estate market is showing signs of improvement, with core cities experiencing better sales and land auction activities. Beijing has restarted special bonds for land reserves, and Shentie Group is providing loans to Vanke [3][4]. - The report highlights a combination of favorable fundamentals, policies, and company dynamics that are expected to positively impact the real estate sector [3][4]. Summary by Sections Industry Data - New home sales in 34 key cities reached 2.11 million square meters last week, a week-on-week increase of 25%. First and second-tier cities saw a 28% increase, while third and fourth-tier cities experienced a 3% decline [3][4]. - In February, new home sales in 34 cities increased by 13% year-on-year, with first and second-tier cities up by 22% and third and fourth-tier cities down by 34% [3][4]. - The inventory situation shows a decrease in available housing, with a total of 91.03 million square meters available for sale, a 0.4% decrease week-on-week [3][4]. Policy News - Housing prices in first-tier cities continue to rise, while second and third-tier cities show slight declines. The Ministry of Housing and Urban-Rural Development is promoting the construction of affordable housing [3][4]. - Beijing issued a total of 563.9 billion yuan in local government bonds, including 117 billion yuan specifically for land reserves [3][4]. Company Dynamics - Vanke has received a loan of 4.2 billion yuan from Shentie Group, and Greentown has issued a USD 150 million bond [3][4]. - The report notes that major property companies are actively acquiring land, indicating a positive outlook for the sector [3][4]. Market Performance - The real estate sector underperformed the market, with the SW Real Estate Index down by 1.58%, while the CSI 300 Index rose by 1% [3][4]. - The report recommends several companies based on their product strength, valuation recovery potential, and benefits from land acquisition and urban renewal [3][4].