房地产行业周报：2月销售继续回稳，广东发行专项债收购存量土地

Investment Rating - The industry investment rating is "Positive" [3][29] Core Viewpoints - New home sales in February showed signs of stabilization, with a year-on-year growth rate of 11.92% for cumulative sales area in 32 cities from January 1 to February 27, compared to 7.43% previously [1] - The issuance of special bonds by Guangdong Province for the acquisition of idle land is expected to alleviate cash flow pressures for real estate companies and boost market confidence [3] - The cumulative sales area for second-hand homes in 15 cities increased by 34.26% year-on-year, with a monthly growth rate of 92.27% in February [1] Summary by Sections Sales Performance - The total sales area of new homes in 32 cities for the week of February 21-27 was 3.369 million square meters, up from 2.727 million square meters the previous week [1] - The cumulative sales area for new homes in 14 cities from January 1 to February 27 showed a year-on-year growth of 11.10%, compared to 4.53% previously [2] Government Initiatives - Guangdong Province issued a total of 30.71859 billion yuan in special bonds aimed at acquiring idle land, covering 86 projects across 19 cities [3] - The land acquisition initiative is expected to benefit local state-owned enterprises and eventually extend to central and private enterprises [3] Investment Recommendations - The report recommends focusing on state-owned and central enterprises with significant land reserves, highlighting companies such as Poly Developments, China Merchants Shekou, China Resources Land, Greentown China, and Yuexiu Property as potential beneficiaries [3]