地产及物管行业周报：两会强调稳定楼市，二手成交保持热度、新房成交推盘比上升

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][30]. Core Insights - The report highlights that the real estate market is stabilizing, with a focus on policies aimed at promoting healthy development. The government has set a GDP growth target of around 5% for the year and plans to implement a moderately loose monetary policy [3][30]. - New home sales in 34 key cities totaled 215,300 square meters for the week, reflecting a 27% decrease from the previous week, while second-hand home sales increased by 8% [3][11]. - The report emphasizes the importance of city-specific policies to stimulate housing demand and improve market conditions, including the introduction of special bonds for local governments [30][31]. Summary by Sections Industry Data - New home sales in 34 cities decreased by 27% week-on-week, with first and second-tier cities also experiencing a 27% decline [4][6]. - Year-on-year, new home sales in March showed a slight increase of 0.1%, with first and second-tier cities up by 5% and third and fourth-tier cities down by 32% [3][6]. - Second-hand home sales in 13 cities increased by 63% year-on-year, with a total of 149,800 square meters sold in the last week [11][12]. Policy and News Tracking - The government is focusing on stabilizing the real estate market, with plans to reduce restrictive measures and promote urban village and dilapidated housing renovations [30][31]. - Local governments are expected to issue 4.4 trillion yuan in special bonds to support investment in construction and land acquisition [30][31]. - Specific measures include lowering down payment requirements for second homes and extending loan terms for housing funds [30][31]. Company Dynamics - Major companies like Longfor and Yuexiu are forecasting significant declines in profits for 2024, with Longfor's core profit expected to drop by 35%-40% [3][30]. - Sales figures for February show a recovery in sales for several companies, with China Overseas Development reporting a 55% increase year-on-year [3][30]. - The report notes ongoing financing activities, including bond issuances by Tianjian Group and Chengjian Development [3][30]. Weekly Sector Review - The real estate sector underperformed the market, with the SW Real Estate Index down by 0.91%, while the Shanghai and Shenzhen 300 Index rose by 1.39% [3][30]. - The property management sector outperformed, with an average increase of 1.79% [3][30]. - Current average PE ratios for leading A/H listed real estate companies are 10.8 for 2024 and 10.0 for 2025, while property management companies average 14 for 2024 and 12 for 2025 [3][30].