24年行业整体亏损，进入结算压力期

Investment Rating - The report maintains a "Positive" investment rating for the real estate sector [7][56]. Core Insights - The real estate industry is expected to face overall losses in 2024, entering a period of settlement pressure. The performance of major companies shows a general decline in profits, with many firms reporting significant losses [2][7][48]. - New housing sales have increased compared to the previous week, with 27,000 new homes sold in 44 major cities, marking a 26.6% increase from the prior week. Second-hand home sales also rose by 4.1% [7][16]. - Local policies are being implemented to support home purchases, including allowing the withdrawal of housing funds for down payments and optimizing loan conditions [12][21]. Summary by Sections 1. Market Performance - The real estate sector index underperformed compared to the CSI 300 index, with a relative return of -1.7%. The CSI 300 index closed at 3915.17 with a weekly change of 0.0% [10][15]. 2. Sales Data - In the 13th week, new home sales in major cities reached 27,000 units, a 26.6% increase from the previous week. Second-hand home sales were 23,000 units, up 4.1% [16][23]. 3. Inventory and Land Market - As of the 13th week, inventory in 18 major cities decreased to 773,000 units, down by 87,000 units from the previous week. The inventory-to-sales ratio is now 20.7 months, a reduction of 2.1 months [23][28]. - The land market showed increased activity, with land transfer fees in 36 major cities totaling 18.989 billion yuan, an increase of 4.734 billion yuan from the previous week [28][37]. 4. Company Announcements - Several companies, including China National Trade and Poly Developments, have released their 2024 annual reports, indicating a general decline in revenue and profits across the sector [43][48].