Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4]. Core Insights - The "Good House" policy is expected to create new pathways for recovery in core cities, leading to a resurgence in leading companies and opening new development avenues [4]. - The report highlights the ongoing monetary easing cycle, which favors commercial real estate, indicating that the revaluation of quality commercial properties has begun [4]. Industry Data Summary - New Housing Transaction Volume: In the week of September 27 to October 3, 2025, 34 key cities saw a total new housing transaction of 2.472 million square meters, a week-on-week decrease of 0.6%. The transaction volume for first and second-tier cities increased by 3.2%, while third and fourth-tier cities saw a decline of 46.3% [4][5]. - Monthly Year-on-Year Change: In October, the transaction volume in 34 cities is expected to decrease by 28% year-on-year, with first and second-tier cities down by 23% and third and fourth-tier cities down by 58.5% [4][7]. - Inventory Levels: As of October 3, 2025, the total available residential area in 15 cities was 90.434 million square meters, with a week-on-week increase of 0.1%. The average monthly depleting months for the last three months was 25.9 months, an increase of 1.1 months [4][28]. Policy and News Tracking - Policy Initiatives: Various cities have introduced supportive real estate policies, including the establishment of a land supply heat map mechanism in Hefei and enhanced housing subsidy policies in Yunnan [4][38]. - Land Market Transactions: In Nanjing, six residential land plots were sold for approximately 4.21 billion yuan, while a plot in Beijing's Sun Palace area was sold for about 4.31 billion yuan [4][38]. Company Dynamics - Financing Activities: China Merchants Shekou plans to issue up to 82 million preferred shares to fund project delivery, while Yuexiu Property secured a 3 billion HKD revolving loan [4][44]. - Sales Performance: Jianfa International reported a cumulative sales amount of 71.03 billion yuan for the first nine months of 2025, a year-on-year increase of 7.5%, despite a decrease in sales area by 15.8% [4][44]. Sector Performance Review - Market Performance: The SW Real Estate Index rose by 3.01%, outperforming the CSI 300 Index, which increased by 1.99%. The real estate sector ranked 4th among 31 sectors [4][48].