晨会纪要：对近期重要经济金融新闻、行业事件、公司公告等进行点评-20251010

Industry Overview - The real estate industry in core cities has experienced a slight slowdown in new and second-hand housing transactions due to the National Day holiday [2] - In Beijing, the average daily transaction of second-hand residential properties decreased by 4.8% year-on-year, while new housing transactions fell by 4.8% [2] - In Shanghai, second-hand housing transactions increased by 12% year-on-year, but new housing transactions saw a decline of 4% compared to the week before the new policy [3] - Shenzhen reported a significant increase in second-hand housing transactions by 138% year-on-year, while new housing transactions grew by 56% [3] Transaction Data - In the week of September 27 to October 3, new housing transaction area in 30 major cities decreased by 13.5% year-on-year, while September's transaction area increased by 5.8% year-on-year [4] - The cumulative transaction area from January to September showed a decline of 5.2%, with a slight narrowing of the decline [4] - The transaction area for second-hand housing in 13 cities decreased by 1.4% year-on-year during the same week, while September's transaction area increased by 16% [4] Investment Recommendations - The report suggests that the real estate policies still have room for relaxation, and the continuous recovery of transaction volume and prices requires further policy support [5] - The report maintains a "buy" rating for the industry, recommending focus on leading real estate companies with strong land acquisition capabilities and those benefiting from the expected relaxation of policies [5] - Specific companies to watch include Poly Developments and intermediaries like I Love My Home, which may see valuation recovery due to increased second-hand housing transactions [5]