中国房地产周报：料市场再次关注政策面-20251014

Investment Rating - The report maintains a focus on selecting quality state-owned enterprise developers in the real estate sector [7][44]. Core Views - The new housing sales volume has seen a significant year-on-year decline, with a drop of 44.2% in the latest week, contrasting with a previous increase of 36.7% [1][14]. - The inventory-to-sales ratio for commercial housing has increased, indicating a growing supply relative to demand [3][25]. - Land transaction volumes have decreased significantly, with a year-on-year decline of 80.5% in the latest week [4][32]. - Recent policy changes, such as the increase in housing provident fund loan limits in Nanjing, are aimed at stimulating the market [5][40]. Summary by Sections New Housing Sales and Land Transactions - The total new housing sales volume in 30 major cities reached 1.22 million square meters, down 44.2% year-on-year [1][14]. - In first-tier cities, cumulative new housing sales volumes have shown a narrowing of growth or an expansion of declines, with Beijing down 5.0% and Shanghai down 0.4% [2][17]. - The inventory-to-sales ratio for major cities is at 104.2, up from 94.7 year-on-year, indicating a higher supply relative to sales [3][25]. - Land transaction volumes in 100 major cities fell to 698,000 square meters, down 80.5% year-on-year [4][32]. Policy and Market Developments - Nanjing has raised the maximum housing provident fund loan limit from 500,000 yuan to 800,000 yuan per individual, effective until December 31, 2027 [5][40]. - The report notes that the market will likely refocus on the execution of existing supportive policies and the introduction of new measures following the holiday period [7][44]. Stock Performance - The Hang Seng China Mainland Property Index rose by 0.1%, outperforming the broader market by 3.2 percentage points [6][42]. - The report highlights specific stocks such as China Resources Land and China Overseas Development as key focuses for investment [8][45].