第44周成交震荡，因城施策增供改善性住房稳市场

Investment Rating - The industry rating is maintained at "Outperform" [1][24]. Core Insights - The overall transaction in the real estate market remains volatile, with the "Fifteenth Five-Year Plan" proposing city-specific policies to increase housing supply, which is crucial for market stability and benefits quality developers [1][24]. - New home sales in major cities showed a slight week-on-week increase, with a total sales area of 2.04 million square meters, up 0.21% from the previous week, but down 40.6% year-on-year [25]. - The cumulative sales area from October 1-30, 2025, for 30 cities was 6.94 million square meters, reflecting a month-on-month decrease of 5.64% and a year-on-year decrease of 25% [25]. - Second-hand home sales in 24 cities continued to decline, with a total sales volume of 2.17 million square meters, down 3.43% week-on-week and down 23.7% year-on-year [26]. - Land transaction growth in 100 cities slowed, with land supply at 19.88 million square meters and transactions at 19.31 million square meters, resulting in a supply-to-sales ratio of 1.03 [27]. - The inventory clearance cycle in 35 cities increased to 22.45 months, indicating a slight rise in the saleable area [28]. Summary by Sections New Home Sales - In week 44 of 2025, new home sales in major cities were 2.04 million square meters, with first-tier cities at 0.53 million square meters, second-tier cities at 1.07 million square meters, and third-tier cities at 0.45 million square meters [25]. Second-Hand Home Sales - Second-hand home sales in 24 cities were 2.17 million square meters, with first-tier cities at 0.8975 million square meters, second-tier cities at 0.824 million square meters, and third-tier cities at 0.448 million square meters [26]. Land Transactions - Land supply was 19.88 million square meters, with transactions at 19.31 million square meters, and the cumulative land transfer amount was RMB 55.4 billion [27]. Inventory Clearance - The saleable area in 35 cities was 317.44 million square meters, with an inventory clearance cycle of 22.45 months [28].