Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]