房地产开发与服务25年第50周：年底两次会议定调，着力稳定房地产市场

Core Insights - The report emphasizes the need to stabilize the real estate market, with the central government updating its stance to "focus on stabilizing the real estate market" during the recent economic work meeting, marking a shift from previous passive responses to the industry's downturn [5][16][19] - The report indicates a significant decline in transaction volumes, with new home sales in 50 cities down by 10.1% month-on-month and 33% year-on-year, while second-hand home sales also saw a decline of 1.2% month-on-month and 31.7% year-on-year [5][11][20] - The new housing supply has decreased, with a 7.4% drop in new housing area launched, reflecting weak market demand and a declining trend in market prices [5][11][20] - Land supply has increased for five consecutive weeks, with a total land transfer revenue of 112.83 billion yuan, indicating a 28.1% rise in supply area but stable transaction volumes [5][11][20] - The report notes a significant drop in the performance of the real estate sector, with a 2.6% decline in the SW real estate index, underperforming the CSI 300 index by 2.5 percentage points [5][11][20] Policy Insights - The central government has reiterated its commitment to "risk prevention" as a core principle, with a focus on controlling inventory and optimizing supply, while local governments are continuing to implement existing policies related to housing funds and purchase subsidies [5][20] - The report highlights various local policy initiatives aimed at stabilizing the market, including subsidies for first-time homebuyers and measures to support the purchase of new homes [20][21] Market Performance - The report provides a detailed analysis of the performance of key companies in the real estate sector, with several companies rated as "Buy" based on their financial metrics and market positioning [6] - The report includes a valuation table for major real estate companies, indicating their latest stock prices, reasonable values, and key financial ratios such as EPS and PE [6] C-REITs Insights - The C-REITs sector has shown a slight decline, with the comprehensive yield index down by 0.12%, while the market remains stable with an average turnover rate of 0.37% [5][11][20] - The report notes that certain segments within the C-REITs market, such as data centers and rental housing, have seen positive performance, indicating potential investment opportunities [5][11][20]