Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a rebound in sales data following the two sessions, indicating a potential recovery in the real estate market [1][7] - The government is focusing on policies to control supply, reduce inventory, and improve the quality of housing supply, which may positively impact the market [7][14] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index fell by 4.09%, while the CSI 300 Index decreased by 1.07%, indicating underperformance of the real estate sector compared to the broader market [4][12] 2. Industry Fundamentals - For the week of February 27 to March 5, 2026, the total number of new homes sold in 38 key cities was 18,605 units, a year-on-year decrease of 29.6% but a month-on-month increase of 161.4%. The total area sold was 2.357 million square meters, down 18.4% year-on-year but up 235.9% month-on-month [5][21] - The total number of second-hand homes sold in 16 key cities was 16,477 units, with a year-on-year decrease of 25.6% and a month-on-month increase of 145.7%. The total area sold was 1.605 million square meters, down 26.8% year-on-year but up 150% month-on-month [5][40] 3. Land Market Supply and Transactions - During the week, 1,277.8 million square meters of land were supplied, with an average price of 1,732 yuan per square meter. The total land transaction area was 2,147.9 million square meters, showing a year-on-year increase of 1,998.5% [6] 4. Financing Analysis - Real estate companies issued a total of 10.55 billion yuan in credit bonds during the week, reflecting a year-on-year decrease of 36.26% but a month-on-month increase of 1,821.68% [6]