2026W10房地产周报：控增量、去库存、优供给-20260309

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6] Core Insights - The real estate market is expected to stabilize with a focus on controlling new supply, reducing inventory, and optimizing supply [1][14] - The 2026 outlook indicates a rise in second-hand housing transactions with stable prices, while new housing market indicators are expected to bottom out [1][5] - The government is expected to implement more precise and steady regulatory measures, focusing on both livelihood and risk prevention [1][15] Summary by Sections Market Overview - The A-share real estate sector and Hong Kong real estate construction sector underperformed the market, with declines of -4.09% and -4.15% respectively [2][19] - The issuance of real estate credit bonds reached 17.47 billion, with a net financing amount of 10.54 billion [2][19] REITs Market - The REITs index decreased by -0.82%, with the property REITs index at 118.10 points, down -1.19% [3][41] - The total transaction volume for REITs was 1.04 billion, a decrease of 46.60% [3][54] Housing Market Transactions - New and second-hand housing transaction areas saw year-on-year declines of -39.29% and -46.49% respectively [5] - The report suggests focusing on three areas for investment: commercial real estate, second-hand brokerage, and property services [5][17] Land Market - The supply of land in 100 cities increased by 6.46% while transaction area decreased by 1.51%, with a rise in premium rates by 17.62% [4][16] Policy Outlook - The government is expected to optimize the supply of affordable housing and deepen the reform of the housing provident fund system [17] - The focus will be on supporting newlyweds, first-time buyers, and families with multiple children [14][15]