行业周报：十五五规划纲要正式发布，住建部表态坚决稳住楼市

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that despite a slight decline in new and second-hand housing transactions, government policies are expected to stabilize the real estate market, leading to improved supply-demand dynamics and price stabilization [3][41] - The Ministry of Natural Resources has introduced a mechanism linking new construction land with the revitalization of existing land, aiming to enhance the efficiency of land resource allocation [4][12] - The 14th Five-Year Plan emphasizes the need for a new model of real estate development, focusing on multi-channel supply and a balanced housing system [11][14] Summary by Sections Sales Performance - In the 11th week of 2026, the new housing transaction area in 30 cities decreased by 6% year-on-year, totaling 186.4 million square meters, with a cumulative decline of 20.8% [5][15] - The second-hand housing transaction area in 15 cities fell by 18.8% year-on-year, amounting to 171.1 million square meters, with a cumulative decline of 8.7% [22][23] Investment Performance - In the 11th week of 2026, the land transaction area in 100 major cities reached 2,656.5 million square meters, showing a significant year-on-year increase of 448%, while the cumulative land transaction area for the first 11 weeks decreased by 9% [29][34] - The average land transaction price was 959 yuan per square meter, down 36% year-on-year, with a total land transaction value of 29.92 billion yuan, up 249% [34][35] Investment Recommendations - The report recommends maintaining a "Positive" rating for the industry, suggesting strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Overseas Development, and China Resources Land [41][42] - It also highlights companies benefiting from both residential and commercial real estate recovery, as well as high-quality property management firms under the "Good House, Good Service" policy [42]