房地产行业周报：新房及二手房销售继续下行，中央强调加大保障房建设力度

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [1][3]. Core Viewpoints - New home and second-hand home sales continue to decline, with the central government emphasizing the need to increase the construction of affordable housing [1][3]. - The report highlights that the transformation of urban villages and the construction of affordable housing have become crucial for exploring new models of real estate development, which are important for driving real estate investment and market demand [30]. Market Performance - The A-share real estate index decreased by 4.52% in the week of March 4-8, 2024, while the H-share real estate index fell by 1.42% during the same period [2][4]. - The cumulative sales area of commercial housing in 27 cities from January 1 to March 10, 2024, showed a year-on-year decline of 31.55% [13][21]. Sales Data - New home sales in 27 cities saw a year-on-year decline of 31.55% from January 1 to March 10, 2024, with a monthly decline of 52.16% in the same period [13][21]. - Second-hand home sales in 12 cities experienced a year-on-year decline of 12.79% from January 1 to March 10, 2024, with a monthly decline of 44.02% [21][30]. Industry News - The government work report proposed optimizing real estate policies to support the financing needs of various types of real estate enterprises, promoting stable and healthy development of the real estate market [28][29]. - The Ministry of Housing and Urban-Rural Development emphasized the need to establish a housing supply system that combines market and security, and to improve the management of the entire lifecycle of housing [28][29]. Investment Recommendations - The report suggests focusing on high-quality central state-owned enterprises in first and second-tier cities, which are expected to benefit from the continuous implementation of policies on supply and demand and the accelerated transformation of urban villages [30].