房地产行业新房二手房周报：政治局会议提消化存量优化增量

Investment Rating - The report maintains an investment suggestion for the real estate industry [2] Core Insights - The report emphasizes the need for policies to digest existing housing stock and optimize new housing supply, as highlighted in the recent Politburo meeting [3][4] - The overall transaction area for new and second-hand homes in 13 tracked cities was 2.49 million square meters, showing a week-on-week decrease of 11.8% but a year-on-year increase of 51.9% [3] - Year-to-date, the total transaction area for new and second-hand homes has decreased by 30.6% compared to the same period last year [3] Summary by Sections Market Overview - The report tracks 13 cities, with a total transaction area of 2.49 million square meters for the week, reflecting a week-on-week decline of 11.8% and a year-on-year increase of 51.9% [3] - The year-to-date transaction area for new and second-hand homes has decreased by 30.6%, with first, second, and third/fourth-tier cities showing declines of 20.9%, 32.6%, and 32.8% respectively [3] Policy Insights - The Politburo meeting on April 30 emphasized the need to prevent and resolve risks in key areas, advocating for city-specific policies and responsibilities among local governments, real estate companies, and financial institutions [3][4] - The Ministry of Natural Resources has issued guidelines for housing land supply, emphasizing a supply mechanism based on demand and halting new land sales in cities with a housing inventory turnover period exceeding 36 months [4] Company Announcements - Poly Developments reported a Q1 2024 revenue of 49.75 billion yuan, up 24.51% year-on-year, but a net profit decline of 18.28% [4] - China Merchants Shekou announced a Q1 2024 revenue of 23.75 billion yuan, up 58.22% year-on-year, with a net profit increase of 22.22% [4] - Vanke A reported a Q1 2024 revenue of 61.59 billion yuan, down 10.05% year-on-year, with a net loss of 360 million yuan [4] Investment Recommendations - The report suggests a positive outlook for quality real estate companies in the medium to long term, recommending Poly Developments, China Merchants Shekou, and others [4]