房地产及物管行业24年第23周周报：国常会提出继续储备新政策，成交降幅开始收窄

Investment Rating - The report rates the real estate and property management industry as "Buy" [2] Core Insights - The State Council proposed to continue reserving new policies, with transaction declines beginning to narrow. The central government emphasized the importance of the real estate industry to the people's livelihoods and overall economic stability, pushing for policy implementation and further research on inventory reduction and market stabilization measures [2][10] - Local policies are being explored to enhance residents' purchasing power, with various cities implementing measures such as home purchase residency policies and relaxed mortgage down payment requirements [2][12] - The basic market conditions show a decrease in transaction volume, with new home transaction area in 53 cities at 4.49 million square meters, a 12.6% decrease month-on-month and a 23.5% decrease year-on-year, although the decline is less severe than in previous years [19][21] Summary by Sections 1. Industry Policy and Market Tracking - Central policies include the establishment of a financing coordination mechanism for real estate projects, providing support for projects with sufficient collateral and reasonable debt levels [10][11] - Local policies have been introduced to improve purchasing power, including subsidies and adjustments to loan terms [12][14] 2. Key Company Tracking - The report includes a list of recommended stocks in the real estate sector, all rated as "Buy," with reasonable values provided for each [5] 3. Real Estate Development Sector Investment View - The report indicates a slight recovery in transaction volumes in first-tier cities, with Shanghai showing a notable increase in new home transactions [25] 4. Property Management Sector Investment View - The property management sector has seen a rise in stock prices, with state-owned enterprises performing relatively well compared to private firms [3] 5. Risk Indicators - The report does not include risk indicators as per the task requirements.