Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New housing transaction area increased month-on-month but decreased year-on-year, indicating a widening decline in year-on-year performance [1][5] - The Politburo meeting emphasized the importance of stabilizing the real estate market and promoting high-quality urban renewal, which is expected to drive demand for housing improvements [1][6] - The report anticipates that supportive policies, particularly in finance, will be introduced in the second half of the year to aid the real estate sector [1][6] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - In the week of July 26 to August 1, new housing transaction area in 40 cities was 222.6 million square meters, up 20.0% month-on-month but down 13.8% year-on-year [5][17] - Second-hand housing transaction area in 18 cities was 155.4 million square meters, down 4.6% month-on-month and down 0.9% year-on-year [5][42] - New housing inventory area decreased both month-on-month and year-on-year, with a de-stocking cycle of 17.4 months [5][38] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,103.8 million square meters, down 8.8% month-on-month and down 26.9% year-on-year [5][64] - Total land transaction price was 552.3 billion, up 195.5% month-on-month and up 49.4% year-on-year [5][70] - The average land price was 5,003.3 yuan per square meter, up 224.1% month-on-month and up 104.3% year-on-year [5][65] 3. Industry Policy Review - Recent policies from various local governments aim to stabilize the real estate market and promote housing consumption [1][98] - Adjustments in housing provident fund policies in Jiangsu and the cessation of certain supportive measures in Liaoning reflect ongoing regulatory changes [1][98] 4. Company Performance and Debt Issuance - The total bond issuance in the real estate sector was 144.9 billion, down 39.4% month-on-month but up 191.0% year-on-year [5][56] - The absolute return of the real estate industry was -3.4%, indicating a decline compared to the previous week [5][48]