Investment Rating - The report maintains an "Outperform" rating for the real estate sector [7] Core Views - The report highlights the acceleration of special bond issuance for the recovery of idle land, with a total proposed amount exceeding 610 billion yuan and a land area of nearly 2.4 million square meters [15][16] - The real estate market is showing signs of stabilization, with policies aimed at boosting confidence and addressing inventory pressures [18] - The report suggests focusing on three areas within the real estate sector: second-hand intermediaries, commercial real estate, and property services [18] Summary by Sections Special Bonds and Land Recovery - As of September 17, 2025, the total proposed amount for special bonds to recover idle land is over 610 billion yuan, covering nearly 2.4 million square meters [15] - Guangdong province leads in the proposed bond scale, with first and second-tier cities accounting for only about 34% of the total proposed amount [16] - Residential land constitutes nearly 70% of the proposed recovery, with local state-owned enterprises holding over 80% of the land [16][17] Market Performance - The A-share real estate sector underperformed the market, with a weekly decline of 0.16%, trailing the broader market by 1.22 percentage points [20][21] - The report notes a significant drop in new housing transactions, with a year-on-year decrease of 53.79%, while second-hand housing transactions increased by 14.80% [5][18] REITs Market - The REITs index experienced a decline of 0.71%, with the total transaction volume for REITs at 974 million yuan, down 18.23% from the previous week [39][54] - The report indicates that the REITs index has underperformed the CSI 300 index by 5.35 percentage points over the past month [50] Credit Bonds - The issuance of real estate credit bonds totaled 14.781 billion yuan this week, with a net financing amount of -368 million yuan [20][38] - Cumulative issuance of real estate credit bonds reached 334 billion yuan, with a net financing amount of -30.275 billion yuan year-on-year [20][38]