Investment Rating - The report maintains a "Recommended" investment rating for the real estate industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [38]. Core Insights - The real estate sector experienced a decline of 2.6% in the 50th week, ranking 28th among 31 primary industry sectors [7][12]. - New home transactions increased by 10% week-on-week, but year-on-year, new home sales decreased by 34% [18][19]. - The report highlights the need for developers to focus on high-precision land acquisition to ensure asset yield and suggests that regional deepening firms are better suited for the current market conditions [31]. Summary by Sections Market Performance - The real estate index fell by 2.6% in the 50th week, ranking 28th among 31 sectors [7][12]. - The absolute performance over 1 month, 6 months, and 12 months was -11.1%, 5.3%, and -11.0%, respectively [2]. Policy News - Sichuan Province aims to enhance housing quality and promote the "Chuanju Good House" initiative as part of its 15th Five-Year Plan [14][15]. - Shandong Province introduced guidelines to support housing "old-for-new" exchanges to stimulate market activity [14][16]. Sales Data - In the 50th week, new home sales in 20 cities totaled 223 million square meters, with a daily average of 31.9 million square meters, reflecting a 10% increase week-on-week but a 34% decrease year-on-year [19][22]. - The total sales area for new homes from the beginning of the year to date is 96.76 million square meters, down 14% year-on-year [19][24]. Financing Trends - Most bond issuances this week were from local state-owned enterprises, with Financial Street issuing the largest scale of 81 billion yuan [27][28]. Investment Strategy - The report suggests three directions for finding alpha in the real estate sector: focusing on developers with high land acquisition precision, investing in leading shopping centers, and targeting leading real estate agencies [31].

Core Viewpoint - The Qinghai Provincial Committee emphasizes the need for high-quality development in the real estate sector, focusing on a new development model and enhancing housing supply systems to meet diverse residential needs [2]. Group 1: Real Estate Development - The proposal includes accelerating the construction of a new model for real estate development, improving the foundational systems for commodity housing development, financing, and sales [2]. - There is a commitment to a "guarantee + market" housing supply system, promoting both rental and purchase options while increasing the construction and supply of affordable housing [2]. Group 2: Housing Supply and Quality - The initiative aims to better meet the basic housing needs of urban wage earners and various struggling families by providing diverse and upgraded housing options [2]. - The plan includes the creation of unique housing products, such as "summer resort houses," that reflect the characteristics of Qinghai [2]. - There is a focus on building safe, comfortable, green, and smart housing, along with implementing quality improvement projects for housing and property services [2].