房地产行业数据点评：新房销售继续回落，二手房成交量保持高位

Investment Rating - Industry rating: Buy (maintained) [3][8] Core Insights - New home sales continue to decline, while second-hand home transactions remain at a high level. For the week of November 11-17, the new home transaction area in 30 major cities was 2.14 million square meters, showing a year-on-year increase of 16.6% but a month-on-month decrease of 10.1% [5][12]. - First-tier cities show resilient demand, with transaction areas of 750,000 square meters (year-on-year +61%, month-on-month +6.6%), while second-tier cities saw a decline to near five-year lows [5][12]. - Second-hand home transactions in 13 cities reached 1.92 million square meters, with a year-on-year increase of 31% but a month-on-month decrease of 12% [5][12]. Summary by Sections New and Second-hand Home Sales Data - New home sales continue to decline, with first-tier cities showing resilience. The new home transaction area for the week was 2.14 million square meters, with first-tier cities at 750,000 square meters [5][12]. - Second-hand home transactions remain high, with 1.92 million square meters sold, indicating a stable market despite a slight month-on-month decline [5][12]. Key City Data - Shanghai: Second-hand home daily average transactions were 884 units (year-on-year +80%, month-on-month -0.5%), while new home transactions were 317 units (year-on-year +49.1%, month-on-month -2.1%) [6][26]. - Guangzhou: Second-hand home transactions were 2,513 units (month-on-month -6.2%), while new home transactions were 256 units (year-on-year +67%, month-on-month +38%) [6][33]. - Shenzhen: Second-hand home daily average transactions were 239 units (year-on-year +130%, month-on-month -11%), and new home transactions were 279 units (year-on-year +190%, month-on-month -2%) [6][40]. - Beijing: Second-hand home daily average transactions were 593 units (year-on-year +48%, month-on-month -1.2%), while new home transactions were 151 units (year-on-year -0.6%, month-on-month -7%) [6][43]. Investment Recommendations - The sustained high level of second-hand home transactions in core cities supports price stabilization. The report suggests that the real estate policy landscape has significantly changed, with potential for further policy support, indicating a fundamental turning point for the sector [8][49]. - It is recommended to focus on leading developers with strong financing capabilities, land acquisition abilities, and reasonable land reserves, as well as top second-hand housing intermediaries benefiting from active transactions [8][49].