房地产行业第8周周报：第8周楼市成交同环比均正增长；北京落地的专项债以旧改为主，广东以收储为主；建议关注地产板块

Investment Rating - The report maintains a positive outlook on the real estate sector, suggesting a "stronger than the market" rating for investment opportunities [1]. Core Insights - The report highlights that new and second-hand housing transaction volumes have shown positive growth on a month-on-month basis, although the year-on-year growth rates have narrowed due to the impact of the Spring Festival [2][5]. - The inventory of new homes and the de-stocking cycle have both decreased, indicating a tightening market [5][11]. - The land market has seen both volume and price increases, with a notable rise in land transaction values and a decrease in premium rates [5][9]. - The issuance of domestic bonds by real estate companies has increased significantly, reflecting a recovery in financing conditions [5][9]. - The report emphasizes the importance of monitoring policy changes and market indicators, particularly in the lead-up to the Two Sessions, which could influence market stability and recovery [5][9]. Summary by Sections 1. New Housing Market Tracking - In the 8th week, new housing transaction volumes in 40 cities reached 2.0 million units, with a month-on-month increase of 20.8% and a year-on-year increase of 42.7% [12]. - The new housing transaction area was 213.8 million square meters, reflecting a month-on-month increase of 21.3% and a year-on-year increase of 47.7% [21]. - Transaction growth rates for first, second, and third/fourth-tier cities varied, with first-tier cities showing the highest growth [12][21]. 2. Land Market Tracking - The total area of land transactions across 100 cities was 12.14 million square meters, with a month-on-month increase of 25.2% and a year-on-year increase of 322.0% [5][9]. - The total land transaction value reached 23 billion yuan, marking a month-on-month increase of 73.4% and a year-on-year increase of 2786.4% [5][9]. - The average floor price of land was 1895 yuan per square meter, with a month-on-month increase of 38.5% and a year-on-year increase of 568.1% [5][9]. 3. Policy and Market Performance - The report notes that the issuance of local government bonds in Beijing and Guangdong is aimed at supporting urban renewal and land recovery projects, which are crucial for stabilizing the real estate market [5][9]. - The report suggests that the market is showing signs of recovery, with improved land auction premium rates and opening sales absorption rates, indicating a potential stabilization in the real estate sector [5][9]. - The report advises focusing on companies with strong fundamentals and market presence in key cities, as well as those benefiting from policy support and market recovery [5][9].