房地产行业第10周周报：本周楼市成交同比持续正增长；政府工作报告地产7大方向全面囊括，住建部发声四大举措稳楼市

Investment Rating - The report maintains a "Strong Over Market" rating for the real estate industry [1]. Core Insights - The real estate market continues to show positive year-on-year growth in transaction volumes, with government policies aimed at stabilizing the market [1][3]. - New housing transaction area has shifted from positive to negative month-on-month, while year-on-year growth has expanded [3]. - The report highlights four key measures from the Ministry of Housing and Urban-Rural Development to stabilize the housing market, including policy adjustments and urban renewal initiatives [3]. Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - In the week of March 1 to March 7, 2025, new housing transaction area decreased month-on-month, while year-on-year growth increased [12]. - The transaction volume for new homes in 40 cities was 21,000 units, a month-on-month decrease of 27.2% but a year-on-year increase of 18.0% [13]. - The inventory of new homes in 12 cities was 8,882 million square meters, with a month-on-month decrease of 0.3% and a year-on-year decrease of 16.1% [40]. 2. Land Market Tracking - The total area of land transactions in 100 cities was 1,688.3 million square meters, a month-on-month increase of 17.1% and a year-on-year increase of 12.3% [9]. - The total price of land transactions was 47.42 billion yuan, with a month-on-month increase of 34.8% and a year-on-year increase of 30.1% [9]. 3. Industry Policy Review - The government work report emphasizes the need to stabilize the real estate market and implement measures to boost housing demand while preventing risks [3]. - The Ministry of Housing has proposed four initiatives to support the market, including urban renewal and the acquisition of existing housing stock [3]. 4. Sector Performance Review - The absolute return of the real estate sector was -0.9%, a decrease of 3.1 percentage points from the previous week [10]. - The sector's price-to-earnings ratio (PE) was 20.97X, a slight increase from the previous week [10]. 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector for the week [10]. 6. Real Estate Company Bond Issuance - The total bond issuance in the real estate sector was 20.09 billion yuan, a month-on-month increase of 111.0% and a year-on-year increase of 40.8% [10].