房地产行业2025年2月70个大中城市房价数据点评：70城房价环比跌幅持平，但下跌城市数量增多；一线城市二手房房价转跌

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [19]. Core Insights - In February 2025, the average new home price in 70 major cities decreased by 0.1% month-on-month, while the average second-hand home price fell by 0.3% month-on-month. The number of cities experiencing price declines has increased [3][10]. - The report emphasizes that the current trend of "stabilizing after a decline" remains unchanged, with the primary task being to stimulate demand in the industry. The effectiveness of policies to boost demand is diminishing, and the market's recovery will depend on further easing measures and the progress of debt monetization and land reserve strategies [3][10]. Summary by Sections Price Trends - In February 2025, 45 out of 70 cities saw new home prices decline, with an average drop of 0.31%, while 65 cities experienced a decrease in second-hand home prices, averaging a drop of 0.38% [3][10]. - First-tier cities showed a mixed trend, with new home prices increasing by 0.1% month-on-month, while second-hand home prices fell by 0.1% after four months of growth [3][11]. - Second-tier cities saw new home prices stabilize, while second-hand home prices decreased by 0.4%, indicating a widening decline [3][11]. - Third-tier cities experienced a 0.3% decline in new home prices, while second-hand home prices fell by 0.4%, with the decline in new home prices being less severe compared to previous months [3][11]. Investment Recommendations - The report suggests focusing on four main lines of investment: 1. Companies with stable fundamentals and high market share in core cities, such as Greentown China and China Resources Land [3]. 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate [3]. 3. Companies with operational or strategic changes benefiting from local government debt relief, such as Gemdale Corporation [3]. 4. Real estate brokerage firms benefiting from the recovery in the second-hand housing market, including Beike and Wo Ai Wo Jia [3].