房地产行业周报：新房成交面积环比增长，持续巩固房地产市场稳定态势-20250427

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has increased month-on-month, continuously consolidating the stability of the real estate market. In the 17th week of 2025, the new housing transaction area in 68 cities increased by 14% month-on-month but decreased by 23% year-on-year. The total transaction area from the beginning of the year to date is 39.57 million square meters, a year-on-year decrease of 4% [4][18] - The central government emphasizes the need to prevent and resolve risks in key areas of the real estate sector, implement urban renewal actions, and accelerate the construction of a new development model for real estate [4][5] - The financing side shows a month-on-month increase in domestic credit bond issuance, with a total issuance of 11.65 billion yuan in the 17th week, a year-on-year decrease of 29% but a month-on-month increase of 21% [45] Summary by Sections 1. Market Stability and Policy Support - The central government and local governments are implementing policies to support the real estate market, including optimizing housing provident fund policies in Hangzhou to support employees in purchasing affordable housing [4][5][14] 2. Sales Performance - The new housing transaction area in 68 major cities decreased by 23% year-on-year but increased by 14% month-on-month. The second-hand housing transaction area in 20 cities increased by 6% year-on-year but decreased by 7% month-on-month [6][33] 3. Investment Trends - The total land transaction area in 100 major cities decreased by 31% year-on-year, with a transaction premium rate of 4.3%. The land transaction area in first-tier cities decreased by 74% year-on-year [39][40] 4. Financing Conditions - The issuance of domestic credit bonds has shown a month-on-month increase, with a total issuance of 116.5 billion yuan in the 17th week, despite a year-on-year decrease of 29% [45][47] 5. Weekly Market Review - The real estate index fell by 1.31%, underperforming the broader market, which saw the CSI 300 index rise by 0.38% [50]