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

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][55] - 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][55] Summary by Sections Sales Sector - In the 17th week of 2025, the new housing transaction area in 68 major cities was 2.12 million square meters, a year-on-year decrease of 23% and a month-on-month increase of 14%. Cumulatively, the transaction area from the beginning of the year to date is 39.57 million square meters, with a year-on-year decrease of 4% [6][18] - The transaction area of second-hand houses in 20 cities was 2.33 million square meters, with a year-on-year growth rate of 6% and a cumulative transaction area of 33.55 million square meters, reflecting a year-on-year growth of 18% [33] Investment Sector - In the 17th week of 2025, the total planned land area launched in 100 major cities was 19.15 million square meters, with a transaction area of 13.14 million square meters, a year-on-year decrease of 31%. The average transaction premium rate was 4.3% [39] - Specific cities like Nanjing and Hangzhou saw significant land transactions, with Nanjing selling 8 residential plots for a total of 8.457 billion yuan [39] Financing Sector - In the 17th week of 2025, the issuance of credit bonds was 11.65 billion yuan, a year-on-year decrease of 29% but a month-on-month increase of 21%. The cumulative issuance of credit bonds was 133.76 billion yuan, a year-on-year decrease of 24% [45][55] Market Performance - The real estate index fell by 1.31% in the week of April 21-25, 2025, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 0.38% [50]