Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - Recent data from 30 major cities shows a decline in new home transaction volumes, with second-hand home listing prices continuing to decrease. The Politburo meeting on April 25 emphasized the importance of real estate in risk prevention and resolution, indicating a consistent policy approach towards the sector. The meeting highlighted the need for stronger implementation of urban renewal actions and the acceleration of village and dilapidated housing renovations. There is an expectation for further specific measures regarding urban village renovations and stock housing acquisition policies to stabilize the real estate market [5][6] Summary by Sections Industry Fundamentals Tracking - New Home Transactions and Inventory: Last week, the new home transaction area in 30 major cities was 193.43 million square meters, with a cumulative year-to-date transaction area of 31.6 million square meters, reflecting a year-on-year increase of 1.8%. The average transaction area over the past four weeks was 173.79 million square meters, down 7.7% year-on-year and down 17.1% month-on-month. Specifically, first-tier cities saw an average transaction area of 59.74 million square meters, down 11.4% year-on-year and down 13% month-on-month [6][14] - Second-Hand Home Transactions and Listings: Last week, the transaction area for second-hand homes in 12 key cities was 233.28 million square meters, with a cumulative year-to-date transaction area of 3205.82 million square meters, showing a year-on-year increase of 34.6%. The average transaction area over the past four weeks was 204.43 million square meters, up 15.6% year-on-year and down 0.5% month-on-month [20][22] - Land Market Transactions: Last week, 100 major cities saw 50 new residential land supplies and 72 residential land transactions. The average transaction price for residential land was 6407.25 yuan per square meter, with a premium rate of 10.21%, down 3.36 percentage points month-on-month [23] Market Review - Last week, the A-share real estate index fell by 1.31%, while the CSI 300 index rose by 0.38%, indicating that the real estate index underperformed the CSI 300 by 1.69 percentage points. In the Hong Kong market, the Hang Seng Property Services and Management Index rose by 1.67%, while the Hang Seng Composite Index increased by 3.15%, with the property services index underperforming the composite index by 1.48 percentage points [26][28]
房地产行业报告：近期数据走弱 地产政策思路连贯
中邮证券·2025-04-29 12:23