楼市政策持续发力，市场分化中寻求新平衡

Core Insights - The real estate market in key cities is transitioning to a stable development phase after the traditional peak sales season, with increased attention on new housing due to improved regulations and supportive policies [1][3][4] - Sales data shows mixed performance among first-tier cities, with Beijing experiencing a decline in second-hand housing transactions while new housing transactions are on the rise [1][3] - The introduction of new housing projects is crucial for short-term sales performance, with high-quality new developments attracting significant buyer interest [3][4] Sales Performance - In May, Beijing's second-hand housing transactions decreased by approximately 8.3% month-on-month to 14,277 units, while new housing transactions increased to 3,917 units [1] - Shanghai's total housing transactions reached 2.23 million square meters in May, a year-on-year increase of 17% [1] - Shenzhen's total housing transactions amounted to 7,849 units, reflecting a month-on-month decline of 16.7% but a year-on-year increase of 21.1% [1] Market Dynamics - New housing projects with favorable regulations are performing well, while older projects face significant challenges in sales [3] - The top 100 real estate companies reported a total sales amount of 1.44 trillion yuan in the first five months of 2023, a year-on-year decrease of 10.8% [3] - The land acquisition strategy of real estate companies is becoming more focused on projects with high revenue certainty and quick cash flow recovery [3] Policy Environment - Since May, there has been an increase in supportive policies for the real estate market, including interest rate cuts and measures to stimulate housing demand [3][4] - Various second-tier cities have introduced comprehensive measures to boost the real estate market, such as increasing tax support and promoting "old-for-new" housing exchanges [3] - The policy environment is expected to remain accommodative in June, with real estate companies likely to increase their sales efforts and promotional activities [3][4] Future Outlook - The supply of projects catering to improvement needs is expected to increase in June, with companies likely to launch more high-quality housing and enhance promotional efforts [4] - New housing prices in first and second-tier cities are anticipated to remain high, with transaction hotspots concentrated in well-located and high-quality areas [4] - The current real estate market is undergoing a phase of differentiation and adjustment, requiring companies to optimize product structures and respond effectively to market challenges [4]