Zhongtai Securities(SH:600918) 智通财经网·2025-08-22 03:56Core Viewpoint - The real estate market is in a recovery phase, supported by ongoing policy efforts to stabilize sales and funding, with expectations for a bottoming out of the industry [1][2]. Sales Data - In the first seven months of 2025, the sales area of commercial housing was 51,560 million square meters, with sales revenue of 49,566 billion yuan. Although sales data remains low, the "stop decline and stabilize" policy continues, and core cities are optimizing purchasing policies, which is expected to restore market confidence [1]. - The sales area decreased by 4.0% year-on-year, and sales revenue fell by 6.5% year-on-year, indicating a slight decline in July due to seasonal factors [2]. Investment Trends - Real estate investment in the first seven months of 2025 decreased by 12.0% year-on-year, with new construction area down by 19.4% year-on-year and completion area down by 16.5% year-on-year. Despite a slight recovery in new construction, the overall trend remains negative, reflecting weak market demand [3]. - The willingness to acquire land and start new projects remains low, with expectations that new construction growth will be difficult to strengthen in the short term [3]. Funding Situation - The funds available to real estate developers decreased by 7.5% year-on-year in the first seven months of 2025. However, with the central government's commitment to address real estate risks and improve financing conditions, there is potential for gradual improvement in funding availability [4]. - Specific funding sources showed mixed results, with domestic loans and foreign investment increasing, while self-raised funds and personal mortgage loans declined significantly [4].