房地产行业数据点评：8月上海、广州二手房成交量环比下降

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [6][28]. Core Insights - The demand for new homes has shown resilience in first-tier cities, while the sales volume of second-hand homes has significantly decreased in key cities [2][6]. - The report highlights that the policy effects are gradually fading after a concentrated release of demand, leading to a notable decline in second-hand home transactions in August [6][28]. - The report emphasizes the need for cities to accelerate new policies to support demand recovery, with potential for further policy enhancements on both demand and supply sides [6][28]. Summary by Sections New and Second-hand Housing Sales Data - In the week of August 26 to September 1, the new housing transaction area in 30 major cities was 1.71 million square meters, down 25% year-on-year and 4% month-on-month, with a significant year-on-year decline of 13 percentage points [2][8]. - First-tier cities recorded a new housing transaction area of 560,000 square meters (up 11% year-on-year), while second-tier cities saw a 37% year-on-year decline [2][8]. Key City Transactions - Shanghai: Second-hand home transactions fell to 17,900 units in August, down 12% month-on-month, while new home daily transactions averaged 337 units, down 8.5% year-on-year [3][15]. - Guangzhou: Second-hand home transactions decreased by 9.7% week-on-week, marking the largest decline in August, while new home transactions averaged 165 units daily, up 51% year-on-year [3][18]. - Shenzhen: New home transactions continued to decline, with daily second-hand home transactions averaging 126 units, down 1% month-on-month [3][22]. - Beijing: Second-hand home transactions increased to an average of 548 units daily, up 50% year-on-year, while new home transactions grew by 20% [3][25]. Investment Recommendations - The report suggests focusing on leading quality real estate companies with strong financing channels, land acquisition capabilities, and reasonable land reserves, maintaining an "Overweight" rating for the industry [6][28].