房地产行业定期报告：一线二手房成交同增，LPR调降25BP

Investment Rating - The report maintains a "Strong Buy" rating for the real estate sector, indicating a positive outlook for the industry in the near term [2]. Core Insights - The report highlights that the transaction volume of second-hand homes in first-tier cities has significantly increased, with a year-on-year growth of 60% in cities like Beijing, Shanghai, and Shenzhen [1][2]. - The recent policy changes from the central government and local authorities are expected to stabilize housing prices and boost market confidence, leading to a potential recovery in the real estate market [1][2]. - The People's Bank of China has lowered the Loan Prime Rate (LPR) by 25 basis points, which is anticipated to reduce financing costs for developers and homebuyers, further stimulating demand in the housing market [1][2]. Sales Review (10.20-10.26) - The total number of monitored transactions in 34 cities was 19,923 units, a week-on-week decrease of 23.5%, with a cumulative year-on-year decline of 30.2% for 2024 [7][13]. - First-tier cities saw a transaction volume of 5,807 units, down 30.3% week-on-week, while second-tier cities recorded 11,797 units, down 14% [7][8]. - The cumulative transaction volume for first-tier cities in 2024 is 193,000 units, reflecting a year-on-year decrease of 24.9% [8]. Land Supply (10.14-10.20) - The planned land supply area across 100 cities was 1,334 million square meters, with a cumulative supply of 25,938 million square meters for 2024, down 31.6% year-on-year [17][18]. - The average land price for residential land across 100 cities was 6,125 yuan per square meter, with a week-on-week decrease of 0.7% but a year-on-year increase of 15.1% [17][19]. Land Transactions (10.14-10.20) - The total area of residential land transactions across 100 cities was 588 million square meters, with a cumulative total of 17,970 million square meters for 2024, down 26% year-on-year [25][26]. - The average transaction price for residential land was 4,344 yuan per square meter, reflecting a week-on-week decrease of 6.6% and a year-on-year decrease of 9.1% [25][27].