Investment Rating - The industry rating is maintained as "Buy" [4][19] Core Insights - The demand for new and second-hand housing has significantly rebounded in October due to the relaxation of purchase restrictions and loan policies in first-tier cities, indicating a positive trend in the real estate sector [5][19] - The report suggests that the policy environment for the real estate industry continues to improve, and the fundamentals are expected to reach a turning point, with the sector's valuation having medium to long-term recovery potential [5][19] Summary by Sections New and Second-hand Housing Sales Data - New housing sales show a divergence, while second-hand housing transactions have risen to a high level. In the week of October 21-27, the total new housing transaction area in 30 major cities was 2.52 million square meters, down 8.7% year-on-year and down 5% month-on-month. First-tier cities saw a transaction area of 840,000 square meters, up 25.3% year-on-year and up 1.7% month-on-month [2][8] - In the same week, second-hand housing transactions in 13 cities reached 2.05 million square meters, up 25% year-on-year and up 6.5% month-on-month, indicating a high level compared to 2023 [2][8] Key City Transaction Data - Shanghai: Second-hand housing transactions remained high, with an average daily transaction of 964 units, up 73% year-on-year. New housing transactions averaged 317 units, down 10% year-on-year [3][12] - Guangzhou: New housing transactions averaged 386 units, up 68% year-on-year, while second-hand transactions totaled 2,687 units, showing a significant increase post-policy relaxation [14] - Shenzhen: Second-hand housing transactions averaged 251 units, up 116% year-on-year, and new housing transactions averaged 229 units, up 95% year-on-year [14][19] - Beijing: Second-hand housing transactions averaged 694 units, up 72% year-on-year, while new housing transactions averaged 189 units, up 3% year-on-year [19]
房地产行业数据点评：二手房成交量持续回升，上海、深圳、广州复苏最为明显
Xiangcai Securities·2024-10-29 12:13