房地产行业数据点评：新房、二手房成交量持续修复

Investment Rating - The industry rating is maintained at "Buy" [4][5][23] Core Insights - The transaction volume of new and second-hand houses continues to recover, with significant increases observed in core cities [2][5][23] - The policy effects from September are evident, supporting a gradual stabilization of prices in the real estate market [5][23] Summary by Sections New and Second-hand Housing Sales Data - For the week of October 28 to November 3, the new housing transaction area in 30 major cities was 3.32 million square meters, representing a year-on-year increase of 8.8% and a month-on-month increase of 32% [2][8] - First-tier cities accounted for 1.07 million square meters (year-on-year +44%, month-on-month +27%), second-tier cities 1.70 million square meters (year-on-year -7.3%, month-on-month +53%), and third-tier cities 0.56 million square meters (year-on-year +15%, month-on-month -3%) [2][8] - The transaction area for second-hand houses in 13 cities was 2.16 million square meters, showing a year-on-year increase of 33% and a month-on-month increase of 5.2%, the highest level since 2019 [2][8] Key City Transaction Data - Shanghai: Second-hand housing daily average transactions were 845 units (year-on-year +52%, month-on-month -12.3%), while new housing daily average transactions reached 612 units (year-on-year +47.2%, month-on-month +93%) [3][13] - Guangzhou: New housing daily average transactions were 364 units (year-on-year +54%, month-on-month -5.6%), and second-hand housing transactions totaled 2,757 units (month-on-month +2.6%) [3][16] - Shenzhen: Second-hand housing daily average transactions were 266 units (year-on-year +156%, month-on-month +5.8%), and new housing daily average transactions were 264 units (year-on-year +174%, month-on-month +15%) [3][19] - Beijing: Second-hand housing daily average transactions were 739 units (year-on-year +71%, month-on-month +5%), while new housing daily average transactions were 183 units (year-on-year -8.6%, month-on-month -3%) [3][21] Investment Recommendations - The report suggests focusing on leading developers with strong financing capabilities, land acquisition abilities, and reasonable land reserves, as well as top second-hand housing intermediaries benefiting from active transactions [5][23]