新房二手房周报：持续用力推动房地产市场止跌回稳

Investment Rating - The report maintains a "Hold" rating for the real estate industry [1]. Core Insights - The report emphasizes the importance of stabilizing the real estate market, with a focus on boosting consumption and investment efficiency. It highlights the need for urban renewal and effective risk management in the sector [3][5]. - Recent data shows a mixed performance in new and second-hand housing transactions across 12 cities, with a week-on-week decrease of 10.2% but a year-on-year increase of 36.1% in transaction area [1][2]. Summary by Sections Market Overview - The total transaction area for new and second-hand homes in 12 cities reached 3.728 million square meters this week, reflecting a 10.2% decrease month-on-month but a 36.1% increase year-on-year. Since December 2024, the overall transaction area has increased by 18.1% month-on-month and 57.6% year-on-year [1]. - Year-to-date, the transaction area has decreased by 11.2% compared to the same period last year, with first-tier cities showing a 9.0% increase, while second and third-tier cities have seen declines of 16.0% and 15.2%, respectively [1]. Policy Insights - The Central Economic Work Conference has firmly stated the need to stabilize the real estate market, emphasizing the importance of urban renewal and the release of housing demand potential. It also calls for reasonable control of new land supply and the activation of existing land and commercial properties [1][3][5]. - The report notes that the implementation of more proactive fiscal policies and moderately loose monetary policies is essential for supporting the real estate sector [3]. Company Announcements - Poly Developments has increased its shareholding by 27.98 million shares, accounting for 0.23% of the total share capital, with a total investment exceeding 260 million yuan [4]. - China Merchants Jinling has initiated its first share buyback, acquiring 900,000 shares, representing 0.085% of its total share capital, for a total expenditure of approximately 9.89 million yuan [4]. - New City Holdings reported a significant decline in contract sales, with a total of approximately 36.963 billion yuan, down 48.11% year-on-year [4]. Investment Recommendations - The report identifies "stabilization and recovery" as the core logic for the real estate sector, suggesting a long-term positive outlook for the industry. It recommends investment in Poly Developments, China Merchants Shekou, Binjiang Group, and Huafa Group, while also advising to keep an eye on Jindi Group [5].