统计局70城房价数据点评：12月一线城市房价环比上涨，二三线城市环比降幅收窄

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The report indicates that the current policy direction is clear, with the central government showing a continuous willingness to stabilize and promote the recovery of the real estate market. Future policies are expected to remain proactive, with an increased emphasis on implementation [3] - The real estate sector is experiencing more positive and sustained policy support on both supply and demand sides, suggesting potential investment opportunities in this sector [3] Summary by Relevant Sections Price Trends - In December, the new residential sales price index for 70 large and medium-sized cities showed a month-on-month growth rate of -0.1%, improving from -0.2% in the previous month [1] - The month-on-month growth rate for new residential sales prices in first-tier cities was 0.2%, up from 0.0% in the previous month. Specifically, Beijing, Shanghai, Shenzhen, and Guangzhou had month-on-month growth rates of -0.1%, 0.5%, 0.2%, and -0.1% respectively [1] - The month-on-month growth rate for second-tier cities was 0.0%, while third-tier cities saw a growth rate of -0.2% [1] Year-on-Year Trends - The year-on-year growth rate for new residential sales prices in December was -5.7%, an improvement from -6.1% in the previous month [2] - First-tier cities experienced a year-on-year growth rate of -3.8%, compared to -4.3% previously. Notably, Beijing, Shanghai, Shenzhen, and Guangzhou had year-on-year growth rates of -5.4%, 5.3%, -6.1%, and -9.1% respectively [2] - The year-on-year growth rate for second-tier cities was -5.4%, while third-tier cities recorded -6.2% [2] Market Data - The real estate sector comprises 114 listed companies, accounting for 2.51% of the market. The total market value is approximately 12,361.08 billion, with a circulating market value of about 11,454.01 billion [4] - The average price-to-earnings ratio for the industry is -20.15 [4]