房地产行业定期报告：上海全面推进城市更新，深圳本年首宗宅地出让

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [57]. Core Insights - Shanghai is set to comprehensively advance urban renewal, with plans to complete the renovation of secondary old houses by the end of 2025 and initiate overall transformation projects in urban villages by the end of 2026 [3]. - Shenzhen has completed its first residential land transfer for 2025, with a premium rate of 70.4%, reflecting strong demand for quality residential land in first-tier cities [4]. - The report suggests a recovery path for the market, characterized by easing liquidity pressures, continuous supply contraction, stabilization of housing prices, and a revival in sales and construction [5]. Sales Review (1.11-1.17) - The total number of transactions in 34 monitored cities was 16,000 units, a week-on-week decrease of 4%, with a cumulative year-on-year increase of 5.2% for 2024 [6][13]. - First-tier cities saw a 12.8% decrease in transactions week-on-week, while second-tier cities experienced a 5.2% increase [6][13]. - The total number of second-hand housing transactions in 20 monitored cities was 28,598 units, a week-on-week decrease of 4.6%, with a cumulative year-on-year increase of 82.0% for 2024 [20][22]. Land Supply (1.6-1.12) - The planned construction area for residential land supply in 100 cities is 1.6 million square meters, with a cumulative supply of 5.17 million square meters for 2024, a year-on-year decrease of 38.7% [7][26]. - The average floor price for land supply across 100 cities is 9,905 yuan per square meter, with a recent four-week average of 6,495 yuan per square meter, reflecting a week-on-week increase of 14.7% and a year-on-year increase of 62.3% [7][28]. Land Transactions (1.6-1.12) - The planned construction area for residential land transactions in 100 cities is 800,000 square meters, with a cumulative transaction area of 6.37 million square meters for 2024, a year-on-year decrease of 13.1% [8][37]. - The average transaction floor price for residential land across 100 cities is 3,155 yuan per square meter, with an overall premium rate of 0.0% [8][38].