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房地产行业新房二手房周报:全国新建商品房销售额延续正增长,下阶段房地产市场有望继续改善
INDUSTRIAL SECURITIES·2025-01-21 06:08

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Viewpoints - The report indicates that the national sales of newly built commercial housing continue to show positive growth, and the real estate market is expected to improve in the next phase [1][3] - The core logic of the real estate sector is "stabilizing after a decline," suggesting a long-term recovery in the fundamentals of the industry [38] Summary by Relevant Sections Market Overview - In December 2024, the sales area of commercial housing was 113 million square meters, down 0.5% year-on-year, while the sales amount was 1.16 trillion yuan, up 2.4% year-on-year [3] - The cumulative sales area for 2024 was 974 million square meters, down 12.9% year-on-year, and the cumulative sales amount was 9.68 trillion yuan, down 17.1% year-on-year [3] Development Investment - In December 2024, the real estate development investment was 660 billion yuan, down 13.3% year-on-year [3] - The cumulative investment for the year was 10.03 trillion yuan, down 10.6% year-on-year [3] New Construction and Completion - In December 2024, the new construction area was 660 million square meters, down 23.0% year-on-year, while the completion area was 256 million square meters, down 30.4% year-on-year [3] - The cumulative new construction area for the year was 739 million square meters, down 23.0% year-on-year [3] Funding Sources - In December 2024, the total funding sources for real estate development were 1.11 trillion yuan, down 7.1% year-on-year [3] - The cumulative funding for the year was 10.77 trillion yuan, down 17.0% year-on-year [3] Transaction Data - The total transaction area for new and second-hand houses in 15 tracked cities was 3.646 million square meters, down 0.5% week-on-week, but up 23.6% year-on-year [3] - The overall transaction area for new and second-hand houses in January 2025 is up 26.6% year-on-year [3] Company Announcements - Poly Developments expects a net profit of 5.02 billion yuan for 2024, a decrease of 58.43% year-on-year [3] - China Merchants Shekou and Binjiang Group are recommended for investment opportunities [38]