房地产行业定期报告：北京出台土地作价出资制度，白名单贷款额达5.6亿元

Investment Rating - The industry rating is "Outperform the Market" [54] Core Viewpoints - The new policy in Beijing allows state-owned land use rights to be contributed as capital for urban renewal projects, effectively lowering the threshold for enterprises to participate in urban renewal and stimulating their motivation to revitalize existing land resources [3] - The "white list" project loan amount has increased to 5.6 trillion yuan, significantly exceeding expectations, and has supported the construction and delivery of 14 million housing units [4] - The market recovery path is expected to go through stages of alleviating liquidity pressure, continuous supply contraction, stabilization of housing prices, and recovery in sales and construction [5] Sales Review (1.18-1.24) - Total transaction volume in 34 monitored cities reached 16,000 units, a week-on-week increase of 1.2%, with a cumulative total of 54,000 units for 2025, representing a year-on-year increase of 4.9% [11] - First-tier cities saw a transaction of 4,570 units, a week-on-week decrease of 14.4%, with a cumulative total of 18,000 units for 2025, a year-on-year increase of 16.5% [11] - Second-tier cities recorded 9,730 units, a week-on-week increase of 7.2%, with a cumulative total of 30,000 units for 2025, a year-on-year decrease of 2.4% [11] - Third-tier cities had 1,939 units, a week-on-week increase of 18.4%, with a cumulative total of 6,000 units for 2025, a year-on-year increase of 14% [11] Land Supply (1.13-1.19) - Planned residential land supply in 100 cities is 1.15 million square meters, with a cumulative supply of 8.47 million square meters for 2025, a year-on-year increase of 0.5% [25] - The average floor price of land in 100 cities is 8,060 yuan per square meter, with a recent four-week average of 6,679 yuan per square meter, reflecting a week-on-week increase of 7.9% and a year-on-year increase of 39.7% [25][27] Land Transaction (1.13-1.19) - The planned residential land transaction area in 100 cities is 3.71 million square meters, with a cumulative transaction area of 13.89 million square meters for 2025, a year-on-year increase of 24.4% [37] - The average transaction floor price for residential land in 100 cities is 5,298 yuan per square meter, with a week-on-week increase of 57.4% and a year-on-year increase of 57.9% [37]