房地产行业数据点评：节后成交同比下降，环比明显回升

Investment Rating - The industry maintains a "Buy" rating [9][30] Core Insights - The impact of the Spring Festival holiday has led to a year-on-year decline in new and second-hand housing transactions, but a significant month-on-month recovery is observed [3][12] - The core goal of this year's policy is to stabilize the market, with expectations for accelerated progress in the acquisition of existing properties and land, as well as increased demand from urban village renovations [6][30] Summary by Sections New and Second-hand Housing Sales Data - For the week of February 3-9, new housing transaction area in 30 major cities was 660,000 square meters, down 67% year-on-year but up 380% month-on-month [3][12] - In first-tier cities, new housing transactions were 170,000 square meters (down 56% year-on-year, up 1060% month-on-month) [3][12] - Second-hand housing transactions in 13 cities totaled 730,000 square meters, down 46% year-on-year but up 1123% month-on-month [3][12] Key City Transaction Data - Shanghai: Second-hand housing daily average transactions were 325 units (down 22% year-on-year), while new housing daily average was 117 units (down 36% year-on-year) [4][17] - Guangzhou: New housing daily average was 51 units (down 56% year-on-year, up 1211% month-on-month) [5][23] - Shenzhen: Second-hand housing daily average was 74 units (up 686% year-on-year, up 1976% month-on-month) [5][25] - Beijing: Second-hand housing daily average was 165 units (down 63% year-on-year), with new housing at 42 units (down 72% year-on-year) [5][27] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active transactions [6][30]