房地产行业新房二手房周报：广东省多地落地专项债收储，1月居民中长期贷款新增4935亿元

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Viewpoints - The core logic of the real estate market is "stabilization after decline," indicating a long-term recovery in the fundamentals of the real estate sector. The report suggests favorable allocation opportunities within the real estate sector, recommending companies such as Poly Developments, China Merchants Shekou, Binjiang Group, and Huafa Group, while advising attention to China Vanke [3][41]. Summary by Sections Market Overview - The total transaction area for new and second-hand homes in 15 tracked cities reached 2.387 million square meters this week, with a week-on-week increase of 330.8% and a year-on-year increase of 32.6%. However, the overall transaction area for new and second-hand homes in February has decreased by 53.3% month-on-month but increased by 30.9% year-on-year [4]. - In January, new long-term loans for residents amounted to 493.5 billion yuan, accounting for 9.6% of new RMB loans, which is a year-on-year decrease of 133.7 billion yuan [4]. Key Company Announcements - Poly Developments reported a signed area of 772,000 square meters in January, down 35.01% year-on-year, with a signed amount of 18.015 billion yuan, down 11.36% year-on-year [4]. - China Merchants Shekou achieved a signed sales area of 445,900 square meters in January, down 23.2% year-on-year, with a signed sales amount of 9.014 billion yuan, down 25.0% year-on-year [4]. - Binjiang Group acquired four plots of land in Jinhua City, with a total construction area of 89,000 square meters and a total price of 1.14 billion yuan [4]. Regional Insights - In Guangdong Province, multiple regions have announced plans to use special bonds to acquire existing land, with a total of over 160 plots and a total acquisition price exceeding 35 billion yuan [4]. - The report highlights significant increases in transaction volumes in various cities, with Shenzhen's new home transaction volume increasing by 659% week-on-week and 100% year-on-year [27][30]. Transaction Data - Nationwide, new home transactions in 47 cities increased by 246% week-on-week but decreased by 8% year-on-year. In first-tier cities, the transaction volume increased by 332% week-on-week but decreased by 2% year-on-year [14][16]. - The second-hand home market saw a 356% increase in transaction volume across 16 cities week-on-week, with a 15% year-on-year increase [20]. Conclusion - The report indicates a cautious optimism regarding the recovery of the real estate market, with specific recommendations for investment in leading real estate companies and a focus on regional developments that may drive future growth [3][41].