房地产行业报告：专项债收储政策正在进入落地期

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The real estate market shows signs of recovery in new and second-hand home transactions in key first and second-tier cities following the Spring Festival holiday. The special bond storage policy is entering the implementation phase, with over 160 land acquisition announcements in Guangdong Province, covering more than 6.8 million square meters and a total proposed acquisition price exceeding 35 billion yuan. Approximately 70% of the land parcels have a proposed price-to-transaction price ratio between 0.8 and 1.0, indicating potential for increased investment and stabilization in real estate development [5][6] Summary by Relevant Sections 1. Industry Fundamentals Tracking - New home transaction area in 30 major cities last week was 124.47 million square meters, with a cumulative area of 1,138.72 million square meters this year, showing a year-on-year increase of 3.1%. The average transaction area over the past four weeks was 100.72 million square meters, down 21.3% year-on-year and 18% month-on-month [6][15] - The second-hand home transaction area in 12 key cities last week was 130.96 million square meters, with a cumulative area of 1,063.88 million square meters this year, reflecting a year-on-year increase of 35.6% [20][22] - In the land market, 21 residential land parcels were newly supplied in 100 major cities last week, with 20 parcels sold. The average floor price for residential land was 6,744.75 yuan per square meter, with a premium rate of 9.7% [24] 2. Market Review - The A-share real estate index rose by 2.02% last week, outperforming the CSI 300 index, which increased by 1.19%. The real estate index outperformed the CSI 300 index by 0.83 percentage points [27][28] - In the Hong Kong market, the Hang Seng Property Services and Management Index rose by 2.29%, while the Hang Seng Composite Index increased by 6.56%, indicating that the property services and management index underperformed the composite index by 4.28 percentage points [27]