房地产行业统计局70城房价数据点评：1月一线城市新房价格环比继续上行，但涨幅有所收窄

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In January, new home prices in first-tier cities continued to rise month-on-month, but the growth rate has narrowed. The month-on-month growth rate for new homes in first-tier cities was 0.1%, down from 0.2% in the previous month [1] - The year-on-year decline in new home prices across all city tiers has continued to narrow, with a year-on-year decrease of 5.4% for new homes in 70 major cities, improving from a decline of 5.7% in the previous month [2] - The report suggests that the acceleration of land acquisition nationwide is expected to alleviate cash flow pressures for real estate companies, boost market confidence, and solidify the trend of stabilizing prices [3] Summary by Sections Month-on-Month Price Changes - In January, the month-on-month growth rate for new homes in first-tier cities was 0.1%, with specific cities showing varied results: Beijing at -0.4%, Shanghai at 0.6%, Shenzhen at 0.2%, and Guangzhou at 0.0% [1] - Second-tier cities saw a month-on-month increase of 0.1%, while third-tier cities experienced a decrease of 0.2% [1] Year-on-Year Price Changes - The year-on-year growth rate for new homes in first-tier cities was -3.4%, with Beijing at -5.7%, Shanghai at 5.6%, Shenzhen at -5.2%, and Guangzhou at -8.4% [2] - Second-tier cities had a year-on-year decrease of 5.0%, while third-tier cities saw a decline of 6.0% [2] Investment Recommendations - The report recommends focusing on state-owned and central enterprises with significant layouts in key cities, highlighting companies such as Poly Developments, China Merchants Shekou, China Resources Land, Greentown China, and Yuexiu Property as potential beneficiaries [3]