1月房地产行业月报（第79期）：市场热度整体保温，3月或有“小阳春”

Investment Rating - The report indicates a cautious optimism for the real estate industry, with expectations for a "small spring" in March 2025 as market conditions stabilize [1][10]. Core Insights - The focus for 2025 remains on stabilizing the market and promoting urban renewal, with policies aimed at revitalizing existing housing stock and optimizing land use [4][10][16]. - January 2025 saw a significant seasonal decline in residential sales, but a rebound is anticipated in February due to low comparative figures from the previous year [5][30]. - The land market experienced a 60.6% decrease in supply in January 2025, yet high demand for quality plots in major cities remains strong [6][24]. - Major real estate companies showed a continued interest in investment, although sales figures for January 2025 were the lowest since 2017 [7][11]. Industry Policy - The central government emphasized the importance of stabilizing the real estate market and enhancing urban renewal efforts, with various local governments implementing supportive measures [12][23]. - Policies include optimizing public housing and adjusting housing fund policies to facilitate home purchases [14][21]. - Urban renewal has been highlighted as a key area for policy focus in 2025, with multiple provinces discussing related initiatives during local meetings [24][25]. Residential Market - In January 2025, residential sales volume dropped to 10.327 million square meters, a 4.1% year-on-year decrease and a 51.5% month-on-month decline [5][30]. - Despite the seasonal downturn, several cities reported an increase in second-hand home sales, indicating sustained market interest [32][36]. - The average price index for new residential properties showed signs of stabilization, with a slight increase in several cities [32][34]. Land Market - The supply of residential land decreased significantly in January 2025, with a total of 555 plots offered, marking a 60.6% drop from the previous month [6][30]. - Despite the overall decline in land transactions, competitive bidding for prime plots in cities like Beijing and Shenzhen remains robust, with record high prices achieved [6][24]. Corporate Performance - The top 100 real estate companies reported a total land acquisition of 108.05 billion yuan in January 2025, a 64.2% decrease from the previous month [7][11]. - Sales figures for the top 150 companies reached 230.1 billion yuan, reflecting a 49.4% month-on-month decline and a 17.9% year-on-year decrease [7][11]. - Financing activities also saw a decline, with domestic bond issuances totaling 36.322 billion yuan, down 28.3% year-on-year [7][11].