房地产行业周报：新房成交回稳、二手房成交热度较高

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - New home sales have stabilized, while second-hand home sales are showing high activity. The sales area of new homes in 29 cities for the week of February 16-22 was 2.702 million square meters, up from 2.227 million square meters the previous week. Year-to-date sales area for new homes has a year-on-year growth rate of 9.12%, compared to 4.40% previously. The monthly cumulative sales area shows a significant year-on-year growth of 48.95%, contrasting with a decline of 4.27% in the previous month [1] - The sales area of second-hand homes in 13 cities for the same week was 1.786 million square meters, an increase from 1.402 million square meters the previous week. The year-to-date cumulative sales area for second-hand homes has a year-on-year growth rate of 27.99%, up from 21.67% previously, with a monthly cumulative growth rate of 79.99%, compared to 10.90% last month [1] - The combined sales area of new and second-hand homes in 12 cities for the week was 2.888 million square meters, up from 2.277 million square meters the previous week [1] Summary by Sections Sales Performance - The year-to-date cumulative sales area for new and second-hand homes in 12 cities shows a year-on-year growth rate of 4.18%, improving from -4.02% previously. The monthly cumulative sales area has a year-on-year growth rate of 42.48%, compared to a decline of 8.73% in the previous month [2] Industry News - The Ministry of Housing and Urban-Rural Development has emphasized the need to increase the construction and supply of affordable housing. This initiative is expected to alleviate cash flow pressures on real estate companies and boost market confidence, contributing to a stabilization trend in the housing market. Companies with significant layouts in key cities, such as Poly Developments, China Merchants Shekou, China Resources Land, Greentown China, and Yuexiu Property, are expected to benefit from this trend [3] Future Outlook - Key industry events include the announcement of real estate data for January and February in mid-March 2025 [5]