新政效果仍在，市场热度有所恢复

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [5]. Core Insights - The market heat is gradually recovering, influenced by the Spring Festival and the 924 policy, with a notable year-on-year sales increase of 6.7% in February, despite a month-on-month decrease of 5.4% [1]. - The sales thresholds for the top 10 real estate companies have significantly increased, indicating a more competitive landscape [2]. - Central state-owned enterprises continue to outperform private firms in terms of sales growth, with a year-on-year increase of 9.2% for central enterprises compared to a decline of 23.5% for private enterprises [3]. - Signs of stabilization in the housing market are emerging, particularly in key cities where resource reserves are abundant, suggesting potential for valuation recovery for companies in these areas [4]. Summary by Sections Market Performance - In February, the sales amount for the top 100 real estate companies decreased by 5.4% month-on-month but increased by 6.7% year-on-year, with a cumulative sales amount for January-February showing a slight decline of 1.4% year-on-year [1]. - The KMI index for new and second-hand housing transactions in 50 cities indicates a recovery, with week-on-week increases of 6.7% and 12.6%, respectively [1]. Company Performance - The sales thresholds for the top 10, 20, 30, 50, and 100 real estate companies reached 128 billion, 51 billion, 34 billion, 16 billion, and 6 billion respectively, with the top 10 showing a year-on-year increase of 4.8% [2]. - Among the top 50 companies, 19 reported year-on-year sales growth, with six companies achieving over 50% growth [3]. Future Outlook - The report highlights a positive outlook for companies with substantial resource reserves in key cities, recommending specific companies such as Chengdu Investment Holdings and China Merchants Shekou [4]. - The report emphasizes the potential for valuation recovery and stable cash flow for property management companies as the market stabilizes [4].