Soochow Securities·2025-03-10 23:45Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, marking a potential turning point in the current cycle [6] - The report emphasizes the importance of various measures to stabilize the market, including reducing restrictive policies and enhancing housing supply [52][56] Summary by Sections 1. Sector Views - Real estate development is seen as crucial for economic stability, with recommendations for strong local state-owned enterprises and quality private companies such as China Resources Land, Poly Developments, and Binjiang Group [6] - In property management, companies with strong market expansion capabilities and service diversification are highlighted as having long-term investment value, recommending China Resources Vientiane Life and Greentown Service [6] - The second-hand housing market is recovering faster than new housing, with recommendations for leading real estate transaction platforms like Beike [7] 2. Real Estate Fundamentals and High-Frequency Data - New housing sales in 37 cities decreased by 30.5% week-on-week but increased by 11.4% year-on-year, with a total of 178 million square meters sold [13] - Second-hand housing sales in 16 cities decreased by 3.8% week-on-week but increased by 46.4% year-on-year, totaling 184.8 million square meters sold [18] - The inventory of new homes in 13 cities stands at 77.9 million square meters, with a de-stocking cycle of 16.5 months [22] 3. Market Review - The real estate sector's performance was -0.7% last week, ranking 28th among 29 sectors, while the CSI 300 and Wind All A indices rose by 1.4% and 2.4% respectively [42] 4. Industry Policy Tracking - The government is focused on stabilizing the real estate market through various measures, including promoting housing demand and reforming the development and financing systems [52][56]