2025年2月房地产行业回顾：小阳春如期而至

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Insights - The report highlights a recovery in the real estate market, referred to as a "small spring," with significant year-on-year increases in both new and second-hand housing transactions [5][6] - Government policies are focused on stabilizing the real estate market, with specific measures to promote market recovery and enhance structural monetary policy tools [3][6] - The land market shows increased activity, particularly in core cities, with a notable rise in transaction amounts and premium rates [3][35] Monthly Performance Overview - In February 2025, the Shenwan Real Estate Index rose by 5.37%, outperforming the CSI 300, which increased by 1.91% [8] - The index remains at a low level, approximately at the 38th percentile since 2023 [8] Sales Performance - February sales data indicates a strong recovery, with second-hand housing transactions in 20 cities up by 23.7% year-on-year, and new housing transactions in 47 cities up by 15.7% [11][13] - Cumulatively, from January to February, second-hand housing transactions in 20 cities increased by 37.0% year-on-year [17] Land Market Activity - In February, the national residential land transaction area increased by 9% year-on-year, with transaction amounts up by 31% [35] - The premium rate for land transactions reached 12%, reflecting a 7 percentage point increase year-on-year [35][41] Policy Environment - The government work report emphasized stabilizing the real estate market, with three mentions of related measures [3] - Local policies are aimed at revitalizing existing land, providing purchase subsidies, and adjusting housing fund policies to support market stability [3] Company Performance - Quality real estate companies are actively acquiring land in core cities, with notable increases in land acquisition efforts from companies like China Resources and Greentown [6] - Despite improved land acquisition, the overall performance of the sector remains under pressure [6]