地产行业周报：成交环比回升，关注“好房子”去化

Group 1 - Industry investment rating: Real estate sector rated as "Outperform" [2][33] - Core viewpoint: Focus on the performance of newly launched "good houses" in March and April, with a 5.6% week-on-week increase in new home transactions in 50 key cities, while daily average transactions in March (as of the 14th) decreased by 29.1% year-on-year [4][8] - The real estate market is shifting from "availability" to "quality," with new regulations expected to drive demand for high-quality housing in 2025 [4][8] Group 2 - Market performance: Weekly new home transactions in 50 key cities reached 16,000 units, up 5.6% week-on-week, while second-hand home transactions in 20 key cities reached 23,000 units, up 9.3% week-on-week [4][8] - Inventory status: Inventory in 16 cities increased by 0.2% to 9,123 million square meters, with a depleting cycle of 19 months [12][8] - Capital market monitoring: The real estate sector saw a 0.48% increase in stock prices, underperforming the CSI 300 index, which rose by 1.59% [23][8] Group 3 - Individual stock recommendations: Focus on companies with light historical burdens and strong product capabilities, such as China Overseas Development, China Resources Land, and Greentown China [4][8] - Policy environment: Shenzhen has increased the housing provident fund loan limit, and the Ministry of Natural Resources and the Ministry of Finance emphasized the use of local government bonds to support land reserves [5][8] - Capital market monitoring: The issuance of domestic real estate bonds was 4.81 billion yuan this week, with a net financing amount of 1.59 billion yuan [20][8]