房地产及物管行业25年第11周周报：来访认购逆势提升，新房关注推盘情况

Investment Rating - The industry rating is "Buy" with the previous rating also being "Buy" [5] Core Viewpoints - The report highlights a rebound in new housing demand despite a decrease in new housing transaction volume, indicating a potential recovery in the real estate market [5] - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including financial support for urban renewal and housing purchases [15][16] - The report notes that the second-hand housing market is showing signs of recovery, with significant year-on-year increases in transaction volumes [37][44] Summary by Sections 1. Industry Policy and Fundamental Tracking - Recent policies include the inclusion of old urban residential areas in renewal projects and the promotion of financial products to lower home purchase barriers [15][16] - The central government is focusing on stabilizing the real estate market through various financial measures, including potential interest rate cuts [15][16] 2. Key City Transaction Situation - In the 11th week of 2025, the monitored 51 cities recorded a total housing transaction area of 3.2838 million square meters, a 10.0% decrease from the previous week and a 1.6% decrease year-on-year [19][24] - The first-tier cities showed a 5.2% increase in transaction volume compared to the previous week, with significant year-on-year growth [30][34] 3. Key Company Tracking - The report includes a valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" based on their projected earnings and market performance [6] 4. Real Estate Development Sector Investment View - The report suggests that if supply and demand can align effectively, the market's recovery will be supported by favorable policies and consumer confidence [5] 5. Property Management Sector Investment View - The property management sector is experiencing a slight recovery, with the average price-to-earnings ratio reported at 7.7x [5]