房地产行业点评：销售表现优于投资，关注“好房子”入市去化

Investment Rating - The industry investment rating is "Outperform the Market" [28] Core Insights - The report highlights that the sales performance is better than investment, with a focus on the "good houses" entering the market for absorption [1][6] - National real estate development investment and sales data for January-February 2025 show a decline in investment by 9.8% year-on-year, with new construction down by 29.6% and completed projects down by 15.6% [2][6] - The report anticipates that the recovery in investment will lag behind sales, with land acquisition and construction still under pressure [6] Summary by Sections Sales Performance - In January-February 2025, the national sales area of commercial housing decreased by 5.1% year-on-year, while sales revenue fell by 2.6% [6] - The average selling price of commercial housing was 9,547 yuan per square meter, reflecting a year-on-year increase of 2.6% [6] - The report suggests that with increased supply of high-quality residential properties, the "good houses" are expected to stabilize and form a price anchor [6][7] Investment Trends - Real estate investment in the eastern, central, western, and northeastern regions saw year-on-year declines of 11.4%, 8.7%, 3.3%, and 21.4% respectively [6] - The report indicates that the funding available to real estate companies decreased by 3.6% year-on-year, with personal mortgage loans down by 11.7% [6][7] Future Outlook - The report suggests that the short-term focus should be on the absorption performance of "good houses" entering the market, while the medium-term may present strategic opportunities for product innovation and market recovery [6][7] - Companies with lighter historical burdens, optimized inventory structures, and strong product capabilities are expected to benefit first [6][7]