统计局70城房价数据点评：2月一线城市新房价格环比上涨，各线城市二手房价格继续下行

Investment Rating - The industry investment rating is "Positive" [4][27] Core Insights - In February, new home prices in first-tier cities increased month-on-month, while second-hand home prices across all city tiers continued to decline [1][3] - The year-on-year decline in new and second-hand home prices across various city tiers has narrowed [2][3] Summary by Sections Month-on-Month Price Changes - In February, the new residential sales price index for 70 large and medium-sized cities showed a month-on-month growth rate of -0.1%, unchanged from the previous value [1] - The new residential sales price index for first-tier cities increased by 0.1%, with Beijing, Shanghai, Shenzhen, and Guangzhou showing month-on-month growth rates of 0.1%, 0.2%, 0.4%, and -0.2% respectively [1] - The second-hand residential price index for 70 cities decreased by 0.3%, consistent with the previous value [1] Year-on-Year Price Changes - The year-on-year growth rate for the new residential sales price index across 70 cities was -5.2%, an improvement from -5.4% [2] - The first-tier cities' new residential sales price index year-on-year growth rate was -3.0%, compared to -3.4% previously [2] - The second-hand residential price index for 70 cities showed a year-on-year decline of -7.5%, slightly better than -7.8% previously [2] Investment Recommendations - The report suggests that various policy tools working in tandem are expected to stabilize the real estate market gradually [3] - Short-term focus should be on valuation recovery opportunities due to policy easing, while long-term focus should be on leading companies with core city resources and real estate operational capabilities [3] - Recommended companies include Poly Developments, China Resources Land, China Merchants Shekou, Greentown China, and Yuexiu Property [3]