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行业点评:销售表现优于投资,关注“好房子”入市去化
Ping An Securities·2025-03-17 11:00

Investment Rating - The industry investment rating is "Outperform the Market" [23] Core Viewpoints - The report indicates that the sales performance is better than investment, with a focus on the "good houses" entering the market for absorption [1][5] - National statistics show that real estate investment in January-February 2025 decreased by 9.8% year-on-year, with a notable decline in new construction and completion rates [5] - The report highlights a slight decline in sales, with a 5.1% decrease in sales area and a 2.6% decrease in sales revenue compared to the previous year, although the decline is less severe than in 2024 [5][6] - The average selling price of commercial housing in January-February 2025 was 9,547 yuan per square meter, reflecting a year-on-year increase of 2.6% [5] - The report suggests that the real estate market may experience a strategic opportunity for product innovation and a bottoming cycle, particularly if "good houses" emerge [5][6] Summary by Sections Investment Performance - Real estate investment in January-February 2025 was 1.1 trillion yuan, down 9.8% year-on-year, with significant regional variations [5] - New construction decreased by 29.6% year-on-year, while completions fell by 15.6% [5] Sales Performance - The total sales area of commercial housing was 1.1 million square meters, down 5.1% year-on-year, with sales revenue at 1 trillion yuan, down 2.6% [5] - The report notes that the sales price in major cities has stabilized, with a slight increase in first-tier cities [5] Funding and Financial Health - Funds available to real estate companies decreased by 3.6% year-on-year, with a slight decline in deposits and prepayments [5][6] - The report emphasizes the importance of focusing on companies with lighter historical burdens and strong product capabilities for potential investment opportunities [6]