光大核心城市房地产销售跟踪（2025年2月）：1-2月核心城市楼市成交量价齐升，阳春三月值得期待

Investment Rating - The report maintains an "Accumulate" rating for the real estate sector [6] Core Viewpoints - In the first two months of 2025, the real estate market in key cities showed an increase in both transaction volume and prices, indicating a positive outlook for March [4] - The report highlights the impact of various supportive policies introduced in 2024, which have led to a noticeable increase in market activity in the fourth quarter of 2024 [4] - The report suggests focusing on leading real estate companies with strong development capabilities and those involved in urban renewal projects [4] Summary by Sections New Housing Market - In January and February 2025, the transaction area of new residential properties in the 30 key cities increased by 6% year-on-year, with an average price increase of 7% [1] - In February 2025, the transaction area reached 821 million square meters, a year-on-year increase of 22.5% [1] - The average price for new residential properties in the 30 key cities was 23,769 yuan per square meter, up 7.3% year-on-year [1][29] Second-Hand Housing Market - In January and February 2025, the transaction area of second-hand residential properties in 15 key cities increased by 23.1% year-on-year, with a slight price increase of 0.9% [2] - In February 2025, the transaction area for second-hand homes was 999 million square meters, a year-on-year increase of 75.2% [2] - The average price for second-hand homes in the 10 key cities was 24,620 yuan per square meter, reflecting a year-on-year increase of 0.9% [2][78] Key City Performance - In the first two months of 2025, the average transaction price for new homes in Beijing was 54,385 yuan per square meter, up 21.0% year-on-year, while in Shanghai it was 77,682 yuan per square meter, up 15.7% [40] - The average transaction price for second-hand homes in Beijing was 28,202 yuan per square meter, a slight increase of 0.2% year-on-year [87] Investment Recommendations - The report recommends focusing on real estate companies that are actively participating in urban renewal and have a strong reputation, such as China Overseas Development and China Merchants Shekou [4] - It also suggests looking into commercial REITs that have a diverse portfolio and strong operational capabilities [4]