2月房地产行业月报：销售降幅显著修复，投资降幅收窄

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [2]. Core Viewpoints - The report indicates a significant recovery in sales decline, with a notable narrowing of the investment decline in the real estate sector [4][5]. - The government has introduced various supportive policies aimed at stabilizing the real estate market, which are expected to gradually show positive effects [7][29]. - The overall industry valuation is anticipated to rise as the market stabilizes and policies continue to be implemented [40][46]. Sales Summary - In January-February 2025, the total sales area of commercial housing reached 107.46 million square meters, a year-on-year decline of 5.10%, which is a reduction of 7.8 percentage points compared to the entire year of 2024 [7][12]. - The total sales amount for the same period was 1,025.9 billion yuan, down 2.60% year-on-year, with a reduction of 14.50 percentage points compared to the previous month [7][12]. - The average sales price in January-February 2025 was 9,547 yuan per square meter, reflecting a year-on-year increase of 2.63% [7][12]. Investment Summary - Real estate development investment in January-February 2025 was 1,072 billion yuan, representing a year-on-year decline of 9.80%, which is a narrowing of 0.80 percentage points compared to 2024 [18]. - New construction area in January-February 2025 was 66.14 million square meters, down 29.60% year-on-year, with the decline expanding due to seasonal factors [21]. - The completed area in the same period was 87.64 million square meters, down 15.60% year-on-year, with a significant narrowing of the decline by 12.10 percentage points compared to the previous month [25]. Funding Summary - The total funds received by real estate companies in January-February 2025 amounted to 1,557.7 billion yuan, a year-on-year decline of 3.60%, which is a reduction of 13.40 percentage points compared to the entire year of 2024 [29]. - Domestic loans during this period were 295.4 billion yuan, down 6.10% year-on-year, while self-raised funds were 523.3 billion yuan, down 2.10% [29]. - The establishment of a real estate financing coordination mechanism in January 2024 has led to the approval of over 6 trillion yuan in loans, which is expected to alleviate liquidity pressures for real estate companies [29]. Investment Recommendations - The report highlights several key companies with strong operational management and financial advantages, including Poly Developments, China Merchants Shekou, Longfor Group, and others [46]. - It suggests focusing on quality developers such as Greentown China, China Resources Land, and China Overseas Development, as well as quality property management and commercial companies [46].