房地产行业行业周报：小阳春环比增速已放缓

Investment Rating - The report maintains a "Positive" outlook for the real estate industry in China [4]. Core Insights - The "small spring" in the real estate market has seen a slowdown in growth rates after an initial surge post-Chinese New Year, with new home sales experiencing fluctuations [7][40]. - National and local policies are being implemented to stabilize the market, including financial support measures and adjustments to home purchase regulations [12][14]. - The report anticipates that improved land supply quality and housing design standards will support demand for upgraded residential properties [40]. Summary by Sections Market Performance - In the 11th week, the real estate index underperformed compared to the CSI 300 and ChiNext indices, with a relative return of -1.0% [10][11]. - The CSI 300 index closed at 4006.56 with a weekly increase of 1.6%, while the real estate index (Shenwan) closed at 2316.60 with a weekly increase of 0.6% [10][11]. Sales Data - New home sales in 44 major cities reached 18,000 units in the 11th week, a 13.7% increase from the previous week, while second-hand home sales in 21 major cities reached 23,000 units, a 9.1% increase [14]. - Inventory levels increased, with 830,000 units available across 18 major cities, reflecting a 9.4% rise from the previous week [18]. Policy Developments - National policies include the expansion of financing coordination mechanisms and local initiatives such as reduced down payment ratios and tax adjustments in cities like Suzhou and Ningbo [12][14]. - The report highlights ongoing efforts to enhance housing quality and support flexible employment participation in housing funds [12][14]. Company Announcements - Key companies such as Poly Developments and China Merchants Shekou are recommended for investment, while others like China Overseas Land and New City Holdings are suggested for monitoring [40]. - Recent announcements from various companies indicate mixed performance, with some reporting declines in sales and others maintaining stable operations [34][36][38].