房地产行业数据点评：新房和二手房价格环比跌幅持平，上涨城市数量减少

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - New and second-hand housing prices have shown a consistent decline, with the number of cities experiencing price increases decreasing [3][4] - In February, new housing prices in 70 major cities fell by 5.2% year-on-year and 0.1% month-on-month, while second-hand housing prices dropped by 7.5% year-on-year and 0.3% month-on-month [3][4] - The duration of price declines for new homes has lasted for 35 months year-on-year and 21 months month-on-month, while second-hand homes have seen declines for 37 months year-on-year and 22 months month-on-month [4] Summary by Sections New Housing Market - In February, new housing prices in first-tier cities fell by 3% year-on-year but increased by 0.1% month-on-month, indicating a narrowing decline [5] - Second-hand housing prices in first-tier cities decreased by 4.9% year-on-year and fell by 0.1% month-on-month, marking the first month-on-month decline since October [5] - Second-tier cities saw new housing prices drop by 4.7% year-on-year, while second-hand prices fell by 7.4% year-on-year [6] Second-Hand Housing Market - The average transaction price for second-hand homes in February was 14,071 yuan per square meter, with year-on-year and month-on-month declines of 7.3% and 0.4% respectively [3] - The number of cities with declining second-hand housing prices increased to 65, while only 3 cities saw price increases [4] Investment Recommendations - The government aims to stabilize the real estate market, with expectations for continued relaxation of restrictive measures in core cities [8] - Focus is recommended on leading developers with strong financing and land acquisition capabilities, as well as top second-hand housing intermediaries benefiting from active transactions [8]