房地产行业第7周周报（2025年2月8日-2025年2月14日）：因上周以及去年同期为春节假期，楼市成交同环比大幅上涨；央行25年将着力推动已出台金融政策措施的落地见效-20250319

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Viewpoints - The real estate market has seen significant increases in transaction volumes due to the impact of the Spring Festival holiday, with both new and second-hand housing transactions turning positive on a year-on-year basis [1][6] - The central bank is focused on ensuring the effectiveness of previously introduced financial policies to support the real estate market [1][6] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - In the week of February 8 to February 14, 2025, new housing transaction volume in 40 cities reached 16,000 units, a week-on-week increase of 156.5% and a year-on-year increase of 4578.0% [16] - New housing transaction area was 1.742 million square meters, with a week-on-week increase of 162.4% and a year-on-year increase of 3621.7% [21] - The inventory of new homes in 12 cities was 5.966 million square meters, showing a week-on-week decrease of 1.1% and a year-on-year decrease of 14.5% [34] 2. Land Market Tracking - The total planned land area sold in 100 cities was 9.694 million square meters, a week-on-week increase of 456.4% and a year-on-year increase of 16.7% [12] - The total land transaction price was 13.27 billion yuan, with a week-on-week increase of 18.2% and a year-on-year increase of 53.8% [12] - The average floor price of land was 1368.4 yuan per square meter, showing a week-on-week decrease of 78.7% but a year-on-year increase of 31.8% [12] 3. Policy Overview - Recent policies include adjustments to housing provident fund loan expiration dates and the removal of housing sales restrictions in Chongqing, aimed at improving housing security for migrant populations [6] - The central bank's monetary policy report indicates a commitment to supporting the real estate market through various financial measures, including a 300 billion yuan re-loan for affordable housing [6] 4. Sector Performance Review - The absolute return of the real estate sector was 2.0%, a decrease of 0.6 percentage points from the previous week, while the relative return compared to the CSI 300 was 0.8%, an increase of 0.2 percentage points [13] - The price-to-earnings (PE) ratio for the real estate sector was 20.78X, an increase of 0.22X from the previous week [13] 5. Investment Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, as well as smaller firms that have made significant breakthroughs in sales and land acquisition since 2024 [6]