房地产新房二手房周报：深圳提高住房公积金贷款额度，两部门联合发文明确收储细则-2025-03-17

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Viewpoints - The core logic of the real estate market is "stabilizing after a decline," indicating a long-term recovery in the fundamentals of the real estate sector. The report recommends focusing on investment opportunities within the real estate sector, specifically suggesting companies such as Poly Developments, China Merchants Shekou, Binjiang Group, and Huafa Group, while also advising to pay attention to China Vanke [2][38]. Summary by Sections Market Overview - The total transaction area for new and second-hand homes in 15 tracked cities reached 3.749 million square meters this week, with a month-on-month increase of 2.9% and a year-on-year increase of 34.6%. Since March, the overall transaction area has increased by 125.9% month-on-month and 42.3% year-on-year. Year-to-date, the transaction area has increased by 24.5% year-on-year, with first, second, and third/fourth-tier cities showing increases of 36.2%, 18.8%, and 17.2% respectively [3][4]. Policy Developments - Recent joint announcements from the Ministry of Natural Resources and the Ministry of Finance clarified the details regarding the use of local government special bonds to support land reserves. The focus is on prioritizing the disposal of idle land and improving the application and review process for special bonds [3][4]. Company Announcements - Huafa Group reported a revenue of 59.992 billion yuan for 2024, a decrease of 16.84% year-on-year, with a net profit of 0.951 billion yuan, down 48.24% year-on-year. China Merchants Jinling's sales figures for February showed a significant decline, with a contract sales amount of approximately 1.959 billion yuan, down 51.28% year-on-year [3][4]. Transaction Data - The new home transaction data for the week of March 7 to March 13, 2025, indicates a nationwide decrease of 7% month-on-month but an increase of 5% year-on-year. The first-tier cities saw a month-on-month increase of 10% and a year-on-year increase of 37% [7][10]. Regional Insights - In the Yangtze River Delta, Shanghai's new home transaction volume increased by 16% month-on-month and 61% year-on-year, while Hangzhou saw a month-on-month increase of 11% and a year-on-year increase of 136% [21][25]. In the Pearl River Delta, Shenzhen's new home transaction volume increased by 16% month-on-month and 55% year-on-year [25][29]. Market Trends - The overall market is showing signs of recovery, with the report highlighting a positive trend in transaction volumes across various cities, indicating a potential stabilization in the real estate market [2][38].