行业点评报告：新房价格环比降幅持平，新房上海同比领涨

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - New housing transaction area has shown a month-on-month increase, and significant adjustments in Shenzhen's provident fund policy are expected to support housing demand [3] - New housing prices have stabilized with a month-on-month decline remaining unchanged, while first-tier cities have seen a month-on-month increase [5][8] - The second-hand housing price decline has narrowed year-on-year, with the month-on-month decline remaining stable [6][18] Summary by Sections New Housing Price Trends - In February 2025, new housing prices in first, second, and third-tier cities changed by +0.1%, 0.0%, and -0.3% respectively, with an overall month-on-month decline of -0.1% across 70 cities [12] - Year-on-year, new housing prices in first, second, and third-tier cities decreased by -3.0%, -4.7%, and -5.9% respectively, with an overall decline of -5.2% across 70 cities [12][14] Second-Hand Housing Price Trends - In February 2025, second-hand housing prices across 70 cities saw a month-on-month decline of -0.3%, with first, second, and third-tier cities changing by -0.1%, -0.4%, and -0.4% respectively [6][20] - Year-on-year, second-hand housing prices decreased by -7.5% across 70 cities, with first, second, and third-tier cities showing declines of -4.9%, -7.4%, and -8.0% respectively [18][21] Investment Recommendations - The report suggests focusing on companies with strong credit profiles that can capture improving customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [8] - Companies benefiting from both residential and commercial real estate recovery, such as New City Holdings and Longfor Group, are also recommended [8] - The report highlights the growing potential of the real estate after-service market, with companies like Beike-W and I Love My Home being noted [8]