小阳春环比增速已放缓

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [4]. Core Viewpoints - The "small spring" effect in the real estate market has shown signs of slowing down in terms of growth rate after the Spring Festival [7][42]. - New housing sales have rebounded quickly post-holiday, but the growth rate has started to decline after several weeks of significant increases [42]. - The report anticipates that improved land supply quality and adjustments in housing design standards will support demand for higher-quality residential properties [42]. Summary by Sections Market Performance - In the 11th week, the real estate sector 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 closed at 2316.60 with a weekly increase of 0.6% [10][11]. Sales Data - In the 11th week, new home sales in 44 major cities reached 18,000 units, 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]. - The inventory in 18 major cities increased to 831,000 units, with a sales-to-inventory ratio of 21.9 months, up by 3.2 months from the previous week [18]. Policy Developments - National policies continue to support the real estate sector, with financial regulatory bodies enhancing coordination mechanisms for real estate financing [12][13]. - Local policies include adjustments in down payment ratios and tax standards to stimulate home purchases in cities like Suzhou and Ningbo [12][16]. Company Announcements - Several companies, including New City Holdings and China Overseas Development, have released operational updates indicating significant declines in sales compared to the previous year [36][38][39]. - The report highlights the performance of specific companies, recommending Poly Developments and China Merchants Shekou as "Buy" [42]. Land Market Activity - The land market saw increased activity in the 11th week, with a total of 10 land parcels sold across 36 major cities, resulting in land transfer fees of 7.089 billion yuan, an increase of 3.78 billion yuan from the previous week [22][30].